Document:

Exhibit 10.2

THIRD AMENDED AND RESTATED EXPENSE SUPPORT AGREEMENT
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This THIRD AMENDED AND RESTATED EXPENSE SUPPORT AGREEMENT (the “Agreement”) is dated as of June 12, 2020 (the “Effective Date”), by and among Black Creek Industrial REIT IV Inc., a Maryland corporation (the “Corporation”), BCI IV Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”) and BCI IV Advisors LLC, a Delaware limited liability company (the “Advisor”).
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WITNESSETH
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WHEREAS, the Corporation, the Operating Partnership and the Advisor are parties to the Amended and Restated Advisory Agreement (2020), dated as of June 12, 2020 (the “Advisory Agreement”) and capitalized terms not otherwise defined herein shall have the meanings given them in the Advisory Agreement;
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WHEREAS, pursuant to the Advisory Agreement, the Advisor manages the day-to-day activities and implements the investment strategy of the Corporation and is paid certain fees for these services;
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WHEREAS, the Corporation and the Operating Partnership have requested that the Advisor help reduce certain of the Corporation’s expenses in certain circumstances as noted in this Agreement; 
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WHEREAS, the Advisor, in its pursuit to carry on a viable trade or business, has agreed to help reduce certain of the Corporation’s expenses, in its ordinary course in certain circumstances as noted in this Agreement, which assistance is similar to assistance provided by other entities engaged in the Advisor’s business to affect the marketability of the corporate entity which they advise; 
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WHEREAS, the parties hereto originally entered into the Expense Support Agreement, dated as of October 27, 2016 and effective as of October 1, 2016 (the “Initial Agreement”); and 
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WHEREAS, the parties amended and restated the Initial Agreement, effective as of July 1, 2017 (the “Second Agreement”); and 
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WHEREAS, the parties amended and restated the Second Agreement, effective January 1, 2019 (the “Second Amended and Restated Agreement”).
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NOW THEREFORE, in consideration of the covenants and the mutual promises hereinafter set forth, the parties hereto, intending to be legally bound hereby, mutually agree that, effective as of the Effective Date, the Second Agreement shall be and hereby is amended and restated as follows:
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1.DEFINITIONS
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As used in this Agreement, the following terms have the definitions hereinafter indicated:
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Annual Total Return Amount.  The Cumulative Total Return Amount divided by the number of years, including fractional years, between the Inception Date and the date of the Liquidity Event. 
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Baseline Distributions.  The aggregate gross cash distributions that are declared on all shares of the Corporation’s common stock for a quarter, which shall be calculated based on the aggregate distribution rate for Class I shares of the Corporation’s common stock authorized by the Board of Directors of the Corporation for such quarter. 
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Beginning NAV. The NAV per share at the Inception Date.  For purposes of calculating the Cumulative Total Return Amount, the Corporation’s NAV per share at the Inception Date is deemed to equal $10.00 per share.
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Cumulative Total Return Amount.  A cumulative, non-compounded pre-tax rate of return equal to (i) the sum of (a) the cumulative distributions per share paid to the Corporation’s stockholders since the Inception Date and (b) the Ending NAV, less the Beginning NAV, (ii) divided by the Beginning NAV.
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Ending NAV. The NAV per share determined in connection with a Liquidity Event. In connection with a Listing, for purposes of determining the Cumulative Total Return Amount, the Ending NAV shall be an amount equal to the per share market value of the listed shares based upon the average closing price or, if the average closing price is not available, the average of the bid and asked prices, for the 30-day period beginning 90 days after such Listing. Upon a Liquidity Event other than a Listing, for purposes of determining the Cumulative Total Return Amount, the Ending NAV shall be an amount equal to the per share consideration received by stockholders in connection with such Liquidity Event.
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Excess.  An “Excess” occurs when the sum of (i) the Corporation’s FFO, before taking into consideration the impact of the fees deferred or Deficiency Support Payments received or reimbursed as discussed in Sections 2, 3, 4 and 5 of this Agreement, (ii) the Corporation’s accrued acquisition expenses (net of any acquisition expenses paid by or on behalf of the Corporation), (iii) the Performance Component of the Advisory Fee, (iv) any adjustment that has been made to FFO based on straight-line rent and amortization of above/below-market leases, (v) organization and offering expenses reimbursed by the Corporation to the Advisor, and (vi) the Fair Market Value Gain Amount for a quarter is greater than the Baseline Distributions for the record dates of that quarter. 
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Fair Market Value Gain Amount. An amount equal to up to the total net realized and unrealized fair market value gain on the Corporation’s real property investments, derivative instruments, and debt for a quarter.  The Advisor, in its reasonable discretion, shall determine the amount of such gain to be included in the calculation of an “Excess” or a “Shortfall” (each as defined below) each quarter; provided, that, in no event shall the Advisor determine to include an amount of such gain that causes the Corporation’s NAV per share, as calculated in accordance with the Corporation’s Valuation Procedures for such quarter, to decrease below the lesser of (i) $10.00 per share and (ii) the most recent NAV Calculation per share. 
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FFO.  Funds from Operations, as reported in the Corporation’s periodic reports filed with the Securities and Exchange Commission.
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Inception Date. November 1, 2017, which is the date on which the Corporation first issued shares of its common stock to third-party retail investors pursuant to its initial public offering.
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Shortfall.  A “Shortfall” occurs when the sum of (i) the Corporation’s FFO, before taking into consideration the impact of the fees deferred or Deficiency Support Payments received or reimbursed as discussed in Sections 2, 3, 4 and 5 of this Agreement, (ii) the Corporation’s accrued acquisition expenses (net of any acquisition expenses paid by or on behalf of the Corporation), (iii) the Performance Component of the Advisory Fee, (iv) any adjustment that has been made to FFO based on straight-line rent and amortization of above/below-market leases, (v) organization and offering expenses reimbursed by the Corporation to the Advisor, and (vi) the 

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Fair Market Value Gain Amount for a quarter is less than the Baseline Distributions for the record dates of that quarter.
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Total Return Hurdle.  A non-compounded, pre-tax annual rate of return equal to 5%.
In calculating the amounts as defined in each of the terms “Excess” and “Shortfall”, each of subsections (ii), (iii), (iv), and (v) in the respective definition of such terms, shall be a positive number if it was a deduction in calculating the Corporation’s FFO, and conversely shall be a negative number if it was an addition in calculating the Corporation’s FFO.  For example, if straight-line rent and amortization of above/below-market leases was an addition in calculating the Corporation’s FFO, then it would be a negative number in calculating “Excess” and “Shortfall” above.
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2.DEFERRAL OF FIXED COMPONENT OF ADVISORY FEES.  For the third quarter of 2017 and for each subsequent quarter until the termination or expiration of this Agreement:
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a.If, in a given calendar quarter, there is a Shortfall, then some or all of the Fixed Component otherwise payable by the Corporation to the Advisor with respect to that quarter shall be deferred as set forth in this Section 2(a).  The amount of the Fixed Component to be deferred for the given quarter, if any, shall equal the lesser of (i) the amount of the Shortfall for that quarter, or (ii) the entire Fixed Component otherwise payable by the Corporation to the Advisor with respect to that quarter. 
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b.The definitions in Section 1 of this Agreement assume the amounts will be calculated on a quarterly basis; provided, however, the Fixed Component is payable by the Corporation to the Advisor on a monthly basis and, accordingly, the amounts will be calculated on a monthly basis using reasonable estimates, which monthly amounts then will be reconciled with the actual amounts calculated at the end of each quarter.  The Advisor shall refund to the Corporation any portion of the Fixed Component previously paid to the Advisor with respect to a given calendar quarter in excess of the amount that should have been paid to the Advisor with respect to such calendar quarter after taking into account the Fixed Component required to be deferred with respect to such calendar quarter in accordance with Section 2(a).  Any such refund of the Fixed Component payable pursuant to this Section 2(b) shall be paid by the Advisor to the Corporation within ten (10) calendar days following the filing by the Corporation of its first periodic report with the Securities and Exchange Commission on Form 10-K or Form 10-Q, as applicable, after the calendar quarter with respect to which such Fixed Component was paid.
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c.If, in a given calendar quarter, there is an Excess, then the amount of the Fixed Component deferred for the given quarter shall equal zero.
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Any amount of the Fixed Component deferred pursuant to this Section 2 shall be referred to hereinafter as a “Deferred Fixed Component Amount.”  All Deferred Fixed Component Amounts shall be subject to conditional reimbursement in accordance with the terms of Section 5 of this Agreement.
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3.EXPENSE SUPPORT PAYMENTS.  For the first quarter of 2019 and ending upon the termination or expiration of this Agreement, if, in a given calendar quarter, a Shortfall occurs, and the Deferred Fixed Component Fee is not sufficient to satisfy the Shortfall for such quarter (the “Deficiency”) the Advisor shall fund, directly or indirectly, certain expenses of the Corporation or the Operating Partnership, including but not limited to general and 

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administrative expenses and interest expense in an amount equal to the Deficiency.  Any payment made by the Advisor pursuant to this Section 3 to fund, directly or indirectly, expenses of the Corporation or the Operating Partnership shall be referred to hereinafter as a “Deficiency Support Payment.”  All Deficiency Support Payments as defined in this Section 3 and “Deficiency Support Payments” as defined in and paid by the Advisor under the Initial Agreement and the Second Agreement (collectively, the “Aggregate Deficiency Support Payments”) shall be subject to conditional reimbursement in accordance with the terms of Section 5 of this Agreement. If the sum of all Deficiency Support Payments made with respect to a given calendar quarter equals an amount that, if added to the sum of items (i) through (vi) in the definition of “Excess” would cause the Corporation to have an Excess for such quarter (an “Inadvertent Excess”), then the Corporation shall refund to the Advisor the amount of Deficiency Support Payments necessary to eliminate such Inadvertent Excess for that quarter.  Except as specifically provided herein, this Agreement shall supersede the Initial Agreement, the Second Agreement, and the Second Amended and Restated Agreement and shall govern all deferrals and payments with respect to the first quarter of 2019 through the fourth quarter of 2020. 
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4.CAP ON DEFERRED FIXED COMPONENT AMOUNTS AND DEFICIENCY SUPPORT PAYMENTS.  In no event will the aggregate of the Deferred Fixed Component Amounts and Deficiency Support Payments, inclusive of all amounts paid by the Advisor pursuant to Sections 2 and 3 of the Initial Agreement, the Second Agreement, and the Second Amended and Restated Agreement, exceed $15 million (the “Maximum Amount”).  
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	5.CONDITIONAL REIMBURSEMENT. Deferred Fixed Component Amounts and Aggregate Deficiency Support Payments (collectively referred to hereinafter as “Reimbursable Amounts”) shall be reimbursed by the Corporation to the Advisor subject to the following terms and conditions: 

 
	 
	a.
	Expiration of Reimbursable Amounts. Reimbursable Amounts shall, pursuant to Section 5(c) hereof, be reduced on a dollar for dollar basis upon their reimbursement by the Corporation to the Advisor. Except as described in Section 5(d) of this Agreement, any Reimbursable Amount not reimbursed by the Corporation to the Advisor within four years after the end of the calendar quarter in which such Reimbursable Amount originated shall be deemed expired, and the Corporation’s obligation to reimburse such Reimbursable Amount to the Advisor shall be cancelled, but only as to that portion of the Reimbursable Amount. 

 
	 
	b.
	Dollar Amount of Reimbursements. Except as described in Section 5(d) of this Agreement, if, in a given calendar quarter, there exists an Excess, then the Corporation shall make a reimbursement to the Advisor in an amount equal to the lesser of (i) the amount of the Excess for that quarter, or (ii) the sum of all Reimbursable Amounts that have not expired or been repaid. 

 
	 
	c.
	Priority of Reimbursements. Except as described in Section 5(d) of this Agreement, any reimbursement made by the Corporation to the Advisor pursuant to Section 5(b) shall be applied to Reimbursable Amounts that have not expired or been repaid in the order of oldest to newest. 

 
	 
	d.
	Reimbursement Upon Liquidity Event. In connection with the completion of a Liquidity Event, the Corporation shall reimburse the Advisor for any Reimbursable Amounts that have not been repaid pursuant to Section 5(a), including Reimbursable 

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			Amounts that have been deemed expired pursuant to Section 5(a); provided that the Corporation shall reimburse the Advisor under this Section 5(d) only if the Annual Total Return Amount exceeds the Total Return Hurdle; and provided further that the amount of the reimbursement shall equal the lesser of (i) the sum of all Reimbursable Amounts that have not been repaid pursuant to Section 5(a), including Reimbursable Amounts that have been deemed expired pursuant to Section 5(a), or (ii) the maximum amount permitted to be reimbursed without causing the Annual Total Return Amount to be less than the Total Return Hurdle. The Corporation shall pay such reimbursement to the Advisor prior to any payment of any other distribution to any other party in connection with the Liquidity Event. After the Corporation has reimbursed the Advisor to the extent permissible under this Section 5(d), the Corporation shall have no further obligation to pay, and the Advisor shall have no further right to receive, any additional reimbursement of any Reimbursable Amounts.

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	e.
	Termination Without Cause. In the event of a termination of the Advisory Agreement by the Corporation without Cause and not in connection with the completion of a Liquidity Event, any Reimbursable Amounts that have not expired or been repaid pursuant to Section 5(a) shall become immediately due and payable.

 
	 
	f.
	Non-Interest Bearing. The Corporation’s obligation to reimburse the Advisor the Reimbursable Amounts pursuant to this Section 5 shall be a non-interest bearing obligation. 

 
	 
	g.
	No Clawback. The Advisor’s obligations in the event of a Shortfall are limited solely to those obligations described in Sections 2, 3 and 4 of this Agreement. The occurrence of a Shortfall in any given calendar quarter shall not entitle the Corporation to receive any refund of any amounts previously reimbursed pursuant to this Section 5 or of any amount of the Fixed Component (or other amounts) previously paid by the Corporation to the Advisor except as specified in Section 2(b) of this Agreement. Notwithstanding this Section 5(g), the terms of Section 12 of the Advisory Agreement shall continue to apply to all reimbursements of Total Operating Expenses paid to the Advisor; provided, however, that if Section 12 of the Advisory Agreement prohibits the payment of all or a portion of a reimbursement payable by the Corporation to the Advisor pursuant to this Section 5 for a calendar quarter, then such reimbursement shall be deemed to have been earned by the Advisor in such calendar quarter and any portion of the reimbursement that is not permitted to be paid to the Advisor pursuant to Section 12 of the Advisory Agreement shall be paid by the Corporation in the next calendar quarter in which Section 12 of the Advisory Agreement permits such reimbursement. 

 
	 
	h.
	Termination of Advisory Agreement. Except as described in Sections 5(d) and 5(e) hereof, in the event of a termination or expiration of the Advisory Agreement, any Reimbursable Amounts that have not expired or been repaid pursuant to Section 5(a) will not become immediately due and payable. Notwithstanding the foregoing, the agreements contained in this Section 5 shall survive any such termination or expiration of the Advisory Agreement and shall remain operative and in full force and effect. 

 
6.TERM; SURVIVAL.  This Agreement shall continue in full force and effect until December 31, 2020; provided, however, that (i) any obligation of the Advisor to make payments pursuant and subject to Sections 2, 3 and 4 of this Agreement with respect to the calendar quarter ending December 31, 2020, shall remain operative and in full force and effect and shall survive the expiration of this Agreement (but not any earlier termination in accordance 

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with Section 7 below) and (ii) the agreements contained in Section 5 of this Agreement shall remain operative and in full force and effect and shall survive any termination or expiration of this Agreement.
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7.TERMINATION.  This Agreement may be terminated at any time, and without payment of any penalty, by a majority of the independent directors of the Corporation, upon thirty (30) days’ prior written notice to the Advisor.  This Agreement and the Advisor’s obligations under Section 2 and Section 3 hereof shall immediately terminate upon the earlier to occur of (a) the termination or non-renewal of the Advisory Agreement by the Corporation; (b) the delivery by the Corporation of notice to the Advisor of the Corporation’s intent to terminate or not renew the Advisory Agreement; (c) a Liquidity Event; or (d) the Maximum Amount has been reached pursuant to Section 4. At the Advisor’s election, which election shall be evidenced by written notice from the Advisor to the Corporation, this Agreement and the Advisor’s obligations under Section 2 and Section 3 hereof shall immediately terminate upon the modification of the calculation of FFO by the Corporation.  Notwithstanding anything in this Section 7 to the contrary, the agreements contained in Section 5 of this Agreement shall remain operative and in full force and effect and shall survive any such termination or expiration.   
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8.NOTICES.  Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such notice, report or other communication is required by the Charter, the Bylaws, or accepted by the party to whom it is given, and shall be given by being delivered by hand or by overnight mail or other overnight delivery service to the addresses set forth in the Advisory Agreement.
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9.ASSIGNMENT.  This Agreement may be assigned by the Advisor to an Affiliate or Affiliates with the approval of a majority of the independent directors of the Corporation; provided, however, the Advisor shall not assign the agreements contained in Section 2 of this Agreement to an Affiliate or Affiliates unless the Advisor has also assigned its right to receive the Fixed Component under the Advisory Agreement to such Affiliate or Affiliates.  The Advisor may assign any rights to receive any amounts payable to the Advisor pursuant to this Agreement without obtaining the approval of the Corporation’s Board of Directors. This Agreement shall not be assigned by the Corporation or the Operating Partnership without the consent of the Advisor, except in the case of an assignment by the Corporation or the Operating Partnership of its obligations hereunder to a corporation, limited partnership or other organization which is a successor to all of the assets, rights and obligations of the Corporation or the Operating Partnership, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Corporation and the Operating Partnership are bound by this Agreement.
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10.SEVERABILITY.  The provisions of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part; provided, however, that if the terms of Section 5 of this Agreement are held to be unenforceable, then the Advisor may, at its option, immediately terminate Sections 2 and 3 of this Agreement.
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11.GOVERNING LAW / ATTORNEY’S FEE.  This Agreement shall be interpreted under the laws of the State of Colorado without regard to the conflict of law principles thereof.  Any action brought to interpret or enforce this Agreement shall be brought in a court of competent jurisdiction located in Denver, Colorado, and the parties hereto consent to venue and personal 

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jurisdiction in any such court.  The substantially prevailing party in any such litigation shall recover its reasonable attorney’s fees and costs (including those of appeal).
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12.ENTIRE AGREEMENT.  For so long as this Agreement shall be in force, the terms of this Agreement shall control in the event of any conflict with the terms of the Advisory Agreement that relate to the subject matter hereof.  This Agreement shall not, in any other way, effect, modify, amend or supersede any other terms of the Advisory Agreement and, specifically, shall not in any way impact the terms of the Advisory Agreement regarding the payment of other fees and expense reimbursements to the Advisor.  This Agreement shall not be changed, modified, terminated or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective permitted successors or assignees.
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13.INDULGENCES, NOT WAIVERS.  Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence.  No waiver or any right, remedy, power or privilege under this Agreement shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.
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14.GENDER.  Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires.
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15.TITLES NOT TO AFFECT INTERPRETATION.  The titles of paragraphs and subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation hereof.  
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16.EXECUTION IN COUNTERPARTS.  This Agreement may be executed by facsimile or PDF in any number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument.  This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.
(Remainder of page intentionally left blank.)
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and attested by their duly authorized officers, on June 12, 2020.
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	BLACK CREEK INDUSTRIAL REIT IV INC.

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	By:
	 
	/s/ Thomas G. McGonagle

	Name:
	 
	Thomas G. McGonagle

	Title:
	 
	Managing Director, Chief Financial Officer 

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	BCI IV OPERATING PARTNERSHIP LP

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	By:  Black Creek Industrial REIT IV Inc., its Sole General Partner

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	By:
	 
	/s/ Thomas G. McGonagle

	Name:
	 
	Thomas G. McGonagle

	Title:
	 
	Managing Director, Chief Financial Officer 

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	BCI IV ADVISORS LLC

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	By:  BCI IV Advisors Group LLC, its Sole Member

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	By:
	 
	/s/ Evan H. Zucker

	Name:
	 
	Evan H. Zucker

	Title:
	 
	Manager
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​EX-4.20

 Exhibit 4.20 

WITHOUT
PREJUDICE &                         

SUBJECT TO
CONTRACT                         

DATED 

27 March 2020 

SETTLEMENT AGREEMENT 

between 

MERO BIOPHARMA GROUP PLC 

and 

RICHARD JONES 

 THIS AGREEMENT is dated 27 March 2020 

PARTIES 
  

	(1)	 Mereo BioPharma Group plc (a company incorporated and registered in England and Wales with company
number 9841161 whose registered office is at 4th Floor, One Cavendish Place, London, W1G 0QF (the “Company”); and 

  

	(2)	 Richard Jones of [    ] (the “Employee”). 

BACKGROUND 
  

	(A)	 The Company and the Employee are parties to an employment agreement dated 7 November 2016 (the
“Employment Agreement”) 

  

	(B)	 The parties have entered into this agreement to record and implement the terms on which they have agreed to
settle any claims that the Employee has or may have in connection with his employment or its termination or otherwise against the Company or any Group Company (as defined below) or their Affiliates (as defined below) following the voluntary
resignation of the Employee, whether or not those claims are, or could be, in the contemplation of the parties at the time of signing this agreement, and including, in particular, the statutory complaints that the Employee raises in this agreement.

  

	(C)	 The parties intend this agreement to be an effective waiver of any such claims and to satisfy the conditions
relating to settlement agreements in the relevant legislation. 

 AGREED TERMS 

 

	1.	 ARRANGEMENTS ON TERMINATION 

 

	1.1	 The Employee’s employment with the Company and any Group Company shall terminate on 4 September 2020
or such earlier date as the Company may determine in its absolute discretion on or after 15 May 2020 (subject to clause 1.2 below) by notifying the Employee in writing no less than four weeks in advance of such date (the “Termination
Date”). 

  

	1.2	 Notwithstanding clause 1.1 above, the Company may terminate the Employee’s employment with the Company and
any Group Company prior to 15 May 2020 or at any other time prior to the Termination Date, in circumstances where the Company or any Group Company is entitled to summarily terminate the Employee’s employment pursuant to clause 19 of the
Employment Agreement. 

  

	1.3	 The Employee will receive his P45 (made up to the Termination Date) as soon as reasonably practicable after the
Termination Date. 

  
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	1.4	 Save as set out in this agreement, the Employee’s entitlement to salary and all other benefits associated
with his employment by the Company and any Group Company shall continue until the Termination Date when they shall cease. 

  

	1.5	 The Company shall pay the Employee his salary up to the Termination Date in the usual way. The Company shall
deduct from the final salary payment any outstanding sums due from the Employee to the Company. 

  

	1.6	 The Company shall continue to provide benefits to the Employee in the usual way up to the Termination Date.

  

	1.7	 The Company shall within 7 days of the Termination Date make a payment to the employee for any annual leave
accrued to his credit as at the Termination Date. 

  

	1.8	 The payments and benefits in this clause 1 shall be subject to the income tax and National Insurance
contributions that the Company is obliged by law to pay or deduct. 

  

	1.9	 The Company shall reimburse the Employee for all expenses properly incurred by him in the performance of his
duties in accordance with the Company’s expenses policy. 

  

	2.	 HANDOVER 

 

	2.1	 It is agreed that between now and the Termination Date the Employee will use his reasonable efforts to ensure a
smooth transition of his duties, which will include but not be limited to the following: 

  

	 	(a)	 using his reasonable endeavours to deliver each of: (i) the Group’s preliminary financial results for
the year ended 31 December 2019, (ii) the Group’s annual report and accounts for the year ended 31 December 2019 and (iii) the Company’ Form 20-F and any related opinions, documents
and statements as soon as is reasonably practicable prior to the statutory and regulatory deadlines for such financial results or filings; and 

  

	 	(b)	 using his reasonable endeavours to assist the Company (i) with the recovery of any R&D tax credits
from HMRC, (ii) with any financing or (iii) by providing financial input to any business development activity, between the date of this agreement and the Termination Date. 

 

	3.	 PERFORMANCE-RELATED BONUS AND
SHARE OPTIONS 

  

	3.1	 In consideration for the Employee entering into this agreement, the Company shall pay the Employee a bonus of
£[        ], less such deductions for income tax and 

  
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Employee’s National Insurance Contributions as are legally required (the “Performance Related Bonus”) and shall be payable in three instalments
£[        ], £[        ] and £[        ] (the “First Instalment”, the “Second
Instalment” and the “Third Instalment” respectively), in accordance with clause 3.2 below subject to and conditional upon: 

  

	 	(a)	 the receipt by the Company of a copy of this agreement signed by the Employee and a letter from the Adviser in
the form as set out in Schedule 3; 

  

	 	(b)	 the Employee having complied with clause 10 of this agreement; 

 

	 	(c)	 the Employee having provided evidence that is satisfactory to the Company that the nature of the business
carried out by the Employee’s new employer means that he will not be engaged in any Restricted Business in the Restricted Area (where the terms Restricted Business and Restricted Area shall have the same meanings as in the Employment
Agreement); and 

  

	 	(d)	 the Company (or any Group Company) not being entitled to summarily terminate the Employee’s employment
pursuant to clause 19 of the Employment Agreement, 

 and the Employee shall not be entitled to any Performance Related
Bonus unless each of the conditions out in this clause 3.1 are satisfied. 
  

	3.2	 Subject to and conditional upon the Employee’s compliance with all the terms of clause 3.1 above:

  

	 	(a)	 the Company shall pay the First Instalment to the Employee, which shall be treated as salary, by the earlier of
15 May 2020 and the filing of the Company’ Form 20-F and any related opinions, documents and statements; 

  

	 	(b)	 the Company shall pay the net amount of Second Instalment (with all legally required deductions for tax and
national insurance having already been made) to a bank account in the name of [        ] (the “Advisor’s Client Account”) by the earlier of the Termination Date and 15 June 2020 and,
subject to clause 3.2(c) below, and having received payment from the Company, the Adviser will procure that the Employee is paid the Second Instalment from the Advisor’s Client Account on the
14th day after the Termination Date (and shall not be entitled to procure that such payment is made to the Employee prior to that date); 

 

	 	(c)	 notwithstanding clause 3.2(b) above, if on or prior to the
7th day after the Termination Date: (i) the Employee has not complied with all of terms of each of clause 2, clause 3.1 and clause 7 of this agreement, and (ii) the Company has by that
date notified the Adviser in writing of such non-compliance, then the Advisor will procure that no amounts in respect of the Second Instalment are paid to the Employee from the Advisor’s Client Account
(or otherwise), and will procure that such amounts are returned to 

  
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the same bank account in the name of the Company which transferred such amount to the Advisor’s Client Account, within three days of the Advisor receiving such notification from the Company;

  

	 	(d)	 subject to and conditional upon the further condition that other executives of the Company have been paid a
bonus in respect of the financial year ending 31 December 2019, and the Employee’s compliance with each of clause 2 and clause 7 of this agreement, then the Company shall pay the Employee the Third Instalment within 7 days of other
executives receiving such a bonus payment. 

  

	3.3	 Pursuant to option agreements between the Employee and the Company, on 4 April 2017, the Employee was
awarded [        ] options (the “Options”) in respect of the Mereo BioPharma Group plc Share Option Plan (the “Option Plan”) which, subject to and in accordance with the rules
of the Option Plan (the “Option Plan Rules”), will all vest on 4 April 2020. It is further agreed that in consideration for the Employee entering into this agreement, notwithstanding that the Option Plan Rules require all the
Options to be exercised within six months of the Termination Date, subject to and conditional upon the Employee complying with clauses 2.1 and clause 10 of this agreement and the Company not being entitled to summarily terminate the Employee’s
employment pursuant to clause 19 of the Employment Agreement, the Company will permit any of the Options that have vested, to be exercised (whether partially or otherwise) at any time prior to the second anniversary of the Termination Date following
the Termination Date after which date they will lapse. 

  

	3.4	 Any payment, grant or other benefit made or conferred to the Employee in respect of the performance-Related
Payment or the Options, will be paid, granted or conferred to the Employee less such deductions for income tax and Employee’s National Insurance Contributions as are legally required (whether in respect of this payment or the provision of any
other payment or benefit to the Employee). 

  

	4.	 PENSION 

The Employee’s active membership of any pension arrangement in which he participates in connection with his employment with the Company or
any Group Company shall continue in its current form either by way of contributions to the Company’s pension scheme or via salary contributions and shall cease with effect from the Termination Date. 

 

	5.	 LEGAL FEES 

The Company agrees to pay the Employee’s reasonable legal fees in connection with taking advice leading to the completion of this
agreement up to a maximum of £[        ] plus VAT to be paid within 14 days of receipt from the Employee’s lawyer of a properly drawn invoice for costs addressed to the Employee as client and marked
payable by the Company. 

  
 4 

	6.	 FULL AND FINAL SETTLEMENT

  

	6.1	 The Employee represents to the Company, any Group Company and their Affiliates that he agrees and he
does hereby accept that the terms of this agreement are offered by the Company without any admission of liability on the part of the Company and are, apart from the Excluded Claims, in full and final settlement of all and any claims or rights of
action that the Employee has or may have against the Company or any of its Affiliates in respect of breach of contract or unfair dismissal or any claim in respect of his bonus in respect of the financial year ending 31 December 2019 as notified
him in a letter from Denise Scots-Knight dated 21 January 2020, being claims previously made or intimated by or on behalf of the Employee. 

  

	6.2	 Without prejudice to clause 6.1 the Employee further represents to the Company (for itself and on behalf of all
its Affiliates) that he accepts and he does hereby accept the terms of this agreement in full and final settlement of any Claims, including but not limited to any claims relating to his employment, his resignation from his employment or any other
matter including (without limitation) any action that might be commenced before an Employment Tribunal or Court of law in respect of the Claims in schedule 2 of this agreement, save in respect of any Excluded Claims. 

 

	6.3	 For the purposes of clause 6.2, “Claims” shall mean claims that have arisen at the date of this
agreement or which subsequently arise in respect of acts or omissions occurring prior to the date of this agreement and shall include all and any claims or rights of action of which at the time of entering into this agreement: 

 

	 	(a)	 neither the Employee nor the Company (nor any Affiliate) is aware, or 

 

	 	(b)	 the Employee but not the Company (nor any Affiliate) is aware, or 

 

	 	(c)	 one or more of the Company and the Affiliates is aware but the Employee is not aware, 

including any claim or right of action arising from a subsequent retrospective change or clarification of the law. The Employee acknowledges
that he agrees to the terms of clause 6.2 notwithstanding that he acknowledges that he may be mistaken as to the facts and/or the law concerning any potential claim or right of action. 

  
 5 

	6.4	 The Employee acknowledges that the compromise and settlement of each of the claims set out in clauses 6.1 and
6.2 (including schedule 2) is and shall be construed as separate and severable (including in relation to each of the types of claim covered by the definition of Claims in clause 6.3) and in the event of the compromise and settlement of any such
claim being determined as being void for any reason, such invalidity shall not affect or impair the validity of the compromise and settlement of the other claims. 

 

	6.5	 It is a condition of this agreement, and the Employee warrants that: 

 

	 	(a)	 before entering into this agreement he received independent advice from the Adviser as to the terms and effect
of this agreement and, in particular, on its effect on his ability to pursue any complaint before an Employment Tribunal or other court; 

  

	 	(b)	 the Adviser has confirmed to the Employee that they are a solicitor holding a current practising certificate
and that there is in force a policy of insurance covering the risk of a claim by the Employee in respect of any loss arising in consequence of their advice; 

  

	 	(c)	 the Adviser shall sign and deliver to the Company forthwith upon the execution by the Employee of this
agreement a letter duly signed in the form attached as Schedule 3 to this agreement in which, amongst other things, the Adviser provides a formal undertaking to comply with the Adviser’s obligations set out in clause 3.2 above;

  

	 	(d)	 before receiving the advice the Employee disclosed to the Adviser all facts and circumstances that may give
rise to a claim by the Employee against the Company, any Group Company or their Affiliates; 

  

	 	(e)	 the only claims that the Employee has or may have against the Company, any Group Company or their Affiliates
(whether at the time of entering into this agreement or in the future) relating to his employment with the Company or its termination are specified in clauses 6.1 and 6.2 (including schedule 2); and 

 

	 	(f)	 the Employee is not aware of any facts or circumstances that may give rise to any claim against the Company,
any Group Company or their Affiliates other than those claims specified in clauses 6.1 and 6.2 (including schedule 2). 

  

	6.6	 The Employee acknowledges that the conditions relating to settlement agreements under section 147(3) of the
Equality Act 2010, section 288(2B) of the Trade Union and Labour Relations (Consolidation) Act 1992, section 203(3) of the Employment Rights Act 1996, regulation 35(3) of the Working Time Regulations 1998, section 49(4) of the National Minimum Wage
Act 1998, regulation 41(4) of the Transnational Information and Consultation etc. Regulations 1999, regulation 9 of the Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000, regulation 10 of the Fixed-Term Employees
(Prevention of Less Favourable Treatment) Regulations 2002, regulation 40(4) of the Information and Consultation of Employees 

  
 6 

	 	
Regulations 2004, paragraph 13 of the Schedule to the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006, regulation 62 of the
Companies (Cross Border Mergers) Regulations 2007 and section 58 of the Pensions Act 2008 have been satisfied. 

  

	7.	 COMPANY PROPERTY 

 

	7.1	 The Employee shall on or before the Termination Date, return to the Company’s premises:

  

	 	(a)	 all Confidential Information and Copies; 

 

	 	(b)	 all property belonging to the Company in satisfactory condition including (but not limited to) any, company
credit card, keys, security passes, identity badge, mobile telephone, tablet, pager, lap-top computer, computer drives, disks, other computer equipment (including leads and cables), tapes and/or other tangible
items; and 

  

	 	(c)	 all documents and copies (whether written, printed, electronic, recorded or otherwise and wherever located)
made, compiled or acquired by him during him employment with the Company or relating to the business or affairs of the Company or any Group Company or its or their business contacts, 

in the Employee’s possession or under his control. 
  

	7.2	 The Employee shall, immediately on request, provide to the Company full details of all then current passwords
used by the Employee in respect of computer equipment belonging to the Company or any Group Company and, having forwarded a copy to the Company, irretrievably delete from any computer drives, tablets, mobile telephones, disks, tapes or other re-usable material and/or email account in the Employee’s possession or under his control (but which do not belong to the Company or any Group Company), and/or communications systems and devices owned or used
by him outside the premises of the Company, including such systems and data storage services provided by third parties (to the extent technically practicable) any information belonging or relating to the business or affairs of the Company or any
Group Company, their customers, clients and suppliers. 

  

	7.3	 The Employee shall, if requested to do so by the Company or Board, provide a signed statement that he has
complied fully with his obligations under clause 7.1 and clause 7.2 and shall provide it with such reasonable evidence of compliance as may be requested. 

  
 7 

	8.	 EMPLOYEE WARRANTIES AND ACKNOWLEDGEMENTS

  

	8.1	 As at the date of this agreement, the Employee warrants and represents to the Company that:

  

	 	(a)	 there are no circumstances of which the Employee is aware or of which the Employee ought reasonably to be aware
that would amount to a repudiatory breach by the Employee of any express or implied term of the Employment Agreement that would entitle (or would have entitled) the Company to terminate the Employee’s employment without notice or payment in
lieu of notice and any payment to the Employee pursuant to clause 2 is conditional on this being so; and 

  

	 	(b)	 he has not contacted ACAS pursuant to section 18A of the Employment Rights Act 1996 or presented or issued a
claim to the Employment Tribunals, a County Court or a High Court in respect of any matter connected with the Employee’s employment or its termination and that neither the Employee nor anyone acting on the Employee’s behalf will contact
ACAS pursuant to section 18A of the Employment Rights Act 1996 or present or issue such a claim. 

  

	 	(c)	 The Employee acknowledges and warrants that, except for the payments and benefits provided for in this
agreement, and subject to the waiver in clause 6.1 and 6.2, he shall not be eligible for any further payment and/or compensation from the Company or any Group Company relating to his employment or its termination and without limitation to the
generality of the foregoing, he expressly waives any right or claim that he has or may have to: any accrued or future bonus, including but not limited to any bonus in respect of the financial year ending 31 December 2019 as notified to him in a
letter from Denise Scots-Knight dated 21 January 2020, commission, profit-sharing or other incentive payment shares pursuant to the holding or loss of any right under or in connection with any share scheme or equity participation arrangement
and/or any future allocation of shares, equities or securities, in each case against the Company or any Group Company or any person connected to any such company. 

 

	8.2	 The Employee agrees to make himself available to, and to cooperate with, the Company and any Group Company or
its advisers to provide assistance in any litigation or potential litigation (whether criminal or civil and whether before a court or tribunal) or any arbitration or mediation or any inquiry or investigation by a statutory or regulatory tribunal,
authority or other body with which the Company, or any Group Company may be involved, including but not limited to any ongoing litigation in which the employee may be a witness and/or any potential litigation that has been intimated to the Company
or any Group Company. The Employee agrees to provide such reasonable assistance (at such time and place as may be mutually convenient for the parties) as the Company or any Group Company may reasonably

  
 8 

	 	
require, including but not limited to assisting in preparing witness statements and attending at court or tribunal or other body to give evidence and, save where such litigation or potential
litigation is or is connected with criminal proceedings being taken or proposed against the Company the Company or any Group Company shall meet such costs and expenses incurred by the Employee in providing such assistance as the Company or any Group
Company considers as reasonable, including fees at a pro-rata daily rate based on his annual salary at termination divided by 220, and only to the extent permitted and provided for by any applicable rules,
including any rules of Court or Practice Direction, from time to time. 

  

	8.3	 The Employee agrees not to hold himself out as remaining employed by or otherwise continuing to work for the
Company or any Group Company after the Termination Date, and on the Termination Date to update his LinkedIn profile and any other online presence accordingly. 

 

	8.4	 The Employee agrees to resign in writing from all directorships and other offices which the Employee holds with
the Company or any Group Company with effect from the Termination Date or such other date as the Company or any Group Company may in their absolute discretion determine, and authorises the Company and any Group Company to do any acts necessary in
his name and on his behalf to give effect to those resignations 

  

	8.5	 The Employee undertakes that he will not make a statutory grievance in relation to claims accepted as settled
pursuant to clauses 6.1 or 6.2 (including Schedule 2). 

  

	8.6	 The Employee acknowledges that the Company has agreed these terms in reliance on the warranties,
representations and undertakings set out in clauses 6.1, 6.2 (including Schedule 2), 6.5 (a-f), 7.1, 7.2, 8.1 (a-b), 8.2, 8.3, 8.4, 8.5 and 8.6. 

 

	9.	 REFERENCE AND ANNOUNCEMENT 

 

	9.1	 On receipt of a written request from a potential employer, the Company shall provide a reference in the form
set out in Schedule 1 to this agreement. If the Company obtains information after the date of this agreement which would have affected its decision to provide a reference in the form in Schedule 1, it shall inform the Employee and may decline to
give a reference. 

  

	9.2	 Upon signature of this agreement an announcement will be made without delay on the RNS service of the London
Stock Exchange broadly based on the form set out in Schedule 4 with the Company entitled to make any changes provided that they do not have any adverse impact on the Employee. 

  
 9 

	10.	 COVENANTS 

The Employee acknowledges and agrees that without prejudice to his ongoing common law obligations his contractual obligations with respect to
confidentiality, intellectual property, restrictions after employment and all other post termination obligations as stated in the Employment Agreement, including but not limited to those set out in paragraphs 16, 17 and 21 thereof, shall continue to
apply after the Termination Date. 
  

	11.	 CONFIDENTIALITY 

 

	11.1	 Subject to clause 11.4, the Employee undertakes as a condition of this agreement to the Company for itself and
on behalf of all its Group Companies as follows: 

  

	 	(i)	 the Employee will treat the contents of this agreement as confidential and will not disclose or cause to be
disclosed the negotiations surrounding this agreement, the existence of this agreement and any of its terms to any person, firm or company save to the Employee’s spouse or registered civil partner or for the purpose of receiving professional
advice; 

  

	 	(ii)	 save with the prior written consent of the Company, the Employee will not make or issue or cause to be made or
issued any derogatory or critical comments or statements (internally or externally whether orally or in writing and including, for the avoidance of doubt, electronically or online) relating to his employment with the Company or any Group Company,
his departure from the Company and any of its Group Companies or the reasons for his departure other than in connection, and consistent, with the terms of the reference and the announcement to be provided to him pursuant to this agreement; and

  

	 	(iii)	 the Employee will not make, publish or cause to be made or published any statement or remark which may harm the
business or reputation of the Company or any of its Group Companies or any current or former officer, Employee, agent, customer, supplier or shareholder of any such company. 

 

	11.2	 The Company will treat the contents of this agreement as confidential and will not disclose or cause to be
disclosed the negotiations surrounding this agreement, the existence of this agreement and any of its terms to any person, firm or company save to appropriate employees or officers of the Company or any Group Company, for business needs or for the
purpose of receiving professional advice 

  

	11.3	 The Employee warrants that he has not engaged in any conduct prior to or on the date of this agreement which
would amount to a breach of sub-clauses 11.1 if carried out after the date of this agreement. 

  
 10 

	11.4	 Nothing in this agreement shall preclude the Employee or the Company or any Group Company from:

  

	 	(a)	 complying with any order of a court of competent jurisdiction, any law, any regulations of any statutory or
regulatory authority, or any request of any government body (including, for the avoidance of doubt, HM Revenue & Customs, the SEC or any listing rules); 

 

	 	(b)	 making a protected disclosure under section 43A of the Employment Rights Act 1996 and nothing in this clause 11
shall prevent the Company from making such disclosure as it is required by law to make; or 

  

	 	(c)	 without prejudice to the foregoing, disclosing any information to and/or cooperate with the U.S. Securities
Exchange Commission (“SEC”), the Financial Conduct Authority and/or any other governmental or regulatory agency or to receive a monetary award from the SEC as an SEC Whistleblower, pursuant to the bounty provision under
Section 922(a)-(g) of the Dodd Frank Act, 7 U.S.C. Sec. 26(a)-(g), or directly from any other governmental, federal or state agency pursuant to a similar program. 

 

	11.5	 The Employee acknowledges that any breach of his confidentiality obligations may cause irreparable harm to the
Company which the Employee agrees may be entitled to injunctive relief in addition to all other remedies available to the Company or any Group Company at law or in equity. Furthermore, any breach of confidentiality may be a fundamental breach of
this agreement and may entitle the Company to withhold making the Termination Payment or, in the event the Termination Payment has been made to the Employee, the Company shall be entitled to recover the Termination Payment (less any payment to which
the Employee may be legally entitled) from the Employee as a debt. 

  

	12.	 ENTIRE AGREEMENT 

 

	12.1	 Each party on behalf of itself and, in the case of the Company, as agent for any Group Companies acknowledges
and agrees with the other party (the Company acting on behalf of itself and as agent for each Group Company) that: 

  

	 	(a)	 this agreement and any agreements referred to herein, constitute the entire agreement between the parties and
any Group Company and supersedes and extinguishes all agreements, promises, assurances, warranties, representations and understandings between them whether written or oral, relating to its subject matter; 

 

	 	(b)	 in entering into this agreement it does not rely on, and shall have no remedies in respect of, any statement,
representation, assurance or warranty (whether made innocently or negligently) that is not set out in this agreement; and 

  
 11 

	 	(c)	 it shall have no claim for innocent or negligent misrepresentation or negligent misstatement based on any
statement in this agreement. 

  

	12.2	 Nothing in this agreement shall, however, operate to limit or exclude any liability for fraud.

  

	13.	 VARIATION 

The parties to this agreement may agree to rescind or vary any term of this agreement without the consent of any Group Companies or Affiliates.
No variation of this agreement shall be binding on either party unless and to the extent that the same is recorded in a written document executed by both parties. 
  

	14.	 THIRD PARTY RIGHTS 

 

	14.1	 The Company is entering into this agreement for itself and as agent for and trustee of all its Group Companies
and their Affiliates. The parties intend that each Group Company and Affiliates should be able to enforce in its own right the terms of this agreement which expressly or impliedly confer a benefit on that company subject to and in accordance with
the provisions of the Contracts (Rights of Third Parties) Act 1999. 

  

	14.2	 The rights of the Group Companies or Affiliates to enforce the terms of this agreement are subject to the term
that the Company has the right (which it may waive in whole or in part and without the consent of or consultation with the Group Company) to have the sole conduct of any proceedings in relation to the enforcement of such rights (including any
decision as to commencement or compromise or settlement of such proceedings) but will not owe any duty or have any liability to any of the Group Companies in relation to such conduct. 

 

	15.	 GOVERNING LAW 

This agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales. 
  

	16.	 JURISDICTION 

Each party irrevocably agrees that the courts and tribunals of England and Wales shall have exclusive jurisdiction to settle any dispute, claim
arising out of or in connection with this agreement or its subject matter or formation (including non-contractual disputes or claims). 

  
 12 

	17.	 MISCELLANEOUS 

 

	17.1	 The Employee hereby agrees irrevocably that the Company may forthwith on written notice to the Employee assign
its rights and transfer (whether by novation or otherwise) or delegate its obligations under this agreement to any Group Company from time to time or to any third party acquiring the business of the Company and that the Employee shall execute all
documents and do all things necessary to effect such assignment or transfer, and any reference to the Company in this agreement shall thereafter be a reference to any such company. The Employee shall not assign or otherwise seek to transfer or
delegate his rights and/or obligations under this agreement to any other person. 

  

	17.2	 Each of the provisions in this agreement are separate and severable and, in the event of any such provision
(including the defined expressions in clause 19.1) being determined as being unenforceable in whole or in part for any reason, such unenforceability shall not affect the enforceability of the remaining provisions or, in the case of part of a
provision being unenforceable, the remainder of that provision. 

  

	18.	 SUBJECT TO CONTRACT AND WITHOUT
PREJUDICE 

 This agreement is without prejudice and subject to contract until it is dated and signed by
all of the parties, at which point it shall be treated as an open document evidencing an agreement binding on the parties (notwithstanding that it may still be labelled “Draft”, “Without Prejudice” or “Subject to
Contract”). This agreement may be executed in any number of counterparts each in the like form, all of which taken together shall constitute one and the same document and any party may execute this agreement by signing and dating any one or
more of such counterparts. 
  

	19.	 INTERPRETATION 

The following definitions and rules of interpretation apply in this agreement. 

 

	19.1	 Definitions: 

“Adviser”: [    ]; 

“Affiliates”: any Group Company and the former and current and future officers, shareholders, managers, employees and agents
of the Company and any Group Company; 
 “Associate”: means a body corporate: 

 

	 	(a)	 which for the time being is a holding company of the Company or a subsidiary (other than the Company or a
subsidiary of the Company) of such a holding company; or 

  
 13 

	 	(b)	 in whose equity share capital for the time being an interest of 20 per cent or more is held directly or
indirectly (through another body corporate or other bodies corporate or otherwise) by a holding company of the Company or by a subsidiary (including the Company) of such a holding company or by a combination of two or more such holding companies or
subsidiaries; 

 “Board”: the board of directors of the Company from time to time and includes any person
or committee duly authorised by the boards of directors to act on its behalf for the purposes of this agreement; 
 “Confidential
Information”: any information, whether or not recorded, of the Company or of any Group Company which the Employee (or, where the context so requires, another person) has obtained by virtue of his employment or engagement and which the
Company or any Group Company regards as confidential or in respect of which the Company or any Group Company is bound by an obligation of confidence to a third party, including: 

 

	 	(a)	 all and any information relating to business methods, corporate plans, future business strategy, management
systems, finances, and maturing new business opportunities; 

  

	 	(b)	 all and any information relating to research and/or development projects; 

 

	 	(c)	 all and any information concerning the curriculum vitae, remuneration details, work-related experience,
attributes and other personal information concerning those employed or engaged by the Company or any Group Company; 

  

	 	(d)	 all and any information relating to marketing or sales of any past present or future product or service of the
Company or any Group Company including sales targets and statistics, market share and pricing statistics, marketing surveys and strategies, marketing research reports, sales techniques, price lists, mark-ups,
discounts, rebates, tenders, advertising and promotional material, credit and payment policies and procedures, and lists and details of customers, prospective customers, suppliers and prospective suppliers including their identities, business
requirements and contractual negotiations and arrangements with the Company or any Group Company; and 

  

	 	(e)	 all and any trade secrets, secret formulae, processes, inventions, design,
know-how, technical specification and other technical information in relation to the creation, production or supply of any past, present or future product or service of the Company or any Group Company,
including all and any information relating to the working of any product, process, invention, improvement or development carried on or used by the Company or any Group Company and information concerning the intellectual property portfolio and
strategy of the Company or of any Group Company; and 

  

	 	(f)	 any inside information (as defined in section 118C of the Financial Services and Markets Act 2000),

  
 14 

 but excluding any information which: 

 

	 	(i)	 is part of the Employee’s own stock in trade; 

 

	 	(ii)	 is readily ascertainable to persons not connected with the Company or any Group Company without significant
expenditure of labour, skill or money; or 

  

	 	(iii)	 which becomes available to the public generally other than by reason of a breach by the Employee of his
obligations under this Agreement; 

 “Copies”: copies or records of any Confidential Information in
whatever form (including, without limitation, in written, oral, visual or electronic form or on any magnetic or optical disk or memory and wherever located) including, without limitation, extracts, analysis, studies, plans, compilations or any other
way of representing or recording and recalling information which contains, reflects or is derived or generated from Confidential Information; 

“Employment Agreement”: shall have the meaning set out in Recital (A); 

“Excluded Claims”:   any claims: (a) to enforce the terms of this agreement; and/or (b) for personal
injury (save for any claims for compensation, or damages, for personal injury which may be brought pursuant to discrimination legislation and/or pursuant to part V of the Employment Rights Act 1996) of which the Employee is not aware and could not
reasonably be expected to be aware as at the Termination Date (and by entering into this agreement the Employee warrants that he is not nor could reasonably be aware of any such claims); and/or (c) in respect of the payment of accrued
entitlements under any Relevant Pension Scheme that he has or may have against the Company or any of its Affiliates relating to his employment, the termination of his employment; 

“Group Company”: means a subsidiary of the Company or an Associate as defined in this clause 19.1; 

“subsidiary”, “holding company” and “equity share capital” shall have the respective meanings attributed
to them by sections 1159 and 548 of the Companies Act 2006 provided that the term “subsidiary” shall also include a subsidiary undertaking (as defined in section 1162(2) of the Companies Act; 

 

	19.2	 the headings and bold type face inserted in this agreement are inserted for convenience only and shall not
affect the interpretation of this agreement; 

  

	19.3	 references to clauses, sub-clauses and schedules are to clauses, sub-clauses and schedules of this agreement; 

  

	19.4	 words in the singular include the plural and vice versa, and a reference to any gender includes a reference to
all genders or, where appropriate, is to be read as a reference to the opposite gender; 

  
 15 

	19.5	 a reference to a person includes a reference to a firm, a body corporate, an unincorporated association or a
partnership; 

  

	19.6	 a reference to a statute or statutory provision shall include a reference to any subordinate legislation made
under the relevant statute or statutory provision and is a reference to that statute, provision or subordinate legislation as from time to time amended, consolidated, modified, re-enacted or replaced.

 This agreement has been entered into on the date stated at the beginning of it. 

  
 16 

 Schedule 1 Reference 

  
 17 

 Schedule 2 Claims 

  
 18 

 Schedule 3 Adviser’s certificate 

  
 19 

 Schedule 4: Agreed Announcement 

  
 20 

					
	Signed by DENISE SCOTS-KNIGHT for	 	/s/ Denise Scots-Knight	  	
	and on behalf of Mereo BioPharma Group plc	 		  	
			
	 	 	Director	  	 
			
	Signed by Richard Jones	 	/s/ Richard Jones	  	

  
 21

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