Document:

EX-10.10

 Exhibit 10.10 

EXECUTIVE EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (the “Agreement”) by and between Erin M. Lavelle (the
“Executive”) and Eliem Therapeutics, Inc. (the “Company”) is effective as of October 1, 2020 (the “Effective Date”). 

The Company desires to employ the Executive and, in connection therewith, to compensate the Executive for Executive’s personal services
to the Company; and 
 The Executive wishes to be employed by the Company and provide personal services to the Company in return for certain
compensation. 
 Accordingly, in consideration of the mutual promises and covenants contained herein, the parties agree to the following:

 1. EMPLOYMENT BY THE
COMPANY. 
 1.1 Position. Subject to the terms set forth herein,
the Company agrees to employ Executive in the position of Executive Vice President, Chief Operating Officer and Chief Financial Officer and Executive hereby accepts such employment. During the term of Executive’s employment with the Company,
Executive will devote Executive’s best efforts and substantially all of Executive’s business time and attention to the business of the Company. 

1.2 Duties. Executive will report to the Company’s Chief Executive Officer (“CEO”).
Executive will perform such duties as are normally associated with her position, as assigned from time to time by the CEO. Executive shall perform her duties under this Agreement principally out of the Redmond, Washington area, or such other
location as assigned. In addition, the Executive shall make such business trips to such places as may be necessary or advisable for the efficient operations of the Company. 

1.3 Company Policies and Benefits. The employment relationship between the parties shall also be subject to the
Company’s personnel policies and procedures as they may be interpreted, adopted, revised or deleted from time to time in the Company’s sole discretion, Executive will be eligible to participate on the same basis as similarly situated
employees in the Company’s benefit plans in effect from time to time during her employment. All matters of eligibility for coverage or benefits under any benefit plan shall be determined in accordance with the provisions of such plan. The
Company reserves the right to change, alter, or terminate any benefit plan in its sole discretion. Notwithstanding the foregoing, in the event that the terms of this Agreement differ from or are in conflict with the Company’s general employment
policies or practices, this Agreement shall control. 
 2. COMPENSATION.

 2.1 Salary. Executive shall receive for Executive’s services to be rendered hereunder an initial annualized
base salary of $450,000, subject to annual review and adjustment by the Company in its sole discretion, payable subject to standard federal and state payroll withholding requirements in accordance with Company’s standard payroll practices
(“Base Salary”). 

  
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 2.2 Annual Bonus. Executive shall be eligible for a discretionary
annual fiscal year performance bonus (the “Annual Bonus”) with an annual target of forty-five percent (45%) of Executive’s then-current Base Salary (the “Target Amount”). Whether or not Executive
is eligible for any Annual Bonus will be dependent upon the actual achievement by Executive and the Company of the applicable individual and corporate performance goals, as determined by the Board of Directors of the Company (the
“Board”). No amount of any Annual Bonus is guaranteed at any time and may be greater or lesser than the Target Amount and may be zero. Executive must be an employee in good standing through the last day of the fiscal year to
be eligible to earn an Annual Bonus, subject to the terms and conditions of Section 6 below (under which Executive may be eligible for a pro-rata or full Annual Bonus as part of severance without being an
employee in good standing through the last day of the fiscal year). Executive will be eligible for a pro-rated Annual Bonus for fiscal year 2020, subject to the eligibility criteria in this Section 2.2(a)
and provided that any Annual Bonus awarded to Executive for fiscal year 2020 will be prorated based upon the number of days during which she was employed by the Company in fiscal year 2020. Any Annual Bonus, if awarded, will be paid in a single
annual installment paid at the same time annual bonuses are generally paid to other similarly-situated employees of the Company and in any event no later than March 15th of the calendar year following the calendar year to which the Annual Bonus is
applicable, and will be subject to deductions and withholdings. Executive’s eligibility for an Annual Bonus and the Target Amount, if any, is subject to change in the discretion of the Board (or any authorized committee thereof). 

2.3 Future Equity Awards. Subject in each case to approval by the Board, and provided that Executive remains continuously
employed by the Company through each of the respective dates of grant described below, Executive will be eligible to receive separate stock option awards under the Company’s 2019 Equity Incentive Plan (“Plan”), upon the
consummation of a preferred stock financing with entities affiliated with RA Capital and Access Industries for the purchase of the Company’s Series A-1 Preferred Stock (the
“Financing”), as follows: (a) immediately following the receipt by the Company of the initial $5,000,000 tranche of funding at the time of the initial closing of the Financing, Executive will be granted an option (the
“Initial Option”) to purchase a number of shares of Common Stock of the Company representing 1.8% of the Company’s then issued and outstanding Common Stock, as calculated on a fully-diluted, as-converted to common stock basis, at an exercise price equal to the fair market value of the Company’s Common Stock as of the date of grant of such Initial Option, as determined by the Board in its
discretion, and (b) prior to the receipt by the Company of each follow-on tranche of funding in connection with the Financing, if any, the Executive will be granted an additional option (each, a
“Follow-on Option” and collectively with the Initial Option and each previously granted Follow-on Option, if any, the
“Options”) to purchase a number of shares of Common Stock of the Company that, when taken together with all of the Common Stock covered by the Initial Option and each previously granted
Follow-on Option, if any, plus all other capital stock of the Company then owned by Executive (or her family) or then subject to any other outstanding equity awards held by Executive (or her family),
represents 1.8% of the Company’s then issued and outstanding Common Stock, as calculated on a fully-diluted, as-converted to common stock basis, at an exercise price equal to the fair market value of the
Company’s Common Stock as of the date of grant of such Follow-on Option, as determined by the Board in its discretion. The Options will vest and become exercisable with respect to twenty-five percent
(25%) of the shares subject to each Option on the one-year anniversary of the date of grant of each such Option, and thereafter will vest and become exercisable in equal monthly installments over the ensuing thirty-six (36) 

  
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months, subject to Executive’s continuous employment with the Company as of each vesting date. The Options will be incentive stock options under Section 422 of the Code to the maximum
extent permitted and otherwise will be non-qualified stock options. The terms and conditions of the Options will be as set forth in the Plan and the form of stock option agreement and grant notice, which
Executive is required to sign. The term “fully-diluted, as-converted to common stock basis” means, as of the date it is being measured (and without duplication), the number of issued and outstanding
shares of Common Stock, plus the number of shares of Common Stock then subject to outstanding stock options (including the Options, if awarded) or other equity awards under the Plan, and any other equity incentive plan in effect on the date of
measurement (“Other Plans”), plus the total available but unused share reserve under the Plan and the Other Plans, plus the number of shares of capital stock covered by warrants, if any, plus the number of shares of Common
Stock into which the outstanding shares of preferred stock of the Company are then convertible. Executive is eligible to be considered for future equity awards as may be determined by the Board or a committee of the Board in its discretion in
accordance with the terms of any applicable equity plan or arrangement that may be in effect from time to time. 
 2.4 Expense
Reimbursement. The Company will reimburse Executive for reasonable business expenses with proper documentation and in accordance with the Company’s standard expense reimbursement policy. For the avoidance of doubt, to the extent that
any reimbursements payable to Executive are subject to the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”): (a) any such reimbursements will be paid no later than December 31
of the year following the year in which the expense was incurred, (b) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year, and (c) the right to reimbursement under this
Agreement will not be subject to liquidation or exchange for another benefit. 
 3. CONFIDENTIAL
INFORMATION, INVENTIONS, NON-SOLICITATION AND NON-COMPETITION
OBLIGATIONS. The parties hereto are entering into a Confidential Information, Inventions, Non-Solicitation and
Non-Competition Agreement (the “Confidential Information Agreement”), which may be amended by the parties from time to time without regard to this Agreement. The Confidential
Information Agreement contains provisions that are intended by the parties to survive and do survive termination or expiration of this Agreement. 

4. OUTSIDE ACTIVITIES. Executive will not, while employed by
the Company, undertake or engage in any other employment, occupation or business enterprise, including accepting any appointment to the board of directors of another company, that would interfere or conflict, either directly or indirectly, with
Executive’s responsibilities and the performance of Executive’s duties hereunder except for (i) reasonable time devoted to volunteer services for or on behalf of such religious, educational,
non-profit and/or other charitable organization as Executive may wish to serve, (ii) reasonable time devoted to activities in the non-profit and business
communities consistent with Executive’s duties (iii) appointment to the board of directors of another company, so long as (A) prior to accepting such appointment Executive has notified and provided the Board with an opportunity to
review and comment on such appointment and (B) such appointment does not interfere or conflict with Executive’s responsibilities and the performance of Executive’s duties hereunder, (iv) service on the board of directors of
Neoleukin Therapeutics, of which Executive is a member as of the Effective Date, so long as such service does not interfere or conflict with Executive’s responsibilities and the performance of Executive’s duties hereunder,

  
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and (v) such other activities as may be specifically approved by the Board. This restriction shall not, however, preclude the Executive (x) from owning less than one percent (1%) of the
total outstanding shares of a publicly traded company, or (y) from employment or service in any capacity with Affiliates of the Company. As used in this Agreement, “Affiliates” means an entity under common management or
control with the Company. 
 5. NO CONFLICT WITH EXISTING
OBLIGATIONS. Executive represents that Executive’s performance of all the terms of this Agreement and as an Executive of the Company do not and will not breach any agreement or obligation of
any kind made prior to Executive’s employment by the Company, including agreements or obligations Executive may have with prior employers or entities for which Executive has provided services. Executive has not entered into, and Executive
agrees that Executive will not enter into, any agreement or obligation, either written or oral, in conflict herewith. 
 6.
TERMINATION OF EMPLOYMENT. The parties acknowledge that Executive’s employment relationship with the Company is
at-will. Either Executive or the Company may terminate the employment relationship at any time, with or without Cause. The provisions in this Section govern the amount of compensation, if any, to be provided
to Executive upon termination of employment and do not alter this at-will status. 
 6.1
Termination by the Company without Cause or by the Executive for Good Reason Not in Connection with a Change in Control. 

(a) The Company shall have the right to terminate Executive’s employment with the Company pursuant to this Section 6.1 at
any time, in accordance with Section 6.6, without “Cause” (as defined in Section 6.3(b) below) by giving notice as described in Section 8.1 of this Agreement. A termination pursuant to Section 6.5 (upon
Death or Disability) below is not a termination without Cause for purposes of receiving the benefits described in this Section 6.1. 

(b) If (i) the Company terminates Executive’s employment at any time without Cause or Executive terminates her employment
with the Company for “Good Reason” (as defined in Section 6.1(h) below), in either case not in connection with a Change in Control (as defined in Exhibit A), (ii) the date of Executive’s separation of employment
with the Company occurs before the closing of the sale of the Company’s Common Stock pursuant to an effective registration statement of the Company filed under the Securities Act of 1933, as amended (the “IPO”), and
(iii) such termination constitutes a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder, a
“Separation from Service”), then Executive shall be entitled to receive the Accrued Obligations (defined in Section 6.1(e) below), and if Executive complies with the obligations in Section 6.1(d) below (including
but not limited to the Release (as defined in Section 6.1(d) below) requirement), Executive shall also be eligible to receive the following “Pre -IPO Severance Benefits:” 

(i) The Company will pay Executive an amount equal to Executive’s then current Base Salary for nine
(9) months, less all applicable withholdings and deductions (“Pre -IPO Severance”), paid in equal installments beginning on the Company’s first regularly scheduled payroll
date following the Release Effective Date (as defined in Section 6.1(d) below), with the remaining installments occurring on the Company’s regularly scheduled payroll dates thereafter. 

  
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 (ii) Provided Executive timely elects continued coverage under COBRA
under the Company’s group health plans following such termination, the Company will pay Executive’s COBRA premiums, to continue Executive’s health insurance coverage in effect on the termination date until the earliest of:
(1) nine (9) months following the termination date (the “COBRA Pre-IPO Severance Period”); (2) the date when Executive becomes eligible for substantially equivalent health
insurance coverage in connection with new employment or self-employment; or (3) the date Executive ceases to be eligible for COBRA continuation coverage for any reason, including plan termination (such period from the termination date through
the earlier of (1)-(3), (the “COBRA Pre-IPO Payment Period”). Notwithstanding the foregoing, if at any time the Company determines that its payment of COBRA premiums on Executive’s
behalf would result in a violation of applicable law (including, but not limited to, the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of paying COBRA premiums
pursuant to this Section, the Company shall pay Executive on the last day of each remaining month of the COBRA Pre-IPO Payment Period, a fully taxable cash payment equal to the COBRA premium for such month,
subject to applicable tax withholding (such amount, the “Special Severance Payment”), for the remainder of the COBRA Pre-IPO Payment Period. Nothing in this Agreement shall deprive
Executive of her rights under COBRA or ERISA for benefits under plans and policies arising under her employment by the Company. 

(iii) The Company shall pay Executive an amount equal to Executive’s pro rata Annual Bonus (based on the Target
Amount) for the calendar year in which Executive’s termination occurs (i.e., for the period from January 1 through and including the date of Executive’s separation of employment with the Company), payable subject to standard federal
and state payroll withholding requirements on the Company’s first regularly scheduled payroll date following the Release Effective Date. 

(iv) The vesting of the unvested portion of any equity awards then held by Executive that are scheduled to vest and
become exercisable under a time-based or service-based schedule in the nine (9) month period immediately following the termination date shall be accelerated and shall be deemed immediately vested and exercisable as of Executive’s
termination date (and, for clarity, if any unvested equity award is in the form of restricted stock that is subject to a share reacquisition or repurchase right on behalf of the Company, such reacquisition or repurchase right will lapse as to the
shares of stock that are scheduled to vest under such time-based schedule over the nine (9) month period immediately following the termination date). 

(c) In the event that the Company terminates Executive’s employment without Cause or Executive resigns for Good Reason not in
connection with a Change in Control but after the Company consummates an IPO, then Executive shall be entitled to the Accrued Obligations and, subject to Executive’s compliance with Section 6.1(d) below, including but not limited to the
Release requirement, then Executive will be eligible for the following “Post-IPO Severance Benefits:” 

  
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 (i) The Company will pay Executive an amount equal to
Executive’s then current Base Salary for eighteen (18) months, less all applicable withholdings and deductions (“Post -IPO Severance”), paid in equal installments beginning on
the Company’s first regularly scheduled payroll date following the Release Effective Date, with the remaining installments occurring on the Company’s regularly scheduled payroll dates thereafter. 

(ii) Provided Executive timely elects continued coverage under COBRA under the Company’s group health plans
following such termination, the Company will pay Executive’s COBRA premiums, to continue Executive’s health insurance coverage in effect on the termination date until the earliest of: (1) eighteen (18) months following the termination
date (the “COBRA Post-IPO Severance Period”); (2) the date when Executive becomes eligible for substantially equivalent health insurance coverage in connection with new employment
or self-employment; or (3) the date Executive ceases to be eligible for COBRA continuation coverage for any reason, including plan termination (such period from the termination date through the earlier of (1)-(3), (the “COBRA Post-IPO Payment Period”). Notwithstanding the foregoing, if at any time the Company determines that its payment of COBRA premiums on Executive’s behalf would result in a violation of applicable
law (including, but not limited to, the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of paying COBRA premiums pursuant to this Section, the Company shall pay
Executive on the last day of each remaining month of the COBRA Post¬IPO Payment Period, a Special Severance Payment for the remainder of the COBRA Post¬IPO Payment Period. Nothing in this Agreement shall deprive Executive of her rights under
COBRA or ERISA for benefits under plans and policies arising under her employment by the Company. 
 (iii) The
Company shall pay Executive an amount equal to Executive’s pro rata Annual Bonus (based on the Target Amount) for the calendar year in which Executive’s termination occurs (i.e., for the period from January 1 through and including the
date of Executive’s separation of employment with the Company), payable subject to standard federal and state payroll withholding requirements on the Company’s first regularly scheduled payroll date following the Release Effective Date.

 (iv) The vesting of the unvested portion of any equity awards then held by Executive that are scheduled to vest
and become exercisable under a time-based or service-based schedule in the twelve (12) month period immediately following the termination date shall be accelerated and shall be deemed immediately vested and exercisable as of Executive’s
termination date (and, for clarity, if any unvested equity award is in the form of restricted stock that is subject to a share reacquisition or repurchase right on behalf of the Company, such reacquisition or repurchase right will lapse as to the
shares of stock that are scheduled to vest under such time-based schedule over the twelve (12) month period immediately following the termination date). 

(d) Executive shall receive the Severance pursuant to Section 6.1(b) or 6.1(c) of this Agreement, as applicable, if:
(i) within the timeframe provided by the Company, which shall be no later than the 60th day following the date of Executive’s Separation from 

  
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Service, she has signed and delivered to the Company a separation agreement containing an effective, general release of claims in favor of the Company and its affiliates and representatives, in
the form presented by the Company (the “Release”), which cannot be revoked in whole or part by such date (the date that the Release can no longer be revoked is referred to as the “Release Effective
Date”); (ii) if she holds any other positions with the Company or any Affiliate, including a position on the Board, she resigns such position(s) to be effective no later than the date of Executive’s termination date (or such other
date as requested by the Board); (iii) she returns all Company property; (iv) she complies with her post-termination obligations under this Agreement and the Confidential Information Agreement; and (v) she complies with the terms of the
Release, including without limitation any non-disparagement and confidentiality provisions contained in the Release. To the extent that any severance payments are deferred compensation under Section 409A
of the Code, and are not otherwise exempt from the application of Section 409A, then, if the period during which Executive may consider and sign the Release spans two calendar years, the payment of Severance will not be made or begin until the
later calendar year. 
 (e) For purposes of this Agreement, “Accrued Obligations” are
(i) Executive’s accrued but unpaid salary through the date of termination (paid within the timeframe required by applicable law), (ii) any unreimbursed business expenses incurred by Executive payable in accordance with the Company’s
standard expense reimbursement policies, and (iii) benefits owed to Executive under any qualified retirement plan or health and welfare benefit plan in which Executive was a participant in accordance with applicable law and the provisions of
such plan. 
 (f) The Pre-IPO Severance Benefits and
Post-IPO Severance Benefits provided to Executive pursuant to Section 6.1 or the Change in Control Severance Benefits (as defined below) pursuant to Section 6.2 are in lieu of, and not in addition
to, any benefits to which Executive may otherwise be entitled under any Company severance plan, policy or program. 
 (g) Any
damages caused by the termination of Executive’s employment without Cause or by the Executive for Good Reason would be difficult to ascertain; therefore, the Pre-IPO Severance Benefits and Post-IPO Severance Benefits or the Change in Control Severance Benefits for which Executive is eligible pursuant to Section 6.1(b), 6.1(c) or 6.2(a) in exchange for the Release is agreed to by the parties as
liquidated damages, to serve as full compensation, and not a penalty. 
 (h) For purposes of this Agreement, “Good
Reason” shall mean the occurrence of any of the following events without Executive’s consent: (i) a material reduction in Executive’s Base Salary or Target Amount, which the parties agree is a reduction of at least ten
percent (10%) of Executive’s Base Salary or Target Amount as in effect immediately prior to the time such reduction occurs (unless pursuant to a salary reduction or target bonus reduction program applicable generally to the Company’s
similarly situated executive officers); (ii) a change in Executive’s position, responsibilities, authority or offices that, results in a material diminution of position, responsibilities, authority or offices, provided, however, that the
Company’s hiring of personnel to handle duties that Executive was responsible for but which are not regularly associated with Executive’s position will not be a “material diminution” of position, responsibilities, authority or
offices; (iii) a material breach by the Company or any successor entity of any employment-related contract between the Company and Executive; or (iv) the relocation of 

  
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Executive’s principal place of employment, without Executive’s consent, in a manner that lengthens her one-way commute distance by fifty
(50) or more miles from her then-current principal place of employment immediately prior to such relocation; provided, however, that, any such termination by Executive shall only be deemed for Good Reason pursuant to this definition if:
(1) Executive gives the Company written notice of her intent to terminate for Good Reason within sixty (60) days following the first occurrence of the condition(s) that she believes constitute(s) Good Reason, which notice shall describe
such condition(s); (2) the Company fails to remedy such condition(s) within sixty (60) days following receipt of the written notice (the “Cure Period”); (3) the Company has not, prior to receiving such notice from
Executive, already informed Executive that her employment with the Company is being terminated; and (4) Executive voluntarily terminates her employment within sixty (60) days following the end of the Cure Period. For purposes of clarity, a
material reduction in Executive’s position, responsibilities, authority or offices that occurs as a result of the Company being acquired and made part of a larger entity (as, for example, when the Executive retains her position following a
Change in Control, but not of the acquiring or successor corporation itself but of a subsidiary of the acquiring or successor company) shall constitute a Good Reason event under (ii), above. 

6.2 Termination by the Company without Cause or Resignation by Executive for Good Reason in Connection with a Change in
Control. 
 (a) In the event that the Company terminates Executive’s employment without Cause or Executive resigns for
Good Reason during the three (3) months prior to, as of, or within twelve (12) months following the effective date of a Change in Control (“Change in Control Termination Date”), then Executive shall be entitled to
the Accrued Obligations and, subject to Executive’s compliance with Section 6.1(d), including but not limited to the Release requirement and Executive’s continued compliance with Executive’s obligations to the Company under
Executive’s Confidential Information Agreement, then Executive will be eligible for the following “Change in Control Severance Benefits:” 

(i) The Company will pay Executive an amount equal to Executive’s then current Base Salary and Annual Bonus (based
on the Target Amount) for eighteen (18) months, less all applicable withholdings and deductions (“Post-IPO Severance”), paid in a single lump sum on the Company’s first
regularly scheduled payroll date following the Release Effective Date. 
 (ii) Provided Executive timely elects
continued coverage under COBRA under the Company’s group health plans following such termination, the Company will pay Executive’s COBRA premiums, to continue Executive’s health insurance coverage in effect on the termination date
until the earliest of: (1) eighteen (18) months following the termination date (the “COBRA Change in Control Severance Period”); (2) the date when Executive becomes eligible for substantially equivalent health insurance
coverage in connection with new employment or self-employment; or (3) the date Executive ceases to be eligible for COBRA continuation coverage for any reason, including plan termination (such period from the termination date through the earlier
of (1)-(3), (the “COBRA Change in Control Payment Period”). Notwithstanding the foregoing, if at any time the Company determines that its payment of COBRA premiums on Executive’s behalf would result in a violation of
applicable law (including, but not 

  
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limited to, the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of paying COBRA premiums pursuant to this
Section, the Company shall pay Executive on the last day of each remaining month of the COBRA Change in Control Payment Period, a Special Severance Payment for the remainder of the COBRA Change in Control Payment Period. Nothing in this Agreement
shall deprive Executive of her rights under COBRA or ERISA for benefits under plans and policies arising under her employment by the Company. 

(iii) Effective as of Executive’s Change in Control Termination Date, the vesting and exercisability of all
outstanding unvested Company equity awards that are held by Executive as of immediately prior to the Change in Control Termination Date and are scheduled to vest and become exercisable under a time-based, performance-based or service-based schedule
shall be deemed immediately vested and exercisable as of Executive’s termination date (and, for clarity, if any unvested equity award is in the form of restricted stock that is subject to a share reacquisition or repurchase right on behalf of
the Company, such reacquisition or repurchase right will lapse as to the shares of stock that are scheduled to vest under such time-based schedule immediately following the termination date). 

(b) “Change in Control” is defined at Exhibit A, which supersedes the any other definitions of Change in
Control for all purposes related to Executive’s employment with the Company, including but not limited to equity incentive grants. 

6.3 Termination by the Company for Cause. 

(a) The Company shall have the right to terminate Executive’s employment with the Company at any time for Cause by giving notice
as described in Section 6.6 of this Agreement. 
 (b) “Cause” for termination means the occurrence of
any one or more of the following: (i) any indictment of Executive for a felony under applicable law; (ii) Executive’s commission of or participation in (A) a fraud or embezzlement against the Company or its affiliates or
(B) act of dishonesty against the Company or its affiliates that results in (or would reasonably be expected to result in) material harm to the business of the Company; (iii) Executive’s material violation of any contract or agreement
between Executive and the Company, any statutory or fiduciary duty Executive owes to the Company under applicable law, or any material Company policy; or (iv) Executive’s willful conduct that constitutes gross misconduct, insubordination,
incompetence or habitual neglect of duties and that results in (or would reasonably be expected to result in) material harm to the business of the Company; provided, however, that the conduct described under clause (iii) or (iv) above, if
deemed curable by the Board in its reasonable discretion, will only constitute Cause if such conduct is not cured within thirty (30) days after Executive’s receipt of written notice from the Company or the Board specifying the particulars
of the conduct that may constitute Cause. 
 (c) In the event Executive’s employment is terminated at any time for Cause,
Executive will not receive the Pre-IPO Severance Benefits, Post-IPO Severance Benefits, the Change in Control Severance Benefits, or any other severance compensation or
benefit, except that, consistent with the Company’s standard payroll policies, the Company shall provide to Executive the Accrued Obligations. 

  
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 6.4 Resignation by Executive (other than for Good Reason). 

(a) Executive may resign from Executive’s employment with the Company at any time by giving notice as described in
Section 6.6. 
 (b) In the event Executive resigns from Executive’s employment with the Company (other than for Good
Reason), Executive will not receive the Pre-IPO Severance Benefits, Post-IPO Severance Benefits, the Change in Control Severance Benefits, or any other severance
compensation or benefit, except that, pursuant to the Company’s standard payroll policies, the Company shall provide to Executive the Accrued Obligations. 

6.5 Termination by Virtue of Death or Disability of Executive. 

(a) In the event of Executive’s death while employed pursuant to this Agreement, all obligations of the parties hereunder shall
terminate immediately, and the Company shall, pursuant to the Company’s standard payroll policies, provide to the Executive’s legal representatives Executive’s Accrued Obligations. 

(b) Subject to applicable state and federal law, the Company shall at all times have the right, upon written notice to Executive, to
terminate this Agreement based on the Executive’s Disability (as defined below). Termination by the Company of the Executive’s employment based on “Disability” shall mean termination because the Executive is unable
due to a physical or mental condition to perform the essential functions of her position with or without reasonable accommodation for six (6) months in the aggregate during any twelve (12) month period or based on the written certification
by two licensed physicians of the likely continuation of such condition for such period. This definition shall be interpreted and applied consistent with the Americans with Disabilities Act, the Family and Medical Leave Act, and other applicable
law. In the event Executive’s employment is terminated based on the Executive’s Disability, Executive will not receive the Severance, or any other severance compensation or benefit, except that, pursuant to the Company’s standard
payroll policies, the Company shall provide to Executive the Accrued Obligations. 
 6.6 Notice; Effective Date of
Termination. 
 (a) Termination of Executive’s employment pursuant to this Agreement shall be effective on the earliest
of: 
 (i) immediately after the Company gives notice to Executive of Executive’s termination, with or without
Cause, unless the Board deems such underlying facts and circumstances curable in its reasonable discretion pursuant to Section 6.3(b)(iii) or Section 6.3(b)(iv) in which case thirty (30) days after notice if not cured or unless the
Company specifies a later date, in which case, termination shall be effective as of such later date; 
 (ii)
immediately upon the Executive’s death; 

  
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 (iii) thirty (30) days after the Company gives notice to
Executive of Executive’s termination on account of Executive’s Disability, unless the Company specifies a later date, in which case, termination shall be effective as of such later date, provided that Executive has not returned to the full
time performance of Executive’s duties prior to such date; 
 (iv) thirty (30) days after the Executive
gives written notice to the Company of Executive’s resignation not for Good Reason, provided that the Company may set a termination date at any time between the date of notice and the date of resignation, in which case the Executive’s
resignation shall be effective as of such other date. Executive will receive compensation through any required notice period; or 

(v) for a termination for Good Reason, immediately upon Executive’s full satisfaction of the requirements of
Section 6.1(h). 
 (b) In the event notice of a termination under subsections (a)(i) and (iii) is given orally, at the
other party’s request, the party giving notice must provide written confirmation of such notice within five (5) business days of the request in compliance with the requirement of Section 8.1 below. In the event of a termination for
Cause, written confirmation shall specify the subsection(s) of the definition of Cause relied on to support the decision to terminate. 

6.7 Cooperation With Company After Termination of Employment. Following termination of Executive’s employment for
any reason, Executive shall fully cooperate with the Company in all matters relating to the winding up of Executive’s pending work including, but not limited to, any litigation in which the Company is involved, and the orderly transfer of any
such pending work to such other employees as may be designated by the Company. 
 6.8 Section 409A. 

(a) Notwithstanding anything to the contrary herein, the following provisions apply to the extent severance benefits provided herein
are subject to the Code and the regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”). Severance shall not commence until the Executive
has a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder, a “separation from service”). Each
installment of severance is a separate “payment” for purposes of Treas. Reg. Section 1.409A-2(b)(2)(i), and the severance is intended to satisfy the exemptions from application of
Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9). However, if
such exemptions are not available and the Executive is, upon separation from service, a “specified employee” for purposes of Section 409A, then, solely to the extent necessary to avoid adverse personal tax consequences under
Section 409A, the timing of the severance payments shall be delayed until the earlier of (i) six (6) months and one day after the Executive’s separation from service, or (ii) the Executive’s death. The parties acknowledge
that the exemptions from application of Section 409A to severance benefits are fact specific, and any later amendment of this Agreement to alter the timing, amount or conditions that will trigger payment of severance benefits may preclude the
ability of severance benefits provided under this Agreement to qualify for an exemption. 

  
 11 

 (b) It is intended that this Agreement shall comply with the requirements of
Section 409A, and any ambiguity contained herein shall be interpreted in such manner so as to avoid adverse personal tax consequences under Section 409A. Notwithstanding the foregoing, the Company shall in no event be obligated to
indemnify the Executive for any taxes or interest that may be assessed by the Internal Revenue Service pursuant to Section 409A of the Code to payments made pursuant to this Agreement. 

7. ACCELERATION OF EQUITY AWARDS IN
CONNECTION WITH CHANGE IN CONTROL WITHOUT TERMINATION. In the event that the Company’s successor or
surviving entity in a Change in Control does not assume or continue the unvested portion of Executive’s equity awards, and the unvested awards will otherwise terminate, then effective immediately prior to such Change in Control, the unvested
portion of the employee’s equity awards shall vest and (if applicable) become exercisable. 
 8. GENERAL
PROVISIONS. 
 8.1 Notices. Any notices required hereunder to be
in writing shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by electronic mail or confirmed facsimile if sent during normal business hours of the recipient, and if not, then on the
next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day
delivery, with written verification of receipt. All communications shall be sent to the Company at its primary office location and to Executive at Executive’s address as listed on the Company payroll or Executive’s company-provided email
address, or at such other address as the Company or the Executive may designate by ten (10) days advance written notice to the other. 

8.2 Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability
will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provisions had never been contained herein. 

8.3 Waiver. If either party should waive any breach of any provisions of this Agreement, Executive or it shall not
thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement. 
 8.4
Complete Agreement. This Agreement constitutes the entire agreement between Executive and the Company with regard to the subject matter hereof. This Agreement is the complete, final, and exclusive embodiment of their agreement with
regard to this subject matter and supersedes any prior oral discussions or written communications and agreements. This Agreement is entered into without reliance on any promise or representation other than those expressly contained herein, and it
cannot be modified or amended except in writing signed by Executive and an authorized officer of the Company. The parties have entered into a separate Confidential Information Agreement and may also enter into separate stock agreements. Any such

  
 12 

 
separate agreements govern other aspects of the relationship between the parties, have or may have provisions that survive termination of the Executive’s employment under this Agreement, may
be amended or superseded by the parties without regard to this agreement and are enforceable according to their terms without regard to the enforcement provision of this Agreement. 

8.5 Counterparts. This Agreement may be executed in separate counterparts, any one of which need not contain signatures
of more than one party, but all of which taken together will constitute one and the same Agreement. 
 8.6 Headings.
The headings of the sections hereof are inserted for convenience only and shall not be deemed to constitute a part hereof nor to affect the meaning thereof. 

8.7 Successors and Assigns. The Company shall assign this Agreement and its rights and obligations hereunder in whole,
but not in part, to any Company or other entity with or into which the Company may hereafter merge or consolidate or to which the Company may transfer all or substantially all of its assets, if in any such case said Company or other entity shall by
operation of law or expressly in writing assume all obligations of the Company hereunder as fully as if it had been originally made a party hereto, but may not otherwise assign this Agreement or its rights and obligations hereunder. The Executive
may not assign or transfer this Agreement or any rights or obligations hereunder, other than to her estate upon her death. 
 8.8
Choice of Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by the law of the State of Washington. 

8.9 Resolution of Disputes. The parties recognize that litigation in federal or state courts or before federal or state
administrative agencies of disputes arising out of the Executive’s employment with the Company or out of this Agreement, or the Executive’s termination of employment or termination of this Agreement, may not be in the best interests of
either the Executive or the Company, and may result in unnecessary costs, delays, complexities, and uncertainty. The parties agree that any dispute between the parties arising out of or relating to the negotiation, execution, performance or
termination of this Agreement or the Executive’s employment, including, but not limited to, any claim arising out of this Agreement, claims under Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, the Age
Discrimination in Employment Act of 1967, the Americans with Disabilities Act of 1990, Section 1981 of the Civil Rights Act of 1966, as amended, the Family Medical Leave Act, the Executive Retirement Income Security Act, and any similar
federal, state or local law, statute, regulation, or any common law doctrine, whether that dispute arises during or after employment, shall be settled by binding arbitration in accordance with the National Rules for the Resolution of Employment
Disputes of the American Arbitration Association; provided however, that this dispute resolution provision shall not apply to any separate agreements between the parties that do not themselves specify arbitration as an exclusive remedy. The location
for the arbitration shall be the Seattle, Washington area. Any award made by such panel shall be final, binding and conclusive on the parties for all purposes, and judgment upon the award rendered by the arbitrators may be entered in any court
having jurisdiction thereof. The arbitrators’ fees and expenses and all administrative fees and expenses associated with the filing of the arbitration shall be borne by the Company; provided however, that at the Executive’s option,
Executive may voluntarily pay up to one-half the costs and fees. The Company acknowledges that Executive will have the right to be represented 

  
 13 

 
by legal counsel of her choosing at any arbitration proceeding. The parties acknowledge and agree that their obligations to arbitrate under this Section survive the termination of this Agreement
and continue after the termination of the employment relationship between Executive and the Company. The parties each further agree that the arbitration provisions of this Agreement shall provide each party with its exclusive remedy, and each party
expressly waives any right it might have to seek redress in any other forum, except as otherwise expressly provided in this Agreement. By electing arbitration as the means for final settlement of all claims, the parties hereby waive their
respective rights to, and agree not to, sue each other in any action in a Federal, State or local court with respect to such claims, but may seek to enforce in court an arbitration award rendered pursuant to this Agreement. The parties specifically
agree to waive their respective rights to a trial by jury, and further agree that no demand, request or motion will be made for trial by jury. Nothing in this Agreement is intended to prevent either Executive or the Company from obtaining injunctive
relief in a Federal, State or local court to prevent irreparable harm pending the conclusion of any arbitration pursuant to this Section 8.9. 

IN WITNESS WHEREOF, the parties have executed this Employment Agreement on
the day and year first written above. 
  

			
	ELIEM THERAPEUTICS, INC.
		
	By:	 	/s/ Andrew Levin
	Name:	 	Andrew Levin
	Title:	 	Managing Director
	
	Executive:
	
	/s/ Erin M. Lavelle
	Erin M. Lavelle

  
 14 

 EXHIBIT A 

CHANGE IN CONTROL 

(a) In connection with the terms of Section 6.2(b) of the Employment Agreement, “Change in Control” means
the occurrence, in a single transaction or in a series of related transactions, of any one or more of the following events: 
 (i)
any Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation
or similar transaction. Notwithstanding the foregoing, a Change in Control will not be deemed to occur (A) on account of the acquisition of securities of the Company directly from the Company, (B) on account of the acquisition of
securities of the Company by an investor, any affiliate thereof or any other Exchange Act Person that acquires the Company’s securities in a transaction or series of related transactions the primary purpose of which is to obtain financing for
the Company through the issuance of equity securities or (C) solely because the level of Ownership held by any Exchange Act Person (the “Subject Person”) exceeds the designated percentage threshold of the outstanding
voting securities as a result of a repurchase or other acquisition of voting securities by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur (but for the operation of this sentence) as a result
of the acquisition of voting securities by the Company, and after such share acquisition, the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition had not occurred, increases the
percentage of the then outstanding voting securities Owned by the Subject Person over the designated percentage threshold, then a Change in Control will be deemed to occur; 

(ii) there is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and,
immediately after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not Own, directly or indirectly, either (A) outstanding voting securities representing more
than 50% of the combined outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more than 50% of the combined outstanding voting power of the parent of the surviving Entity in such merger,
consolidation or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such transaction; 

(iii) there is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets
of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries to an Entity, more than 50% of the combined voting power of the
voting securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such sale, lease, license or other disposition; or

 (iv) the Continuing Directors (as defined below) do not constitute a majority of the Board (or, if applicable, the Board of a
successor corporation to the Company), where the term “Continuing Director” means at any date a member of the Board (A) who was a member of the 

 
Board on the Effective Date or (B) who was nominated or elected subsequent to such date by a majority of the directors who were Continuing Directors at the time of such nomination or
election or whose election to the Board was recommended or endorsed by a majority of the directors who were Continuing Directors at the time of such nomination or election; provided, however, that any individual whose initial
assumption of office occurred as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents, by or on behalf of a person other than the
Board, is excluded from clause (iv)(B) above. 
 Notwithstanding the foregoing definition, the term Change in Control will not include a sale of assets,
merger or other transaction effected exclusively for the purpose of changing the domicile of the Company. 
 (b) Capitalized terms
shall have the meanings ascribed to them in the Employment Agreement unless otherwise defined in this Exhibit B. 
 (c) For purposes
of the definition of Change in Control, the following definitions shall apply: 
 (i) “Affiliate” means, at
the time of determination, any “parent” or “majority-owned subsidiary” of the Company, as such terms are defined in Rule 405. The Board will have the authority to determine the time or times at which “parent” or
“majority-owned subsidiary” status is determined within the foregoing definition. 
 (ii) “Common
Stock” means the common stock of the Company. 
 (iii) “Entity” means a corporation,
partnership, limited liability company or other entity. 
 (iv) “Exchange Act Person” means any natural
person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Securities Act of 1933, as amended), except that “Exchange Act Person” will not include (i) the Company or any Subsidiary of the Company,
(ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter
temporarily holding securities pursuant to a registered public offering of such securities, (iv) an Entity Owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their Ownership of stock of
the Company; or (v) any natural person, Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date, is the Owner, directly or indirectly, of securities of the Company
representing more than 50% of the combined voting power of the Company’s then outstanding securities. 
 (v)
“Own,” “Owned,” “Owner,” “Ownership” A person or Entity will be deemed to “Own,” to have “Owned,” to be
the “Owner” of, or to have acquired “Ownership” of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or
shares voting power, which includes the power to vote or to direct the voting, with respect to such securities. 

  
 2 

 (vi) “Rule 405” means Rule 405 promulgated under the
Securities Act of 1933, as amended. 
 (vii) “Subsidiary” means, with respect to the Company, (i) any
corporation of which more than 50% of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any other class or classes of such
corporation will have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other entity in which the
Company has a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more than 50%. 

  
 3EX-10.11

 Exhibit 10.11 

May 3, 2021 
 Valerie Morisset, Ph.D. 

Dear Valerie, 
 Valerie Morisset’s (the
“Executive” or “you”) Employment Agreement with Eliem Therapeutics (UK) Ltd (the “Company” or “we”) 

Your employment with the Company as President & Chief Scientific Officer, commenced on 1 April 2019 subject to the terms and
conditions of employment described in a letter agreement dated March 15, 2019 (including the schedules, annexures and/or exhibits thereto, the “Original Agreement). No employment with a previous employer counts towards your period
of continuous employment with the Company. 
 In consideration of the contributions that you have made and we expect you will make to the
success of the Company and the Group, the Company and you mutually agree to amend and restate the Original Agreement with effect from January 1, 2021 with the terms of this letter agreement (including all schedules, annexures and/or exhibits
hereto, the “Agreement”). 
 In this Agreement, “Group Companies” or “Group” means the
Company and any holding company or any parent company or any subsidiary or subsidiary undertaking of the Company or such companies, as such terms are defined in s 1159, s 1162 (together with Schedule 7 and the definition of “parent
company” in s 1173), s 1161 and Schedule 6 of the Companies Act 2006, and “Group Company” means any of them. 
 This
Agreement is effective as of January 1, 2021 (the “Effective Date”). 
 Duties and Extent of Service 

As Executive Vice President, R&D and Chief Scientific Officer, for the Company, you will have responsibility for performing those duties
as are customary for, and are consistent with, such position, as well as those duties as the Company may from time to time designate. You agree to abide by the rules, regulations, instructions, personnel practices and policies of the Company and
Group (to the extent applicable to you) and any changes therein which may be adopted from time to time by the Group. You will be expected to devote your full business time and effort to the business and affairs of the Company. 

Place of Work 
 Your normal place of work is Cambridge,
United Kingdom or such other place within ten (15) miles thereof as we may reasonably determine. You will not be required to work outside the United Kingdom for more than one month during your employment. 

 Compensation 

In consideration of your employment with the Company, the Company will pay you an annualized base salary of £252,350 per year (the
“Base Salary”) which shall accrue from day to day at a rate of 1/260 of your annual salary and be payable monthly in arrears on or about the 25th day of each calendar month directly into your nominated bank or building society
account, representing payment for all hours worked by you for the Company, less applicable taxes and withholding, payable in accordance with the Company’s standard payroll practices. 

Your Base Salary will be reviewed annually and may be increased from time to time at the Company’s discretion without affecting the other
terms of your employment. There is no obligation to award an increase. There will be no review of your Base Salary after notice has been given by either party to terminate your employment. 

Stock Option Grant 
 Details of your
entitlement to stock options has been provided to you separately. The terms of your employment shall not be affected in any way by your participation or entitlement to participate in any long term incentive plan or share option scheme. Such schemes
and/or plans shall not form part of the terms of your employment (express or implied). In calculating any payment, compensation or damages on the termination of your employment for whatever reason (whether lawful or unlawful) which might otherwise
be payable to you, no account shall be taken of your participation in any such schemes and/or plans referred or any impact upon participation such termination may have. 

Benefits 
 You will be eligible to
participate in the Company’s standard employee benefit plans in accordance with the terms and conditions of the plans applicable to employees resident in the United Kingdom, and applicable policies which may be in effect from time to time. The
Company currently operates a life assurance and private medical insurance (for employee and dependents) schemes, subject to the rules and eligibility requirements of such plans and to your health not being such as to prevent the Company from being
able to obtain cover on reasonable terms. 
 The Company shall only be obliged to make any payment under any benefit scheme where it has
received payment from the relevant scheme provider for that purpose. If a scheme provider refuses to provide any benefit to you, whether based on its own interpretation of the terms and/or rules of the relevant scheme or otherwise, the Company shall
not be liable to provide you with any replacement benefit whatsoever or pay any compensation in lieu of such benefit. The Company, in its absolute discretion, reserves the right to discontinue, vary or amend any of the schemes (including the
provider and/or level of cover provided under any scheme) at any time on reasonable notice to you. 

 Pension 

You are eligible to be a member of the pension scheme offered by the Company (or such other registered pension scheme as we may set up to
replace the pension scheme). While you are a member of the pension scheme, the Company shall contribute an amount equal to 10% your Base Salary to the pension scheme during each year of your employment. The Company’s contributions to the
pension scheme shall be payable in equal monthly instalments in arrears, and shall be subject to the rules of the pension scheme and the tax reliefs and exemptions available from HM Revenue & Customs, as amended from time to time. 

It has been agreed that should the Company’s total employer pension contributions reach a level that your annual pension allowance will
be exceeded, you will be eligible to receive an additional salary supplement in lieu of the unused element of the 10% employer pension contribution, on the understanding that this is cost neutral to the Company. You will receive the cash-in-lieu element through payroll on a monthly basis, minus the amount equivalent to the employer national insurance contributions in force at the time (currently 13.8%)
and such other deductions of income tax and national insurance contributions as the Company is required by law to make. This is a discretionary payment made on behalf of the Company due to your specific individual circumstances. The Company reserves
the right to review the payment should any changes be made to the level of employer pension contributions or pension allowances in the future. 

Expenses 
 The Company will reimburse to
you all expenses properly, necessarily and reasonably incurred by you in the proper performance of your duties, provided that on request you will provide the Company with such receipts, invoices or other evidence of actual payment of such expenses
as the Company may reasonably require. 
 Data Protection 

During your employment, you shall comply with any Company data protection policy from time to time in force and with all applicable data
protection obligations. You acknowledge that the Company or any Group Company may process personal data (as defined by the General Data Protection Regulation 2016/679 and any other relevant legislation) relating to you for (amongst other reasons)
legal, personnel, administrative and management purposes, which may include the processing of special categories of data (as defined in the General Data Protection Regulation 2016/679 and any other relevant legislation) relating to you. 

You further acknowledge that the Company may carry out such processing of your personal data, where it is necessary: 

 

	 	•	 	 to comply with legal requirements; and/or 

 

	 	•	 	 for the performance of a contract with you; and/or 

 

	 	•	 	 for the purpose of legitimate interests pursued by the Company of any Group Company 

The Company may provide you with further information in writing regarding its processing of your data from time to time, including in the form of a Privacy
Notice. 

 Hours of Work 

Your normal hours of work are between 9:00 A.M. London time and 5:00 P.M. London time, Mondays to Fridays inclusive, with a lunch break of one
hour. You may be required to work such additional hours as are necessary for the proper performance of your duties without extra remuneration. 

Regulation 4(1) of the Working Time Regulations 1998 (the “WTR”) provides that a worker’s average working time, including
overtime, must not exceed 48 hours for each seven- day period (to be averaged over a period of 17 weeks) unless the worker agrees that this regulation will not apply to his or her employment. In accordance with Regulation 5 of the WTR you agree that
Regulation 4(1) will not apply to your employment with the Company. 
 At any time during your employment, you or the Company may give three
months’ prior written notice that this opt-out clause will cease to apply with effect from the expiry of the said notice. 

Holidays 
 You will be eligible to accrue
and use up to 25 days’ paid holiday during each holiday year. In addition you are entitled to take the usual public holidays in England and Wales. The Company’s holiday year runs between January 1 and December 31. If your employment
starts or finishes part way through the holiday year, your holiday entitlement during that year shall be calculated on a pro-rata basis rounded up to the nearest half day. Holiday dates must be agreed by the
Chief Executive Officer in writing in advance. 
 You are permitted to carry forward a maximum of 5 days of accrued but unused holiday from
one holiday year to the following holiday year and any such carried forward holiday must be used by 31 March in that following holiday year. Subject to the foregoing exception, you cannot carry untaken holiday entitlement forward from one
holiday year to the following holiday year unless you have been prevented from taking it in the relevant holiday year by one of the following: a period of sickness absence or statutory maternity leave. In cases of sickness absence, carry-over is
limited to four weeks’ holiday per year less any leave taken during the leave year that has just ended. Any such carried over holiday which is not taken within eighteen months of the end of the relevant holiday year will be lost. 

We shall not pay you in lieu of untaken holiday except on termination of employment. The amount of such payment in lieu shall be 1/260th of
your salary for each untaken day of your entitlement. 
 If you have taken more holiday than your accrued entitlement at the date your
employment terminates, we shall be entitled to deduct the excess holiday pay from any payments due to you calculated at 1/260th of your salary for each excess. 

 Incapacity 

If you are absent from work due to incapacity you must notify the Chief Executive Officer of the reason for your absence as soon as possible
but no later than 11:59 P.M. London time on the end of the first day of absence. 
 In all cases of absence, a self-certification form must
be completed on your return to work and supplied to the Chief Executive Officer. For any period of incapacity which lasts for more than seven consecutive days, a doctor’s certificate stating the reason for absence must be obtained and supplied
to the Chief Executive Officer. Further certificates must be obtained if the absence continues for longer than the period of the original certificate. 

Provided that you have complied with the Company’s notification and certification procedures and general terms relating to sickness
absence, you will be entitled to be paid your normal basic pay for periods of sickness absence up to a maximum of 12 weeks in aggregate in rolling 12-month period. Any payments made thereafter will be at the
sole discretion of the Company. Payments of sick pay include Statutory Sick Pay and will be reduced by any state sickness benefit you may be entitled to receive. 

The Company reserves the right to withhold payment of Company sick pay if you fail to comply with the provisions of the Company’s
notification and certification procedures or if you are subject to disciplinary proceedings. 
 Nondisclosure, Developments and Non-Competition 
 As part of your employment with the Company, you will be exposed to, and provided
with, valuable confidential and/or trade secret information concerning the Company and Group Companies and its or their present and future business plans and operations. As a result, in order to protect the Company’s and Group’s
substantial investment of time and money in the creation and maintenance of its confidential information and goodwill with its customers, clients, and collaborators, your employment is contingent upon your signing the Company’s standard Non-Disclosure, Developments and Non-Competition Agreement (the “NDDNC Agreement”) and your continued willingness to abide by its terms. The NDDNC Agreement
also contains post-employment restrictive covenant provisions. A copy is attached as Exhibit A. 
 By the same token, the Company
expects you to abide by and honor the terms of any agreements you may have with your prior employers. By signing below, you confirm that you are not subject to any employment or consulting agreements (including without limitation a non-competition, customer non-solicitation, confidentiality or other similar provision) that would prevent you from fulfilling, or otherwise affect the performance of, your
job duties for the Company. 
 Also, just as the Company regards the protection of our confidential information as a matter of great
importance, we also respect that you may have an obligation to your prior employers to safeguard the confidential information of those companies. The Company respects these obligations, and expects you to honor them as well. To that end, we expect
that you have not taken any documents or other confidential information from your prior employer. Further, we want to make it perfectly clear you should not bring with you to the Company, or use in the performance of your duties for our Company or
the Group, any proprietary business or technical information, materials or documents of a former employer, or otherwise disclose or use any former employer’s confidential information. 

 Termination and Notice Period 

The period of written notice required from you or the Company to terminate your employment will be six (6) months. 

We may at our discretion terminate your employment with immediate effect and make a payment to you of a sum equal to the basic salary, bonus
(if awarded by the Board of Directors) and the cost to the Company of any benefits you would have received during your notice period (or, if notice has already been given, during the remainder of the notice period) less income tax and National
Insurance contributions (the “PILON”). 
 In the event of the termination of your employment the payment(s), if any, to be
provided to you are governed by the terms set out at Exhibit B. 
 Garden Leave 

Following service of notice to terminate your employment by either party, or if you purport to terminate your employment in breach of
contract, or if senior management so decides, at any time during your employment, senior management may by written notice require you not to perform any services (or to perform only specified services) for the Company until the termination of your
employment or on a specified date. During any period of garden leave, the Company shall be under no obligation to assign any duties to or vest any powers in you and shall be entitled to exclude you from its premises, and require you not to contact
any customers, suppliers or employees provided that this shall not affect your entitlement to receive your basic salary and contractual benefits. During any such period of exclusion you will continue to be bound by all the provisions of this
Agreement and shall at all times conduct yourself with good faith towards the Company and the Group. 
 During any period of garden leave,
except during any periods taken as holiday in the usual way, you will ensure that senior management knows where you will be and how you can be contacted during each working day. Any accrued but unused holiday entitlement shall be deemed to be taken
during any period of garden leave. 
 Nothing in these terms and conditions or Exhibit B prevents the Company from terminating your
employment summarily without notice or payment in lieu in the event of gross misconduct or if you commit a serious breach of your obligations as an employee or for Cause (as defined in Exhibit B). 

Disciplinary and Grievance Procedures 

We operate the ACAS disciplinary and grievance procedures applicable to your employment, copies of which are available from the Chief
Executive Officer or the Company’s Human Resources Consultant. These procedures do not form part of your contract of employment. If you wish to appeal against a disciplinary decision you may apply in writing to the Chief Executive Officer. If
you wish to raise a grievance you may apply in writing to the Chief Executive Officer. 

 Collective Agreements 

There is no collective agreement which directly affects your employment. 

Entire Agreement; Amendment 
 This
Agreement (together with the NDDNC Agreement contemplated hereby) sets forth the sole and entire agreement and understanding between the Company and you with respect to the specific matters contemplated and addressed hereby and thereby and
supersedes all prior agreements, understandings or arrangements (oral or written) in respect of your employment or engagement by the Company. No prior agreement (including the Original Agreement), whether written or oral, shall be construed to
change or affect the operation of this Agreement in accordance with its terms, and any provision of any such prior agreement which conflicts with or contradicts any provision of this Agreement is hereby revoked and superseded. No variation of this
Agreement shall be effective unless it is in writing and signed by the Company and you. 
 Counterparts 

This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one party, but all of which
taken together will constitute one and the same Agreement. 
 Governing Law and Jurisdiction 

This Agreement shall be governed by and construed in accordance with English law (except solely for any references to United States
legislation in Exhibit B, which shall be construed and interpreted in accordance with the law of the State of Washington). 
 Each of the
parties irrevocably submits for all purposes in connection with this Agreement to the non-exclusive jurisdiction of the English courts. 

 

 We remain excited to have you on the team! Please indicate your acceptance of this offer and
the terms and conditions thereof by signing both this letter agreement and Exhibit A, and returning fully signed copies to James B. Bucher. 
  

			
	ELIEM THERAPEUTICS (UK) LTD
		
	By:	 	 /s/ Valerie Morisset

	Name: Valerie Morisset, Ph.D.
	Title: EVP, R&D and Chief Scientific Officer
	For and on behalf of the Company
	
	ELIEM THERAPEUTICS, INC.
		
	By:	 	 /s/ Robert Azelby

	Name: Robert W. Azelby
	Title: Chief Executive Officer

  

	
	I hereby acknowledge that I have had a full and adequate opportunity to read, understand and discuss the terms and conditions contained in this Agreement prior to signing hereunder and, accordingly, accept and agree to
them.
	
	Accepted and agreed by:
	
	 /s/ Valerie Morisset

	Valerie Morisset, Ph.D.
	In my personal capacity as an employee of the Company

 Date: 15/07/2021  

  
 - 8 - 

 EXHIBIT A 

NONDISCLOSURE, DEVELOPMENTS AND NON-COMPETITION AGREEMENT 

THIS NONDISCLOSURE, DEVELOPMENTS AND NON-COMPETITION AGREEMENT, effective as of the date signed below
(this “Agreement”), is between Eliem Therpaeutics (UK) Ltd, a company registered in England and Wales with company number 11893311 (hereinafter called the “Company”), and You (hereinafter called the
“Signatory”) and is made for the express benefit and protection of the Company, and any holding company or any parent company or any subsidiary or subsidiary undertaking of the Company or such companies, as such terms are defined in
s 1159, s 1162 (together with Schedule 7 and the definition of “parent company” in s 1173), s 1161 and Schedule 6 of the Companies Act 2006, and any division, unit or affiliate thereof that Signatory provides services to or that Signatory
receives Confidential Information from or about (collectively the “Company Group”). 
 WHEREAS, the Signatory is currently
an officer, employee, or director of the Company; and 
 WHEREAS, it is a condition precedent to the continuation of the Signatory’s
employment or association with the Company, whether as an officer, employee, or director that the Signatory shall enter into this Agreement with the Company. 

NOW, THEREFORE, in consideration of the foregoing premises, the parties hereto hereby mutually agree as follows: 

1. Confidential Information. 

(a) For purposes of this Agreement, the term “Confidential Information” shall mean an item of information, or a compilation of
information in any form (tangible or intangible), related to the Company Group’s business, that the Company Group has not made public or authorized public disclosure of, and that is not generally known to the public through proper means.
Confidential Information includes but is not limited to: (A) product designs and formulations, un-patented inventions, and trade secrets; (B) information regarding the Company Group’s plans for
research and development or for new products; (C) engineering or manufacturing information pertaining to the Company Group or any of its operations or products; (D) information regarding regulatory matters pertaining to the Company Group;
(E) information regarding any acquisition, strategic alliance or joint venture effected by the Company Group or any proposed acquisition, strategic alliance or joint venture being considered by the Company Group; (F) information regarding
the status or outcome of any negotiations engaged in by the Company Group; (G) information regarding the existence or terms of any commercial contract entered into by the Company Group; (H) information regarding any aspect of the Company
Group’s intellectual property position; (I) information regarding prices or costs of the Company Group; (J) information regarding any aspect of the Company Group’s business strategy, including, without limitation, the Company
Group’s marketing, selling and distribution strategies; (K) information regarding customers or suppliers of the Company Group; (L) business plans, budgets, unpublished financial statements and unpublished financial data of the Company
Group; (M) information regarding 

  
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marketing and sales of any actual or proposed product or services of the Company Group; (N) compilations of information which derives its value from the compilation; and (O) any other
information that the Company may designate as confidential. The presence of non-confidential items of information within an otherwise confidential compilation of information will not remove the compilation
itself (the information in its compiled form) from the protection of this Agreement. Signatory acknowledges that items of Confidential Information are the Company’s valuable assets and have economic value, actual or potential, because they are
not generally known by the public or others who could use them to their own economic benefit and/or to the competitive disadvantage of the Company, and thus, should be treated as Company’s trade secrets. 

(b) The Signatory acknowledges that, except to the extent otherwise provided below in this Section 1(b) or in Section 1(d) hereof,
all Confidential Information disclosed to or acquired by the Signatory is a valuable, special, and unique asset of the Company Group and is to be held in trust by the Signatory for the Company Group’s sole benefit. Except as otherwise provided
below in this Section 1(b) or in Section 1(d) hereof, the Signatory shall not, at any time (including, without limitation, after the termination of the Signatory’s association with the Company as an employee, officer and/or director),
use for himself, herself or others, or disclose or communicate to any person for any reason, any Confidential Information without the prior written consent of the Company. Notwithstanding anything in this Section 1(b) to the contrary, it is
understood that, except to the extent otherwise expressly prohibited by the Company, (A) the Signatory may disclose or use Confidential Information in performing his, her or its duties and responsibilities to the Company but only to the extent
required or necessary for the performance of such duties and responsibilities in the ordinary course and within the scope of his, her or its association with the Company as an employee, officer and/or director; and (B) the Signatory may
disclose any Confidential Information pursuant to a request or order of any court or governmental agency, provided that the Signatory promptly notifies the Company of any such request or order and provides reasonable cooperation (at the
Company’s expense) in the efforts, if any, of the Company to contest or limit the scope of such request or order. 
 (c) The Signatory
acknowledges and agrees that the Company has received, and may receive in the future, confidential or proprietary information from third parties (“Third Party Confidential Information”) subject to a duty on the Company’s part
to maintain the confidentiality of such Third Party Confidential Information and to use it only for certain limited purposes. During the term of the Signatory’s association with the Company as an employee, officer and/or director (the
“Term”) and at all times thereafter, the Signatory shall hold Third Party Confidential Information in the strictest confidence and will not use or disclose to anyone any Third Party Confidential Information, unless expressly
authorized in writing by the Company or unless otherwise provided below in this Section 1(c) or in Section 1(d) below. Notwithstanding anything in this Section 1(c) to the contrary, it is understood that, except to the extent
otherwise expressly prohibited by the Company, (A) the Signatory may disclose or use Third Party Confidential Information in performing his, her or its duties and responsibilities to the Company but only to the extent required or necessary for
the performance of such duties and responsibilities in the ordinary course and within the scope of his, her or its association with the Company as an employee, officer and/or director; and (B) the Signatory may disclose any Third Party
Confidential Information pursuant to a request or order of any court or governmental agency, provided that the Signatory promptly notifies the Company of any such request or order and provides reasonable cooperation (at the Company’s expense or
the expense of such third party) in the efforts, if any, of the Company or such third party to contest or limit the scope of such request or order. 

  
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 (d) The Signatory’s obligations under Section 1(b) and/or Section 1(c) hereof
not to use, disclose or communicate Confidential Information or Third Party Confidential Information to any person without the prior written consent of the Company shall not apply to any Confidential Information or Third Party Confidential
Information which (i) is or becomes publicly known (as demonstrated by written evidence provided by the Signatory) under circumstances involving no breach by the Signatory of this Agreement and/or (ii) was or is approved for release by the
Board of Directors of the Eliem Therpaeutics, Inc. (the “Parent”) or an authorized representative thereof. 
 (e) If the
Signatory is in a management position, he or she shall be presumed to have had involvement with or Confidential Information about all aspects of the Company or and Company Group that he or she was employed with or provided services to except where
the Signatory can prove otherwise as to some particular product or service by clear and convincing evidence. 
 (f) The obligations of the
Signatory under this Section 1 are without prejudice, and are in addition, to any other obligations or duties of confidentiality, whether express or implied or imposed by applicable law, that are owed to the Company or any other person to whom
the Company or Company Group owes an obligation of confidentiality, provided the obligation to such other person is known to the signatory. 

2. Publication. The Signatory hereby understands that the Company Group has a compelling business interest in preventing the
publication (orally or in writing) of any manuscript, document or information containing Confidential Information, Third Party Confidential Information and/or a description of any unpatented Assigned Invention (as defined in Section 5(a)
hereof) and, accordingly, the Signatory hereby agrees to submit to the Parent, at least ninety (90) days prior to publication, any manuscript, document or information that the Signatory intends to publish (orally or in writing) and that
contains technical or scientific information or information about the Company Group or its business, in each case for purposes of ascertaining whether such manuscript, document or information contains Confidential Information, Third Party
Confidential Information and/or any description of any Assigned Invention (whether or not patented). Notwithstanding the foregoing the Signatory shall not submit, and shall not be required to submit, any portion of any such manuscript, document, or
information if and to the extent that such portion contains any confidential information of Third Parties that the Signatory does not have a legal right to disclose to the Parent. In the event that the Parent determines that any such manuscript,
document or information contains Confidential Information, Third Party Confidential Information and/or any description of any Assigned Invention (whether or not patented), then, to the extent requested by the Parent, the Signatory shall delete from
any such manuscript, document or information any and all references to such Confidential Information, Third Party Confidential Information and/or description of such Assigned Invention, and all references thereto. The Signatory shall, no later than
thirty (30) days prior to such publication, resubmit to the Parent a revised draft of any such manuscript, 

  
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document or information reflecting the deletion such Confidential Information, Third Party Confidential Information and/or description of such Assigned Invention, and all references thereto.
Unless and until the Parent shall have given its written consent to any proposed publication (orally or in writing) by the Signatory of any manuscript, document or information, the Signatory shall not publish (orally or in writing) all or any
portion of such manuscript, document or information. Nothing contained in this Section 2 shall be construed or deemed to limit, change, amend, alter, repeal or invalidate any of the Signatory’s obligations under Section 1 of this
Agreement. 
 3. No Improper Disclosure or Use of Materials. The Signatory shall not improperly use or disclose to or for the
Company’s or Company Group’s benefit any confidential information or trade secrets of (i) any former or future employer of the Signatory, (ii) any person to whom the Signatory has previously provided, currently provides or may in
the future provide consulting or other services or (iii) any other person to whom the Signatory owes an obligation of confidentiality. The Signatory shall not bring onto the premises of the Company Group any unpublished documents or any
property belonging to any person referred to in any of the foregoing clauses (i), (ii) or (iii) unless consented to, in writing, by such person and by the Parent. 

4. Right to Inspect. The Signatory agrees that any of the Signatory’s property situated on the Company Group’s premises,
including disks and other storage media, filing cabinets or other work areas, is subject to inspection by Company Group personnel at any time with or without notice, in order to maintain compliance with this Agreement. 

5. Inventions; Assignment. 

(a) For purposes of this Agreement, the term “Inventions” shall mean all inventions, improvements, developments, ideas,
processes, prototypes, plans, drawings, designs, models, formulations, specifications, methods, techniques, shop-practices, discoveries, innovations, creations, technologies, formulas, algorithms, data, computer databases, reports, laboratory
notebooks, papers, writings, photographs, source and object codes, software programs, other works of authorship, and know-how (including all records pertaining to any of the foregoing), whether or not reduced
to writing and whether or not patented or patentable or registered or registrable under patent, copyright, trademark or similar statute. For purposes of this Agreement, the term “Assigned Inventions” shall mean (i) any and all
Inventions that are made, conceived, invented, discovered, originated, authored, created, learned or reduced to practice by the Signatory, either alone or together with others, in the course of performing the Signatory’s duties and
responsibilities to the Company or in the course of otherwise rendering any services to the Company Group during the Term (regardless of whether or not such Inventions were made, conceived, invented, discovered, originated, authored, created,
learned or reduced to practice by the Signatory at the Company Group’s facilities or during regular business hours or utilizing resources of the Company Group) and (ii) any and all Inventions that arise out of or are based upon any
Confidential Information or Third Party Confidential Information. For purposes of this Agreement, the term “Proprietary Rights” shall mean (x) any and all rights under or in connection with any patents, patent applications,
copyrights, copyright applications, trademarks, trademark applications, service marks, service mark applications, trade names, trade name applications, mask works, trade secrets and/or other intellectual property rights with respect to Assigned
Inventions and (y) the goodwill associated with any and all of the rights referred to in the foregoing clause (x). 

  
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 (b) The Signatory hereby agrees to hold any and all Assigned Inventions and Proprietary
Rights in trust for the sole right and benefit of the Company, and the Signatory hereby assigns to the Company all of the Signatory’s right, title and interest in and to any and all Assigned Inventions and Proprietary Rights. The Signatory
agrees to give the Company prompt written notice of any Assigned Invention or Proprietary Right and agrees to execute such instruments of transfer, assignment, conveyance or confirmation and such other documents as the Company may request to
evidence, confirm or perfect the assignment of all of the Signatory’s right, title and interest in and to any Assigned Invention or Proprietary Right pursuant to the foregoing provisions of this Section 5(b). The Signatory hereby waives
and quitclaims to the Company any and all claims of any nature whatsoever that the Signatory may now or hereafter have for infringement of any Proprietary Rights assigned hereunder to the Company. 

(c) The Signatory hereby acknowledges and agrees that those Assigned Inventions that are original works of authorship protectable by copyright
are “works made for hire,” as that term is defined in the United States Copyright Act. The Signatory hereby waives all of his or her present and future moral rights which arise under the Copyright Designs and Patents Act 1988, and all
similar rights in other jurisdictions relating to any copyright which forms part of the Assigned Inventions or Proprietary Rights, and agrees not to support, maintain or permit any claim for infringement of moral rights in such copyright works. 

(d) At the request of the Company, the Signatory will assist the Company in every proper way (including, without limitation, by executing
patent applications) to obtain and enforce in any country in the world Proprietary Rights relating to any or all Assigned Inventions. The Signatory’s obligation under this Section 5(d) shall continue after the termination of the
Signatory’s association with the Company as an employee, officer or director. If and to the extent that, at any time after the termination of the Signatory’s association with the Company as an employee, officer and/or director, the Company
requests assistance from the Signatory with respect to obtaining and enforcing in any country in the world any Proprietary Rights relating to Assigned Inventions, the Company shall compensate the Signatory at a reasonable rate for the time actually
spent by the Signatory on such assistance. 
 (e) By this Agreement, the Signatory hereby irrevocably constitutes and appoints the Company
as his, her or its attorney-in-fact for the purpose of executing, in the Signatory’s name and on his, her or its behalf, (i) such instruments or other
documents as may be necessary to evidence, confirm or perfect any assignment pursuant to the provisions of this Section 5 or (ii) such applications, certificates, instruments or documents as may be necessary to obtain or enforce any
Proprietary Rights in any country of the world. This power of attorney is coupled with an interest on the part of the Company and is irrevocable. 

  
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 (f) Without the prior written consent of the Company, the Signatory shall not, at any time
(including, without limitation, at any time after the termination of the Signatory’s association with the Company as an employee, officer and/or director), file, cause to be filed or consent to the filing of any patent, trademark, service mark,
trade name or copyright application with respect to, or claiming, any Assigned Inventions or Proprietary Rights. 
 (g) The obligations of
the Signatory under this Section are without prejudice, and are in addition to, any other obligations or duties of the Signatory, whether express or implied or imposed by applicable law, to assign to the Company all Assigned Inventions and all
Proprietary Rights. 
 In the event that the Signatory, alone or with others, incorporates into his or her work for Company any inventions, copyright
eligible works, trade secrets, trademarks or other items of intellectual property that the Signatory owns or controls and that are not assigned to Company or the Company Group via this Agreement or some prior agreement, then the Signatory hereby
grants Company an irrevocable, perpetual, fully paid-up, royalty-free, worldwide license to make, use, sell, reproduce, display, modify, or distribute such item and its derivatives in the Company Group’s
products and services at Company’s discretion and without any obligation to provide attribution, royalties, or other compensation to the Signatory. If the Signatory claims rights to or in any invention or computer program or software created or
conceived prior to employment with the Company, then the Signatory will initial where indicated below and attach in writing an Appendix B describing the item (without revealing any trade secrets); and if the Signatory makes no such claim then
Signatory so indicates by initialing beside “None” below: 
 /s/ VM None, or _________ See Appendix B attached; 

If the Signatory fails to initial either option above, it shall be presumed that “None” applies. 

6. Agreement Not to Compete and Non-Solicitation. 

(a) The Signatory hereby agrees that, during the period commencing on the date of this Agreement and ending on the effective date of the
termination of the Signatory’s employment or other association with the Company, the Signatory will remain loyal to the Company and will not engage in any activities that create a conflict of interest. The Signatory understands that it will be
a conflict of interest for him or her to pursue business activities that compete with the Company Group while employed with the Company or engage in material preparations to do so. The Signatory will promptly inform the Company of any business
opportunities related to the Company Group’s line of business, and will not pursue any such business opportunities independent from the Company without advance written authorization from the Parent to do so. 

(b) In view of the unique nature of the business of the Company Group and the need of the Company to protect its trade secrets, the Signatory
hereby agrees that, during the Restricted Period (as defined in Section 6(c) below), the Signatory shall not, directly or indirectly, within the Restricted Area (as defined in Section 6(c) below): 

  
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	 	(i)	 own an interest in (except as a holder of no more than five percent (5%) of the shares of any publicly traded
corporation), finance, control, or otherwise hold a material interest in any Competitive Business (as defined in Section 6(c) below) or any corporation, partnership, limited liability company, business, enterprise, venture or other person or
entity that is engaged or participates in any Competitive Business (each, a “Competitive Business Entity”); or 

  

	 	(ii)	 engage or participate in, manage, supervise, act as an employee in, consult or provide services to a
Competitive Business within the Restricted Area; or 

  

	 	(iii)	 solicit (as defined below), knowingly induce or encourage any person or entity who at any time during the
Protected Period was a customer, client, supplier, partner, contributor or employee of the Company Group, with whom or with which at any time during the Protected Period the Signatory had material personal dealings or acquired Confidential
Information, to cease their relationship or reduce business activity conducted with the Company Group. 

 SIGNATORY
ACKNOWLEDGES THAT THESE RESTRICTIONS SHALL APPLY AND BE BINDING REGARDLESS OF CHANGES IN HIS/HER TITLE, POSITION, DUTIES, GEOGRAPHIC LOCATION, RESPONSIBILITIES OR COMPENSATION DURING SIGNATORY’S EMPLOYMENT. 

(c) For purposes of this Section 6, the following terms shall have the meanings provided therefor below: 

“Competitive Business” shall mean any business engaged in the research, development, sale or marketing of any product,
therapy or pharmaceutical that could reasonably be construed as being competitive with any product, therapy or pharmaceutical being researched, developed, marketed or sold by the Company Group as at the Termination Date and/or during the Protected
Period (including but not limited to its current programs relating to PEA and NAAA Inhibition, and any programs initiated or engaged by the Company Group during the Signatory’s tenure with the Company), that Signatory has been materially
concerned or involvement with or about which Signatory has Confidential Information during the Protected Period. 
 “Protected
Period” shall mean the 12 months immediately preceding the earlier of the Termination Date and the Signatory’s commencement of any period of garden leave. 

“Restricted Area” shall mean any jurisdiction in which the Company Group conducts business. 

“Restricted Period” shall mean: (A) in respect of sections 6(b)(i) and (ii) the period commencing on the date of
this Agreement and ending 9 months after the Termination Date (or, if earlier, 9 months after the commencement of a period of garden leave); and (B) in respect of section 6(b)(iii) the period commencing on the date of this Agreement and ending
one year after the Termination Date (or, if earlier, one year after the commencement of a period of garden leave). 

  
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 “Solicit” and related terms such as “soliciting” or engaging in
“solicitation” mean to engage in contacts, acts, or communications, whether directly engaged in by the Signatory in person or indirectly engaged in through the use or control of others, that cause or induce, attempt to cause or induce, or
can be reasonably expected to cause or induce a party to engage in a particular action or conduct, regardless of who first initiates the contact or communication, or whether or not the communication at issue is in response to a request for
information or not. 
 “Termination Date” shall mean the date on which the Signatory’s employment terminates. 

If at any time the provisions of this Section 6 shall be determined to be invalid or unenforceable, by reason of being vague or unreasonable as to area,
duration or scope of activity, this Section 6 shall be considered divisible and shall become and be automatically amended to apply only to such area, duration and scope of activity as shall be determined to be reasonable by the court or other
body having jurisdiction over the matter; and the Signatory agrees that this Section 6, as so amended, shall be valid and binding as though any invalid or unenforceable provision had not been included herein. 

7. Return of Documents. The Signatory will promptly deliver to the Company, upon the termination of the Signatory’s association
with the Company as an employee, officer and/or director or, if earlier, upon the request of the Company, all documents and other tangible media (including all originals, copies, reproductions, digests, abstracts, summaries, analyses, notes,
notebooks, drawings, manuals, memoranda, records, reports, plans, specifications, devices, formulas, storage media, including software, and computer printouts) in the Signatory’s actual or constructive possession or control that contain,
reflect, disclose or relate to any Confidential Information, Third Party Confidential Information, Assigned Inventions or Proprietary Rights. The Signatory will destroy any related computer entries on equipment or media not owned by the Company
Group. 
 8. No Use of Name, Etc. Without the prior written consent of the Parent, the Signatory shall not, at any time (including,
without limitation, at any time after the termination of the Signatory’s association with the Company as an employee, officer and/or director), use, for himself or herself or on behalf of any other person, any name that is identical or similar
to or likely to be confused with the name of the Company or any member of the Company Group or the name of any product or service produced or provided by the Company Group. Without the prior written consent of the Parent, the Signatory shall not, at
any time after the termination of the Signatory’s association with the Company as an employee, officer and/or director, directly or indirectly represent himself or herself, whether on his, her or its behalf or on behalf of any other person, as
then being in any way connected or associated with the Company. 
 9. Use of Voice, Image and Likeness. Signatory gives the Company
permission to use any and all of the Signatory’s voice, image and likeness, with or without using his/her name, in connection with the products and/or services of the Company Group, for the purposes of advertising and promoting such products
and/or services and/or the Company Group, and/or for other purposes deemed appropriate by the Company in its reasonable discretion, except to the extent expressly prohibited by law. 

  
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 10. Commitment to Company; Avoidance of Conflict of Interest. While an employee of
the Company, the Signatory will devote his/her full business/professional time and attention to the Company’s business. The Signatory also agrees that s/he will not engage in any other business activity that conflicts with his or her duties to
the Company (e.g., being employed by, associated with or having a financial interest in a Company customer, vendor, supplier or any entity engaged in business with the Company Group) or otherwise violates the Code of Conduct, unless the Signatory
receives prior approval in writing from a representative of the Parent’s Legal Department. The Signatory will take whatever action is requested of him/her by the Company to resolve any conflict or appearance of conflict that it finds to exist.

 11. Non-disparagement. Prior to and following the date the Signatory’s employment or
association with the Company terminates, Signatory agrees to refrain from publicly or privately taking actions or making statements, written or oral, which are vulgar, obscene, threatening, intimidating, harassing, or a violation of the Company
Group’s workplace policies against discrimination, harassment, or hostility on account of age, race, religion, sex, ethnicity, nationality, disability, or other protected status, or characteristic, or which are defamatory, false or might
reasonably be expected to be defamatory or false. 
 12. No Conflicting Obligation. The Signatory represents that the Signatory is
free to enter into this Agreement and that the Signatory’s performance of all of the terms of this Agreement and of all of the Signatory’s duties and responsibilities as an employee, officer and/or director of the Company do not and will
not breach (i) any agreement to keep in confidence information acquired by the Signatory in confidence or in trust, (ii) any agreement to assign to any third party inventions made by the Signatory and/or (iii) any agreement not to
compete against the business of any third party. The Signatory further represents that she has not made and will not make any agreements in conflict with this Agreement. 

13. Unique Nature of Agreement; Specific Enforcement. The Company and the Signatory agree and acknowledge that the rights and
obligations set forth in this Agreement are of a unique and special nature and that the Company is, therefore, without an adequate legal remedy in the event of the Signatory’s violation of any of the covenants set forth in this Agreement. The
Company and the Signatory agree, therefore, that, in addition to all other rights and remedies, at law or in equity or otherwise, that may be available to the Company, each of the covenants made by the Signatory under this Agreement (including,
without limitation, the covenants made by the Signatory herein) shall be enforceable by injunction, specific performance or other equitable relief, without any requirement that the Company or any member of the Company Group have to post a bond or
undertaking in damages or that the Company have to prove any damages, and with recovery of its attorneys’ fees and costs incurred in securing such relief. The Signatory hereby agrees, in connection with any action or proceeding to enforce any
provisions of this Agreement, to waive any claim or defense that the Company has an adequate remedy at law. 

  
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 14. Miscellaneous. 

14.1. Exit Interview. If and when Signatory departs from the Company, Signatory may be required to attend an exit interview and sign an
acknowledgement form to reaffirm Signatory’s acceptance and acknowledgement of the obligations set forth in this Agreement. During the Restricted Period following termination of Signatory’s association with the Company as an employee,
officer or director, Signatory will notify the Company of any change in his/her address and of each subsequent employment or business activity, including the name and address of Signatory’s employer or other post-Company employment plans and
the nature of Signatory’s activities. 
 14.2. Entire Agreement. This Agreement represents the entire agreement of the parties
with respect to the arrangements contemplated hereby. No prior agreement, whether written or oral, shall be construed to change, amend, alter, repeal or invalidate this Agreement. Signatory agrees that any Confidential Information received by
him/her in the course of the Signatory’s employment and subject to a prior agreement between the Signatory and the Company or any member of the Company Group as to confidentiality, remains confidential and shall be subject to the terms of this
Agreement. Signatory further agrees that his/her obligations regarding Assigned Inventions and Proprietary Rights under any prior agreement between the Signatory and any member of the Company Group are subject to the terms of this Agreement. This
Agreement may be amended only by a written instrument executed in one or more counterparts by the parties. 
 14.3. Waiver. No
consent to or waiver of any breach or default in the performance of any obligations hereunder shall be deemed or construed to be a consent to or waiver of any other breach or default in the performance of any of the same or any other obligations
hereunder. Failure on the part of either party to complain of any act or failure to act of the other party or to declare the other party in default, irrespective of the duration of such failure, shall not constitute a waiver of rights hereunder and
no waiver hereunder shall be effective unless it is in writing, executed by the party waiving the breach or default hereunder. 
 14.4.
Assignment. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Agreement may be assigned by the Company for no additional consideration and without
Signatory’s consent to any Affiliate of the Company and to a successor of its business to which this Agreement relates (whether by purchase or otherwise). “Affiliate of the Company” means any person which, directly or indirectly,
controls or is controlled by or is under common control with the Company and, for the purposes of this definition, “control” (including the terms “controlled by” and “under common control with”) shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of another whether through the ownership of voting securities or holding of office in another, by contract or otherwise. The Signatory
may not assign or transfer any or all of his, her or its rights or obligations under this Agreement. 

  
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 14.5. Jurisdiction and Venue. In case of any dispute hereunder, the parties will
submit to the exclusive jurisdiction and venue of any court of competent jurisdiction in England, and will comply with all requirements necessary to give such court jurisdiction over the parties and the controversy. 

14.6. Severability. All headings and subdivisions of this Agreement are for reference only and shall not affect its interpretation. In
the event that any provision of this Agreement should be held unenforceable by a court of competent jurisdiction, such court is hereby authorized to amend such provision so as to be enforceable to the fullest extent permitted by law, and all
remaining provisions shall continue in full force without being impaired or invalidated in any way. 
 14.7. Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of England and Wales, excluding choice of law rules thereof. 

14.8 Disclosure. The Signatory shall disclose the existence and terms of this Agreement to any employer or other person that the
Signatory may work for or be engaged by during the Term and thereafter. The Signatory agrees that the Company may provide a copy of this Agreement to any business or enterprise (i) which the Signatory may directly or indirectly own, manage,
operate, finance, join, control or participate in the ownership, management, operation, financing, or control of, or (ii) with which the Signatory may be connected with as an officer, director, employee, partner, principal, agent,
representative, consultant or otherwise, or in connection with which the Signatory may use or permit the Signatory’s name to be used. The Signatory will provide the names and addresses of any of such persons or entities as the Company may from
time to time reasonably request. 
 14.9 Notices. Any notice, demand, request or other communication hereunder to any party shall be
deemed to be sufficient if contained in a written instrument delivered in person or duly sent by first class registered, certified or overnight mail, postage prepaid, or telecopied with a confirmation copy by regular, certified or overnight mail,
postage prepaid, or sent by electronic mail with a confirmation copy by regular, certified or overnight mail, postage prepaid, to such party at the address, telecopier number or email address, as the case may be, set forth below or such other
address, telecopier number, or email address, as the case may be, as may hereafter be designated in writing by the addressee to the addressor listing all parties: 
  

	 	(i)	 if to the Company, to: 

c/o Eliem Therapeutics, Inc. 

23515 NE Novelty Hill Rd 
 Suite
B221 #125 
 Redmond WA 98053 

USA 
 With a copy sent by email on
the same day to James B. Bucher 
 if to the Signatory, to the address maintained by the Company. 

  
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 All such notices, requests and other communications shall be deemed to have been received:
(i) in the case of personal delivery, on the date of such delivery; (ii) in the case of mail, on the third day following deposit into the mail; (iii) in the case of facsimile transmission, when confirmed by facsimile machine report,
and (iv) in the case of electronic mail, upon receipt of an electronic message confirming delivery. 
 14.10 Communications With
Governmental Entities. Nothing in this Agreement, including but not limited to Sections 1, 2 and 11, prohibits Signatory from reporting possible violations of United States federal law or regulation to any governmental agency or entity,
including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of national or federal
law or regulation. Signatory does not need the prior authorization of the Company to make any such reports or disclosures and Signatory is not required to notify the company that she has made such reports or disclosures. 

Further, notwithstanding anything in this Agreement to the contrary, Signatory shall not be held criminally or civilly liable under any
federal or state trade secret law for the disclosure of any trade secret of the Company if the disclosure is (a) made in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney and solely
for the purpose of or reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for
retaliation or victimisation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the employee files any document
containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. 
 THE SIGNATORY HAS HAD
SUFFICIENT TIME TO READ THIS AGREEMENT CAREFULLY AND UNDERSTANDS ITS TERMS. The parties enter into this Agreement voluntarily and will not claim it was entered into under coercion or duress, or without full knowledge of its terms. 

[SIGNATURE PAGE FOLLOWS] 

  
 - 20 - 

  

							
	In witness this Deed has been executed on	  	15/07/2021	  	2020
				
	Executed as a Deed	  	)	  		  	
	by Valerie Morisset	  	)	  	 /s/ Valerie Morisset
	  	
	in the presence of:	  	)	  		  	
		
	Signature of witness:/s/ Helen
Gaby                                	  	
		
	Name: Helen Gaby	  	
		
	Address: —	  	
		
	Occupation: Senior Director Operations UK	  	
				
	Executed as a Deed 	  	)	  		  	
	(but not delivered until the date	  	)	  		  	
	appearing at the head of this page	  	)	  	 /s/ Valerie Morisset
	  	
	by Eliem Therpaeutics (UK) Ltd	  	)	  		  	
	acting by Valerie Morisset	  	)	  		  	
	a director in the presence of:	  	)	  		  	
		  		  		  	
		  	Director	  	

 Signature of witness:/s/ Helen
Gaby                         

Name: Helen Gaby 
 Address: — 

Occupation: Senior Director Operations UK 

  
 - 21 - 

 APPENDIX B 

  
 - 22 - 

 EXHIBIT B 

TERMINATION OF EMPLOYMENT 
  

	1.	 Termination by the Company without Cause or by the Executive for Good Reason Not in Connection with a
Change in Control. 

  

	 	a.	 The Company shall have the right to terminate your employment with the Company pursuant to this Paragraph 1 at
any time without “Cause” (as defined in Paragraph 3(b) below) by giving written notice as described in the Agreement. A termination pursuant to Paragraph 5 (upon Death or Disability) below is not a termination without Cause for purposes of
receiving the benefits described in this Paragraph 1. 

  

	 	b.	 If (i) the Company terminates Executive’s employment at any time without Cause or Executive
terminates her employment with the Company for “Good Reason” (as defined in Paragraph 1(h) below), in either case not in connection with a Change in Control (as defined in Paragraph 9), (ii) the date of Executive’s separation of
employment with the Company occurs before the closing of the sale of the Eliem Therapeutics, Inc. (the “Parent”) Common Stock pursuant to an effective registration statement of the Parent filed under the United States’
Securities Act of 1933, as amended (the “IPO”), and (iii) such termination constitutes a “separation from service” (as defined under United States Treasury Regulation
Section 1.409A-1(h), without regard to any alternative definition thereunder, a “Separation from Service”), then Executive shall be entitled to receive the Accrued Obligations
(defined in Paragraph 1(e) below), and if Executive complies with the obligations in Paragraph1(d) below (including but not limited to the Release (as defined in Paragraph 1(d) below) requirement), Executive shall also be eligible to receive the
following “Pre-IPO Severance Benefits:” 

  

	 	i.	 The Company will pay Executive an amount equal to Executive’s then current Base Salary for nine
(9) months (which shall be inclusive of any entitlement to notice or PILON under the Agreement), less all applicable withholdings and deductions (“Pre-IPO Severance”), paid in
equal instalments beginning on the Company’s first regularly scheduled payroll date following the Release Effective Date (as defined in Paragraph 1(d) below), with the remaining instalments occurring on the Company’s regularly scheduled
payroll dates thereafter. 

  

	 	ii.	 The Company shall pay Executive an amount equal to Executive’s pro rata discretionary annual fiscal year
performance bonus (the “Annual Bonus”) (based on the target amount that Company has determined for the Executive for the year in which termination occurs (the “Target Amount”)) for the calendar year in which
Executive’s termination occurs (i.e., for the period from January 1 through and including the date of Executive’s separation of employment with the Company), payable subject to income tax and national insurance withholding
requirements and such other deductions as the Company is required by law to make on the Company’s first regularly scheduled payroll date following the Release Effective Date. 

  
 - 23 - 

	 	iii.	 The vesting of the unvested portion of any equity awards then held by Executive that are scheduled to vest and
become exercisable under a time-based or service-based schedule in the nine (9) month period immediately following the termination date shall be accelerated and shall be deemed immediately vested and exercisable as of Executive’s
termination date (and, for clarity, if any unvested equity award is in the form of restricted stock that is subject to a share reacquisition or repurchase right on behalf of the Company or Parent, such reacquisition or repurchase right will lapse as
to the shares of stock that are scheduled to vest under such time-based schedule over the nine (9) month period immediately following the termination date). 

 

	 	c.	 In the event that the Company terminates Executive’s employment without Cause or Executive resigns for
Good Reason not in connection with a Change in Control but after the Company consummates an IPO, then Executive shall be entitled to the Accrued Obligations and, subject to Executive’s compliance with Paragraph 1(d) below, including but not
limited to the Release requirement, then Executive will be eligible for the following “Post-IPO Severance Benefits:” 

 

	 	i.	 The Company will pay Executive an amount equal to Executive’s then current Base Salary for eighteen
(18) months (which shall be inclusive of any entitlement to notice or PILON under the Agreement), less all applicable withholdings and deductions (“Post-IPO Severance”), paid in
equal instalments beginning on the Company’s first regularly scheduled payroll date following the Release Effective Date, with the remaining instalments occurring on the Company’s regularly scheduled payroll dates thereafter.

  

	 	ii.	 The Company shall pay Executive an amount equal to Executive’s pro rata Annual Bonus (based on the Target
Amount) for the calendar year in which Executive’s termination occurs (i.e., for the period from January 1 through and including the date of Executive’s separation of employment with the Company), payable subject to income tax and
national insurance withholding requirements and such other deductions as the Company is required by law to make on the Company’s first regularly scheduled payroll date following the Release Effective Date. 

 

	 	iii.	 The vesting of the unvested portion of any equity awards then held by Executive that are scheduled to vest and
become exercisable under a time-based or service-based schedule in the twelve (12) month period immediately following the termination date shall be accelerated and shall be deemed immediately vested and exercisable as of Executive’s
termination date (and, for clarity, if any unvested equity award is in the form of restricted stock that is subject to a share reacquisition or 

  
 - 24 - 

	 	
repurchase right on behalf of the Company or Parent, such reacquisition or repurchase right will lapse as to the shares of stock that are scheduled to vest under such time-based schedule over the
twelve (12) month period immediately following the termination date). 

  

	 	d.	 Executive shall receive the Severance pursuant to Paragraph 1(b) or 1(c) of this Exhibit, as applicable, if:
(i) within the timeframe provided by the Company, which shall be no later than the 60th day following the date of Executive’s Separation from Service, she has signed and delivered to the Company a settlement agreement containing an
effective, general release of claims in favour of the Company and its affiliates and representatives, in the form presented by the Company (the “Release”), which cannot be revoked in whole or part by such date (the date that
the Release can no longer be revoked is referred to as the “Release Effective Date”); (ii) if she holds any other positions with the Company or any Affiliate, including a position on the Company or Parent Board of Directors
(the “Board”), she resigns such position(s) to be effective no later than the date of Executive’s termination date (or such other date as requested by the Board); (iii) she returns all Company property; (iv) she
complies with her post-termination obligations under this Agreement (including the NDDNC Agreement); and (v) she complies with the terms of the Release, including without limitation any non-disparagement
and confidentiality provisions contained in the Release. To the extent that any severance payments are deferred compensation under Internal Revenue Code of 1986, as amended (the “Code”), and are not otherwise exempt from the
application of Section 409A, then, if the period during which Executive may consider and sign the Release spans two calendar years, the payment of Severance will not be made or begin until the later calendar year. 

 

	 	e.	 For purposes of this Agreement, “Accrued Obligations” are (i) Executive’s
accrued but unpaid salary through the date of termination (paid within the timeframe required by applicable law), (ii) any unreimbursed business expenses incurred by Executive payable in accordance with the Company’s standard expense
reimbursement policies, and (iii) benefits owed to Executive under any qualified retirement plan or health and welfare benefit plan in which Executive was a participant in accordance with applicable law and the provisions of such plan.

  

	 	f.	 The Pre-IPO Severance Benefits and
Post-IPO Severance Benefits provided to Executive pursuant to Paragraph 1 or the Change in Control Severance Benefits (as defined below) pursuant to Paragraph 2 are in lieu of, and not in addition to, any
benefits to which Executive may otherwise be entitled under any Company severance plan, policy or program or agreement. 

  

	 	g.	 Any damages caused by the termination of Executive’s employment without Cause or by the Executive for Good
Reason would be difficult to ascertain; therefore, the Pre-IPO Severance Benefits and Post-IPO Severance Benefits or the Change in Control Severance Benefits for which
Executive is eligible pursuant to Paragraph 1(b), 1(c) or 2(a) in exchange for the Release is agreed to by the parties as liquidated damages, to serve as full compensation, and not a penalty. 

  
 - 25 - 

	 	h.	 For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the
following events without Executive’s consent: (i) a material reduction in Executive’s Base Salary or Target Amount, which the parties agree is a reduction of at least ten percent (10%) of Executive’s Base Salary or Target Amount
as in effect immediately prior to the time such reduction occurs (unless pursuant to a salary reduction or target bonus reduction program applicable generally to the Company’s similarly situated executive officers); (ii) a change in
Executive’s position, responsibilities, authority or offices that, results in a material diminution of position, responsibilities, authority or offices, provided, however, that the Company’s hiring of personnel to handle duties that
Executive was responsible for but which are not regularly associated with Executive’s position will not be a “material diminution” of position, responsibilities, authority or offices; (iii) a material breach by the Company or any
successor entity of any employment-related contract between the Company and Executive; or (iv) the relocation of Executive’s principal place of employment, without Executive’s consent, in a manner that lengthens her one-way commute distance by fifty (50) or more miles from her then-current principal place of employment immediately prior to such relocation; provided, however, that, any such termination by Executive
shall only be deemed for Good Reason pursuant to this definition if: (1) Executive gives the Company written notice of her intent to terminate for Good Reason within sixty (60) days following the first occurrence of the condition(s) that
she believes constitute(s) Good Reason, which notice shall describe such condition(s); (2) the Company fails to remedy such condition(s) within sixty (60) days following receipt of the written notice (the “Cure Period”);
(3) the Company has not, prior to receiving such notice from Executive, already informed Executive that her employment with the Company is being terminated; and (4) Executive voluntarily terminates her employment within sixty (60) days
following the end of the Cure Period. For purposes of clarity, a material reduction in Executive’s position, responsibilities, authority or offices that occurs as a result of the Company being acquired and made part of a larger entity shall
constitute a Good Reason event under (ii), above. 

  

	2.	 Termination by the Company without Cause or Resignation by Executive for Good Reason in Connection with a
Change in Control. 

  

	 	a.	 In the event that the Company terminates Executive’s employment without Cause or Executive resigns for
Good Reason during the three (3) months prior to, as of, or within twelve (12) months following the effective date of a Change in Control (“Change in Control Termination Date”), then Executive shall be entitled to
the Accrued Obligations and, subject to Executive’s compliance with Paragraph 1(d), including but not limited to the Release requirement and Executive’s continued compliance with Executive’s obligations to the Company under
Executive’s NDDNC Agreement, then Executive will be eligible for the following “Change in Control Severance Benefits:” 

  
 - 26 - 

	 	i.	 The Company will pay Executive an amount equal to Executive’s then current Base Salary and Annual Bonus
(based on the Target Amount) for eighteen (18) months (which shall be inclusive of any entitlement to notice or PILON under the Agreement), less all applicable withholdings and deductions
(“Post-IPO Severance”), paid in a single lump sum on the Company’s first regularly scheduled payroll date following the Release Effective Date. 

 

	 	ii.	 In the event that the Parent’s successor or surviving entity in a Change in Control has assumed or
substituted the unvested portion of Executive’s equity awards in accordance with the terms thereof (including with the Executive’s consent, where applicable), THEN, effective as of Executive’s Change in Control Termination Date, the
vesting and exercisability of all outstanding unvested Parent equity awards that are held by Executive as of immediately prior to the Change in Control Termination Date and are scheduled to vest and become exercisable under a time-based,
performance-based or service-based schedule shall be deemed immediately vested and exercisable as of Executive’s termination date (and, for clarity, if any unvested equity award is in the form of restricted stock that is subject to a share
reacquisition or repurchase right on behalf of the Company or Parent, such reacquisition or repurchase right will lapse as to the shares of stock that are scheduled to vest under such time-based schedule immediately following the termination date).

  

	 	b.	 In the event that the Parent’s successor or surviving entity in a Change in Control does not offer to
assume or substitute the unvested portion of Executive’s equity awards, and the unvested awards will otherwise terminate, THEN effective immediately prior to such Change in Control, the Parent shall take such actions as are necessary under the
terms of such awards to cause the unvested portion of the Executive’s equity awards to vest and (if applicable) become exercisable. 

  

	 	c.	 “Change in Control” is defined at Paragraph 9, which supersedes any other definitions
of Change in Control for all purposes related to Executive’s employment with the Company, including but not limited to equity incentive grants. 

  

	3.	 Termination by the Company for Cause. 

 

	 	a.	 The Company shall have the right to terminate Executive’s employment with the Company at any time for
Cause by giving notice as described in Paragraph 6. 

  

	 	b.	 “Cause” for termination means the occurrence of any one or more of the following:
(i) any indictment or charge of Executive for a felony or indictable offence under applicable law; (ii) Executive’s commission of or participation in (A) a fraud or embezzlement against the Company or its affiliates or
(B) act of 

  
 - 27 - 

	 	
dishonesty against the Company or its affiliates that results in (or would reasonably be expected to result in) material harm to the business of the Company or the Parent;
(iii) Executive’s material violation of any contract or agreement between Executive and the Company or Parent, any statutory or fiduciary duty Executive owes to the Company or Parent under applicable law, or any material Company or Parent
policy; or (iv) Executive’s wilful conduct that constitutes gross misconduct, insubordination, incompetence or habitual neglect of duties and that results in (or would reasonably be expected to result in) material harm to the business of
the Company or Parent; provided, however, that the conduct described under clause (iii) or (iv) above, if deemed curable by the Parent Board in its reasonable discretion, will only constitute Cause if such conduct is not cured within thirty
(30) days after Executive’s receipt of written notice from the Company, the Parent or the Parent Board specifying the particulars of the conduct that may constitute Cause. 

 

	 	c.	 In the event Executive’s employment is terminated at any time for Cause, Executive will not receive the Pre-IPO Severance Benefits, Post-IPO Severance Benefits, the Change in Control Severance Benefits, or any other severance compensation or benefit, except that, consistent with
the Company’s standard payroll policies, the Company shall provide to Executive the Accrued Obligations. 

  

	4.	 Resignation by Executive (other than for Good Reason). 

 

	 	a.	 Executive may resign from Executive’s employment with the Company at any time by giving notice as
described in the Agreement. 

  

	 	b.	 In the event Executive resigns from Executive’s employment with the Company (other than for Good Reason),
Executive will not receive the Pre-IPO Severance Benefits, Post-IPO Severance Benefits, the Change in Control Severance Benefits, or any other severance compensation or
benefit, except that, pursuant to the Company’s standard payroll policies, the Company shall provide to Executive the Accrued Obligations. 

  

	5.	 Termination by Virtue of Death or Disability of Executive. 

 

	 	a.	 In the event of Executive’s death while employed pursuant to this Agreement, all obligations of the
parties hereunder shall terminate immediately, and the Company shall, pursuant to the Company’s standard payroll policies, provide to the Executive’s legal representatives Executive’s Accrued Obligations. 

 

	 	b.	 Termination by the Company of the Executive’s employment based on “Disability”
shall mean termination because the Executive is unable due to a physical or mental impairment to perform the essential functions of her position with or without reasonable adjustment for six (6) months in the aggregate during any twelve
(12) month period or based on the written certification by two licensed physicians of the likely continuation of such condition for such period. In the event Executive’s employment is terminated based on the Executive’s

  
 - 28 - 

	 	
Disability, Executive will not receive any severance benefits pursuant to this Exhibit B, or any other severance compensation or benefit other than as required by law, except that, pursuant to
the Company’s standard payroll policies, the Company shall provide to Executive the Accrued Obligations. 

  

	6.	 Notice; Effective Date of Termination. 

 

	 	a.	 Termination of Executive’s employment pursuant to this Agreement shall be effective on the earliest of:

  

	 	i.	 the date specified in the notice given by the Company; 

 

	 	ii.	 immediately upon the Executive’s death; 

 

	 	iii.	 six (6) months after the Executive gives written notice to the Company of Executive’s resignation not
for Good Reason, provided that the Company may set a termination date at any time between the date of notice and the date of resignation, in which case the Executive’s resignation shall be effective as of such other date. Executive will
receive compensation through any required notice period; or 

  

	 	iv.	 for a termination for Good Reason, immediately upon Executive’s full satisfaction of the requirements of
Paragraph 1(h). 

  

	 	b.	 In the event of a termination for Cause, written confirmation shall specify the subsection(s) of the definition
of Cause relied on to support the decision to terminate. 

  

	7.	 Cooperation With Company After Termination of Employment. Following termination of
Executive’s employment for any reason, Executive shall fully cooperate with the Company in all matters relating to the winding up of Executive’s pending work including, but not limited to, any litigation in which the Company or Parent is
involved, and the orderly transfer of any such pending work to such other employees as may be designated by the Company or Parent. 

  

	8.	 Section 409A. 

 

	 	a.	 Notwithstanding anything to the contrary herein, the following provisions apply to the extent severance
benefits provided herein are subject to the Code and the regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”). Severance shall not
commence until the Executive has a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder, a
“separation from service”). Each instalment of severance is a separate “payment” for purposes of Treas. Reg. Section 1.409A-2(b)(2)(i), and the severance is intended to satisfy the
exemptions from application of Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5) and
1.409A-1(b)(9). However, if such exemptions are not available and 

  
 - 29 - 

	 	
the Executive is, upon separation from service, a “specified employee” for purposes of Section 409A, then, solely to the extent necessary to avoid adverse personal tax consequences
under Section 409A, the timing of the severance payments shall be delayed until the earlier of (i) six (6) months and one day after the Executive’s separation from service, or (ii) the Executive’s death. The parties
acknowledge that the exemptions from application of Section 409A to severance benefits are fact specific, and any later amendment of this Agreement to alter the timing, amount or conditions that will trigger payment of severance benefits may
preclude the ability of severance benefits provided under this Agreement to qualify for an exemption. 

  

	 	b.	 It is intended that this Agreement shall comply with the requirements of Section 409A, and any ambiguity
contained herein shall be interpreted in such manner so as to avoid adverse personal tax consequences under Section 409A. Notwithstanding the foregoing, the Company shall in no event be obligated to indemnify the Executive for any taxes or
interest that may be assessed by the Internal Revenue Service pursuant to Section 409A of the Code to payments made pursuant to this Agreement. 

  

	9.	 Definition of “Change in Control” 

 

	 	a.	 “Change in Control” means the occurrence, in a single transaction or in a series of
related transactions, of any one or more of the following events: 

  

	 	i.	 any Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Parent representing
more than 50% of the combined voting power of the Parent’s then outstanding securities other than by virtue of a merger, consolidation or similar transaction. Notwithstanding the foregoing, a Change in Control will not be deemed to occur
(A) on account of the acquisition of securities of the Parent directly from the Parent, (B) on account of the acquisition of securities of the Parent by an investor, any affiliate thereof or any other Exchange Act Person that acquires the
Parent’s securities in a transaction or series of related transactions the primary purpose of which is to obtain financing for the Parent through the issuance of equity securities or (C) solely because the level of Ownership held by any
Exchange Act Person (the “Subject Person”) exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting securities by the Parent reducing the
number of shares outstanding, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of voting securities by the Parent, and after such share acquisition, the Subject Person becomes
the Owner of any additional voting securities that, assuming the repurchase or other acquisition had not occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated percentage
threshold, then a Change in Control will be deemed to occur; 

  
 - 30 - 

	 	ii.	 there is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the
Parent and, immediately after the consummation of such merger, consolidation or similar transaction, the stockholders of the Parent immediately prior thereto do not Own, directly or indirectly, either (A) outstanding voting securities
representing more than 50% of the combined outstanding voting power of the surviving Entity in such merger, consolidation or similar transaction or (B) more than 50% of the combined outstanding voting power of the parent of the surviving Entity
in such merger, consolidation or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding voting securities of the Parent immediately prior to such transaction; 

 

	 	iii.	 there is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the
consolidated assets of the Parent and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Parent and its Subsidiaries to an Entity, more than 50% of the combined
voting power of the voting securities of which are Owned by stockholders of the Parent in substantially the same proportions as their Ownership of the outstanding voting securities of the Parent immediately prior to such sale, lease, license or
other disposition; or 

  

	 	iv.	 the Continuing Directors (as defined below) do not constitute a majority of the Parent Board (or, if
applicable, the Board of a successor corporation to the Parent), where the term “Continuing Director” means at any date a member of the Parent Board (A) who was a member of the Parent Board on the Effective Date or (B) who was
nominated or elected subsequent to such date by a majority of the directors who were Continuing Directors at the time of such nomination or election or whose election to the Parent Board was recommended or endorsed by a majority of the directors who
were Continuing Directors at the time of such nomination or election; provided, however, that any individual whose initial assumption of office occurred as a result of an actual or threatened election contest with respect to the election or removal
of directors or other actual or threatened solicitation of proxies or consents, by or on behalf of a person other than the Parent Board, is excluded from clause (iv)(B) above. 

Notwithstanding the foregoing definition, the term Change in Control will not include a sale of assets, merger or other transaction effected
exclusively for the purpose of changing the domicile of the Parent. 
  

	 	b.	 For purposes of the definition of Change in Control, the following definitions shall apply:

  
 - 31 - 

	 	i.	 “Affiliate” means, at the time of determination, any “parent” or
“majority owned subsidiary” of the Parent, as such terms are defined in Rule 405. The Parent Board will have the authority to determine the time or times at which “parent” or “majority-owned subsidiary” status is
determined within the foregoing definition. 

  

	 	ii.	 “Common Stock” means the common stock of the Parent. 

 

	 	iii.	 “Entity” means a corporation, partnership, limited liability company or other entity.

  

	 	iv.	 “Exchange Act Person” means any natural person, Entity or “group” (within the
meaning of Section 13(d) or 14(d) of the United States’ Securities Act of 1933, as amended), except that “Exchange Act Person” will not include (i) the Parent or any Subsidiary of the Parent, (ii) any employee benefit
plan of the Parent or any Subsidiary of the Parent or any trustee or other fiduciary holding securities under an employee benefit plan of the Parent or any Subsidiary of the Parent, (iii) an underwriter temporarily holding securities pursuant
to a registered public offering of such securities, (iv) an Entity Owned, directly or indirectly, by the stockholders of the Parent in substantially the same proportions as their Ownership of stock of the Parent; or (v) any natural person,
Entity or “group” (within the meaning of Section 13(d) or 14(d) of the Securities Act) that, as of the Effective Date, is the Owner, directly or indirectly, of securities of the Parent representing more than 50% of the combined voting
power of the Parent’s then outstanding securities. 

  

	 	v.	 “Own,” “Owned,” “Owner,” “Ownership” A person or Entity
will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership” of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding,
relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities. 

  

	 	vi.	 “Rule 405” means Rule 405 promulgated under the United States’ Securities Act of
1933, as amended. 

  

	 	vii.	 “Subsidiary” means, with respect to the Parent, (i) any corporation of which more
than 50% of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any other class or classes of such corporation will have or
might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Parent, and (ii) any partnership, limited liability company or other entity in which the Parent has a direct or indirect
interest (whether in the form of voting or participation in profits or capital contribution) of more than 50%. 

  
 - 32 -

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