Document:

EX-4.26

 Exhibit 4.26 
  

			
	THIS CONTRACT OF EMPLOYMENT dated	  	October 20, 2020 is made

 BETWEEN: 
  

	(1)	 MEREO BIOPHARMA GROUP PLC, (a company incorporated in England and Wales and registered under number
9481161, whose registered office is at Fourth Floor, 1 Cavendish Place, London W1G 0QF (the “Company”); and 

  

	(2)	 CHRISTINE FOX of [Omitted] (the “Employee”/ “you”).

 This Contract sets out the terms and conditions of your employment with the Company at the date of this Contract and supersedes all
previous arrangements or agreements whether oral or in writing between you and the Company in relation to the matters dealt with in it. 
  

	1.	 Interpretation 

 

	1.1	 The definitions and rules of interpretation in this clause 1 apply in this Contract. 

 

	 	1.1.1	 Appointment: the employment of the Employee by the Company on the terms of this Contract.

  

	 	1.1.2	 Associated Employer: has the meaning given to it in the Employment Rights Act 1996.

  

	 	1.1.3	 Board: the board of directors of the Company (including any committee of the board duly appointed by
it). 

  

	 	1.1.4	 Commencement Date: 4 January 2021. 

 

	 	1.1.5	 Confidential Information: all of 

 

	 	(a)	 financial information relating to the Company and any Group Company including (but not limited to) management
accounts, sales forecasts, dividend forecasts, profit and loss accounts and balance sheets, draft accounts, results, order schedules, profit margins, pricing strategies and other information regarding the performance or future performance of the
Company or any Group Company; 

  

	 	(b)	 client or customer lists and contact lists, details of the terms of business with, the fees and commissions
charged to or by and the requirements of customers or clients, prospective customers or clients, buyers, and suppliers of the Company or any Group Company; 

  

	 	(c)	 any information relating to expansion plans, business strategy, marketing plans, and presentations, tenders,
projects, joint ventures or acquisitions and developments contemplated, offered or undertaken by the Company or any Group Company; 

  

	 	(d)	 details of the employees, officers and workers of and consultants to the Company or any Group Company their job
skills and capabilities and of the remuneration and other benefits paid to them; 

  
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	 	(e)	 copies or details of and information relating to Know-how, research
activities, inventions, creative briefs, ideas, computer programs (whether in source code or object code) secret processes, designs and formulae or other intellectual property acquired, developed, licensed, undertaken, commissioned or produced by or
on behalf of the Company or any Group Company; 

  

	 	(f)	 confidential reports or research commissioned by or provided to the Company or any Group Company and any trade
secrets and confidential transactions of the Company or any Group Company; 

  

	 	(g)	 key metric information such as details of website page hits, visitors, visits, orders per day, total order
volumes, average order size, volumes of goods shipped or held in stock, customer acquisition costs, repeat rates and word of mouth rates; 

  

	 	(h)	 details of any marketing, development, pre-selling or other
exploitation of any intellectual property or other rights of the Company or any Group Company, any proposed options or agreements to purchase, licence or otherwise exploit any intellectual property of the Company or any Group Company and any
intellectual property which is under consideration for development by the Company or any Group Company, 

  

	 	(i)	 details of any advertising, marketing or promotional campaign which the Company or any Group Company is to
conduct; and 

  

	 	(j)	 any information which you ought reasonably to know is confidential and any information which has been given to
the Company or any Group Company in confidence by agents, buyers, clients, consultants, customers, suppliers or other persons. 

  

	 	1.1.6	 Documents: documents, manuals, disks, memory, notebooks, tapes (including copies) or any other medium,
whether or not eye-readable, on which information (whether confidential or otherwise) may from time to time be referred to, written or recorded. 

 

	 	1.1.7	 Group Company: the Company, its Subsidiaries or Holding Companies from time to time and any Subsidiary
of any Holding Company from time to time. 

  

	 	1.1.8	 Incapacity: any sickness, injury or other medical disorder or condition which prevents the Employee from
carrying out his duties. 

  

	 	1.1.9	 Key Employee: any employee or contractor who is or was (in the Period) employed or engaged to your
knowledge: 

  

	 	(a)	 at management grade; or 

 

	 	(b)	 in a senior capacity; or 

  
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	 	(c)	 in a capacity in which he has access to or obtained Confidential Information and in respect of whom you
exercised control or had managerial responsibility. 

  

	 	1.1.10	 Know-how: information (including without limitation that
comprised in formulae, specifications, designs, drawings, component lists, databases, software (or pre-cursor documents), databases, manuals, instructions and catalogues) held in whatever form relating to the
creation, production or supply of any products or services by the Company or any Group Company, or by or to any of the suppliers, customers, partners or joint ventures of such company. 

 

	 	1.1.11	 Manager: Chief Executive of the Company. 

 

	 	1.1.12	 Period: the period of 12 months immediately prior to the Termination Date. 

 

	 	1.1.13	 Permitted Interest: an interest in any class of shares or other securities of any company which are
traded on a recognised investment exchange which amount to not more than 3% of such class of issued shares or securities and an interest in any units of any authorised unit trust. 

 

	 	1.1.14	 Restricted Area: England, Scotland, Wales or Northern Ireland. 

 

	 	1.1.15	 Restricted Business: the research, acquisition, development and/or commercialisation of innovative
therapeutics by the Company or any Group Company as at the Termination Date and with which the Employee was involved to a material extent on the Termination Date or at any time during the Period.  

 

	 	1.1.16	 SSP: statutory sick pay. 

 

	 	1.1.17	 Staff Handbook: the Company’s staff handbook as amended from time to time. 

 

	 	1.1.18	 Subsidiary and Holding Company: in relation to a company mean “subsidiary” and “holding
company” as defined in section 1159 of the Companies Act 2006 and a company shall be treated, for the purposes only of the membership requirement contained in subsections 1159(1)(b) and (c), as a member of another company even if its shares in
that other company are registered in the name of (a) another person (or its nominee), whether by way of security or in connection with the taking of security, or (b) a nominee. 

 

	 	1.1.19	 Termination Date: the date of termination or expiration of this Contract. 

 

	1.2	 The headings in this Contract are inserted for convenience only and shall not affect its construction.

  

	1.3	 A reference to a particular law is a reference to it as it is in force for the time being taking account of any
amendment, extension, or re-enactment and includes any subordinate legislation for the time being in force made under it. 

  
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	1.4	 Unless the context otherwise requires, a reference to one gender shall include a reference to the other
genders. 

  

	1.5	 Unless the context otherwise requires, words in the singular include the plural and in the plural include the
singular. 

  

	1.6	 The schedules to this Contract form part of (and are incorporated into) this Contract. 

 

	2.	 Term of Appointment 

 

	2.1	 The Appointment shall commence on the Commencement Date and shall continue, subject to the remaining terms of
this Contract, until terminated by either party giving the other not less than 6 months’ prior notice. 

  

	2.2	 The first 3 months of the Appointment shall be a probationary period and the Appointment may be terminated
during this period at any time by the Company on one week’s notice or payment in lieu of one week’s notice. During the probationary period the Employee’s performance and suitability for continued employment will be monitored. The
Employee will be informed in writing when she has successfully completed her probationary period. 

  

	2.3	 No employment with a previous employer counts towards the Employee’s period of continuous employment with
the Company. 

  

	2.4	 The Employee consents to the transfer of his employment under this Contract to an Associated Employer at any
time during the Appointment. 

  

	3.	 Employee Warranties 

 

	3.1	 You represent and warrant to the Company that, by entering into this Contract or performing any of your
obligations under it, you will not be in breach of any court order or any express or implied terms of any contract or other obligation binding on you. 

  

	3.2	 You represent and warrant to the Company that you are not bound by or subject to any agreement, arrangement,
court order, obligation or undertaking which in any way restricts or prohibits you from entering into this Contract or from performing your duties for the Company as set out in this Contract. 

 

	3.3	 You warrant that you are entitled to work in the UK without any additional approvals and will notify the
Company immediately if you cease to be so entitled at any time during the Appointment. 

  

	4.	 Job Title and Reporting 

Your job title is Chief Financial Officer and you will report to the Manager or such other person as may be authorised by the Company and
notified to you. 
  

	5.	 Job Description and Duties 

 

	5.1	 Your main tasks and responsibilities are set out in the written job description at Schedule I. The Company
reserves the right to require you to change your job title and/or job description and/or reporting structure or to require you to perform a different job or different or additional duties consistent with your status and any such change will not
constitute a change of the terms and conditions of your employment. 

  
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	5.2	 You must perform your job to the best of your ability and to comply with any duties implied by law.

  

	5.3	 During the Appointment you shall: 

 

	 	5.3.1	 unless prevented by Incapacity, devote the whole of your time, attention and abilities to the business of the
Company and any Group Company of which you are an officer or consultant; 

  

	 	5.3.2	 diligently exercise such powers and perform such duties as may from time to time be assigned to you by the
Company together with such person or persons as the Company may appoint to act jointly with you; 

  

	 	5.3.3	 comply with all reasonable and lawful directions given to you by the Company; 

 

	 	5.3.4	 promptly make such reports to your Manager in connection with the affairs of any Group Company on such matters
and at such times as are reasonably required; 

  

	 	5.3.5	 report your own wrongdoing and any wrongdoing or proposed wrongdoing of any other employee or director of any
Group Company to your Manager immediately on becoming aware of it; and 

  

	 	5.3.6	 use your best endeavours to promote, protect, develop and extend the business of any Group Company.

  

	5.4	 You shall comply with the Company’s anti-corruption and bribery policy and related procedures at all
times. 

  

	5.5	 You shall comply with any rules, policies and procedures set out in the Staff Handbook. The Staff Handbook does
not form part of this Contract and the Company may amend it at any time. To the extent that there is any conflict between the terms of this Contract and the Staff Handbook, this Contract shall prevail. 

 

	5.6	 All documents, manuals, hardware and software provided for your use by the Company, and any data or documents
(including copies) produced, maintained or stored on the Company’s computer systems or other electronic equipment (including mobile phones), remain the property of the Company. 

 

	6.	 Location 

  

	6.1	 Your normal place of work is the Company’s offices at 1 Cavendish Place, London W1G 0QF or such other
place as the Company may reasonably determine for the proper performance and exercise of your duties. 

  

	6.2	 The Company may require you to perform services for any Group Company wherever situated and without further
fees or remuneration and to enter into any separate agreement(s) with such Group Company for such purpose and any duties that you may have under this Contract will be deemed to extend to such Group Company. 

  
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	6.3	 You agree to travel on any Group Company’s business (both within the United Kingdom and abroad) as may be
required for the proper performance of your duties under the Appointment. 

  

	7.	 Hours of Work 

 

	7.1	 Your normal working hours are from 09:00 to 17:00 on each week day, excluding public and bank holidays of
England and Wales, together with such additional hours, on week days (including public and bank holidays of England and Wales) or weekends, as may be necessary for the proper performance of your duties. 

 

	7.2	 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. 

 You agree that the 48 hour weekly working time limit under the Working Time Regulations shall not apply
to you. You understand that you can withdraw your agreement to this by giving the Company not less than 3 months’ written notice 
  

	7.3	 At any time during the Appointment, you or the Company may give three months’ prior written notice that
the opt-out of clause 7.2 should no longer apply and it will cease to apply with effect from the expiry of the said notice. 

 

	7.4	 You will comply with any requests made or measures imposed to enable the Company and/or you to monitor and
record your working time. 

  

	8.	 Salary 

  

	8.1	 Your salary is £250,000 per annum (the “Salary”), less statutory
and voluntary deduction. The Salary shall accrue from day to day and be payable by equal monthly instalments in arrears on the last business day of each calendar month directly into your UK bank or building society account. 

 

	8.2	 You will receive no additional payment for any overtime worked. Your Salary will include any director’s,
company secretary’s and other fees and emoluments due to you as an officer of the Company or of any Group Company. 

  

	8.3	 Your Salary will be reviewed by your Manager annually, the first such review taking effect from 1 January
2022 and may be increased from time to time at the Company’s discretion without affecting the other terms of the Appointment. There is no obligation to award an increase. There will be no review of the Salary after notice has been given by
either party to terminate the Appointment. 

  

	8.4	 If you are invited to participate in any employees’ share scheme (as defined in section 1166 of the
Companies Act 2006) and accept, your membership shall be governed exclusively by the rules of the relevant scheme from time to time. Your rights and obligations under this Contract shall not be affected by your participation in the scheme or any
right which you may have to participate in it and you shall have no claim for compensation or damages under or in connection with this Contract in consequence of the termination of the Appointment for any reason whatsoever insofar as the termination
of the Appointment may end your participation or reduce the value of awards you may receive under it. 

  
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	8.5	 You authorise the Company to deduct from your Salary any sums which you may owe the Company including without
limitation any overpayment of salary or expenses, any debt or loans or any other sum or sums which may be required to be authorised pursuant to Section 13 of the Employment Rights Act 1996. 

 

	9.	 Discretionary Bonus 

 

	9.1	 You may be considered for a discretionary bonus in relation to each calendar year. The payment of any
discretionary bonus is not guaranteed under this Contract and your eligibility for a discretionary bonus shall be assessed in accordance with and subject to the terms of the Company’s performance related discretionary bonus scheme.

  

	9.2	 The terms of the discretionary bonus scheme are determined by the Company in its absolute discretion and the
Company is entitled in its absolute discretion to change the terms of this scheme from year to year. 

  

	9.3	 The amount of the discretionary bonus, if any, in any particular calendar year shall be determined by the
Company in its sole discretion. Payment of a bonus in one calendar year does not entitle you to receive a bonus in respect of any other calendar year. 

  

	9.4	 If you commence employment part way through the calendar year any sum calculated in accordance with clause 9.2
shall be pro-rated, as appropriate. 

  

	9.5	 If you are no longer employed by the Company (for whatever reason) or you are working your period of notice
(given by either you or the Company) or you are subject to any live disciplinary warning or other sanction, at the date any bonus is or would be payable to you, or the Appointment is terminated prior to that date, no bonus or pro-rata bonus shall be payable. 

  

	9.6	 Any discretionary bonus payable in accordance with this clause 9 shall not be pensionable.

  

	10.	 Expenses 

  

	10.1	 The Company will reimburse (or procure the reimbursement of) 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 VAT receipts, invoices or other evidence of actual payment of such expenses as the Company may reasonably require.

  

	10.2	 You shall comply with the Company’s expenses policy as set out in the Staff Handbook from time to time.

  

	10.3	 Any expenses charged to a Company credit card must be documented in accordance with Company procedures and
approved by the Chief Executive Officer within one month of the date that the credit card statement is received. No personal expenditure may be charged to Company credit cards. 

  
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	11.	 Other Employment 

 

	11.1	 You must devote the whole of your time, attention and abilities during your normal hours of work to your duties
for the Company. 

  

	11.2	 Without the prior written approval of the Chief Executive Officer, you may not, whether directly or indirectly,
undertake any other job (including voluntary work) or carry on a business, of whatever kind, during your hours of work for the Company. Without the prior written approval of the Chief Executive Officer, you may not, whether directly or indirectly,
undertake any other job (including voluntary work) or carry on a business, of whatever kind, outside Company hours if in the reasonable opinion of the Company this is likely to affect your work performance for the Company and you will promptly
disclose to the Company sufficient details of any such job or business in order for the Company to consider whether it is likely to affect your work performance. 

 

	11.3	 You may not at any time during the period of your employment by the Company without the prior written consent
of the Chief Executive Officer engage, whether directly or indirectly, in any business or employment which is similar to or in any way connected with the business of the Company. 

 

	11.4	 Nothing in this clause 11. will prevent you from holding a Permitted Interest. 

 

	12.	 Holidays 

  

	12.1	 In addition to the usual public and bank holidays of England and Wales, you shall be entitled to 25 days’
paid holiday in each complete holiday year worked (and pro rata for any holiday year worked in part) to be taken at such time or times as shall be agreed by your Manager. 

 

	12.2	 The holiday year runs from 1 January each year to the following 31 December. 

 

	12.3	 Although the Company will agree to your proposed holiday dates wherever possible, it reserves the right to
withhold approval where necessary to protect the interests of the business. 

  

	12.4	 The Company reserves the right to require you to take holiday on certain days to be determined by the Company
of up to five days in each holiday year. The Company will notify you of any such requirement prior to the commencement of each holiday year. 

  

	12.5	 A maximum of five days untaken holiday entitlement may be carried forward from one holiday year subject to the
prior written agreement of your Manager to the next and no money will be paid in lieu of any such untaken holiday entitlement. 

  

	12.6	 On termination of the Appointment you shall be entitled to be paid in lieu of holiday accrued but untaken in
the holiday year in which termination takes place. Your entitlement to holiday will be calculated on the basis that each day of paid holiday is equal to 1/260 of your salary. Alternatively, you will be required to repay to the Company pay for any
holiday taken in excess of your entitlement at the same rate. 

  

	12.7	 If in any year you are not employed for the complete holiday year (for example, in the years in which you join
and leave the Company), your holiday entitlement will be calculated pro rata based on the number of complete months worked during the relevant holiday year. 

  
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	12.8	 The Company may require you to take any outstanding holiday entitlement during your notice period or during any
period of garden leave as referred to in clause 20. 

  

	12.9	 The holiday year is also the leave year for parental leave purposes. 

 

	13.	 Notification of Sickness or Other Absence 

 

	13.1	 If you are absent from work for any reason and your absence has not previously been authorised by your Manager
you, or someone on your behalf, must inform your Manager by 10.00 am on each day of absence. 

  

	13.2	 Any unauthorised absence must be properly explained and in the case of an absence of uncertain duration you
must keep the Company informed on a daily basis until you have provided the Company with a medical certificate. 

  

	13.3	 If you are absent from work due to sickness or injury which continues for more than seven days (including
weekends) you must provide the Company with a medical certificate on or before the eighth day of sickness or injury. Thereafter medical certificates must be provided to the Company to cover any continued absence. 

 

	13.4	 Immediately following your return to work after any period of absence which has not previously been authorised
by your Manager you are required to complete a Self-Certification form stating the date of and the reason for your absence, including details of sickness on non-working days as this information is required by
the Company for calculating Statutory Sick Pay entitlement. Self-Certification forms will be retained in the Company’s records. 

  

	13.5	 Failure to comply with the above procedures may result in disciplinary action and/or the loss of Company sick
pay (referred to below) and may also disqualify you from receiving Statutory Sick Pay. 

  

	13.6	 Your “qualifying days” for Statutory Sick Pay purposes are those days of the week on which you are
due to work in accordance with this contract of employment. 

  

	13.7	 You shall: 

  

	 	13.7.1	 agree to consent to a medical examination (at the Company’s expense) by a doctor nominated by the Company
or your GP or any relevant consultant at any time should the Company so require; and 

  

	 	13.7.2	 authorise such medical practitioner to disclose to or discuss with the Company (or its medical adviser) any
matters arising from such examination. 

  

	13.8	 The rights of the Company to terminate the Appointment under the terms of this Contract apply even when such
termination would or might cause you to forfeit any entitlement to sick pay, payments under the medical scheme, or other benefits. 

  

	14.	 Sick Pay 

  

	14.1	 Provided that you have complied with the Company’s notification and certification procedures and general
terms relating to sickness absence referred to in clause 13 above and that you have completed three months of continuous service prior to the start of the period of sickness, you will be entitled to be paid your normal basic pay for periods of
sickness absence up to a maximum of 10 working days in aggregate in any calendar year. 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. 

  
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	14.2	 If you are absent from work due to the actionable negligence, nuisance or breach of any statutory duty on the
part of a third party in respect of which damages are or may be recoverable, you shall immediately notify your Manager of that fact and of any claim, compromise, settlement or judgment made or awarded in connection with it and all relevant
particulars that the Company may reasonably require. In such circumstances any Company sick pay will be paid as a loan which, if required by the Company, you must repay to the Company if you recover damages in respect of your absence from work.

  

	14.3	 The Company reserves the right to withhold payment of Company sick pay if you fail to comply with the
provisions of clause 13 or if you are subject to disciplinary proceedings. 

  

	15.	 Other Benefits 

 

	15.1	 Pension. You are eligible to join the Company’s group personal pension scheme. Membership of and
benefits under the scheme are strictly subject to the rules of the scheme as amended from time to time. The Company expressly reserves the right in its discretion to amend or terminate the pension scheme. The Company shall contribute to the
Company’s pension scheme an amount equal to 10% of your Salary provided that you contribute 4% or more to that scheme, subject to the annual allowance set by HM Revenue & Customs from time to time not being exceeded. In the event that
you exceed the annual allowance set by HM Revenue & Customs in any fiscal year or maximum lifetime allowance, the Company may, at your request, pay an allowance, subject to deduction of income tax and national insurance contributions, you
certifying and, at the request of the Company, providing evidence satisfactory to the Company that you have exceeded such annual allowance for the applicable fiscal year or the maximum lifetime allowance and, if necessary, you opting out of auto
enrolment. Any pension contribution or allowance shall be paid in equal monthly instalments in arrears. 

  

	15.2	 The Company will comply with the employer pension duties in respect of your employment in accordance with Part
I of the Pensions Act 2008. 

  

	15.3	 A contracting-out certificate under the Pension Schemes Act 1993 is not
in force in respect of the Appointment. 

  

	15.4	 Subject to the rules and eligibility requirements of each scheme from time to time in force and to your health
not being such as to prevent the Company (or the relevant Group Company) from being able to obtain cover on reasonable terms, you will be entitled to participate in the following schemes: 

 

	 	15.4.1	 Medical Scheme. You and your immediate family shall be entitled to participate in the medical insurance
scheme maintained from time to time by the Company for the benefit of employees. 

  

	 	15.4.2	 Life Assurance Scheme. The Company shall maintain for you life assurance of four times your Salary.

  
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	 	15.4.3	 Income protection. You will be eligible to participate in such income protection schemes as the Company
may from time to time operate for employees of your level. 

  

	15.5	 Any benefits that may from time to time be provided by the Company to you or your family that are not expressly
referred to in this Contract shall be provided at the entire discretion of the Company and, unless so agreed in writing, shall not form part of your terms and conditions of employment. 

 

	15.6	 Participation in any insurance or assurance scheme provided for you under this Contract: 

 

	 	15.6.1	 is absolutely subject to its terms and conditions from time to time in force; 

 

	 	15.6.2	 is conditional on you satisfying any applicable requirements of the insurers; 

 

	 	15.6.3	 is subject to you and any insured dependants satisfying the normal underwriting requirements of the relevant
insurance provider and the relevant premium being at a rate which the Company considers reasonable; and 

  

	 	15.6.4	 will end when you attain whichever is the greater of the age of 65 and the state pensionable age.

  

	15.7	 The Company reserves the right at any time, on three months’ written notice, to withdraw any insurance or
other benefits set out in this clause 15 or to amend the terms on which they are provided. If an insurance provider refuses for any reason to provide insurance benefit to you under any insurance scheme the Company shall not be liable to provide you
with any replacement benefit of the same or similar kind or to pay any compensation in lieu of such benefit. 

  

	15.8	 You may be required, at the request and expense of the Company, to submit to a medical examination by a medical
practitioner nominated by the Company to support applications for insurance set out in this clause 15 or any other insurance schemes required by the Company, and you hereby authorise such medical practitioner to disclose to or discuss with the
Company’s medical adviser and/or the relevant insurer’s medical adviser any matters arising from such examination and the Company’s medical adviser may notify the Board of any serious matter if, in his opinion, it might materially
adversely affect your health or the proper discharge of your duties. 

  

	16.	 Intellectual Property 

 

	16.1	 You agree and acknowledge that during the course of your employment and in pursuance of the discharge of your
duties you will make, create, produce and generate intellectual property rights, including Inventions. 

  

	16.2	 Inventions 

  

	 	16.2.1	 If while employed by the Company you (whether alone or with any other person) make, produce or are responsible
for any invention, discovery, process, business idea, or method of any description that relates to or could be used in any business of the Company (“an Invention”), you shall promptly give to a Director of the Company full written
details thereof. 

  
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	 	16.2.2	 If the Invention is a patentable invention within the meaning of Section 1 of the Patents Act 1977 and,
according to the provisions of Section 39 of that Act it belongs to you (“Personal Invention”), you shall if so requested by the Company no later than six months from disclosure to the Company pursuant to sub-clause 16.2.1 above, negotiate with the Company in good faith for the assignment or licence of your rights in that Invention to the Company for further consideration. 

 

	 	16.2.3	 Subject to clause 16.2.4, any Invention created in the course of your employment by the Company shall belong to
the Company (“Company Inventions”). Any and all intellectual property rights in or relating to any and all such Company Inventions shall be owned by the Company. You hereby irrevocably assign to the Company (by way of present
assignment of present and future rights) with full title guarantee absolutely and free from all encumbrances all right, title and interest in and to all intellectual property rights in or relating to Company Inventions and all materials embodying
such rights to the fullest extent permitted by law together with all accrued rights of action in respect of any infringement of such rights. Insofar as they do not so vest automatically by operation of law or under this Contract, you shall hold all
such rights and inventions on trust for the exclusive benefit of the Company, and shall not transfer them to a third party or encumber them and shall on demand assign them to the Company without payment or other condition. You shall execute (both
during and after the termination of your employment) all documents and do all things necessary to substantiate the Company’s rights in Company Inventions and to obtain registration or protection thereof in the Company’s name in any
country. 

  

	 	16.2.4	 Where the Company Invention relates to a chemical compound, being the chemical compound itself of assets
associated therewith (“Compounds”), any and all intellectual property rights in or relating to that Company Invention shall, with effect from their creation, automatically belong to and vest in the Subsidiary formed to undertake the
research, development or commercialisation of that Compound. Insofar as they do not so vest automatically by operation of law or under this Contract, you shall hold all such rights and inventions on trust for the exclusive benefit of the Subsidiary,
and shall not transfer them to a third party or encumber them and shall on demand assign them to the Subsidiary without payment or other condition. You shall execute (both during and after the termination of your employment) all documents and do all
things necessary to substantiate the Subsidiary’s rights in the Compounds and to obtain registration or protection thereof in the Subsidiary’s name in any country. 

 

	 	16.2.5	 Save for the disclosure to the Company as provided above or, in the case of a Personal Invention only, as
required for the purpose of obtaining patent protection for the Personal Invention, you shall keep all details of any Invention confidential to yourself and any solicitor, counsel or patent agent instructed by you and you shall not use any Company
Invention for any purpose. You shall not without the Company’s prior written consent apply for a patent in any country in relation to any Company Invention and shall promptly inform the Company if you apply for a patent in any country for a
Personal Invention. Notwithstanding the foregoing, you shall not include any Confidential Information in any application for a patent for a Personal Invention. 

  
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	16.3	 Copyright and other rights 

 

	 	16.3.1	 If while employed by the Company you, whether on your own or with any other person, create any copyright work
or design (including without limitation any literary, dramatic, musical or artistic work, and any film, sound recording, cable programme, broadcast, typographical arrangement of a published edition, computer program, adaptation or design document)
or any database or any other work or matter of any description (other than an Invention) capable of protection under copyright, design right, trademarks, database rights or other intellectual or industrial and commercial property laws of any
country, that relates to or could be used in the business of the Company, (a “Protected Work”), you shall promptly disclose to the Chief Executive Officer or General Counsel full details thereof in writing and shall if requested by
the Company deliver to it all copies or representations of the Protected Work in any material form but shall otherwise keep the Protected Work confidential and not use it for any purpose other than for the Company. 

 

	 	16.3.2	 All proprietary rights in any Protected Work created by you in the course of your employment by the Company
shall automatically vest in the Company, save that where a Protected Work relates to a Compound, all proprietary rights in that Protected Work shall, with effect from their creation, automatically belong to and vest in the Subsidiary formed to
undertake the research, development or commercialisation of that Compound. 

  

	 	16.3.3	 To the extent that the Company or, in the case of a Compound, the Subsidiary is not already the owner of the
copyright, design rights, trade marks, database rights and other intellectual or industrial and commercial property rights (“the Rights”) in a Protected Work pursuant to clause 16.3.2 you shall hold the Protected Work and the Rights
on trust for the Company or Subsidiary (as appropriate) and shall assign without payment or any other condition (and, in the case of the UK copyright, design rights, trade marks and database rights hereby assign by way of future assignment of
copyright, design right, trademarks and database rights respectively), the Protected Work and all Rights therein in all countries of the world to the Company or Subsidiary (as appropriate) absolutely together with all accrued rights of action in
respect of any infringement of the same. 

  

	16.4	 You shall, without charge to but at the cost of the Company, execute all documents and do all acts, things and
matters beneficial to, required or necessary (both during and after the termination of your employment) to vest rights in the Company (or its Subsidiary or its successors, as appropriate), or substantiate the Company’s (or its Subsidiary’s
or its successor’s, as appropriate) rights, in any Company Inventions, the Rights and Protected Works and to obtain protection for the Company Inventions, Rights and Protected Works in the Company’s (or its Subsidiary’s or its
successor’s, as appropriate) name in any country. 

  

	16.5	 Should you create a Company Invention or any Rights in a Protected Work in relation to a Compound for which a
Subsidiary has not yet been formed at the time of such creation, you agree to hold such Company Invention and Rights on trust pending the formation of such Subsidiary and shall be deemed automatically to have assigned such Company Invention and
Rights to that Subsidiary from the moment it becomes a Group Company. 

  
 - 13 - 

	16.6	 To the extent permitted by law, you hereby irrevocably and unconditionally waive any and all moral rights
conferred by Chapter IV of the Copyright Designs and Patents Act 1988 or any rights of a similar nature under laws now or in the future in force in any other jurisdiction in and to any and all Protected Work, such waiver being given in favour of the
Company, its successors in title and assigns. 

  

	16.7	 You hereby irrevocably appoint the Company to be your attorney to execute and do any such instrument or thing
and generally to use your name for the purpose of giving the Company or its nominee the benefit of this clause 16 and acknowledge in favour of a third party that a certificate in writing signed by any Director or the Company Secretary that any
instrument or act falls within the authority conferred by this clause 16 shall be conclusive evidence that such is the case. 

  

	16.8	 The provisions of this clause 16 will not be affected by the termination of this Contract for whatever reason
and will continue after it ends. 

  

	17.	 Confidentiality 

 

	17.1	 You acknowledge that in the course of the Appointment you will have access to Confidential Information. You
therefore agree to accept the restrictions in this clause 17. 

  

	17.2	 You shall not (except in the proper course of your duties), either during the Appointment or at any time after
its termination (however arising), use or disclose to any person, company or other organisation whatsoever (and shall use your best endeavours to prevent the publication or disclosure of) any Confidential Information. This shall not apply to:

  

	 	17.2.1	 any use or disclosure authorised by the Board in writing or required by law; 

 

	 	17.2.2	 any information which is already in, or comes into, the public domain other than through your unauthorised
disclosure; or 

  

	 	17.2.3	 any protected disclosure within the meaning of section 43A of the Employment Rights Act 1996.

  

	17.3	 You agree that the restrictions set out in this clause 17 are without prejudice to any other duties of
confidentiality owed to the Company or any Group Company whether express or implied and that they shall survive the termination of this Contract for whatever reason and will continue after it ends. 

 

	18.	 Termination 

  

	18.1	 You or the Company may terminate the Appointment on 6 months’ written notice. 

  
 - 14 - 

	18.2	 The Company shall be entitled at its sole and absolute discretion lawfully to terminate your employment at any
time and with immediate effect by written notification to you and to pay within one month following the date of such termination a payment in lieu of notice (PILON) to you. For the avoidance of doubt, the termination of your employment shall be
effective on such written notification and shall not be deferred until the PILON is paid. The total PILON will be equal to the basic salary due under clause 8.1 which you would have been entitled to receive under this Contract during the notice
period referred to at clause 2.1 or 18.1 (or, if notice has already been given, during the remainder of such notice period) (subject to statutory deductions). The PILON shall not include payment in respect of any accrued holiday, contractual
benefits or bonus payments that might otherwise have been payable or due during the notice period. 

  

	18.3	 On termination of the Appointment, for whatever reason, you shall not be entitled to any compensation for the
loss of any rights or benefits under any share option, bonus, long-term incentive plan or other profit sharing scheme operated by the Company or any Group Company in which you may participate. 

 

	18.4	 Upon the termination of your employment with the Company for whatever reason or after notice having been served
at the request of the Company or if you shall cease for any reason to be a director or officer of the Company, you shall forthwith, if so required by the Company resign without any claim for compensation or damages from any office or appointment
held by you in the Company or in any Group Company, and of all other companies of which he shall have been appointed a director or officer by the Company or Group Company by virtue of any right of nomination vested in such member. You hereby
irrevocably authorise the Company to appoint such person in your place and on your behalf to do all such things and execute all such documents which you are obliged to execute and do under this Contract (including without limitation those documents
which may be necessary for, or incidental to, your resignation from office). 

  

	18.5	 You agree that during any period of notice given by either party, you will give to the Company or such person
nominated by it all such assistance and co-operation in effecting a smooth and orderly handover of your duties as the Company may reasonably require. 

 

	18.6	 The Company may at its absolute discretion during any period of notice given by either party:

  

	 	18.6.1	 appoint a person to perform your duties jointly with you or, during any period of garden leave pursuant to
clause 20 and/or during any period of suspension pursuant to clause 24.2, to perform all or some of your duties in your place; and/or 

  

	 	18.6.2	 suspend or cancel your access to the Company’s IT and telephone systems including, but not limited to,
voicemail, email, internet and the Company’s intranet. 

  

	19.	 Summary Termination 

 

	19.1	 The Company is entitled to terminate the Appointment by summary notice in writing and without payment in lieu
of notice if you: 

  

	 	19.1.1	 are guilty of any gross misconduct affecting the business of any Group Company; 

 

	 	19.1.2	 commit any serious breach or repeated or continued (after warning) any material breach of your obligations
under this Contract; 

  
 - 15 - 

	 	19.1.3	 commit (by commission or omission) any act which brings or would tend to bring the Company or any Group Company
into disrepute; 

  

	 	19.1.4	 fail to perform your duties to a satisfactory standard after having received a written warning from the Company
relating to the same; 

  

	 	19.1.5	 are guilty of any dishonesty, gross misconduct or wilful neglect of duty; 

 

	 	19.1.6	 damage Company property maliciously; 

 

	 	19.1.7	 falsify attendance or sickness or other records; 

 

	 	19.1.8	 falsify any data during the course of your employment; 

 

	 	19.1.9	 conduct yourself in a manner materially adverse to the interests of the Company or any Group Company;

  

	 	19.1.10	 are, in the reasonable opinion of the Board, negligent and incompetent in the performance of your duties;

  

	 	19.1.11	 have a bankruptcy order made against you or enter into a voluntary arrangement within the meaning of section
253 Insolvency Act 1986; 

  

	 	19.1.12	 consume or distribute narcotics on Company premises; 

 

	 	19.1.13	 are convicted of any criminal offence (other than an offence under any road traffic legislation in the United
Kingdom or elsewhere for which a fine or non-custodial penalty is imposed) whether or not in the course of your employment; 

 

	 	19.1.14	 are, in the opinion of a medical practitioner who is treating you, physically or mentally incapable of
performing your duties and may remain so for more than three months and the medical practitioner has given a medical opinion to the Board to that effect; 

  

	 	19.1.15	 cease to be eligible to work in the United Kingdom; 

 

	 	19.1.16	 knowingly commit any deliberate act which amounts to discrimination, victimisation or harassment on any
unlawful ground; 

  

	 	19.1.17	 are in breach of the Company’s anti-corruption and bribery policy and related procedures;

  

	 	19.1.18	 are guilty of a serious breach of any rules issued by the Company from time to time regarding its electronic
communications systems; 

  

	 	19.1.19	 are unable by reason of Incapacity to perform his duties under this Contract for an aggregate period of 26
weeks in any 52-week period; or 

  

	 	19.1.20	 commit any other offence of a similar gravity to the examples under this clause 19.1, which are neither
exclusive nor exhaustive. 

  
 - 16 - 

	19.2	 Any delay by the Company in exercising such right of termination shall not constitute a waiver of that right.

  

	19.3	 The termination by the Company of the Appointment pursuant to this clause 19 will be without prejudice to any
claim that the Company may have for damages arising from any breach of this Contract by you that gives rise to such termination. 

  

	20.	 Garden Leave 

  

	20.1	 After notice of termination has been given by either party pursuant to clause 18 provided that the Company
continues to provide you with your normal Salary and benefits under this Contract until the Appointment terminates, the Company may at its absolute discretion without breaking the terms of this contract or giving rise to any claim against the
Company for all or part of your notice period place you on garden leave and:- 

  

	 	20.1.1	 exclude you from the premises of the Company and any Group Company; and/or 

 

	 	20.1.2	 require you to carry out specified duties other than your normal duties or to carry out no duties; and/or

  

	 	20.1.3	 withdraw any powers vested in you; and/or 

 

	 	20.1.4	 instruct you not to communicate orally or in writing with suppliers, customers, employees, agents/or
representatives of the Company or any Group Company until the Appointment has terminated. 

  

	20.2	 During any period of garden leave you shall: 

 

	 	20.2.1	 continue to receive your Salary and all contractual benefits in the usual way and subject to the terms of any
benefit arrangement; 

  

	 	20.2.2	 remain an employee of the Company and bound by the terms of your contract of employment with the Company;

  

	 	20.2.3	 not, without the prior written consent of your Manager, attend your place of work or any other premises of the
Company or any Group Company; 

  

	 	20.2.4	 not, without the prior written consent of your Manager, contact or deal with (or attempt to contact or deal
with) any officer, employee, consultant, client, customer, supplier, agent, distributor, shareholder, adviser or other business contact of the Company or any Group Company; 

 

	 	20.2.5	 (except during any periods taken as holiday in the usual way) ensure that your Manager knows where you will be
and how you can be contacted during each working day and shall comply with any written requests to contact a specified employee of the Company at specified intervals. 

 

	21.	 Restrictions after Employment 

 

	21.1	 You shall not, save in respect of a Permitted Interest or with the prior written consent of the Company, for a
period of 6 months from the Termination Date carry on or be concerned or engaged or interested directly or indirectly (whether as principal, shareholder, partner, employee, officer, agent or otherwise) in any part of any trade or business carried on
within the Restricted Area wholly or partly in competition with the Restricted Business. 

  
 - 17 - 

	21.2	 You shall not for a period of 9 months from the Termination Date, in competition with the Company, either on
your own behalf or on behalf of any person, firm or company in relation to the Restricted Business, directly or indirectly: 

  

	 	21.2.1	 deal with or accept custom from any person, firm or company who was a client or customer of the Company or any
Group Company during the Period with whom you have been actively engaged or involved or of whom you have acquired Confidential Information or trade secrets by virtue of your duties hereunder during the Period; or 

 

	 	21.2.2	 deal with or interfere with any person, firm or company who was a supplier, agent or distributor of the Company
or any Group Company during the Period and in each case with whom you have been actively engaged or involved or of whom you have acquired Confidential Information or trade secrets by virtue of your duties hereunder during the Period; or

  

	 	21.2.3	 deal with or interfere with any company from whom the Company or any Group Company has licensed or acquired
intellectual property. 

  

	21.3	 You shall not for a period of 9 months from the Termination Date, in competition with the Company, either on
your own behalf or on behalf of any person, firm or company in relation to the Restricted Business, directly or indirectly: 

  

	 	21.3.1	 solicit, approach or offer goods or services to or entice away from the Company or any Group Company any
person, firm or company who was a client or customer of the Company or any Group Company during the Period with whom you have been actively engaged or involved or of whom you have acquired Confidential Information or trade secrets by virtue of your
duties hereunder during the Period; 

  

	 	21.3.2	 solicit or approach or offer goods or services to or entice away from the Company or any Group Company any
person, firm or company who was a supplier, agent or distributor of the Company or any Group Company during the Period with whom you has been actively engaged or involved or of whom you have acquired Confidential Information or trade secrets by
virtue of your duties hereunder during the Period; or 

  

	 	21.3.3	 interfere or seek to interfere with the continuance, or any of the terms, of the supply of goods or services to
the Company or any Group Company; 

 PROVIDED THAT nothing contained in clauses 21.1 to 21.3 inclusive shall prohibit you
from carrying out any activities that are not in competition with any part of the business of the Company with which you were involved in the Period. 
  

	21.4	 You shall not for a period of 9 months from the Termination Date either on your own behalf or on behalf of any
person, firm or company directly or indirectly, approach, solicit, endeavour to entice away, employ, offer employment to or procure the employment of any person who is or was a Key Employee with whom you have had dealings during the Period whether
or not such person would commit any breach of his contract of employment by reason of so leaving the service of the Company or otherwise. 

  
 - 18 - 

	21.5	 You shall not, at any time after the Termination Date, either on your own behalf or on behalf of any other
person, firm or company directly or indirectly: 

  

	 	21.5.1	 represent yourself as being in any way connected with or interested in the business of the Company or any Group
Company (other than as a consultant or a member if such be the case) or use any name which is identical or similar to or likely to be confused with the name of the Company or any Group Company or any product or service produced or provided by the
Company or any Group Company or which might suggest a connection with the Company or any Group Company; or 

  

	 	21.5.2	 directly or indirectly make, publish or otherwise communicate any statement whatsoever whether in writing or
otherwise which may have the effect of damaging or lowering the business interests and/or the reputation of the Company or any Group Company or any of its or their former or existing agents, clients, consultants, directors, employees, officers,
share-holders, suppliers or workers (“Relevant Personnel”) and/or which may be disparaging or derogatory to any of the Company or any Group Company or any Relevant Personnel. 

 

	21.6	 The period of the restrictions in clauses 21.1 to 21.4 inclusive shall be reduced by the period, if any, spent
by you during which you are placed on garden leave in accordance with clause 20. 

  

	21.7	 You agree to notify your new employer of the restrictions contained within clauses 21.1 to 21.4 inclusive.

  

	21.8	 You acknowledge that, in the course of your employment, you are likely to have dealings with the clients,
customers, suppliers and other contacts of the Company. You agree that each of the restrictions in clauses 21.1 to 21.4 inclusive is separate and distinct, is to be construed separately from the other restrictions, and is reasonable as regards its
duration, extent and application for the protection of the legitimate business interests of the Company. However, in the event that any such restriction shall be found to be void or unenforceable but would be valid or enforceable if some part or
parts of it were deleted, you agree that such restriction shall apply with such deletions as may be necessary to make it valid and effective. 

  

	22.	 Company Property 

 

	22.1	 All Documents and other property (including mobile telephones, laptop computers and other technical equipment)
provided for your use by the Company, remain the property of the Company or any Group Company. 

  

	22.2	 Any Documents or other property in your possession and or obtained by you in the course of your employment
shall be returned to your Manager at any time on request and in any event prior to the Termination Date. 

  

	22.3	 At any time upon request and in any event prior to the Termination Date you must irretrievably delete any
information relating to the business of the Company or any Group Company stored on any magnetic or optical disk or memory and all matter derived from such sources which is in your possession or under your control outside the Company’s premises.

  
 - 19 - 

	23.	 Grievance Procedure 

The purpose of the grievance procedure is to ensure that any problem, concern or grievance you have about your work, working environment or
working relationships is properly dealt with. The Company’s current grievance procedure, which does not form part of your terms and conditions of employment, is set out in the Company’s Employee Handbook. Should you have any grievance in
relation to the Appointment which you are unable to resolve on an informal basis, you should raise it in the first instance with your Manager. In the event that such grievance is against your Manager, you should raise it in the first instance with
the Chief Executive Officer or General Counsel. 
  

	24.	 Disciplinary Procedure 

 

	24.1	 The purpose of the disciplinary procedure is to ensure that the standards established by the Company’s
rules are maintained and that any alleged failure to observe the Company’s rules is fairly dealt with. The Company’s current disciplinary procedure, which does not form part of your terms and conditions of employment, is set out in the
Company’s Employee Handbook. If you wish to appeal against a disciplinary decision you must do in accordance with the disciplinary procedure to a Director of the Company. 

 

	24.2	 The Company may at any time and from time to time in its discretion suspend you from your duties on payment of
full Salary and/or exclude you from any premises of the Company and/or any Group Company whilst it carries out any investigation or disciplinary process. During any period of suspension: 

 

	 	24.2.1	 you shall continue to receive your basic salary and all contractual benefits in the usual way and subject to
the terms of any benefit arrangement; 

  

	 	24.2.2	 you shall remain an employee of the Company and bound by the terms of this Contract; 

 

	24.3	 you shall ensure that your Manager knows where you will be and how you can be contacted during each working day
(except during any periods taken as holiday in the usual way); 

  

	24.4	 the Company may exclude you from your place of work or any other premises of the Company or any Group Company;
and 

  

	24.5	 the Company may require you not to contact or deal with (or attempt to contact or deal with) any officer,
employee, consultant, client, customer, supplier, agent, distributor, shareholder, adviser or other business contact of the Company or any Group Company. 

  

	25.	 Collective Agreements 

There are no collective agreements affecting your terms and conditions of employment. 

  
 - 20 - 

	26.	 Work outside the United Kingdom 

 

	26.1	 It is not envisaged by the Company that you will be required to travel for work purposes outside the United
Kingdom for any periods longer than one month. 

  

	26.2	 In the event you are required to work outside the United Kingdom for a period of more than one month, the
Company will consult with you and will provide the prescribed information to you. 

  

	27.	 Data Protection 

For the purposes of the General Data Protection Regulation (EU) 2016/679 and the Data Protection Act 2018, you agree that personal data
(including sensitive personal data) relating to you which has been or is in the future obtained by the Company may be held and processed by the Company or any Group Company either by computer or manually for all purposes relating to the performance
of your contract of employment and the Company’s legitimate business needs and legal obligations including, but not limited to the following: 
  

	 	27.1.1	 administering and maintaining the Company’s personnel records; 

 

	 	27.1.2	 paying and reviewing salary and other remuneration and benefits; 

 

	 	27.1.3	 providing and administering benefits (including pension) and Private Medical Health Insurance;

  

	 	27.1.4	 undertaking performance appraisals and reviews and setting performance targets; 

 

	 	27.1.5	 maintaining sickness and other absence records; 

 

	 	27.1.6	 taking decisions as to your fitness for work; 

 

	 	27.1.7	 providing references and information to future employers, and if necessary, governmental and quasi-governmental
bodies for social security and other purposes, and HM Revenue and Customs; 

  

	 	27.1.8	 providing information to future purchasers of the Company or of the business in which you work; and

  

	 	27.1.9	 transferring information concerning you to a country or territory outside the European Economic Area.

  

	28.	 Monitoring 

  

	28.1	 You shall comply with any electronic communication systems policies that the Company may issue from time to
time. 

  

	28.2	 To ensure regulatory compliance and for the protection of its workers, clients/customers and business, the
Company reserves the right to monitor, intercept, review and access any communication facilities provided by the Company or any Group Company that you may use during the Appointment. The Company will use this right of access reasonably but it is
important that you are aware that communications and activities on the equipment or premises of the Company and any Group Company cannot be presumed to be private. You consent to the Company and/or any Group Company and its or their duly authorised
agents and employees using surveillance equipment. 

  
 - 21 - 

	29.	 Rules, Policies and Procedures 

You must comply at all times with all the rules, policies and procedures introduced by the Company from time to time, including but not limited
to any contained in the Company’s Employee Handbook. For the avoidance of doubt such rules, policies and procedures are not incorporated by reference into this Contract and they can be changed, replaced or withdrawn at any time at the
discretion of the Company. Breach of Company rules, policies or procedures may result in disciplinary action. 
  

	30.	 Health and Safety 

All employees and workers have a duty in law to act responsibly and to take reasonable care for the health and safety at work of both
themselves and their colleagues. This duty can be carried out by: 
  

	 	(a)	 working safely and efficiently; 

 

	 	(b)	 using any protective equipment provided and meeting statutory obligations; 

 

	 	(c)	 adhering to the Company procedures for securing a safe workplace. 

Further provisions relating to health and safety can be found in the Employee Handbook. 

 

	31.	 Contracts (Rights of Third Parties) Act 1999 

The Company or any Group Company may enforce the terms of this Contract and the Contracts (Rights of Third Parties) Act 1999 shall apply
accordingly except that the consent of such Group Companies will not be required to vary or rescind the terms of the Contract. 
  

	32.	 Governing Law 

This Contract shall be interpreted and construed in accordance with the laws of England and shall be subject to the jurisdiction of the English
courts. 
  

	33.	 Jurisdiction 

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

	34.	 Changes to your Terms of Employment 

The Company reserves the right to make reasonable changes to any of your terms of employment. You will be notified in writing of any change as
soon as possible and in any event within one month of the change. 

  
 - 22 - 

	35.	 Notices 

  

	35.1	 Any notice or other communication given or made under this Contract must be in writing and delivered to the
relevant party (including by hand or special delivery) or sent by first class post to the address of that party specified in this Contract or such other address as may be notified by that party from time to time for this purpose, and shall be
effective notwithstanding any change of address not so notified. 

  

	35.2	 Unless the contrary shall be proven, each such notice or communication shall be deemed to have been given or
made, if sent by first class post, 48 hours after posting and, if delivered by hand, at the time of such delivery. 

  

	36.	 Entire Agreement 

 

	36.1	 This Contract constitutes the entire agreement between the parties and supersedes and extinguishes all previous
agreements, promises, assurances, warranties, representations and understandings between them, whether written or oral, relating to its subject matter. 

  

	36.2	 Each party acknowledges that in entering into this Contract it does not rely on, and shall have no remedies in
respect of, any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in this Contract. 

  

	36.3	 Each party agrees that it shall have no claim for innocent or negligent misrepresentation or negligent
misstatement based on any statement in this Contract. 

  

	36.4	 Nothing in this clause shall limit or exclude any liability for fraud. 

 

	37.	 Counterparts 

  

	37.1	 This Contract may be executed in any number of counterparts, each of which when executed and delivered shall
constitute a duplicate original, but all the counterparts shall together constitute the one agreement. 

  

	37.2	 No counterpart shall be effective until each party has executed and delivered at least one counterpart.

  
 - 23 - 

	38.	 General 

You hereby irrevocably and by way of security appoint each director of the Company from time to time, jointly and severally, to be your
attorney in your name and on your behalf and as your act and deed to sign, execute and do all acts, things and documents which you are obliged to execute and do under the provisions of this Contract (including, but not limited to clause 16.4) and
you hereby agree immediately on the request of the Company to ratify and confirm all such acts, things and documents signed, executed or done in the pursuance of this power. 

This document has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it. 

 

					
	 Signed by MEREO BIOPHARMA
 GROUP
PLC acting by:
	 		  	  

			
	in the presence of	 		  	  
 Signature of witness

 
 Name of witness

 
 Address of witness

			
	 Signed as a deed by
	 		  	
			
	 CHRISTINE FOX
	 		  	  

			
	in the presence of	 		  	  
 Signature of witness

 
 Name of witness

 
 Address of witness

  
 - 24 - 

 SCHEDULE I 

WRITTEN JOB DESCRIPTION 
  

			
	JOB TITLE:	  	Chief Financial Officer
		
	DEPARTMENT:	  	Finance
		
	REPORTING TO:	  	Chief Executive Officer
		
	ROLE:	  	

  
 RESPONSIBILITIES
and DUTIES 

  
 - 25 -EX-4.27

 Exhibit 4.27 

EMPLOYMENT AGREEMENT 

This Employment Agreement (the “Agreement”), is entered into effective as of July 1, 2020 (the
“Effective Date”), by and between Mereo BioPharma Group plc, a company incorporated in England and Wales (the “Company”) and John Lewicki, Ph.D. (“Executive” and, together with
the Company, the “Parties”). 
 WHEREAS, the Company desires to assure itself of the services of
Executive by engaging Executive to perform services as an employee of the Company under the terms hereof; and 
 WHEREAS, Executive
desires to provide services to the Company on the terms herein provided. 
 NOW, THEREFORE, in consideration of the foregoing, and
for other good and valuable consideration, including the respective covenants and agreements set forth below, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: 

1. Employment. 

(a) General. The Company shall employ Executive upon the terms and conditions provided herein effective as of the Effective Date.

 (b) Position and Duties. Effective as of the Effective Date, Executive: (i) shall serve as Chief Scientific Officer of
the Company, with responsibilities, duties, and authority usual and customary for such position, subject to direction by the Chief Executive Officer of the Company (the “CEO”); (ii) shall report directly to the CEO; and
(iii) agrees promptly and faithfully to comply with all present and future policies, requirements, rules and regulations, and reasonable directions and requests, of the Company in connection with the business of the Company. At the request of
the Company, Executive shall serve the Company and/or its subsidiaries and affiliates in such other capacities in addition to the foregoing as the Company shall designate, provided that such additional capacities are consistent with Executive’s
position as the Chief Scientific Officer of the Company. In the event that Executive serves in any one or more of such additional capacities, Executive’s compensation shall not automatically be increased on account of such additional service.

 (c) Principal Office. Executive shall perform services for the Company at the Company’s offices located in Redwood
City, California, such other location as the Company shall determine, including in connection with the anticipated relocation of such offices from Redwood City, California, or with the Company’s consent, at any other place in connection with
the fulfillment of Executive’s role with the Company (including, without limitation, from Executive’s home office combined with travel to the Company’s offices); provided, however, that the Company may from time to time require
Executive to travel temporarily to other locations in connection with the Company’s business. 

  
 1 

 (d) Exclusivity. Except with the prior written approval of the CEO (which the
CEO may grant or withhold in the CEO’s sole and absolute discretion), Executive shall devote approximately 60% of Executive’s working time, attention, and energies to the business of the Company, except during any paid vacation or other
excused absence periods. Any increase or decrease to Executive’s working time shall be mutually agreed in writing with the CEO. Notwithstanding the foregoing, Executive may, without violating this Section 1(d), (i) as a passive investment,
own publicly traded securities in such form or manner as will not require any services by Executive in the operation of the entities in which such securities are owned; (ii) engage in charitable and civic activities; or (iii) engage in
other personal passive investment activities, in each case, so long as such interests or activities do not materially interfere to the extent such activities do not, individually or in the aggregate, interfere with or otherwise prevent the
performance of Executive’s duties and responsibilities hereunder. Executive may also serve as a member of the board of directors or board of advisors of another organization provided (i) such organization is not a competitor of the
Company; (ii) Executive receives prior written approval from the CEO; and (iii) such activities do not individually or in the aggregate interfere with the performance of Executive’s duties under this Agreement, violate the
Company’s standards of conduct then in effect, or raise a conflict under the Company’s conflict of interest policies. 
 2.
Term. The period of Executive’s employment under this Agreement shall commence on the Effective Date and shall continue until Executive’s employment with the Company is terminated pursuant to Section 5. The phrase
“Term” as used in this Agreement shall refer to the entire period of employment of Executive by the Company. 
 3.
Compensation and Related Matters. 
 (a) Annual Base Salary. During the Term, Executive shall receive a base salary at the
rate of $216,000 per year, which has already been discounted to reflect Executive’s part-time status, (as may be increased from time to time, the “Annual Base Salary”), subject to withholdings and deductions,
which shall be paid to Executive in accordance with the customary payroll practices and procedures of the Company and pro-rated for any partial employment with the Company during the calendar year. Such Annual
Base Salary shall be reviewed by the CEO, and, as applicable, the Board of Directors of the Company (the “Board”) and/or a committee thereof, not less than annually. 

(b) Annual Bonus. Executive shall be eligible to receive a discretionary annual bonus based on Executive’s achievement of
performance objectives established by the Board, a committee thereof and/or the CEO, such bonus to be targeted at 40% of Executive’s Annual Base Salary (the “Annual Bonus”). Any Annual Bonus approved by the Board, a
committee thereof and/or the CEO shall be paid at the same time annual bonuses are paid to other executives of the Company generally, subject to Executive’s continuous employment through the date of payment (and Executive not having given
notice of intent to terminate Executive’s employment with the Company). Executive’s Annual Bonus, if earned, for the year in which the Effective Date occurs shall be pro-rated for Executive’s
partial year of employment based on the number of days that Executive is employed by the Company during the calendar year in which the Effective Date occurs. 

(c) Benefits. Executive shall be entitled to participate in such employee and executive benefit plans and programs as the Company
may from time to time offer to provide to its executives, subject to the terms and conditions of such plans. Notwithstanding the foregoing, nothing herein is intended, or shall be construed, to require the Company to institute or continue any
particular plan or benefit. 

  
 2 

 (d) Business Expenses. The Company shall reimburse Executive for all
reasonable, documented, out-of-pocket travel and other business expenses incurred by Executive in the performance of Executive’s duties to the Company in accordance
with the Company’s applicable expense reimbursement policies and procedures as are in effect from time to time. 
 (e)
Vacation. Executive will be entitled to paid vacation in accordance with the Company’s vacation policy, as in effect from time to time. 

4. Equity Awards. Subject to approval by the Board, the Company shall grant to Executive an option (the
“Option”) to purchase 100,000 American Depositary Shares (“ADSs”) of the Company at an exercise price per share equal to the closing price per share of the ADSs on the date of grant, or if the date of
grant is not a trading day, on the most recent trading day before the date of grant. The Option will vest as to 1/4th of the ADSs subject to the Option on the first anniversary of the grant (the
“First Year Anniversary”), and as to the remaining ADSs in equal monthly installments over the three year period following the First Year Anniversary, subject to Executive’s continued service to the Company or an
affiliate thereof on each applicable vesting date. The Option subject to the terms and conditions of the Company’s 2019 Equity Incentive Plan and an award agreement to be entered into between Executive and the Company (collectively, the
“Equity Documents”). 
 5. Termination.

(a) At-Will Employment. The Company and Executive acknowledge that Executive’s
employment is and shall continue to be at-will, as defined under applicable law. This means that it is not for any specified period of time and, subject to any ramifications under Section 6 of this
Agreement, can be terminated by Executive or by the Company at any time, with or without advance notice, and for any or no particular reason or cause. It also means that Executive’s job duties, title, and responsibility and reporting level,
work schedule, compensation, and benefits, as well as the Company’s personnel policies and procedures, may be changed with prospective effect, with or without notice, at any time in the sole discretion of the Company (subject to any
ramification such changes may have under Section 6 of this Agreement). This “at-will” nature of Executive’s employment shall remain unchanged during Executive’s tenure as an employee
and may not be changed, except in an express writing signed by Executive and a duly-authorized officer of the Company. If Executive’s employment terminates for any lawful reason, Executive shall not be entitled to any payments, benefits,
damages, award, or compensation other than as provided in this Agreement. 
 (b) Notice of Termination. During the Term, any
termination of Executive’s employment by the Company or by Executive (other than by reason of death) shall be communicated by written notice (a “Notice of Termination”) from one Party hereto to the other Party hereto
(i) indicating the specific termination provision in this Agreement relied upon, if any, (ii) setting forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under
the provision so indicated, and (iii) specifying the Date of Termination (as defined below). The failure by the Company to set forth in the Notice of Termination all of the facts and circumstances which contribute to a showing of Cause (as
defined below) shall not waive any right of the Company hereunder or preclude the Company from asserting such fact or circumstance in enforcing its rights hereunder. 

  
 3 

 (c) Date of Termination. For purposes of this Agreement, “Date of
Termination” shall mean the date of the termination of Executive’s employment with the Company specified in a Notice of Termination. 

(d) Deemed Resignation. Upon termination of Executive’s employment for any reason, Executive shall be deemed to have
resigned from all offices and board memberships, if any, then held with the Company or any of its affiliates, and, at the Company’s request, Executive shall execute such documents as are necessary or desirable to effectuate such resignations.

 6. Consequences of Termination. 

(a) Payments of Accrued Obligations upon all Terminations of Employment. Upon a termination of Executive’s employment for
any reason, Executive (or Executive’s estate or legal representative, as applicable) shall be entitled to receive, within 30 days after Executive’s Date of Termination (or such earlier date as may be required by applicable law): (i) any
portion of Executive’s Annual Base Salary earned through Executive’s Date of Termination not theretofore paid, (ii) any expenses owed to Executive under Section 3, (iii) any accrued but unused paid
time-off owed to Executive, and (iv) any amount arising from Executive’s participation in, or benefits under, any employee benefit plans, programs, or arrangements under Section 3, which amounts
shall be payable in accordance with the terms and conditions of such employee benefit plans, programs, or arrangements. Except as otherwise set forth in Sections 6(b) and (c), the payments and benefits described in this Section 6(a) shall be
the only payments and benefits payable in the event of Executive’s termination of employment for any reason. 
 (b) Severance
Payments upon Covered Termination Outside a Change in Control Period. If, during the Term, Executive experiences a Covered Termination outside of a Change in Control Period (each as defined below), then in addition to the payments and benefits
described in Section 6(a), the Company shall, subject to Executive’s delivery to the Company of a waiver and release of claims agreement substantially in the form of Exhibit A hereto (but updated to the extent deemed by the Company
to be necessary to reflect any changes in applicable law) (the “Release”) that becomes effective and irrevocable in accordance with Section 10(d) and subject to Executive’s continued compliance with the
Confidentiality Agreement (as defined below), provide Executive with the following: 
 (i) The Company shall continue
to pay Executive the Annual Base Salary at the rate in effect immediately prior to the Date of Termination during the period of time commencing on the Date of Termination and ending on the six (6)-month anniversary thereof, payable in substantially
equal installments in accordance with the Company’s standard payroll policies, less applicable withholdings, with such installments to commence on the first payroll date following the date the Release becomes effective and irrevocable and the
first installment to include any amount that would have been paid had the Release been effective and irrevocable on the Date of Termination. 

  
 4 

 (ii) During the period commencing on the Date of Termination and
ending on the six (6)-month anniversary thereof or, if earlier, the date on which Executive becomes eligible for comparable replacement coverage under a subsequent employer’s group health plan (in any case, the “Non-CIC COBRA Period”), subject to Executive’s valid election to continue healthcare coverage under Section 4980B of the Internal Revenue Code of 1986, as amended (the
“Code”) and the regulations thereunder, the Company shall, in its sole discretion, either (A) continue to provide to Executive and Executive’s dependents, at the Company’s sole expense, or (B) reimburse
Executive and Executive’s dependents for coverage under its group health plan (if any) at the same levels in effect on the Date of Termination; provided, however, that if (1) any plan pursuant to which such benefits are provided is
not, or ceases prior to the expiration of the continuation coverage period to be, exempt from the application of Section 409A under Treasury Regulation Section 1.409A-1(a)(5), (2) the Company is
otherwise unable to continue to cover Executive or Executive’s dependents under its group health plans, or (3) the Company cannot provide the benefit without violating applicable law (including, without limitation, Section 2716 of the
Public Health Service Act), then, in any such case, an amount equal to each remaining Company subsidy shall thereafter be paid to Executive in substantially equal monthly installments over the Non-CIC COBRA
Period (or remaining portion thereof). 
 (c) Severance Payments upon Covered Termination During a Change in Control Period.
If, during the Term, Executive experiences a Covered Termination during a Change in Control Period, then, in addition to the payments and benefits described in Section 6(a) (and in lieu of any payments and benefits set forth in
Section 6(b)), the Company shall, subject to Executive’s delivery to the Company of the Release that becomes effective and irrevocable in accordance with Section 10(d) and subject to Executive’s continued compliance with the
Confidentiality Agreement, provide Executive with the following: 
 (i) The Company shall pay to Executive an amount
equal to Executive’s Annual Base Salary as in effect immediately prior to the Date of Termination. Such amount will be subject to applicable withholdings and payable in a single lump sum cash payment on the first regular payroll date following
the date the Release becomes effective and irrevocable in accordance with Section 10(d). 
 (ii) During the
period commencing on the Date of Termination and ending on the first anniversary thereof or, if earlier, the date on which Executive becomes eligible for comparable replacement coverage under a subsequent employer’s group health plan (in any
case, the “CIC COBRA Period”), subject to Executive’s valid election to continue healthcare coverage under Section 4980B of the Code and the regulations thereunder, the Company shall, in its sole discretion, either
(A) continue to provide to Executive and Executive’s dependents, at the Company’s sole expense, or (B) reimburse Executive and Executive’s dependents for coverage under its group health plan (if any) at the same levels in
effect on the Date of Termination; provided, however, that if (1) any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the continuation coverage period to be, exempt from the application of
Section 409A under Treasury Regulation Section 1.409A-1(a)(5), (2) the Company is otherwise unable to continue to cover Executive or Executive’s dependents under its group health plans, or
(3) the Company cannot provide the benefit without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then, in any such case, an amount equal to each remaining Company subsidy shall
thereafter be paid to Executive in substantially equal monthly installments over the CIC COBRA Period (or remaining portion thereof). 

  
 5 

 (iii) Cause any unvested equity awards that vest solely based on the
passage of time, including any stock options or restricted stock awards, held by Executive as of the Date of Termination, to become fully vested and, if applicable, exercisable, and cause all restrictions and rights of repurchase on such awards to
lapse with respect to all of the ADSs or ordinary shares of the Company subject thereto. 
 (d) No Other Severance. Except as
otherwise approved by the Board, the provisions of this Section 6 shall supersede in their entirety any severance payment provisions in any severance plan, policy, program, or other arrangement maintained by the Company. 

(e) No Requirement to Mitigate; Survival. Executive shall not be required to mitigate the amount of any payment provided for
under this Agreement by seeking other employment or in any other manner. Notwithstanding anything to the contrary in this Agreement, the termination of Executive’s employment shall not impair the rights or obligations of any Party. 

(f) Definition of Cause. For purposes hereof, “Cause” shall mean any one of the following:
(i) Executive engaging in any act of theft or fraud concerning, or misappropriation of, funds or other assets of the Company or any of its affiliates, or other acts of dishonesty, willful misconduct or gross negligence involving the property or
affairs of the Company or its affiliates; (ii) a conviction (by trial, upon a plea or otherwise) of Executive or the admission of guilt via nolo contendere by Executive of any felony or misdemeanor involving moral turpitude;
(iii) Executive’s willful violation of any material policy or procedure of the Company; (iv) Executive’s material breach of the fiduciary duties owed by an officer of the Company to the Company under applicable law;
(v) Executive’s willful failure (other than due to mental or physical incapacity) or refusal to obey and execute all reasonable and lawful directions given by or under the authority of the Company; (vi) Executive’s willful and
material breach of any of the terms and conditions of this Agreement; (vii) Executive’s willful and material breach of any restrictive covenants by which Executive is bound under this Agreement or any other agreement with the Company or
any of its affiliates. Notwithstanding the foregoing, if there exists a circumstance that constitutes “Cause” as set forth above which is capable of being cured by Executive, the Company will promptly notify Executive in writing of such
event (which notification shall specify in reasonable detail the conduct that the Company alleges to constitute Cause and the specific actions, if any, which the Company believes Executive must take to cure such events or conditions) and Executive
will have 30 days from the date such written notice is given to cure such events (if curable), and, if cured, such events or conditions will be deemed not to constitute Cause hereunder. For the purposes of this definition, no act or failure to act
on Executive’s part shall be considered “willful” unless it is done or omitted to be done by Executive in bad faith and without reasonable belief that the act or failure to act was in the best interest of the Company. 

  
 6 

 (g) Definition of Change in Control. “Change in
Control” means (i) the acquisition by any person or group of affiliated or associated persons of more than fifty percent (50%) of the outstanding capital stock of the Company or voting securities representing more than fifty
percent (50%) of the total voting power of outstanding securities of the Company; (ii) the consummation of a sale, exclusive license or other disposition of all or substantially all of the assets of the Company to a third party; (iii) the
consummation of any merger involving the Company in which, immediately after giving effect to such merger, less than a majority of the total voting power of outstanding stock of the surviving or resulting entity is then “beneficially
owned” (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended) in the aggregate by the shareholders of the Company, as applicable, immediately prior to such merger. For
the avoidance of doubt and notwithstanding anything herein to the contrary, in no event shall a transaction constitute a “Change in Control” if: (A) its sole purpose is to change the jurisdiction of the Company’s incorporation;
(B) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction; or (C) it is effected primarily for the
purpose of financing the Company with cash (as determined by the Board without regard to whether such transaction is effectuated by a merger, equity financing, or otherwise). Notwithstanding the foregoing, if a Change in Control would give rise to a
payment or settlement event that constitutes “nonqualified deferred compensation,” the transaction or event constituting the Change in Control must also constitute a “change in control event” (as defined in Treasury Regulation §1.409A-3(i)(5)) in order to give rise to the payment or settlement event, to the extent required by Section 409A. 

(h) Definition of Change in Control Period. For purposes hereof, “Change in Control Period” shall mean
the period commencing on a Change in Control and ending 12 months after such Change in Control. 
 (i) Definition of Covered
Termination. For purposes hereof, “Covered Termination” shall mean the termination of Executive’s employment by the Company without Cause or by Executive for Good Reason, and shall not include a termination due to
Executive’s death or disability. 
 (j) Definition of Good Reason. For purposes hereof, “Good
Reason” means Executive’s resignation from employment with the Company after the occurrence, without Executive’s written consent, of any of the following: (i) a material reduction in Executive’s authorities, duties
and responsibilities; (ii) a material reduction by the Company in Executive’s base salary from Executive’s base salary in effect immediately prior to such reduction, except in connection with a reduction in salary affecting all senior
management employees of the Company; or (iii) a relocation of Executive’s office that increases Executive’s one-way commute by more than thirty-five (35) miles (not including any travel
required under this Agreement, including, without limitation, from Executive’s home office to the Company’s offices in the Bay Area), provided that the requirement that Executive relocate in connection with the relocation of the
Company’s offices from Redwood City, California shall not constitute “Good Reason” for purposes of this Agreement, except that required travel on the Company’s business to an extent substantially consistent with Executive’s
historical business travel obligations shall not be considered a relocation. Notwithstanding the foregoing, a resignation shall not be for “Good Reason” unless the event or condition giving rise to such resignation continues more than
thirty (30) days following Executive’s written notice of such condition provided to the Company within sixty (60) days of the first occurrence of such event or condition and such resignation is effective within thirty (30) days
following the end of such notice period. 

  
 7 

 7. Assignment and Successors. The Company shall assign its rights and obligations
under this Agreement to any successor to all or substantially all of the business or the assets of the Company (by merger or otherwise). This Agreement shall be binding upon and inure to the benefit of the Company, Executive, and their respective
successors, assigns, personnel, and legal representatives, executors, administrators, heirs, distributees, devisees, and legatees, as applicable. None of Executive’s rights or obligations may be assigned or transferred by Executive, other than
Executive’s rights to payments hereunder, which may be transferred only by will, operation of law, or as otherwise provided herein. 

8. Miscellaneous Provisions. 

(a) Confidentiality Agreement. As a condition to the effectiveness of this Agreement, Executive will execute and deliver to the
Company contemporaneously herewith the Employee Proprietary Information and Inventions Assignment Agreement attached hereto as Exhibit B (the “Confidentiality Agreement”). Executive agrees to abide by the terms of the
Confidentiality Agreement, which are hereby incorporated by reference into this Agreement. Executive acknowledges that the provisions of the Confidentiality Agreement will survive the termination of Executive’s employment and the termination of
the Term for the periods set forth in the Confidentiality Agreement. 
 (b)
Non-Solicitation of Employees. For a period of one year following Executive’s Date of Termination, Executive shall not, either directly or indirectly (i) solicit for employment by any
individual, corporation, firm, or other business, any employees, consultants, independent contractors, or other service providers of the Company or any of its affiliates, or (ii) solicit any employee or consultant of the Company or any of its
affiliates to leave the employment or consulting of or cease providing services to the Company or any of its affiliates; provided, however, that the foregoing clauses (i) and (ii) shall not apply to a general advertisement or
solicitation (or any hiring pursuant to such advertisement or solicitation) that is not specifically targeted to such employees or consultants. 

(c) Governing Law. This Agreement shall be governed, construed, interpreted, and enforced in accordance with its express terms,
and otherwise in accordance with the substantive laws of the State of California, without giving effect to any principles of conflicts of law, whether of the State of California or any other jurisdiction, and where applicable, the laws of the United
States, that would result in the application of the laws of any other jurisdiction. 
 (d) Validity. The invalidity or
unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 

(e) Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but
all of which together will constitute one and the same Agreement. Signatures delivered by facsimile shall be deemed effective for all purposes. 

  
 8 

 (f) Entire Agreement. The terms of this Agreement, together with the
Confidentiality Agreement and the Equity Documents, are intended by the Parties to be the final expression of their agreement with respect to the employment of Executive by the Company and supersede all prior understandings and agreements, whether
written or oral, regarding Executive’s service to the Company. The Parties further intend that this Agreement, together with the Confidentiality Agreement and the Equity Documents, shall constitute the complete and exclusive statement of their
terms and that no extrinsic evidence whatsoever may be introduced in any judicial, administrative, or other legal proceeding to vary the terms of this Agreement or the Confidentiality Agreement. Notwithstanding the foregoing, in the event of any
conflict between the terms of the Confidentiality Agreement and the terms of this Agreement, the terms of this Agreement shall prevail. 

(g) Amendments; Waivers. This Agreement may not be modified, amended, or terminated except by an instrument in writing signed by
Executive and a duly authorized representative of the Company. By an instrument in writing similarly executed, Executive or a duly authorized officer of the Company, as applicable, may waive compliance by the other Party with any specifically
identified provision of this Agreement that such other Party was or is obligated to comply with or perform; provided, however, that such waiver shall not operate as a waiver of, or estoppel with respect to, any other or subsequent
failure. No failure to exercise and no delay in exercising any right, remedy, or power hereunder shall preclude any other or further exercise of any other right, remedy, or power provided herein or by law or in equity. 

(h) Dispute Resolution. To ensure the timely and economical resolution of disputes that arise in connection with this Agreement,
Executive and the Company agree that, except as excluded herein, any and all controversies, claims and disputes arising out of or relating to this Agreement, including without limitation any alleged violation of its terms or otherwise arising out of
the Parties’ relationship, shall be resolved solely and exclusively by final and binding arbitration held in San Mateo County, California through JAMS in conformity with the then-existing JAMS employment arbitration rules, which can be found at
https://www.jamsadr.com/rules-employment-arbitration/. The Federal Arbitration Act, 9 U.S.C. §§ 1 et seq. shall govern the interpretation and enforcement of this arbitration clause. All remedies available from a court of competent
jurisdiction shall be available in the arbitration; provided, however, in the event of a breach of Sections 8(a) or 8(b), the Company may request relief from a court of competent jurisdiction if such relief is not available or not available in a
timely fashion through arbitration as determined by the Company. The arbitrator shall: (a) provide adequate discovery for the resolution of the dispute; and (b) issue a written arbitration decision, to include the arbitrator’s
essential findings and conclusions and a statement of the award. The arbitrator shall award the prevailing Party attorneys’ fees and expert fees, if any. Notwithstanding the foregoing, it is acknowledged that it will be impossible to measure in
money the damages that would be suffered if the Parties fail to comply with any of the obligations imposed on them under Sections 8(a) and 8(b), and that in the event of any such failure, an aggrieved person will be irreparably damaged and will not
have an adequate remedy at law. Any such person shall, therefore, be entitled to seek injunctive relief, including specific performance, to enforce such obligations, and if any action shall be brought in equity to enforce any of the provisions of
Sections 8(a) and 8(b), none of the Parties shall raise the defense, without a good faith basis for raising such defense, that there is an adequate remedy at law. Executive and the Company understand that by agreement to arbitrate any claim pursuant
to this 

  
 9 

 
Section 8(h), they will not have the right to have any claim decided by a jury or a court, but shall instead have any claim decided through arbitration. Executive and the Company waive any
constitutional or other right to bring claims covered by this Agreement other than in their individual capacities. Except as may be prohibited by applicable law, the foregoing waiver includes the ability to assert claims as a plaintiff or class
member in any purported class or collective action or representative proceeding. Nothing herein shall limit Executive’s ability to pursue claims for workers compensation or unemployment benefits or pursue other claims which by law cannot be
subject to mandatory arbitration. 
 (i) Enforcement. If any provision of this Agreement is held to be illegal, invalid, or
unenforceable under present or future laws, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision had never comprised a portion of this Agreement; and the
remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance from this Agreement. Furthermore, in lieu of such illegal, invalid, or
unenforceable provision there shall be added automatically as part of this Agreement a provision as similar in terms to such illegal, invalid, or unenforceable provision as may be possible and be legal, valid, and enforceable. 

(j) Withholding. The Company shall be entitled to withhold from any amounts payable under this Agreement any federal, state,
local, or foreign withholding or other taxes or charges which the Company is required to withhold. The Company shall be entitled to rely on an opinion of counsel if any questions as to the amount or requirement of withholding shall arise. 

(k) Whistleblower Protections and Trade Secrets. Notwithstanding anything to the contrary contained herein, nothing in this
Agreement prohibits Executive from reporting possible violations of federal law or regulation to any United States governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities
Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or regulation (including the right to receive an award for information provided to any such
government agencies). Furthermore, in accordance with 18 U.S.C. § 1833, notwithstanding anything to the contrary in this Agreement: (i) Executive shall not be in breach of this Agreement, and shall not be held criminally or civilly liable
under any federal or state trade secret law (x) for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected
violation of law, or (y) for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; and (ii) if Executive files a lawsuit for retaliation by
the Company for reporting a suspected violation of law, Executive may disclose the trade secret to Executive’s attorney, and may use the trade secret information in the court proceeding, if Executive files any document containing the trade
secret under seal, and does not disclose the trade secret, except pursuant to court order. 

  
 10 

 9. Golden Parachute Excise Tax. 

(a) Best Pay. Any provision of this Agreement to the contrary notwithstanding, if any payment or benefit Executive would receive
from the Company pursuant to this Agreement or otherwise (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but for this sentence, be
subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment will be equal to the Reduced Amount (as defined below). The “Reduced Amount” will be either
(A) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being subject to the Excise Tax or (B) the entire Payment, whichever amount after taking into account all applicable federal, state,
and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate, net of the maximum reduction in federal income taxes which could be obtained from a deduction of such state and local taxes), results
in Executive’ s receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in a Payment is
required pursuant to the preceding sentence and the Reduced Amount is determined pursuant to clause (A) of the preceding sentence, the reduction shall occur in the manner (the “Reduction Method”) that results in the
greatest economic benefit for Executive. If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata (the “Pro Rata Reduction Method”). Notwithstanding the
foregoing, if the Reduction Method or the Pro Rata Reduction Method would result in any portion of the Payment being subject to taxes pursuant to Section 409A (as defined below) that would not otherwise be subject to taxes pursuant to
Section 409A, then the Reduction Method and/or the Pro Rata Reduction Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to Section 409A as follows: (1) as a first priority, the modification
shall preserve to the greatest extent possible, the greatest economic benefit for Executive as determined on an after-tax basis; (2) as a second priority, Payments that are contingent on future events
(e.g., being terminated without cause), shall be reduced (or eliminated) before Payments that are not contingent on future events; and (3) as a third priority, Payments that are “deferred compensation” within the meaning of
Section 409A shall be reduced (or eliminated) before Payments that are not deferred compensation within the meaning of Section 409A. 

(b) Accounting Firm. The accounting firm engaged by the Company for general tax purposes as of the day prior to the Change in
Control will perform the calculations set forth in Section 9(a). If the firm so engaged by the Company is serving as the accountant or auditor for the acquiring company, the Company will appoint a nationally recognized accounting firm to make
the determinations required hereunder. The Company will bear all expenses with respect to the determinations by such firm required to be made hereunder. The accounting firm engaged to make the determinations hereunder will provide its calculations,
together with detailed supporting documentation, to the Company within 30 days before the consummation of a Change in Control (if requested at that time by the Company) or such other time as requested by the Company. If the accounting firm
determines that no Excise Tax is payable with respect to a Payment, either before or after the application of the Reduced Amount, it will furnish the Company with documentation reasonably acceptable to the Company that no Excise Tax will be imposed
with respect to such Payment. Any good faith determinations of the accounting firm made hereunder will be final, binding and conclusive upon the Company and Executive. 

  
 11 

 10. Section 409A. 

(a) General. The intent of the Parties is that the payments and benefits under this Agreement comply with or be exempt from
Section 409A of the Code and the Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date,
(“Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. Notwithstanding any provision of this Agreement to the
contrary, if the Company determines that any compensation or benefits payable under this Agreement may be subject to Section 409A, the Company shall work in good faith with Executive to adopt such amendments to this Agreement or adopt other
policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Company determines are necessary or appropriate to avoid the imposition of taxes under Section 409A, including,
without limitation, actions intended to (i) exempt the compensation and benefits payable under this Agreement from Section 409A, and/or (ii) comply with the requirements of Section 409A; however, this Section 10(a) shall not
create an obligation on the part of the Company to adopt any such amendment, policy or procedure or take any such other action, nor shall the Company (A) have any liability for failing to do so, or (B) incur or indemnify Executive for any
taxes, interest or other liabilities arising under or by operation of Section 409A. 
 (b) Separation from Service,
Installments and Reimbursements. Notwithstanding any provision to the contrary in this Agreement: (i) no amount that constitutes “deferred compensation” under Section 409A shall be payable pursuant to Section 6
unless the termination of Executive’s employment constitutes a “separation from service” within the meaning of Section 1.409A-1(h) of the Department of Treasury Regulations
(“Separation from Service”); (ii) for purposes of Section 409A, Executive’s right to receive installment payments shall be treated as a right to receive a series of separate and distinct payments; and (iii) to
the extent that any reimbursement of expenses or in-kind benefits constitutes “deferred compensation” under Section 409A, such reimbursement or benefit shall be provided no later than December
31st of the year following the year in which the expense was incurred. The amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year.
The amount of any in-kind benefits provided in one year shall not affect the amount of in-kind benefits provided in any other year. 

(c) Specified Employee. Notwithstanding anything in this Agreement to the contrary, if Executive is deemed by the Company at the
time of Executive’s Separation from Service to be a “specified employee” for purposes of Section 409A, to the extent delayed commencement of any portion of the benefits to which Executive is entitled under this Agreement is
required in order to avoid a prohibited distribution under Section 409A, such portion of Executive’s benefits shall not be provided to Executive prior to the earlier of (i) the expiration of the
six-month period measured from the date of Executive’s Separation from Service with the Company or (ii) the date of Executive’s death. Upon the first business day following the expiration of the
applicable Section 409A period, all payments deferred pursuant to the preceding sentence shall be paid in a lump sum to Executive (or Executive’s estate or beneficiaries), and any remaining payments due to Executive under this Agreement
shall be paid as otherwise provided herein. 

  
 12 

 (d) Release. Notwithstanding anything to the contrary in this Agreement, to
the extent that any payments due under this Agreement as a result of Executive’s termination of employment are subject to Executive’s execution and delivery of the Release, (i) if Executive fails to execute the Release on or prior to
the Release Expiration Date (as defined below) or timely revokes Executive’s acceptance of the Release thereafter, Executive shall not be entitled to any payments or benefits otherwise conditioned on the Release, and (ii) in any case where
Executive’s Date of Termination and the Release Expiration Date fall in two separate taxable years, any payments required to be made to Executive that are conditioned on the Release and are treated as nonqualified deferred compensation for
purposes of Section 409A shall be made in the later taxable year. For purposes of this Section 10(d), “Release Expiration Date” shall mean the date that is 21 days following the date upon which the Company delivers
the Release to Executive, or, in the event that Executive’s termination of employment is “in connection with an exit incentive or other employment termination program” (as such phrase is defined in the Age Discrimination in Employment
Act of 1967), the date that is 45 days following such delivery date. 
 11. Employee Acknowledgement. Executive
acknowledges that Executive has read and understands this Agreement, is fully aware of its legal effect, has not acted in reliance upon any representations or promises made by the Company other than those contained in writing herein, and has entered
into this Agreement freely based on Executive’s own judgment. 
 [Signature Page Follows] 

  
 13 

 The Parties have executed this Agreement as of the date first set forth above. 

 

			
	MEREO BIOPHARMA GROUP PLC
		
	By:	 	 
	Name: 	 	                               
         
	 Title: 
	 	 
	
	 EXECUTIVE

		
	By:	 	                               
                                     
	 Name: John Lewicki, Ph.D.

 EXHIBIT A 

RELEASE OF CLAIMS 

This Release of Claims (“Release”) is entered into as of _________________, 20__, between John Lewicki, Ph.D.
(“Executive”) and Mereo BioPharma Group plc, a company incorporated in England and Wales (the “Company” and, together with Executive, the “Parties”), effective eight days after
Executive’s signature hereto (the “Effective Date”), unless Executive revokes Executive’s acceptance of this Release as provided in Paragraph 1(c), below. 

1. Executive’s Release of the Company. Executive understands that by agreeing to this Release, Executive is agreeing not to sue,
or otherwise file any claim against, the Company or any of its respective employees or other agents for any reason whatsoever based on anything that has occurred as of the date Executive signs this Release. 

(a) On behalf of Executive and Executive’s heirs and assigns, Executive hereby releases and forever discharges the
“Releasees” hereunder, consisting of the Company, and each of its owners, affiliates, divisions, predecessors, successors, assigns, agents, directors, officers, partners, employees, and insurers, and all persons acting by, through,
under or in concert with them, or any of them, of and from any and all manner of action or actions, cause or causes of action, in law or in equity, suits, debts, liens, contracts, agreements, promises, liability, claims, demands, damages, loss, cost
or expense, of any nature whatsoever, known or unknown, fixed or contingent (hereinafter called “Claims”), which Executive now has or may hereafter have against the Releasees, or any of them, by reason of any matter, cause,
or thing whatsoever from the beginning of time to the date hereof, including, without limiting the generality of the foregoing, any Claims arising out of, based upon, or relating to Executive’s hire, employment, remuneration or resignation by
the Releasees, or any of them, including Claims arising under federal, state, or local laws relating to employment, Claims of any kind that may be brought in any court or administrative agency, any Claims arising under the Age Discrimination in
Employment Act (“ADEA”), 29 U.S.C. § 621, et seq.; Title VII of the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991, 42 U.S.C. § 2000 et seq.; the Equal Pay Act, 29 U.S.C.
§ 206(d); the Civil Rights Act of 1866, 42 U.S.C. § 1981; the Family and Medical Leave Act of 1993, 29 U.S.C. § 2601 et seq.; the Americans with Disabilities Act of 1990, 42 U.S.C. § 12101 et seq.; the False Claims Act , 31
U.S.C. § 3729 et seq.; the Employee Retirement Income Security Act, 29 U.S.C. § 1001 et seq.; the Worker Adjustment and Retraining Notification Act, 29 U.S.C. § 2101 et seq. the Fair Labor Standards Act, 29 U.S.C. § 215 et
seq., the Sarbanes-Oxley Act of 2002; the California Labor Code; the employment and civil rights laws of California; Claims for breach of contract; Claims arising in tort, including, without limitation, Claims of wrongful dismissal or discharge,
discrimination, harassment, retaliation, fraud, misrepresentation, defamation, libel, infliction of emotional distress, violation of public policy, and/or breach of the implied covenant of good faith and fair dealing; and Claims for damages or other
remedies of any sort, including, without limitation, compensatory damages, punitive damages, injunctive relief and attorney’s fees. 

  
 2 

 (b) Notwithstanding the generality of the foregoing, Executive does not
release the following claims: 
 (i) Claims for unemployment compensation or any state disability insurance benefits pursuant
to the terms of applicable state law; 
 (ii) Claims for workers’ compensation insurance benefits under the terms of any
worker’s compensation insurance policy or fund of the Company; 
 (iii) Claims to continued participation in certain of
the Company’s group benefit plans pursuant to the terms and conditions of COBRA; 
 (iv) Claims to any benefit
entitlements vested as the date of Executive’s employment termination, pursuant to written terms of any Company employee benefit plan; 

(v) Claims for indemnification under any indemnification agreement with the Company, the Company’s Articles of
Association, California Labor Code Section 2802 or any other applicable law; and 
 (vi) Executive’s right to bring
to the attention of the Equal Employment Opportunity Commission claims of discrimination; provided, however, that Executive does release Executive’s right to secure any damages for alleged discriminatory treatment. 

(c) In accordance with the Older Workers Benefit Protection Act of 1990, Executive has been advised of the following: 

(i) Executive has the right to consult with an attorney before signing this Release; 

(ii) Executive has been given at least [twenty-one (21)] days to consider this Release;

 (iii) Executive has seven (7) days after signing this Release to revoke it, and Executive will not receive the
severance benefits provided by that certain Employment Agreement between the Parties (the “Employment Agreement”) unless and until such seven (7) day period has expired. If Executive wishes to revoke this Release,
Executive must deliver notice of Executive’s revocation in writing, no later than 11:59 p.m. Pacific Time on the 7th day following Executive’s execution of this Release to [_________]. 

(d) EXECUTIVE ACKNOWLEDGES THAT EXECUTIVE HAS BEEN ADVISED OF AND IS FAMILIAR WITH THE PROVISIONS OF CALIFORNIA CIVIL CODE
SECTION 1542, WHICH PROVIDES AS FOLLOWS: 
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES
NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.” 

  
 3 

 BEING AWARE OF SAID CODE SECTION, EXECUTIVE HEREBY EXPRESSLY WAIVES ANY RIGHTS EXECUTIVE MAY
HAVE THEREUNDER, AS WELL AS UNDER ANY OTHER STATUTES OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT. 
 2. Executive Representations.
Executive represents and warrants that: 
 (a) Executive has returned to the Company all Company property in Executive’s
possession; 
 (b) Executive is not owed wages, commissions, bonuses or other compensation, other than wages through the date
of the termination of Executive’s employment and any accrued, unused vacation earned through such date, and any payments that become due under the Employment Agreement; 

(c) During the course of Executive’s employment Executive did not sustain any injuries for which Executive might be
entitled to compensation pursuant to worker’s compensation law or Executive has disclosed any injuries of which Executive is currently, reasonably aware for which Executive might be entitled to compensation pursuant to worker’s
compensation law; and 
 (d) Executive has not initiated any adversarial proceedings of any kind against the Company or
against any other person or entity released herein, nor will Executive do so in the future, except as specifically allowed by this Release. 

3. Severability. The provisions of this Release are severable. If any provision is held to be invalid or unenforceable, it shall not
affect the validity or enforceability of any other provision. 
 4. Choice of Law. This Release shall in all respects be governed and
construed in accordance with the laws of the State of California, including all matters of construction, validity and performance, without regard to conflicts of law principles. 

5. Integration Clause. This Release and the Employment Agreement contain the Parties’ entire agreement with regard to the
separation of Executive’s employment, and supersede and replace any prior agreements as to those matters, whether oral or written. This Release may not be changed or modified, in whole or in part, except by an instrument in writing signed by
Executive and a duly authorized officer or director of the Company. 
 6. Execution in Counterparts. This Release may be executed in
counterparts with the same force and effectiveness as though executed in a single document. Facsimile signatures shall have the same force and effectiveness as original signatures. 

  
 4 

 7. Intent to be Bound. The Parties have carefully read this Release in its entirety;
fully understand and agree to its terms and provisions; and intend and agree that it is final and binding on all Parties. 

  
 5 

 IN WITNESS WHEREOF, and intending to be legally bound, the Parties have executed the
foregoing on the dates shown below. 
  

					
	EXECUTIVE	 		  	MEREO BIOPHARMA GROUP PLC
			
	  	 	 	  	  
	 	 	 	  	 By:
 Title:

			
	 Date: ______________________
	 		  	Date: _____________________

 EXHIBIT B 

CONFIDENTIALITY AGREEMENT 

  
 6

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