Document:

EX-4.26

 Exhibit 4.26 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

This AMENDED AND RESTATED EMPLOYMENT AGREEMENT (“Agreement”) is entered into as of September 1, 2019 (the “Effective
Date”) by and between Mereo BioPharma Group Plc, a company incorporated in England and Wales (the “Company”), and John Richard (“Employee”). 

WHEREAs, the Company and Employee entered into that certain employment agreement dated as of February 26, 2018 (the “Previous
Employment Agreement”), and that certain consulting agreement dated as of January 23, 2019 as amended as of March 1, 2019 (the “Consulting Agreement”); 

WHEREAS, Employee desires to continue to be employed by the Company, and the Company desires to continue to employ the Employee; 

WHEREAS, the Company and Employee desire to amend and restate in its entirety the Previous Employment Agreement in order to set forth the
terms and conditions of Employee’s employment by the Company; 
 NOW, THEREFORE, in consideration of the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. Certain Definitions. Certain words or phrases used herein with initial capital letters shall have the meanings ascribed to them in
parenthesis or as set forth in Section 9 hereof. 
 2. Employment; Employment Period. As of the Effective
Date, the Company shall continue to employ Employee, and Employee accepts continued employment with the Company upon the terms and conditions set forth in this Agreement and ending as provided in Section 5 (the “Employment
Period”). Notwithstanding anything in this Agreement to the contrary, the Company or Employee may terminate Employee’s employment with the Company for any reason or for no reason at any time in accordance with Section 5 of this
Agreement. 
 3. Employment Commencement Date, Position, and Duties. 

(a) During the Employment Period, Employee shall serve as Head of Corporate Development of the Company and its subsidiaries and
related divisions and business lines and shall have the normal duties, responsibilities and authority of an executive serving in such a position, including the specific duties and responsibilities set forth on Schedule 1, attached hereto, in each
case, subject to the oversight and direction of the Company’s chief executive officer (“CEO”). 
 (b)
During the Employment Period, Employee shall report to the CEO. 
 (c) Best Efforts. During Employee’s
employment, Employee shall: (i) devote Employee’s full professional time and attention to the performance of Employee’s duties for the Company and its subsidiaries and related divisions and business lines; (ii) use
Employee’s best efforts to dutifully, faithfully and efficiently perform his duties hereunder, and obey all reasonable and lawful directions given by or under the authority of the Board; and (iii) refrain from engaging in any other
business, profession or occupation for compensation or otherwise which would conflict, directly or indirectly, with the rendition of services to the Company, without the prior written consent of the Board; except that Employee may engage in
charitable, 

 civic and community activities and manage Employee’s personal investments provided that
such activities do not materially interfere with the performance of his duties hereunder or conflict with the conditions of his employment, all in a manner consistent with his duties and responsibilities. In addition, Employee may continue his
consultancy with John Richard & Associates, LLC and continue serving as a director of the companies listed on Schedule 2, attached hereto. 

(d) During the Employment Period, Employee shall perform Employee’s duties and responsibilities from his office at his
Atlanta, Georgia residence but will be required to travel to the extent necessary to perform his employment duties and responsibilities. Employee acknowledges that the Company’s agreement to allow Employee to perform his duties and
responsibilities at his home office (to the extent the performance of his duties and responsibilities does not require Employee to travel) is for Employee’s convenience and not in furtherance of any business purpose of the Company. 

4. Compensation and Benefits. 

(a) Salary. The Company agrees to pay Employee a salary during the Employment Period, which shall be earned and paid in
installments based on the Company’s payroll practices as may be in effect from time to time but not less frequently than semi-monthly. Employee’s initial salary shall be at the rate of Three Hundred Seventy Thousand Dollars ($370,000) per
year (the “Base Salary”). The CEO shall review the Base Salary from time to time for any increases, which shall be in the Company’s discretion. 

(b) Annual Incentive Compensation. Employee will be considered for a bonus each calendar year (“Annual
Bonus”). Whether an Annual Bonus is earned and the amount of any Annual Bonus payable to Employee in respect of a calendar year will be determined by the Company in its discretion. If earned, the Annual Bonus payable to Employee in respect
of a calendar pursuant to this Section 4(b) shall be paid no later than 2-1/2 months following the close of the calendar year for which it is earned provided (i) Employee has been in the continuous employment of
the Company through and including date on which the Annual Bonus is paid, and (ii) neither the Company nor Employee has given written notice of the Employee’s termination or resignation to the other. The terms and conditions of
Employee’s Annual Bonus opportunity for a calendar year shall be communicated to Employee in writing or, if the terms and conditions of Employee’s Annual Bonus opportunity for a calendar year are set forth in an annual bonus plan, a copy
of the annual bonus plan shall be provided to Employee. 
 (c) Equity Compensation. Employee may be offered the
opportunity to participate in the Company’s equity incentive compensation and/or other long-term incentive compensation plans as they may be in effect from time to time. Any grants of equity incentive compensation and/or other long-term
incentive compensation to Employee are discretionary on the part of the Company and, if granted, shall be governed by the terms and conditions of the applicable plan document and award agreement. 

(d) Standard Benefits Package. During the Employment Period, Employee shall be entitled to participate, on the same
basis as other employees of the Company, in the Company’s Standard Benefits Package. The Company’s “Standard Benefits Package” means those benefits (including insurance, vacation, sick leave, and other benefits, but
excluding any severance pay program or policy of the Company) for which any senior executive and/or substantially all of the corporate salaried employees of the Company are from time to time generally eligible, as determined from time to time by the
Board. Employee’s prior service as a consultant of the Company shall be counted as service for purposes of participation, vesting and other crediting of service under the Company’s employee benefit plans in the United Kingdom except where
such crediting would result in a duplication of benefits for the same period of service. 

  
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 (e) Business Expenses. During the Employment Period, the Company
shall reimburse Employee for all reasonable expenses incurred by Employee in the course of performing Employee’s duties under this Agreement that are consistent with the Company’s policies in effect from time to time with respect to
travel, entertainment and other business expenses, subject to the Company’s requirements applicable generally with respect to reporting and documentation of such expenses. 

(f) Adherence to Company Policies. Employee agrees to abide by such office policies, procedures, and practices as may be
established from time to time through office manuals, policy statements, memoranda, or other communications to the Company’s employees generally, including without limitation, the Staff Handbook. Employee understands that these policies,
procedures, and practices are subject to change, do not constitute contractual rights or obligations, and that no employee has any right to the continuance of any given policy or practice unless specifically set forth herein. 

5. Employment Period. 

(a) Employee’s employment hereunder may be terminated under the following circumstances: 

 

	 	(i)	 Employee’s death; 

 

	 	(ii)	 a termination of Employee’s employment due to Permanent Disability; 

 

	 	(iii)	 a Termination For Cause; 

 

	 	(iv)	 a Termination Without Cause; or 

 

	 	(v)	 a Termination by Employee without Good Reason; 

 

	 	(vi)	 a Termination by Employee for Good Reason. 

A termination pursuant to subsection (i) shall occur automatically upon Employee’s death. A termination pursuant to subsection (ii),
(iv), or (v) of this Section 5(a) shall require three (3) months’ written notice from the terminating party to the other party. A termination pursuant to subsection (iii) of this
Section 5(a) may be effected immediately, subject to any applicable notice and cure periods in the definition of “Cause” as set forth in Section 9 of this Agreement. A termination pursuant to
subsection (vi) of this Section 5(a) shall be subject to the applicable notice and cure periods in the definition of “Good Reason” set forth in Section 9 of this Agreement. Upon receipt of
Employee’s written notice of resignation pursuant to subsections (v) or (vi), the Company may, if requested by Employee but in its sole discretion, waive or shorten the notice period, in which case Employee will be permitted
to terminate employment immediately or at a time designated by the Company. If the Company waives or shortens the notice period at such Employee’s request, then under such circumstances, the Company will not be obliged to pay any amount in lieu
of the waived or shortened notice. 

  
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 (b) Effect of Termination. Upon Employee’s termination of employment, the
Employment Period will end. If, on the Date of Termination, Employee is a member of the board of directors of the Company or any of its Affiliates, or Employee holds any other office or position with the Company or its Affiliates, Employee shall be
deemed to have resigned from all such offices and positions as of the Date of Termination. Employee also hereby covenants that upon and following the Date of Termination, he will take such actions and execute such instruments as the Company
determines to be necessary or advisable in order to effect such resignations. 
 6. Post-Employment Payments. At the end of
Employee’s employment for any reason (including due to the Employee’s death or Permanent Disability), Employee shall cease to have any rights to salary, expense reimbursements or other benefits, except that Employee shall be entitled to
(i) any Base Salary which has been earned but is unpaid, any reimbursable expenses which have been incurred but are unpaid, and any unexpired vacation days which have accrued under the Company’s vacation policy but are unused, in each such
case, as of the end of the Employment Period; (ii) plan benefits which by their terms extend beyond termination of Employee’s employment theretofore granted to Employee or any other benefit plan in which Employee has participated as an
employee of the Company and excluding any severance pay program or policy of the Company; and (iii) any benefits to which Employee is entitled under Part 6 of Subtitle B of Title I of the Employee Retirement Income Security Act of 1974, as
amended (collectively, “Accrued Compensation”). 
 (a) Termination without Cause or by Employee for Good Reason. If
Employee’s employment is terminated by the Company without Cause or by Employee for Good Reason during the Employment Period, Employee shall be entitled to the following: 

(i) the Accrued Compensation; 

(ii) continued payment of Employee’s Base Salary for a period of three (3) months following the Date of Termination, payable in
approximately equal installments paid over a three (3) month period in accordance with the Company’s customary payroll practices; and 

(iii) continued coverage of Employee and Employee’s eligible dependents under the Company’s group health plan in which Employee and
his eligible dependents were participants as of the Date of Termination and at the employee premium contribution rates then in effect, for a period that is the lesser of (i) three (3) months following the Date of Termination, or (ii) the
date on which Employee and Employee’s eligible dependents become covered under another health plan (the amounts payable pursuant to Section 6(a)(ii) and this Section 6(a)(iii) constituting the
“Severance”). 
 Notwithstanding any provision of this Agreement to the contrary, the payment of Severance shall be conditioned upon
Employee’s execution, delivery to the Company, and non-revocation of a general release in favor of the Company and its Affiliates, in a form acceptable to, and prepared by the Company, within sixty (60) days following the Date of
Termination (the “Release”). If Employee fails to execute the Release in such timely manner, so as to permit any revocation period to expire prior to the end of the sixty (60) day period or if Employee timely revokes his
acceptance of such Release, Employee shall not be entitled to any Severance. Any Severance payment otherwise scheduled to occur prior to the sixtieth (60th) day following the Date of Termination but for the condition of executing the release as set
forth herein, shall not be made until the regularly scheduled payroll date following such sixtieth (60th) day. 
 (b) Other Terminations
of Employment. If Employee’s employment terminates during the Employment Period other than by the Company without Cause or by Employee for Good Reason, then Employee shall only be entitled to the Accrued Compensation. For the sake of
clarity, Employee’s termination of employment by reason of his death, due to his Permanent Disability, and Employee’s termination without Good Reason, shall not constitute a termination of his employment without Cause. 

  
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 7. Confidential Information; Ownership of Materials; Duty to Return Company Property.
For purposes of this Section 7 and Section 8, the Company shall be deemed to include its subsidiaries and related divisions and business lines. In connection with his employment and continuing on
an ongoing basis during the Employment Period, the Company will give Employee access to Confidential Information. Employee acknowledges and agrees that all Confidential Information is confidential and a valuable, special and unique asset of the
Company that gives the Company an advantage over its actual and potential, current and future competitors. Employee further acknowledges and agrees that Employee owes the Company a fiduciary duty to preserve and protect all Confidential Information
from unauthorized disclosure or unauthorized use, that certain Confidential Information constitutes “trade secrets” under applicable laws, and that unauthorized disclosure or unauthorized use of the Confidential Information would
irreparably injure the Company or any Affiliate. 
 (a) Confidential Information. Employee may not at any time (whether during his
employment or after termination) disclose to any unauthorized person, firm or corporation or use or attempt to use for his own advantage or to the advantage of any other person, firm or corporation, any confidential information relating to the
business affairs or trade secrets of the Company, or any confidential information about (howsoever obtained) or provided by any third party received during the course of or as a result of his employment (the “Confidential
Information”). Confidential Information includes, but is not limited to, information relating to employees, customers and suppliers (former, actual and potential), Company products, contracts, pricing structures, financial and marketing
details, business plans, any technical data, designs, formulae, product lines, intellectual property, research activities and any information which may be deemed to be commercially or price sensitive in nature, whether printed, typed, handwritten,
videotaped, transmitted or transcribed on data files or on any other type of media, including but not limited to electronic and digital media, whether or not labeled as “confidential.” It also includes, without limitation, any information
contained in documents marked “confidential” or documents of a higher security classification and other information which, because of its nature or the circumstances in which Employee receives it, Employee should reasonably consider to be
confidential. The Company reserves the right to modify the categories of Confidential Information from time to time. 
 (b)
Exclusions. The provisions of this Section 7 shall not apply to: 
 (i) Information or knowledge which subsequently comes into
the public domain other than by way of unauthorized use or disclosure by Employee; 
 (ii) The discharge by Employee of his duties hereunder
or where his use or disclosure of the information has otherwise been properly authorized by the Company; 
 (iv) Any disclosure required by
law or by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) with jurisdiction to order Employee to disclose or make accessible any information; or 

(v) Reporting violations of U.S. federal or state laws or regulations to a relevant government agency or from making disclosures that are
protected under U.S. federal and state whistleblower laws and regulations. 
 Pursuant to the Defend Trade Secrets Act of 2016, Employee
understands that: 
 An individual may not be held criminally or civilly liable under any federal or state trade secret law for the
disclosure of a trade secret that: (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a
suspected violation of law; or (b) is made in a complaint or other document 

  
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that is filed under seal in a lawsuit or other proceeding. Further, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the
employer’s trade secrets to his attorney and use the trade secret information in the court proceeding if the individual: (a) files any document containing the trade secret under seal; and (b) does not disclose the trade secret, except
pursuant to court order. 
 (c) Fiduciary Capacity; Due Care. The Employee shall hold in a fiduciary capacity for the benefit of the
Company all Confidential Information that has been obtained by the Employee during the Employee’s employment by the Company and which is not public knowledge (other than by acts of the Employee or representatives of the Employee in violation of
this Agreement). Employee shall exercise all due care and diligence and shall take all reasonable steps to prevent the publication or disclosure by Employee of any Confidential Information relating, in particular, but not limited to, actual or
proposed transactions, of any employee, customer, client or supplier (whether former, actual or potential) of the Company, including partnerships, companies, bodies, and corporations having accounts with or in any way connected to or in discussion
with the Company and all other matters relating to such customers, clients or suppliers and connections. 
 (d) Duty to Return
Confidential Information and Other Company Property. 
 (i) All reports, files, notes, memoranda, e-mails, accounts, documents or other
material (including all notes and memoranda of any Confidential Information and any copies made or received by Employee in the course of his employment (whether during or after)) in any form, including but not limited to electronic and digital
media, which contain Confidential Information or were created in the scope of Employee’s performance of services, are and shall remain the sole property of the Company and, following Employee’s termination of employment or at any other
time upon the Company’s request, to the extent within his possession or control, Employee shall make every effort to surrender to the duly authorized representative of the Company or destroy in accordance with sub-section (ii) below. 

(ii) Employee agrees that upon termination of his employment with the Company for any reason, or at any other time upon the Company’s
request, he will return (or, if contained electronically on a non-Company database or server, delete) to the Company immediately all memoranda, books, papers, plans, information, letters and other data in any form, including but not limited to
electronic and digital media, all copies thereof or, in any way relating to the business of the Company, all other property of the Company (including, but not limited to, credit cards, equipment, correspondence, data, disks, tapes, records,
specifications, software, models, notes, reports and other documents together with any extracts or summaries, removable drives or other computer equipment, keys and security passes) in his possession or under his control and Employee further agrees
that Employee will not retain or use for his own account at any time any trade names, trademark or other proprietary business designation used or owned in connection with the business of the Company. To the extent the Company property in
Employee’s possession is not an original, and the Company has copies of such Company property, Employee may destroy such Company property and attest to the Company that said property is destroyed as opposed to being returned. Nothing herein
shall affect Employee’s right to retain his employment and compensation related documentation. 
 (e) Reasonableness. Employee
agrees that the undertakings set forth in this Section 7 and in Section 8 are reasonable and necessary to protect the legitimate business interests of the Company both during, and after the termination of, Employee’s employment, and
that the benefits Employee receives under this Agreement are sufficient compensation for these restrictions. 
 8. Competitive Activity;
Confidentiality; Non-Solicitation. 

  
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 (a) In consideration of (i) his access to the Confidential Information
provided by the Company pursuant to this Agreement and (ii) the compensation from the Company that Employee will receive under this Agreement, in order to protect the Company’s Confidential Information, and the goodwill, customer base, and
contractual relationships of the Company, Employee agrees to the provisions of Sections 8(b), 8(c) and 8(d). Employee further agrees that the provisions in Sections 8(b), 8(c) and 8(d), and Employee’s obligations in
Sections 7 and 8, shall survive the termination of Employee’s employment regardless of the reason for or circumstances of such termination (and regardless of whether such termination of employment is voluntary or involuntary on
Employee’s part). 
 (b) Non-Solicitation Restriction. To protect the Confidential Information, and in the event
of Employee’s termination of employment for any reason, it is necessary to enter into the following restrictive covenants which are ancillary to the enforceable promises between the Company and Employee in this Agreement. Employee hereby
covenants and agrees that, while employed by the Company and during the Restricted Period, Employee will not, directly or indirectly, either individually or as a principal, owner, partner, agent, consultant, contractor, employee, or as a director or
officer of any corporation or other association, or in any other manner or capacity whatsoever, except on behalf of the Company, solicit business, or attempt to solicit business, in products or services competitive with any products or services
provided by the Company, from the Company’s partners or clients (or any prospective partner or client) as of Employee’s employment termination date, or any other Person with whom the Company did business, or had a business relationship
with, within the two (2) year period immediately preceding Employee’s termination of employment. 
 (c) No
Recruitment Restriction. Employee further agrees that Employee will not, while employed by the Company and during the Restricted Period, in any geographic area or market where (a) the Company or any Affiliate is conducting any business or
actively reviewing prospects or (b) the Company or an Affiliate has conducted any business during the previous 12-month period, solicit, directly or indirectly, or cause or permit others to solicit, directly or indirectly, any person
(i) formerly employed by the Company during the six (6) month period immediately preceding or following Employee’s termination of employment (“Former Employee”) or (ii) employed by the Company
(“Current Employee”). The term “solicit” includes, but is not limited to, the following (regardless of whether done directly or indirectly): (1) requesting that a Former or Current Employee change employment;
(2) informing a Current Employee that an opening exists elsewhere; (3) assisting a Current Employee in finding employment elsewhere; (4) inquiring if a Current Employee “knows of anyone who might be interested” in a position
elsewhere; (5) inquiring if a Current Employee might have an interest in employment elsewhere; (6) informing others of the name or status of, or other information about, a Current Employee; or (7) any other similar conduct, the
intended or actual effect of which is that a Current Employee leaves the employment of the Company. The term “solicit” shall not include the actions described in subsections (2)-(7) of the previous sentence if undertaken by Employee
(whether done directly or indirectly) with respect to a Former Employee. 
 (d) Non-Competition Restriction. Employee
further agrees that, while employed by the Company and during the Restricted Period, Employee shall not, directly or indirectly, anywhere in the Restricted Territory, either individually or as a principal, owner, partner, member, shareholder, agent,
consultant, contractor, employee, or as a director or officer of any corporation or other association, engage in any business competitive with the Business or render advice or services to, or otherwise assist, any Person who is engaged, directly or
indirectly, in any business that is competitive with the Business. However, nothing in this Section 8(d) shall prohibit Employee and his Affiliates from owning, as passive investors, in the aggregate not more than three (3) percent of
equity securities of any public company. 

  
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 (e) Employee agrees that (i) the covenants contained in Sections 8(b),
8(c) and 8(d) hereof are necessary for the protection of the Business, goodwill of the Company, and Confidential Information, and (ii) the compensation and other consideration received by Employee, including access to Confidential Information,
are based on the parties’ agreement to such covenants. Employee represents and warrants that the time, scope of activity and geographic area restricted by Sections 8(b), 8(c) and 8(d) are reasonable, especially in view of the scope of the
business operations of the Company in Europe and the United States and the nature of the Confidential Information, that the enforcement of those restrictions contained in Sections 8(b), 8(c) and 8(d) would not be unduly burdensome to or impose any
undue hardship on Employee, and that Employee will be able to earn a reasonable living while abiding by such covenants. Employee agrees that the restraints and provisions of Sections 8(b), 8(c) and 8(d) are no greater than necessary, and are as
narrowly drafted as reasonably possible, to protect the legitimate interests of the Company, including the Confidential Information of the Company, including without limitation its trade secrets. Employee irrevocably waives all defenses to the
strict enforcement of the covenants contained in Sections 8(b), 8(c) and 8(d). The parties agree and acknowledge that the nature of the Company’s business, including the locations of its projects, vendors, customers, and potential customers, is
throughout Europe and the United States. Accordingly, the parties expressly agree that the foregoing restrictions on Employee need to cover the entirety of Europe and the United States in territorial scope to adequately protect the Company’s
Confidential Information and goodwill, and that such geographic restriction is reasonable in view of the Company’s business, Employee’s position and responsibilities with the Company, and Employee’s access to the Confidential
Information of the Company. The parties agree that each provision in this Section 8 is separate, distinct and severable from the other and remaining provisions of this Section 8, and that the invalidity or unenforceability of any provision
in this Section 8 shall not affect the validity and enforceability of any other provision or provisions in Section 8. If the scope of any restriction contained in Sections 8(b), 8(c) or 8(d) is deemed by a court to be broader than
reasonable, which the parties agree should not be the case, then such restriction shall be enforced to the maximum extent permitted by law, and Employee and the Company hereby agree that such scope may be judicially modified accordingly in any
proceeding brought to enforce such restriction. 
 (f) Employee agrees that, except as permitted by Section 8(h) the
terms and conditions of this Agreement shall remain confidential as between the parties and he shall not disclose them to any other person. Without limiting the generality of the foregoing, Employee will not respond to or in any way participate in
or contribute to any public discussion, notice or other publicity concerning, or in any way relating to, execution of this Agreement or its terms and conditions. The foregoing notwithstanding, Employee may disclose the terms of this Agreement to his
immediate family, attorneys and financial advisors provided he informs them of this confidentiality provision and they agree to abide by it. 

(g) Discoveries and Inventions; Work Made for Hire. 

(i) Employee agrees that all Inventions are the sole and exclusive property of the Company and hereby assigns all rights to
such Inventions to the Company in all countries. Employee agrees, at the Company’s expense at any time during his employment or thereafter, to sign all appropriate documents and carry out all such reasonable acts as will be necessary to
identify and preserve the legal protection of all Inventions; however, the Company will have no obligation to compensate Employee for 

  
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 his time spent in connection with any assistance provided unless otherwise required by law.
Notwithstanding the foregoing, Employee understands that no provision in this Agreement is intended to require assignment of any of his rights in an invention for which Employee can prove no equipment, supplies, facilities or Confidential
Information or trade secret information of the Company was used, which invention was developed entirely on his own time, and which invention Employee can prove: (a) does not relate to the business of the Company or the actual or demonstrably
anticipated research or development of the Company; or (b) does not result from any work performed by Employee for the Company. To the extent compatible with applicable state law, these provisions do not apply to any invention which is required
to be assigned by the Company to the United States Government. Employee waives all moral rights in all Intellectual Property which is owned by the Company, or will be owned by the Company, pursuant to this Section 8(g). 

(ii) For purposes of this section, “Inventions” means all inventions, whether or not patentable, Confidential
Information, computer programs, copyright works, mask works, trademarks and other intellectual property made, conceived or authored by Employee, alone or jointly with others, while employed by the Company, whether or not during normal business hours
or on the Company’s premises, that are within the existing or contemplated scope of the Company’s business at the time such Inventions are made, conceived, or authored or which result from or are suggested by any work Employee or others
may do for or on behalf of the Company. 
 (h) Communication of Contents of Agreement. While employed by the Company
and during the Restricted Period, Employee may disclose the contents of Section 8 of this Agreement regarding his post-employment obligations to any person, firm, association, partnership, corporation or other entity that
Employee intends to be employed by, associated with, or represent. 
 (i) Confidentiality Information of Former
Employers. Employee agrees that Employee shall not disclose to the Company or induce the Company to use any secret or confidential information belonging to Employee’s former employers. Except as indicated, Employee warrants that Employee is
not bound by the terms of a confidentiality agreement or other agreement with a third party that would preclude or limit Employee’s right to work for the Company and/or to disclose to the Company any ideas, inventions, discoveries, improvements
or designs or other information that may be conceived during employment with the Company. Employee agrees to provide the Company with a copy of any and all agreements with a third party that preclude or limit Employee’s right to engage in any
other activities contemplated by Employee’s employment with the Company. 
 (j) Nondisparagement. Employee agrees
that while employed by the Company and thereafter, he shall not (and shall cause his Affiliates not to) (i) make any negative or derogatory statement or communication regarding the Company or any of its Affiliates or employees with the intent
to harm the Company or its Affiliates or (ii) make any derogatory or disparaging statement or communication regarding the Company or any of its Affiliates or employees. Nothing in this section shall be construed as to limit any rights afforded
under the National Labor Relations Act (42 U.S.C. § 151 et seq.), as applicable, or to provide truthful testimony in any legal proceeding. 

  
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 (k) Cooperation. Employee agrees that, while employed by the Company
and for a period of five years following the Date of Termination, upon reasonable notice and without the necessity of the Company obtaining a subpoena or court order, Employee shall provide reasonable cooperation in connection with any suit, action
or proceeding (or any appeal from any suit, action or proceeding), and any investigation and/or defense of any claims asserted against any of Employee and the Company, its respective Affiliates, their respective predecessors and successors, and all
of the respective current or former directors, officers, employees, shareholders, partners, members, agents or representatives of any of the foregoing, or any claims brought by or on behalf of the Company and its Affiliates which relates to events
occurring during Employee’s employment with the Company and its Affiliates as to which Employee may have relevant information (including but not limited to furnishing relevant information and materials to the Company or its designee and/or
providing testimony at depositions and at trial), provided that with respect to such cooperation occurring following termination of employment, the Company shall reimburse Employee for expenses reasonably incurred in connection therewith, and
further provided that in the case of any such cooperation occurring after the termination of Employee’s employment (i) Employee’s appearances, including appearances via electronic means (such as participation in conference calls and
video appearances, shall be scheduled to the extent reasonably practicable so as not to unreasonably interfere with Employee’s business or personal affairs, (ii) Employee shall be reimbursed at a reasonable rate for the time expended by
him for such appearances 
 (l) Relief. The Company and Employee agree that it is impossible to measure solely in
money the damages which will accrue to the Company by reason of his failure to observe any of the obligations of Section 7 or Section 8 of this Agreement. Therefore, if the Company shall institute
any action or proceeding to enforce such provisions, Employee hereby waives the claim or defense that there is an adequate remedy at law and agrees in any such action or proceeding not to interpose the claim or defense that such remedy exists at
law. Without limiting any other remedies that may be available to the Company, Employee hereby specifically affirms the appropriateness of injunctive or other equitable relief in any such action, without the necessity of proof of actual damage and
without the requirement to post a bond, and acknowledges that nothing contained within this Agreement shall preclude the Company from seeking or receiving any other relief, including without limitation, any form of injunctive or equitable relief.
Employee also agrees that, should he violate the provisions of Section 8 and its subsections such that the Company shall be forced to undertake any efforts to defend, confirm or declare the validity of the covenants
contained within Section 8 of this Agreement, the time restrictions set forth therein shall be extended for a period of time equal to the pendency of any court proceedings, including appeals. 

(m) Reasonableness. Employee acknowledges that Employee’s obligations under Sections 7 and 8 are reasonable
in the context of the nature of the Company’s Business and the competitive injuries likely to be sustained by the Company if Employee were to violate such obligations. Employee further acknowledges that this Agreement is made in consideration
of, and is adequately supported by the agreement of the Company to perform their obligations under this Agreement and by other consideration, which Employee acknowledges constitutes good, valuable and sufficient consideration. 

9. Definitions. 

(a) “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling or
controlled by, or under direct or indirect common control with, such Person. 

  
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 (b) “Business” means any business, whether for profit or
not-for-profit, that has a significant commercial activity in pharmaceuticals which contain one or more active ingredients that are similar (in drug target specificity and function in relation to modulating that target) to pharmaceutical candidates
or products researched, developed, or commercialized by the Company as of the Date of Termination and in which Employee had a material involvement. 

(c) “Date of Termination” means the date on which Employee’s employment with the Company and all of its
Affiliates terminates. 
 (d) “Good Reason” for resignation means Employee’s resignation as an
executive of the Company within thirty (30) days after the occurrence of one of the following events, without Employee’s prior written consent: (i) a material reduction of Employee’s base salary; (ii) any material adverse
diminution in Employee’s duties, responsibilities, authority, reporting obligations or other terms and conditions of employment; (iii) the relocation of Employee’s principal place of employment to a place outside the Atlanta, Georgia
metropolitan area; or (iv) any material breach, non-performance or non-observance by the Company of any of the terms of this Agreement. In each such event listed in (i) through (iv) above, Employee must give the Company at least thirty
(30) days advance notice of Employee’s intention to resign for Good Reason, which shall specify in reasonable detail the circumstances constituting Good Reason, and there shall be no Good Reason with respect to any such circumstances if
cured by the Company within thirty (30) days after such notice. If the Company fails to cure the circumstances constituting Good Reason within thirty (30) days after such notice, Employee must resign his employment with the Company within
thirty (30) days following the expiration of the cure period. 
 (e) “Permanent Disability” means that
Employee, because of accident, disability or physical or mental illness, is incapable of performing Employee’s duties to the Company for (i) a continuous period of 90 days and remains so incapable at the end of such 90 day period or (ii)
periods amounting in the aggregate to 180 days within any one period of 365 days and remains so incapable at the end of such aggregate period of 180 days, in either case as determined by a physician mutually agreed upon in writing by Employee (or
his designated representative) and the Company. 
 (f) “Person” means an individual or an entity, including
a corporation, limited liability company, general or limited partnership, trust, association or other business or investment entity or any governmental authority. 

(g) “Restricted Period” means the 6 (six) month period that begins on the Date of Termination. 

(h) “Restricted Territory” means Europe and the United States. 

(i) “Staff Handbook” means the staff handbook of Mereo BioPharma Group Plc, as amended from time to time. 

(j) “Termination For Cause” means the termination by the Company of Employee’s employment with the
Company as a result of: 
  

	 	(i)	 Employee 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; 

  
 11 

	 	(ii)	 a conviction (by trial, upon a plea or otherwise) of Employee or the admission of guilt via nolo contendere
by Employee of any felony or misdemeanor involving moral turpitude; 

  

	 	(iii)	 Employee’s willful violation of any material policy or procedure of the Company; 

 

	 	(iv)	 Employee’s material breach of the fiduciary duties owed by an officer of the Company to the Company under
applicable law; 

  

	 	(v)	 Employee’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 Board; 

  

	 	(vi)	 Employee’s willful and material breach of any of the terms and conditions of this Agreement; or

  

	 	(vii)	 Employee’s willful and material breach of any restrictive covenants by which Employee 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 Employee, the Company will promptly notify Employee 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 Employee must take to cure such events or conditions) and Employee will have 30 days from the date such written notice is given to cure
such events, and, if cured, such events or conditions will be deemed not to constitute Cause hereunder. For the purposes of this Section 8(j), no act or failure to act on Employees part shall be considered “willful” unless it is done
or omitted to be done by Employee in bad faith and without reasonable belief that the act or failure to act was in the best interest of the Company. 

(k) “Termination Without Cause” means the Company termination of Employee’s employment with the Company
and its Affiliates for any reason other than death, a termination for Permanent Disability or a Termination For Cause. 
 10.
Survival. The respective rights and obligations of the parties hereunder of this Agreement shall survive the Employment Period, Employee’s termination of employment, and the termination of this Agreement to the extent necessary for the
intended preservation of such rights and obligations. 
 11. Taxes. The Company may withhold, or cause to be withheld, from any
amounts payable under this Agreement all federal, state, city or other taxes as the Company or any of its Affiliates, is required to withhold pursuant to any applicable law, regulation or ruling. Notwithstanding any other provision of this
Agreement, the Company shall not be obligated to guarantee any particular tax result for Employee with respect to any payment provided to Employee hereunder, and Employee shall be responsible for any taxes imposed on Employee with respect to any
such payment. 
 12. Notices. Any notice provided for in this Agreement shall be in writing and shall be personally delivered, sent by
reputable overnight carrier, sent via electronic mail or mailed by first class mail, return receipt requested, to the recipient at the address or email address, as applicable, below indicated: 

  
 12 

 Notices to Employee: 

John Richard 
 21 West Andrews
Drive 
 Atlanta, GA 30305 

USA 
 Email:
jr@mereobiopharma.com 
 Notices to the Company: 

Mereo BioPharma Group plc 
 One
Cavendish Place 
 London W1G 0QF 

United Kingdom 
 Attention: The
General Counsel 
 Email: legal@mereobiopharma.com 

With a copy to: 
 Charles
Sermon 
 General Counsel 

Mereo Biopharma Group plc 
 1
Cavendish Place 
 London W1G 0QF 

United Kingdom 
 Email:
cs@mereobiopharma.com 
 or such other address or to the attention of such other person as the recipient party shall have specified by prior written
notice to the sending party. Any notice under this Agreement shall be deemed to have been given when so delivered (or in the case of electronic mail, when electronic evidence of transmission is received). 

13. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be invalid or unenforceable in any respect under any applicable law, such invalidity or unenforceability shall not affect any other provision, but this Agreement shall be
reformed, construed and enforced as if such invalid or unenforceable provision had never been contained herein. 
 14. Complete
Agreement. This Agreement embodies the complete agreement and understanding between the parties with respect to the subject matter hereof and effective as of its date supersedes and preempts any prior understandings, agreements or
representations by or between the parties, written or oral, which may have related to the subject matter hereof in any way, including without limitation, the Previous Employment Agreement and the Consulting Agreement. 

15. Counterparts. This Agreement may be executed in separate counterparts (including facsimile and other electronically transmitted
counterparts), each of which shall be deemed to be an original, but all of which together shall constitute one and the same agreement. 

  
 13 

 16. Successors and Assigns. This Agreement shall bind and inure to the benefit of and
be enforceable by Employee and the Company and their respective heirs, executors, personal representatives, successors and permitted assigns, except that no party may assign any rights or delegate any obligations hereunder without the prior written
consent of the other parties. Employee hereby consents to the assignment by the Company of all of its rights and obligations hereunder to any successor to the Company by merger or consolidation or purchase of all or substantially all of the
Company’s assets, provided such transferee or successor assumes the liabilities of the Company hereunder. 
 17. Choice of Law;
Venue; Consent to Jurisdiction; Consent to Service of Process. 
 (a) Governing Law. This Agreement shall be
governed by and construed in accordance with the law of the State of Delaware applicable to contracts made and to be performed entirely within that State. The validity, interpretation, construction, and performance of this Agreement in all respects
shall be governed by the laws of the State of Delaware without regard to its principles of conflicts of law. 
 (b)
Venue. Except as otherwise specifically provided herein, Employee and the Company each hereby irrevocably submits to the exclusive jurisdiction of the United States District Court for the District of Delaware (or, if subject matter
jurisdiction in that court is not available, in any state court located in Wilmington, Delaware) over any dispute arising out of or relating to this Agreement. Except as otherwise specifically provided in this Agreement, the parties undertake not to
commence any suit, action or proceeding arising out of or relating to this Agreement in a forum other than a forum described in this Section 17; provided, however, that nothing herein shall preclude the Company from bringing any suit, action or
proceeding in any other court for the purposes of enforcing the provisions of this Section 17 or enforcing any judgment obtained by the Company. Employee waives any objection to jurisdiction and venue of any action instituted against Employee
as provided herein and agrees not to assert any defense based on lack of jurisdiction or venue. 
 (c) The agreement of the
parties to the forum described in this Section 17 is independent of the law that may be applied in any suit, action, or proceeding and the parties agree to such forum even if such forum may under applicable law choose to apply non-forum law.
The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding brought in an applicable court
described in this Section 17, and the parties agree that they shall not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court. The parties agree that, to the fullest extent permitted by
applicable law, a final and non-appealable judgment in any suit, action or proceeding brought in any applicable court described in Section 17(a) shall be conclusive and binding upon the parties and may be enforced in any other jurisdiction.

 (d) Consent to Service of Process. The parties hereto irrevocably consent to the service of any and all process in
any suit, action or proceeding arising out of or relating to this Agreement by the mailing of copies of such process to such party at such party’s address specified in Section 12. 

18. Amendment and Waiver. The provisions of this Agreement may be amended or waived only with the prior written consent of the Company
and Employee, and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding effect or enforceability of this Agreement. 

  
 14 

 20. Personal Information. Employee acknowledges and agrees that the Company is
permitted to hold personal information about him as part of its personnel and other business records and, in accordance with applicable law, may use such information in the course of the Company’s business. 

21. Advice of Counsel. Each party represents and warrants that it has had a full opportunity to seek advice and representation by
independent counsel of its own choosing in connection with this Agreement and it has either received such advice or, in its business judgment, decided not to seek such advice. 

22. Section Headings; Interpretation. The section headings in this Agreement are for convenience of reference only, and they form no
part of this Agreement and shall not affect its interpretation. It is the parties’ intention that this Agreement not be construed more strictly with regard to the Employee or the Company. 

23. Code Section 409A Compliance. The intent of the parties to this Agreement is that payments and benefits under
this Agreement comply with or are exempt from Internal Revenue Code Section 409A (“Section 409A”) and the regulations and guidance promulgated thereunder to the extent applicable, and accordingly, to the
maximum extent permitted, this Agreement will be interpreted and administered in compliance therewith. 
 (a) Subject to Employee’s
consent, this Agreement may be amended by the Company as necessary in an effort to comply with Section 409A. It is hereby agreed and understood that Employee will be solely liable for any and all taxes, interest and/or penalties imposed by any
lawful taxing authority relating to taxes due as a result of Section 409A on account of any payments made or deemed to be made to Employee hereunder or pursuant to any Company arrangements that may be deemed to be deferred compensation under
Section 409A, and the Company will not indemnify Employee against any and all taxes, interest and/or penalties that may be imposed by any taxing authority in the event of a determination of non-compliance with Section 409A. 

(b) Notwithstanding anything herein to the contrary, to the extent required by Section 409A, upon a termination of Employee’s
employment (other than as a result of death), if Employee is at the time a “specified employee” (within the meaning of Section 409A), distributions under this Agreement determined, in whole or in part, to constitute “nonqualified
deferred compensation” within the meaning of Section 409A and payable to Employee on account of Employee’s termination of employment or other “separation from service” (within the meaning of Section 409A(a)(2)(A)(i) of
the Code and the Treasury regulations issued thereunder) will be delayed until six months after such termination of employment, and such distributions will be made at the beginning of the seventh month following the date of such termination of
employment or other separation from service. For purposes of this Agreement, “termination of employment” and similar terms shall be interpreted to mean “separation from service” as defined above and any amount constituting
deferred compensation that is payable to Employee upon Employee’s termination of employment will only be paid (and will be paid) if such termination constitutes a “separation from service” as defined above. 

(c) The determination of whether and when the Employee’s separation from service from the Company has occurred shall be made in a manner
consistent with, and based on the presumptions set forth in, Treasury Regulation Section 1.409A-1(h). Solely for purposes of this Section 23, “Company” shall include all persons with whom the Company would be considered a single
employer as determined under Treasury Regulation Section 1.409A-1(h)(3). 
  

  
 15 

 (d) Whenever a payment under this Agreement specifies a payment period with reference to a
number of days (e.g., “payment will be made within thirty (30) days following the date of termination”), the actual date of payment within the specified period will be within the sole discretion of the Company. If, under this
Agreement, an amount constituting deferred compensation is to be paid to Employee in two or more installments, for purposes of Section 409A, each installment will be treated as a separate payment. 

(e) All reimbursements and in-kind benefits provided under this Agreement, including any relocation assistance provided pursuant to the
Company’s relocation assistance policy, shall be made or provided in accordance with the requirements of Section 409A to the extent that such reimbursements or in-kind benefits are subject to Section 409A, including, where applicable,
the requirements that (i) any reimbursement is for expenses incurred during the Employee’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement during a calendar
year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is
incurred and (iv) the right to reimbursement is not subject to set off or liquidation or exchange for any other benefit. 
 [SIGNATURES
ON FOLLOWING PAGE] 

  
 16 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above. 
  

	
	THE COMPANY:
	
	MEREO BIOPHARMA GROUP PLC
	
	By:
	Name:                                     
                                         
            
	Title:                                     
                                         
              
	
	EMPLOYEE:
	
	  
 John Richard

 [Signature Page to Employment Agreement] 

 Schedule 1 

Specific Duties and Responsibilities 

Employee’s duties and responsibilities as Head of Corporate Development include the following specific duties and responsibilities: 

 

	 	•	 	 Advising on the Company’s business development strategy 

 

	 	•	 	 Negotiating the structure and terms of business transactions involving the Company’s products, including the
in-licensing, out-licensing, purchase, and acquisition of product candidates 

  

	 	•	 	 Meeting with senior management of pharmaceutical companies to discuss including the in- licensing, out-licensing,
purchase, and acquisition of product candidates 

  

	 	•	 	 Attend key conferences to discuss the in-licensing, out-licensing, purchase, and acquisition of product
candidates 

  

	 	•	 	 Manage the individuals reporting to you as Head of Corporate Development 

  
 18EX-4.33

 Exhibit 4.33 
  

			
	THIS AMENDED AND RESTATED CONTRACT OF EMPLOYMENT dated	 	August 2021 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 1 Cavendish Place, London W1G 0QF (the “Company”); and 

  

	(2)	 DENISE SCOTS-KNIGHT, One Carlos Place, London, W1K 3AJ

 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 1st July 2015

  

	 	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; 

  
 - 1 - 

	 	(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; 

  

	 	(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. 

  
 - 2 - 

	 	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 

 

	 	(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: Chairman of the Board, Peter Fellner 

 

	 	1.1.12	 Period: the period of 6 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

  
 - 3 - 

	 	
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. 

 

	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 12 months’ prior notice (or the statutory minimum notice, whichever is the greater) in writing. 

 

	2.2	 [This clause intentionally blank]. 

 

	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 - 

	4.	 Job Title and Reporting 

Your job title is ‘Chief Executive 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. 

  

	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 substantially 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; 

  

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

  

	 	5.3.7	 consent to the Company monitoring and recording any use that you make of the Company’s electronic
communications systems for the purpose of ensuring that the Company’s rules are being complied with and for legitimate business purposes. 

  

	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 - 

	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. 

 

	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 acknowledge that you hold an executive position with certain autonomous decision taking powers and
that the duration of your working time is not measured or predetermined. You agree that you are therefore not subject to regulation 4(1) of the Working Time Regulations 1998 but without prejudice to that you accept that by signing this Contract
you have agreed that, insofar as it would apply to your employment with the Company, regulation 4(1) of the Working Time Regulations 1998 shall not apply. 
  

	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. 

  
 - 6 - 

	8.	 Salary 

  

	8.1	 Your salary is £398,807.76 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 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. 

  

	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. 

  
 - 7 - 

	9.5	 Save as provided in Schedule II, if you are working your period of notice (given by either you or the Company)
at the date any bonus is 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 Financial Officer within one month of the date that the credit card statement is received. No personal expenditure may be charged to Company credit cards. 

 

	11.	 Other Employment 

 

	11.1	 You must devote substantially 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 Board, 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 Board, 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 Chairman of the Board 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. Nothing in this clause 11.3 will prevent you from continuing with your
activities relating to Phase4 Partners Limited. 

  

	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. 

  
 - 8 - 

	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. 

  

	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. 

  
 - 9 - 

	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. 

  

	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 

  
 - 10 - 

	 	
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 a pro-rata amount equal to 10% of your basic salary in lieu of a
pension contribution to you as 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.

  

	 	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 

  
 - 11 - 

	 	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. 

  

	 	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 

  
 - 12 - 

	 	
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. 

 

	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 

  
 - 13 - 

	 	
promptly disclose to the Chief Financial 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. 

  

	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 

  
 - 14 - 

	 	
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 written notice of 12 months or the statutory minimum
notice, whichever is the greater. 

  

	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 and a payment in lieu of any contractual benefits under clause 15 (excluding bonus)
which you would have been entitled to receive under this Contract during the notice period referred to at clause 2.2 or 18.1 (or, if notice has already been given, during the remainder of such notice period) (subject to statutory deductions)

  

	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. 

  
 - 15 - 

	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. 

  

	18.7	 This clause 18 is subject to the provisions of Schedule II appended to this Contract. In the event of conflict
between this clause 18 and the provisions of Schedule II, the provisions of Schedule II shall prevail. 

  

	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 for Cause, meaning 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; 

  

	 	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; 

  
 - 16 - 

	 	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. 

  

	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. 

  
 - 17 - 

	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. 

  
 - 18 - 

	21.2	 You shall not for a period of 6 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 6 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. 

  
 - 19 - 

	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 

  
 - 20 - 

	 	
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.

  

	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 Financial 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. 

  
 - 21 - 

	25.	 Collective Agreements 

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

 

	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, the Company will hold, collect and
otherwise process certain personal data as set out in the Company’s privacy notice, which is on the intranet. All personal data will be treated in accordance with applicable data protection laws and regulations. 

 

	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. 

  

	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; 

  
 - 22 - 

	 	(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. 
  

	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. 

  
 - 23 - 

	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.

  
 - 24 - 

	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	  		  	  

			
	in the presence of	  		  	  
 Signature of witness

			
		  		  	  
 Name of witness

			
		  		  	  
 Address of witness

  
 - 25 - 

 SCHEDULE I 

WRITTEN JOB DESCRIPTION 
 The
Employee’s duties and responsibilities shall be as follows:- 
  

	 	•	 	 To lead, in conjunction with the Board, the development of the Company’s strategy proposing changes in the
strategy when appropriate for discussion with the board. 

  

	 	•	 	 To lead and oversee the execution of the Company’s long and short-term plans in accordance with its
strategy. 

  

	 	•	 	 To ensure the Company is appropriately organised and resourced to execute on the plans. 

 

	 	•	 	 To act as a liaison between the executive management team and the Board and ensure the board has sufficient
interaction with the executive management team. 

  

	 	•	 	 To recruit and monitor performance of the executive management team and to make recommendations to the
Compensation Committee and the Board on the remuneration of the executive management team members. 

  

	 	•	 	 To communicate effectively with shareholders, employees, Government authorities, other stakeholders, and the
public. 

  

	 	•	 	 Provide strategic input and leadership on decision making issues affecting the organization; specifically
relating to the evaluation of potential mergers, acquisitions, or partnerships. 

  

	 	•	 	 Optimize banking relationships and work closely with CFO to foster and grow strategic financial partnerships.

  

	 	•	 	 Work with finance team to develop the annual budget of the Company and ensure once authorized by the board, the
annual expenditures are within this budget. 

  

	 	•	 	 Act as a strategic advisor on contracts, negotiations, or business deals that the corporation may enter, building
the appropriate contacts and relationships with these businesses. 

  

	 	•	 	 Evaluate company’s operational and financial structures to plan for continual improvements and growth.

  

	 	•	 	 Mentor and interact with members of staff at all levels to foster growth and encourage development among senior
executive team and all members of staff.

  

	 	•	 	 To assess the principal risks of the Company and to ensure that these risks are being monitored and managed.

  

	 	•	 	 To ensure appropriate and effective internal controls and management information systems are in place.

  

	 	•	 	 To communicate effectively with shareholders, employees, Government authorities, other stakeholders, and the
public. 

  

	 	•	 	 To keep abreast of all material undertakings and activities of the Company and all material external factors
affecting the Company. 

  

	 	•	 	 To ensure that the Directors are properly informed, and that sufficient information is provided to the Board to
enable the Directors to form appropriate judgments. 

  

	 	•	 	 To ensure the integrity of all public disclosure by the Company. 

 

	 	•	 	 In concert with the Chairman, to develop Board agendas and to request that special meetings of the Board be
called when appropriate. 

  

	 	•	 	 Sit on committees of the Board where appropriate as determined by the Board and seek input from those committees
(for example the R&D Committee) as required. 

  
 - 26 - 

 SCHEDULE II 

CHANGE IN CONTROL AND SEVERANCE 
  

	1.	 Background 

  

	1.1	 The Board recognizes that the possibility of an acquisition of the Company or an involuntary termination can be
a distraction to you and can cause you to consider alternative employment opportunities. The Board has determined that it is in the best interests of Mereo BioPharma Group plc (the “Company”) and its shareholders to assure that the
Company will have your continued dedication and objectivity, notwithstanding the possibility, threat or occurrence of such an event. 

  

	1.2	 The Board believes that it is in the best interests of the Company to provide you with an incentive to continue
your employment and to motivate you to maximize the value of the Company upon a Change in Control (as defined below) for the benefit of the Company’s shareholders. 

 

	1.3	 The Board believes that it is imperative to provide you with severance benefits upon certain terminations of
your service to the Company that enhance your financial security and provide incentive and encouragement to you to remain with the Company notwithstanding the possibility of such an event. 

 

	1.4	 Unless otherwise defined herein, capitalized terms used in this Agreement are defined in paragraph 5 below.

  

	1.5	 You agree that the Contract is amended to insert the provisions below. In the event of any conflict between the
provisions of the Contract and this Schedule II, the provisions of this Schedule II shall prevail. 

  

	2.	 Covered Termination During a Change in Control Period 

 

	2.1	 If you experience a Covered Termination during a Change in Control Period, then, subject to (i) you
delivering to the Company an executed Settlement Agreement that becomes effective and irrevocable in accordance with paragraph 9.1 below, or such shorter period of time specified by the Company, following such Covered Termination and (ii) your
continued compliance with clauses 16, 17 and 21 of the Contract, then in addition to any accrued but unpaid salary, benefits, holiday and expense reimbursements through the Covered Termination Date payable in accordance with applicable law, the
Company shall provide you with the following: 

  

	 	2.1.1	 The Company shall pay you an amount equal to the sum of (i) your annual base salary at the rate in effect
immediately prior to the Covered Termination Date during the period of time commencing on the Covered Termination Date and ending on the eighteen (18)-month anniversary thereof and (ii) your target annual bonus assuming achievement of
performance goals at one hundred percent (100%) of target, payable in a cash lump sum, less applicable withholdings, on the first payroll date following the date the Settlement Agreement becomes effective and irrevocable in accordance with paragraph
9.1 below. 

  
 - 27 - 

	 	2.1.2	 Each outstanding and unvested equity award held in the Company that vests solely based on the passage of time
held by you as of the Covered Termination Date shall automatically become vested and, if applicable, exercisable and any forfeiture restrictions or rights of repurchase thereon shall immediately lapse with respect to one percent (100%) of the
ordinary shares of the Company subject thereto, as of immediately prior to the Covered Termination Date. 

  

	3.	 Certain Reduction 

 

	3.1	 Notwithstanding anything herein to the contrary, the Company shall reduce your severance benefits under this
Schedule II, in whole or in part, by any other severance benefits, pay in lieu of notice, or other similar benefits payable to you by the Company in connection with your termination, including but not limited to payments or benefits
(a) pursuant to clause 18 of the Contract; (b) required by applicable law or (c) any applicable clawback policy. The benefits provided under this Schedule II are intended to satisfy, to the greatest extent possible, any and all
statutory obligations that may arise out of your termination of employment. Such reductions shall be applied on a retroactive basis, with severance benefits paid first in time being recharacterized as payments pursuant to the Company’s
statutory obligation. 

  

	4.	 Deemed Resignation 

 

	4.1	 The provisions of clause 18.4 of the Contract shall apply to this Schedule II as if references to the Contract
are references to this Schedule II. 

  

	5.	 Definitions 

  

	5.1	 “Cause” shall have the meaning set out in clause 19.1 of the Contract. 

 

	5.2	 “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 shares 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” 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). In the event of any conflict between the provisions of
this clause 5.2 of Schedule II and the provisions of the Mereo Equity Incentive Plan, the terms of this Schedule II shall prevail. 

  
 - 28 - 

	5.3	 “Change in Control Period” means the period commencing on a Change in Control and ending 12
months after such Change in Control. 

  

	5.4	 “Covered Termination” means the termination of your employment by the Company other than for
Cause or by you for Good Reason, and shall not include a termination due to your death or disability. 

  

	5.5	 “Covered Termination Date” means the date on which you experience a Covered Termination.

  

	5.6	 “Good Reason” means your resignation from employment with the Company after the occurrence,
without your written consent, of any of the following: (i) a material reduction in your authorities, duties and responsibilities; (ii) a material reduction by the Company in your base salary from your base salary in effect immediately
prior to such reduction, except in connection with a reduction in salary affecting all senior management employees of the Group Company; or (iii) a relocation of your office that increases your one-way
commute by more than thirty-five (35) miles, except that required travel on the Company’s business to an extent substantially consistent with your 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 your 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. 

 

	5.7	 “Settlement Agreement” means an appropriate waiver of all claims against the Company in a form
reasonably acceptable to the Company. 

  

	6.	 Successors 

  

	6.1	 Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation,
liquidation or otherwise) to all or substantially all of the Company’s business or assets shall assume the obligations under this Schedule II and agree expressly to perform the obligations under this Schedule II in the same manner and to the
same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Schedule II, the term “Company” shall include any successor to the Company’s business or assets which
executes and delivers the assumption agreement described in this paragraph 6.1 or which becomes bound by the terms of this Schedule II by operation of law. 

  

	6.2	 The terms of this Schedule II and your rights hereunder shall inure to the benefit of, and be enforceable by,
your personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

  

	7.	 Notices 

  

	7.1	 The provisions of clause 35 of the Contract shall apply to this Schedule II as if references to the Contract
are references to this Schedule II. 

  
 - 29 - 

	8.	 Dispute Resolution 

 

	8.1	 The provisions of clauses 32 and 33 of the Contract shall apply to this Schedule II as if references to the
Contract are references to this Schedule II. 

  

	9.	 Miscellaneous Provisions 

 

	9.1	 Notwithstanding anything to the contrary in this Schedule II, to the extent that any payments due under this
Schedule II as a result of your termination of employment are subject to your execution and delivery of a Settlement Agreement, (A) if you fail to execute the Settlement Agreement on or prior to the Settlement Agreement Expiration Date (as
defined below) or the Settlement Agreement does not become effective and irrevocable within 60 days following the Covered Termination Date (or such shorter period specified by the Company), you shall not be entitled to any payments or benefits
otherwise conditioned on the Settlement Agreement, and (B) in any case where your Covered Termination Date and the last day the Settlement Agreement may be considered or, if applicable, revoked fall in two separate taxable years, any payments
required to be made to you that are conditioned on the Settlement Agreement shall commence or be made in the later taxable year. For purposes hereof, “Settlement Expiration Date” shall mean the date that is twenty one (21) days
following the date upon which the Company timely delivers the Settlement Agreement to you. 

  

	9.2	 The Company shall be entitled to withhold from any amounts payable under this Schedule any local or foreign
withholding or other taxes or charges which the Company is required to withhold. 

  

	9.3	 No provision of this Schedule II shall be modified, waived or discharged unless the modification, waiver or
discharge is agreed to in writing and signed by you and by an authorized officer of the Company (other than you). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Schedule II by the other party
shall be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

  

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

 

	9.5	 The provisions of clauses 36 and 37 of the Contract shall apply to this Schedule II as if references to the
Contract are references to this Schedule II. 

  

	9.6	 You acknowledge that (i) you have consulted with or have had the opportunity to consult with independent
counsel of your own choice concerning this Schedule II, and have been advised to do so by the Company, and (ii) that you have read and understand this Schedule II, are fully aware of its legal effect, and have entered into it freely based on
your own judgment. 

  
 - 30 -

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