Bender Jeremy 4

What Happened
Jeremy Bender, a director of Mereo BioPharma Group plc (MREO), received two grants on February 26, 2026: 66,000 derivative units granted at $0.00 acquisition price, and 117,533 deferred restricted stock units (DRSUs) reported with acquisition price N/A. These are awards (compensation), not purchases or sales, and do not reflect an open-market trade.

Key Details

• Transaction date: February 26, 2026; Form 4 filed February 27, 2026 (timely).
• Grants: 66,000 units @ $0.00; 117,533 units @ N/A (both reported as derivative awards). Total units granted = 183,533.
• Vesting: 66,000 units vest in substantially equal monthly installments over one year from the grant date (per footnote). DRSUs also vest in substantially equal monthly installments over the plan year following the grant date.
• ADS note: Each American Depositary Share (ADS) represents five ordinary shares. The 117,533 DRSUs were granted in ADS form to non-executive directors who elected ADSs in lieu of cash. Payment of DRSUs in ADSs is generally made 180 days following separation of service.
• Shares owned after the transaction: not disclosed in the provided data.
• Filing timeliness: filed the day after the grant date (appears timely).

Context
These are routine compensation awards to a non-executive director (deferred RSUs/ADS-based units). DRSUs are deferred and payable in ADSs under the plan rules (often after separation), so they do not represent immediate share sales or purchases. Such awards are common corporate compensation and should be interpreted as grants, not directional bets on the stock.