ZURA Zura Bio Ltd - 8-K

Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Transition of Chief Financial Officer

On April 20, 2026, Eric Hyllengren,
the Company’s Chief Financial Officer, Principal Financial Officer and Principal Accounting Officer, was separated from the Company.
Mr. Hyllengren’s separation was not related to the Company’s financial or operating results or to any disagreements regarding
the Company’s operations or financial or reporting practices.

In connection with his separation,
the Company and Mr. Hyllengren entered into a Separation Agreement on April 21, 2026. Mr. Hyllengren will receive severance
payments in an amount equal to three months of his base salary and reimbursement for COBRA premiums for up to six months. All payments
and benefits provided under the Separation Agreement are contingent upon the effectiveness of, and Mr. Hyllengren’s continued
compliance with, the Separation Agreement, and are subject to payments and benefits available through other employment or eligibility.

The foregoing description
of the Separation Agreement is only a summary, does not purport to be complete and is qualified in its entirety by reference to the full
text of the Separation Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated
herein by reference.

Appointment of Principal Accounting Officer
and Principal Financial Officer

Also on April 20, 2026, the
Board appointed Marlyn Mathew, the Company’s Vice President, Finance and Accounting, as the Company’s principal accounting
and principal financial officer (the “Appointment”). In connection with the Appointment, the Board approved an increased annual
base salary for Ms. Mathew of $366,415.

Ms. Mathew, 42, serves as
the Company’s Vice President, Finance and Accounting, a role she has held since June 2022. Prior to joining the Company, Ms. Mathew
was Controller at Immunovant from 2019 to May 2022, having previously served as Assistant Controller from 2018 to 2019. Ms. Mathew holds
a Bachelor of Science in Accounting from Rutgers University.

Ms. Mathew is not party to
any arrangement or understanding with any other person pursuant to which she was appointed as an officer, nor is she party to any transactions
required to be disclosed pursuant to Item 404(a) of Regulation S-K involving the Company. There are no family relationships between Ms.
Mathew and any of the Company’s directors and executive officers.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

10.1+

Separation Agreement, by and between the Company
and Eric Hyllengren, signed April 21, 2026

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File (embedded within the Inline XBRL document)

+ Indicates management contract
or compensatory plan.