Exhibit 10.1

June 27, 2025

Via E-Mail

Eric Hyllengren

ej.hyllengren@gmail.com

Dear Eric,

Congratulations! I am delighted to make you an offer for the full-time position of Chief Financial Officer (“CFO”) for the Zura Bio Group (including Zura Bio Inc., a subsidiary of Zura Bio Limited, together with its affiliated companies (the “Company”)) reporting to the Chief Executive Officer. Your anticipated start date is July 7, 2025 (the “Start Date”). Your position will be remote and your primary work location will be your home in Thousand Oaks, California. You acknowledge that your position may require occasional travel in accordance with the needs of the business. While Zura is remote based, we think it is important to stay connected.

The terms of the offer, subject to final approval by the Company’s Board of Directors (the “Board”), are as follows:

Duties and Extent of Service

As a full-time employee for the Company, you will have responsibility for performing those duties as are customary for, and are consistent with, the role as CFO, as well as those duties as may be assigned to you from time to time by the CEO and/or Board and which may relate to the business of the Company and/or of Zura Bio Group. If you join the Company, you agree to abide by the rules, regulations, instructions, personnel practices and policies of the Company and Zura Bio Group and any changes therein which may be adopted from time to time. Except for vacations and absences due to temporary illness, you will be expected to devote all of your business time and effort to the business and affairs of the Company and/or Zura Bio Group.

Base Salary, Annual Bonus, and Other Considerations

The Company will pay you an annualized base salary of $475,000 USD, paid semi-monthly, less payroll deductions, required taxes, withholdings and payable in accordance with the Company’s standard payroll practices. This is an exempt position, which means you are paid on a salary basis for the job you perform, not by the hour, and you are not eligible for overtime. Your salary and any bonus will be subject to customary federal, state, and local taxes and withholdings.

You will also be eligible to earn a discretionary annual performance bonus with a target of 40% of your annualized salary. The amount of this bonus, if any, will be determined in the sole discretion of the Board and/or the Compensation Committee thereof (the “Compensation Committee”) and will be based, in part, on your performance and the performance of the Company during the calendar year, as well as any other criteria the Board and/or Compensation Committee deem relevant. The Company will pay you this bonus, if any, no later than March 30th of the following calendar year. The bonus is not earned until paid and no pro-rated amount will be paid if your employment terminates for any reason prior to the payment date. Any bonus for 2025 will be prorated based on the number of months you were employed by the Company during the year.

Benefits

As a Company employee, your eligibility to participate in the Company employee benefit plans and fringe benefits will depend on whether you meet the eligibility terms of the applicable plans, as may be in place from time to time.

Inducement Equity Award

Assuming your employment with Company begins by the Start Date and subject to approval by the Board or the Compensation Committee, as soon as practicable following the Start Date, you will receive an option to purchase 672,000 Class A ordinary shares of the Company (the “Inducement Equity Award”), which will vest over 4 years pursuant to the vesting schedule set forth in the award agreement governing the Inducement Equity Award, subject to your continuous service to the Company through each applicable vesting date. The Inducement Equity Award is intended to be a material inducement to your acceptance of this offer of employment. The Inducement Equity Award shall be subject to the terms and conditions of an equity incentive plan maintained by the Company and an equity award agreement thereunder (including applicable vesting criteria) and is conditioned upon your acceptance and signing of such equity award agreement.

Nondisclosure and Developments

The Company has extended this offer to you based upon your general knowledge, background, experience and skills and abilities and not because of your knowledge of your current employer’s or any previous employer’s trade secrets or other confidential information. By signing this letter you are representing that you have full authority to accept this position and perform the duties of the position without conflict with any other obligations and that you are not involved in any situation that might create, or appear to create, a conflict of interest with respect to your loyalty or duties to the Company. You specifically warrant that you are not subject to an employment agreement or restrictive covenant preventing full performance of your duties to the Company. You agree not to bring to the Company or use in the performance of your responsibilities at the Company any materials or documents of a former employer that are not generally available to the public, unless you have obtained express written authorization from the former employer for their possession and use. You also agree to honor all obligations to former employers during your employment with the Company.

As a condition of employment, you must sign and comply with the attached Employee Confidential Information and Inventions Assignment Agreement which prohibits unauthorized use or disclosure of the Company’s proprietary information, among other obligations.

At-Will Employment

This Agreement is not a contract of employment for any specific or minimum term and that the employment the Company offers you is terminable at will. This means that our employment relationship is voluntary and based on mutual consent. You may resign your employment, and the Company likewise may terminate your employment, at any time, for any reason, with or without cause or notice. Any prior oral or written representations to the contrary are void, and any future representations to the contrary are also void and should not be relied upon unless they are contained in a formal written employment contract signed by an officer of the Company and expressly stating the company’s intent to modify the at-will nature of your employment.

Background Checks; Eligibility to Work in the United States

The Company reserves the right to conduct background investigations and/or reference checks on all of its potential employees. This offer, therefore, is contingent upon a clearance of such a background investigation and/or reference check, if any.

For purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility for employment in the United States. Such documentation must be provided to the Company within three (3) business days of your commencement date, or our employment relationship with you may be terminated.

Dispute Resolution

To aid the rapid and economical resolution of disputes that may arise in connection with your employment with the Company, and in exchange for the mutual promises contained in this offer letter, you and the Company agree that any and all disputes, claims, or causes of action, in law or equity, including but not limited to statutory claims, arising from or relating to the enforcement, breach, performance, or interpretation of this letter agreement, your employment with the Company, or the termination of your employment, shall be resolved, to the fullest extent permitted by law, by final, binding and confidential arbitration conducted by JAMS, Inc. (“JAMS”) or its successor, under JAMS’ then applicable rules and procedures appropriate to the relief being sought (available upon request and also currently available at the following web address: (i) https://www.jamsadr.com/rules-employment-arbitration/ and (ii) https://www.jamsadr.com/rules-comprehensive-arbitration/) at a location closest to where you last worked for the Company or another mutually agreeable location. Notwithstanding the foregoing, if JAMS is unavailable due to location or otherwise, or if the parties mutually agree, then the arbitration shall be conducted by the American Arbitration Association (“AAA”) or its successor, under AAA’s then applicable rules and procedures appropriate to the relief being sought (available upon request and also currently available at the following web address: https://www.adr.org/sites/default/files/EmploymentRules-Web.pdf), at a location closest to where you last worked for the Company or another mutually agreeable location. Any demand for arbitration must be made within the statute of limitations applicable to the claim asserted as if such claim were asserted in court. Failure to demand arbitration (or, where applicable, file a counterclaim, crossclaim, or third-party claim) within such time limitation shall serve as a waiver and release with respect to all such claims. You acknowledge that by agreeing to this arbitration procedure, both you and the Company waive the right to resolve any such dispute through a trial by jury or judge. The Federal Arbitration Act, 9 U.S.C. § 1 et seq., will, to the fullest extent permitted by law, govern the interpretation and enforcement of this arbitration agreement and any arbitration proceedings. This provision shall not be mandatory for any claim or cause of action to the extent applicable law prohibits subjecting such claim or cause of action to mandatory arbitration and such applicable law is not preempted by the Federal Arbitration Act or otherwise invalid (collectively, the “Excluded Claims”), such as non-individual claims that cannot be waived under applicable law, claims or causes of action alleging sexual harassment or a nonconsensual sexual act or sexual contact, or unemployment or workers’ compensation claims brought before the applicable state governmental agency. In the event you or the Company intend to bring multiple claims, including one of the Excluded Claims listed above, the Excluded Claims may be filed with a court, while any other claims will remain subject to mandatory arbitration. You acknowledge and agree that proceedings of any non-individual claim(s) under the California Private Attorneys General Act (“PAGA”) that may be brought in court shall be stayed for the duration and pending a final resolution of the arbitration of any individual or individual PAGA claim. Nothing herein prevents you from filing and pursuing proceedings before a federal or state governmental agency, although if you choose to pursue a claim following the exhaustion of any applicable administrative remedies, that claim would be subject to this provision. In addition, with the exception of Excluded Claims arising out of 9 U.S.C. § 401 et seq., all claims, disputes, or causes of action under this section, whether by you or the Company, must be brought in an individual capacity, and shall not be brought as a plaintiff (or claimant) or class member in any purported class, representative, or collective proceeding, nor joined or consolidated with the claims of any other person or entity. You acknowledge that by agreeing to this arbitration procedure, both you and the Company waive all rights to have any dispute be brought, heard, administered, resolved, or arbitrated on a class, representative, or collective action basis. The arbitrator may not consolidate the claims of more than one person or entity, and may not preside over any form of representative or class proceeding. If a court finds, by means of a final decision, not subject to any further appeal or recourse, that the preceding sentences regarding class, representative, or collective claims or proceedings violate applicable law or are otherwise found unenforceable as to a particular claim or request for relief, the parties agree that any such claim(s) or request(s) for relief be severed from the arbitration and may proceed in a court of law rather than by arbitration. All other claims or requests for relief shall be arbitrated. You will have the right to be represented by legal counsel at any arbitration proceeding. Questions of whether a claim is subject to arbitration and procedural questions which grow out of the dispute and bear on the final disposition are matters for the arbitrator to decide, provided however, that if required by applicable law, a court and not the arbitrator may determine the enforceability of this paragraph with respect to Excluded Claims. The arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (b) issue a written statement signed by the arbitrator regarding the disposition of each claim and the relief, if any, awarded as to each claim, the reasons for the award, and the arbitrator’s essential findings and conclusions on which the award is based. The arbitrator shall be authorized to award all relief that you or the Company would be entitled to seek in a court of law. The Company shall pay all arbitration administrative fees in excess of the administrative fees that you would be required to pay if the dispute were decided in a court of law.

Entire Agreement; Amendment

This Agreement will constitute the entire agreement and understanding between the Company and you with respect to the specific matters contemplated and addressed hereby. No prior agreement between you and the Company, whether written or oral, shall be construed to change or affect the operation of this Agreement in accordance with its terms, and any provision of any such prior agreement which conflicts with or contradicts any provision of this Agreement is hereby revoked and superseded.

This Agreement may be amended or modified only by a written instrument executed both by you and myself or the Chief Legal Officer of the Company. If any portion of this Agreement shall, for any reason, be held invalid or unenforceable, or contrary to public policy or any law, the remainder of this Agreement shall not be affected by such invalidity or unenforceability, but shall remain in full force and effect as if the invalid or unenforceable term or portion thereof had not existed within this Agreement.

This offer of employment will expire if not accepted by 11pm PT on June 26, 2025 and all terms are contingent upon your commencement of work on or before the Start Date. If the terms of this offer are acceptable to you, please sign in the space provided below indicating your agreement to the provisions of this offer of employment.

We are enthusiastic about this opportunity for you to join the team!

Warm regards,

/s/ Lindsey McClelland

Lindsey McClelland

Head of People and Culture

Acceptance: I have read the terms of this offer of employment, and I accept and agree to them.

Signature:/s/ Eric Hyllengren

Print Name: Eric Hyllengren

Date: June 27, 2025

Exhibit 10.2

WITHOUT PREJUDICE AND SUBJECT TO CONTRACT

SETTLEMENT AGREEMENT

THIS AGREEMENT is made on 27 June 2025

BETWEEN:

together, the "Parties" and each a "Party".

BACKGROUND:

It is agreed as follows:

"Adviser" means the individual named in Schedule 1.

"Agreement" means this agreement (including any schedule or annexure to it and any document in agreed form).

"Confidential Information" has the meaning given in the Employment Contract.

"Employment Contract" means the service agreement between you and the Company dated 7 April 2023.

"Group Companies" means the Company and any holding company or any parent company or any subsidiary or subsidiary undertaking of the Company or such companies, as such terms are defined in s 1159, s 1162 (together with Schedule 7 and the definition of "parent company" in s 1173), s 1161 and Schedule 6 of the Companies Act 2006, and "Group Company" means any of them.

"ITEPA" means the Income Tax (Earnings and Pensions) Act 2003.

"Options" means the options granted by the Parent to you pursuant to the applicable Stock Option Grant Package and the Plan, details of which are set out at Schedule 2 and "Option" means any one of them.

"Parent" means Zura Bio Limited, a Cayman Islands exempted company.

"Parent Board" means the board of directors of the Parent or appropriately authorised committee thereof.

"Plan" means the Zura Bio Limited 2023 Equity Incentive Plan, including Schedule A (Sub-Plan for United Kingdom Participants, if applicable), as amended from time to time.

"Post-Employment Notice Pay" has the meaning given in section 402D of ITEPA.

"Proceedings" means any action, claim or proceedings in the Employment Tribunal or any other court against the Company, any other Group Company or any of its or their shareholders, directors, officers, employees, workers, consultants or agents in respect of any of the matters which are the subject of your warranty under clause 7.5, or are settled under the terms of this Agreement. It also includes any application for early conciliation to the Advisory, Conciliation and Arbitration Service (Acas).

"Reaffirmation Letter" means the letter agreement to be entered into by you pursuant to clause 13 in the form set out at Schedule 4, under which you reaffirm certain provisions of this Agreement on or after the Termination Date.

"Restricted Business" means those parts of any Group Company's business with which you were involved to a material extent in the 12 months before the Termination Date.

"Restricted Person" means anyone employed or engaged any Group Company who could materially damage any Group Company's interests if they were involved as agent, consultant, director, employee, worker, owner, partner or shareholder in any business concern which competes with any Restricted Business and with whom you had material dealings at any time in the 12 months before the Termination Date in the course of your employment.

"Share" means a Class A Ordinary Share of the Parent.

"Stock Option Grant Package" means the share option award agreement entered into between the Parent and you in respect of an Option.

"Termination Date" means 31 July 2025.

"Termination Payment" means the payment referred to in clause 5.

"Transfer" means any (a) sale, transfer, conveyance, assignment, pledge, hypothecation, swap, loan, other disposal or encumbering of, or any contract to sell, any Shares or any legal or beneficial right or interest therein, whether, directly or indirectly, voluntarily or by operation of law, by gift or otherwise, and/or (b) any grant of any proxy with respect to the Shares other than the granting of a revocable proxy to officers or directors of the Parent at the request of the Parent Board, and “Transferred” shall be construed accordingly.

"UK Tax Liability" has the meaning as defined in clause 6.6.

Any payment or reimbursement made to you pursuant to this clause 3.3 will be subject to the deduction of such income tax and National Insurance contributions as the Company is required by law to deduct. You will otherwise be responsible for any obligations in respect of income tax and/or National Insurance contributions relating to payments or reimbursements under this clause 3.3 and hereby agree to indemnify on demand to the fullest extent permitted by law and hold harmless the Company from and against: (i) each and every claim, liability and demand made by HMRC in respect of any income tax and/or National Insurance contributions relating to payments or reimbursements under this clause 3.3; and/or (ii) any interest, fines and penalties incurred by the Company in connection with any income tax and/or National Insurance contributions relating to payments or reimbursements under this clause 3.3.

Subject to the provisions of this Agreement, the Company shall pay to you £178,294.92 (the "Termination Payment") as compensation for loss of employment, such payment to be made by the Termination Date, subject to the deduction of such income tax and National Insurance contributions as the Company is required by law to deduct.

The Company will pay your reasonable legal and tax advice costs up to a maximum of £3,725 (plus VAT) incurred in respect of advice received by you as to the terms and effect of this Agreement (including Reaffirmation). Payment of these costs will be made direct to the relevant adviser(s) subject to the Company's receipt of an invoice addressed to you but marked payable by the Company.

whether or not such person would be in breach of contract as a result of any such employment or engagement.

and any payments or benefits pursuant to this Agreement are subject to and conditional upon each of the above being so.

This Agreement may be executed in any number of counterparts, each of which, when executed and delivered, shall be an original, and all the counterparts together shall constitute one and the same instrument.

The unenforceability of any provision of this Agreement shall not affect the enforceability of all remaining provisions. It is agreed that each obligation under this Agreement is separate and severable and any such unenforceable provision shall not be deemed to be part of this Agreement.

This Agreement shall be governed by and construed in all respects in accordance with the laws of England and Wales and each of the parties irrevocably submits to the exclusive jurisdiction of the courts of England and Wales.

This Agreement will come into effect on the date of the last party's signature on which date the "without prejudice and subject to contract" nature of this Agreement will cease to apply.

This Agreement has been signed by the Parties on the date appearing at the head of page 1 to signify their agreement to its terms.

SCHEDULE 1 [ADVISER'S CERTIFICATE]

SCHEDULE 2 [THE OPTIONS]

SCHEDULE 3 [CLAIMS]

SCHEDULE 4 [REAFFIRMATION LETTER]

Exhibit 99.1

Zura Bio Announces Chief Financial Officer Transition

HENDERSON, NV - (BUSINESS WIRE) – July 1, 2025 - Zura Bio Limited (Nasdaq: ZURA) (“Zura Bio”), a clinical-stage, multi-asset immunology company developing novel dual-pathway antibodies for a range of autoimmune and inflammatory diseases, today announced the appointment of Eric Hyllengren as Chief Financial Officer, effective July 7, 2025. He will succeed Verender Badial, who will step down from the role and remain with the company as a non-executive employee through July 31, 2025, to support a seamless transition.

Mr. Badial joined Zura Bio in March 2023, at the time of its business combination with JATT Acquisition Corporation. He led the development of Zura Bio’s internal financial and operational systems, contributed to shaping its financial strategy, and participated in capital-raising efforts that supported the company’s early growth.

Mr. Hyllengren brings over 20 years of financial leadership experience in the life sciences and biotechnology sectors. He most recently served as Chief Operating Officer and Chief Financial Officer at Atara Biotherapeutics, where he led strategic finance, capital markets, operational planning, investor relations, controllership, business development, alliance management, legal, and information technology. At Atara, he played a key role in advancing capital strategy, driving cost transformation, and supporting organizational design. He previously spent 15 years at Amgen in roles spanning corporate finance, investor relations, business development, and alliance management, supporting global operations and long-range planning. His broad experience is expected to support Zura Bio’s ongoing growth and operational execution.

“I am excited to welcome Eric to our leadership team,” said Robert Lisicki, Chief Executive Officer of Zura Bio. “His broad financial expertise, combined with deep sector experience, makes him a strong strategic partner. We’re confident he will elevate our leadership team and continue building the strong relationships we’ve established with our stakeholders as we pursue our long-term goals.”

Mr. Lisicki added, “On behalf of the Board, we thank Verender for his contributions and wish him well in his future endeavors.”

Mr. Badial commented, “Being part of Zura Bio’s mission has been both rewarding and meaningful. I am proud of what we’ve accomplished and grateful to have worked alongside such talented and dedicated colleagues. I look forward to supporting a smooth transition.”

ABOUT ZURA BIO

Zura Bio is a clinical-stage, multi-asset immunology company developing novel dual-pathway antibodies for a range of autoimmune and inflammatory diseases. The Company’s pipeline includes dual-pathway product candidates designed to target key mechanisms of immune system imbalance, with the goal of improving efficacy, safety, and dosing convenience for patients.

Zura Bio’s lead product candidate, tibulizumab (ZB-106), is currently being evaluated in two separate Phase 2 clinical studies in adults, including TibuSURE for systemic sclerosis and TibuSHIELD for hidradenitis suppurativa. Additional product candidates, crebankitug (ZB-168) and torudokimab (ZB-880), have completed Phase 1/1b studies and are being evaluated for their potential across a range of autoimmune and inflammatory conditions.

For more information, please visit www.zurabio.com.

FORWARD-LOOKING STATEMENTS

This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predict,” “potential,” “continue,” “strategy,” “future,” “opportunity,” “would,” “seem,” “seek,” “outlook,” “goal,” “mission,” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. These statements are based on various assumptions, whether or not identified in this communication. These forward-looking statements in this release include, but are not limited to, statements regarding: the anticipated transition of the company’s Chief Financial Officer, building the company’s relationships, the company’s long-term goals; and expectations with respect to Zura Bio’s development program. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability.

Actual events are difficult or impossible to predict and could differ materially from those expressed or implied in such forward-looking statements, as a result of these risks and uncertainties, which include factors set forth in documents filed, or to be filed by Zura Bio, with the Securities and Exchange Commission (SEC), including the risks and uncertainties described in the “Risk Factors” section of Zura Bio's Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, and other filings with the SEC. Zura Bio cautions that the foregoing list of factors is not exclusive or exhaustive and not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Zura Bio gives no assurance that it will achieve its expectations. Zura Bio does not undertake or accept any obligation to update any forward-looking statements, except as required by law.

CONTACT

Megan K. Weinshank

Head of Corporate Affairs

ir@zurabio.com