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                                                                     Exhibit 4.7

                                                                  March 16, 1998


                              EMPLOYMENT AGREEMENT



Dear Mr. David Chavoustie,


It is with pleasure that we herewith make you the following job offer.


1.       Your position will be Vice President Worldwide Sales.

         As a member of the ASML Management Team you will report to our
         President.

2.       Your starting date with ASML will be April 15, 1998.

3.       You will be taken into the ASML Inc. Payroll. You will be based in our
         office in Tempe, Arizona.

4.       Your annual gross base salary will be US$ 260,000.-. You will
         participate in the ASML Management Team Bonus program, which means a
         bonus of maximum 40% of your base at expected performance. You will be
         eligible to participate in the ASML Management Team Stock Option
         program.

5.       You will be eligible to join the ASML Inc. Benefits and Policies like
         Medical Insurance, Life Insurance, 401K Plan etc. See enclosed summary.

6.       As a signing bonus you will receive 10,000 ASML stock options at your
         start date with us.

7.       ASML will provide you with suitable housing in the Phoenix, Arizona
         area for a maximum period of 6 months.

8.       According to our Vacation policy for Directors, you will be granted 20
         days of vacation per year.

9.       You will be eligible for our Management Relocation Policy. See enclosed
         copy.

I hope this offer is acceptable to you. If you have any questions please contact
me at 31-40-230 3307.


Kind regards,

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ASM Lithography BV.



/s/ Marten de Lange                          /s/ W. D. Maris
--------------------------------             -----------------------------------
Marten de Lange                              W. D. Maris
Manager HRM                                  President and CEO




/s/ David Chavoustie
--------------------------------
Accepted by David Chavoustie



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         TRANSFER OF EMPLOYERSHIP AND AMENDMENT TO EMPLOYMENT AGREEMENT


The undersigned:

1.       ASML Holding N.V., established and headquartered at Veldhoven, the
         Netherlands, represented by H. Bodt and S. Bergsma, in their capacity
         of Chairman and member of the Supervisory Board respectively,
         hereinafter referred to as: "ASML";

2.       ASML Netherlands B.V., established and headquartered at Veldhoven, the
         Netherlands, represented by P. Th. F. M. Wennink, in his capacity of
         member of the Board of Management, hereinafter referred to as "ASML
         Netherlands";

and

3.       David Paul Chavoustie, residing in 7442, E Sierra Vista Drive,
         Scottsdale AZ 85250, USA, hereinafter referred to as "Mr. Chavoustie";

HEREBY AGREE THE FOLLOWING:

1.       ASML supersedes and replaces ASML Netherlands as employer with respect
         to the employment agreement with Mr. Chavoustie dated March 16, 1998,
         per July 1, 2003. Any and all rights and obligations under the relevant
         employment agreement are therefore, as per the afore mentioned date,
         transferred from ASML Netherlands to ASML. The parties agree that as
         from this date of July 1, 2003 the employment agreement shall be solely
         between ASML and Mr. Chavoustie.

2.       The employment agreement between ASML and Mr. Chavoustie shall be in
         accordance with existing employment conditions. In addition, the
         following amendment applies in case of a change of control of ASML:

CHANGE OF CONTROL

In case of a change of control the terms and conditions of the applicable ASML
stock option plans shall be amended as follows:

1.       In this article the following definitions shall apply:

         (a)   "CHANGE OF CONTROL" of ASML means (i) any merger or consolidation
               of ASML with or into any other individual, partnership, company
               or entity in the broadest sense (hereinafter referred to as
               "Third Party(ies)") or any stock purchase or sale,
               reorganization, recapitalization or other transaction, in each
               case, in one transaction or a series of related transactions, if,
               immediately after giving effect to such transaction(s), any Third
               Party(ies), not currently controlling ASML acquires Control of


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               ASML or of its transferee(s) or surviving Third Party(ies) or
               (ii) any sale, transfer or other conveyance, whether direct or
               indirect, of all or substantially all of the assets of ASML, on a
               consolidated basis, in one transaction or a series of related
               transactions;

         (b)   "CONTROL" means, with respect to any Person, the power to
               control, directly or indirectly, greater than 50% of the voting
               interest of such Person, or the ability to appoint or elect more
               than 50% of the Management Board or other equivalent governing
               board of such Person, whether such power is effected through
               ownership of shares or other securities, by contract, by proxy or
               otherwise;

         (c)   "PERSON" means any individual, partnership, limited liability
               company, firm, corporation, company, association, trust,
               unincorporated organization or other entity.

2.       In the event notice of termination of this agreement is given by ASML
         or its legal successor in connection with a Change of Control, the
         rights of Mr. Chavoustie under any of the applicable ASML stock option
         plan(s) shall not be subject to the restrictions contained in the
         relevant articles related to termination of employment in the
         applicable ASML stock option plans and Mr. Chavoustie shall remain
         entitled to exercise options during the full original Option Period as
         defined in those stock option plans. In addition Mr. Chavoustie is not
         subject to any Embargo Period as defined in the applicable ASML stock
         option plan(s) and consequently Mr. Chavoustie can exercise any
         option(s) held by him without being restricted as per the relevant
         articles in the applicable ASML stock option plans. This provision 15.2
         also applies if Mr. Chavoustie gives notice of termination, provided
         that this notice of termination is directly related to the Change of
         Control and such notice is given within 12 months from the date on
         which the Change of Control occurs.

3.       The provisions of this article do not affect any other rights the
         parties have or may have in the event of a termination of the
         employment agreement.


In witness whereof, this document has been signed and executed in triplicate
this ___ day of July 2003.


/s/ H. Bodt                                 /s/ P.Th.F.M. Wennink
----------------------------------          -----------------------------------
H. Bodt                                     P.Th.F.M. Wennink
Chairman of the Supervisory Board           Member of the Board of Management
of ASML Holding N.V.                        of ASML Netherlands B.V.

/s/ S. Bergsma                              /s/ D.P. Chavoustie
----------------------------------          -----------------------------------
Member of the Supervisory Board             D.P. Chavoustie
of ASML Holding N.V.




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/s/ S. Bergsma                              /s/ David Chavoustie
--------------------------------            -----------------------------------
S. Bergsma                                  D.P. Chavoustie
Member of the Supervisory Board
of ASML Holding N.V.



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