EX-4.12



 Exhibit 4.12 

Execution version 

EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”), dated as of 24th December,
2016 is made by and among Merus US, Inc., a Delaware corporation (together with any successors or assigns, the “Company”) and Peter Silverman (‘“Executive”).
The Company and Executive are collectively referred to herein as the “Parties” and individually as a “Party.” 

RECITALS 
  

	(A)	It is the desire of the Company to assure itself of the services of Executive beginning on and following a date to be mutually agreed upon by the Company and Executive, which date will be no later than 1st February, 2017 by entering into this Agreement. The actual date on which Executive begins his employment with the Company is referred to herein as the “Effective Date.”


  

	(B)	Executive and the Company mutually desire that Executive provide services to the Company on the terms herein provided. 


AGREEMENT 
 NOW,
THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below, the Parties hereto agree as follows: 
 1.
Employment. 
 (a) General. Effective as of the Effective Date, the Company shall employ Executive and Executive shall
remain in the employ of the Company, for the period and in the position set forth in this Section 1, and subject to the other terms and conditions herein provided. 

(b) At-Will Employment. The Company and Executive acknowledge that Executive’s employment
is at-will, as defined under applicable law, and that Executive’s employment with the Company may be terminated by the Company or Executive at any time for any or no reason (subject to the notice
requirements of Section 3(b)). This “at-will” nature of Executive’s employment shall remain unchanged during Executive’s tenure as an employee and may not be
changed, except in an express writing signed by Executive and a duly authorized officer of the Company. If Executive’s employment terminates for any reason, Executive shall not be entitled to any payments, benefits, damages, award or
compensation other than as provided in this Agreement or otherwise agreed to in writing by a duly authorized officer of the Company or as provided by applicable law. The period of Executive’s employment by the Company shall be referred to
herein as the “Term”. 
 (c) Position; Duties and Location. Executive shall serve as Senior Vice President and
Chief IP Officer the Company, with such responsibilities, duties and authority normally associated with such positions and as may from time to time be assigned to Executive. 

Executive’s normal place of work shall be at the Company’s office in the Boston, Massachusetts metropolitan area. Executive shall devote
substantially all of Executive’s working time and efforts to the business and affairs of the Company (which shall include service to its affiliates, including Merus N.V., a Dutch public limited liability company (“Parent”), as
applicable) and 







 
shall not engage in outside business activities (including serving on outside boards or committees) without the consent of the Board of Directors of the Company or the Management Board or the
Supervisory Board of Parent (collectively, the “Board”), provided that Executive shall be permitted to (i) manage Executive’s personal, financial and legal affairs, (ii) participate in trade associations, and
(iii) serve on the board of directors and committees of not-for-profit or tax-exempt charitable organizations, in each case,
subject to compliance with this Agreement and provided that such activities do not materially interfere with Executive’s performance of Executive’s duties and responsibilities hereunder. Executive agrees to observe and comply with the
written rules and policies of the Company and Parent as adopted by the Company or Parent, as applicable from time to time, in each case as amended from time to time, as set forth in writing, and as delivered or made available to Executive (each, a
“Policy”). 
 2. Compensation and Related Matters. 

(a) Annual Base Salary. During the Term, Executive shall receive a base salary as adjusted from time to time, “Annual Base
Salary”, at a rate of no less than $315,000 per annum, which shall be paid in accordance with the customary payroll practices of the Company and shall be pro-rated for partial years of employement. The Annual Base Salary shall be reviewed
from time to time and may be increased (but not decreased) from the annual rate then in effect. 
 (b) Annual Bonus. During the Term,
Executive will be eligible to participate in an annual incentive program established by the Board. Executive’s annual incentive compensation under such incentive program (the “Annual Bonus”) shall be targeted at 30% of the
Annual Base Salary. The Annual Bonus payable under the incentive program shall be based on the achievement of performance goals to be determined by the Company and may be pro-rated for calendar year 2016
performance based on the Effective Date. The payment of any Annual Bonus pursuant to the incentive program shall be subject to Executive’s continued employment with the Company through the date of payment. 

(c) Equity Awards. Within thirty (30) days following the Effective Date, Parent will grant Executive an option to purchase 50,000
common shares of Parent pursuant to Parent’s 2016 Incentive Award Plan and the Stock Option Grant Notice in the form attached hereto as Exhibit A (the “Option Grant Notice”), which shall provide for a per share exercise
price equal to the per share fair market value (closing price on Nasdaq Global Market) as per the date of grant (the “Option”). Executive shall be eligible to receive additional equity awards at the discretion of the Board. 

(d) Benefits. During the Term, Executive shall be eligible to participate in employee benefit plans, programs and arrangements of the
Company (including medical, dental, vision, life insurance, disability insurance and defined contribution 401(k) plan) made available to other similarly-situated employees of the Company, consistent with the terms thereof and as such plans, programs
and arrangements may be amended from time to time. Notwithstanding the foregoing, if the Company does not maintain any “group health plan” (within the meaning of Section 4980B of the Internal Revenue Code of 1986, as amended (the
“Code”) and the regulations thereunder (“COBRA”)) for its U.S. employees as of the Effective Date, then, subject to Executive’s valid election to receive COBRA benefits under the health plans of
Executive’s prior employer, during the period beginning on the Effective Date and ending on the first to 

  
 2 








 
occur of: (i) the date on which the Company adopts or otherwise makes generally available to its U.S. employees a group health plan or (ii) the date on which Executive terminates
employment with the Company, the Company shall reimburse Executive for the actual cost of healthcare premiums incurred by Executive under the group health plan of Executive’s prior employer pursuant to COBRA, subject to proper substantiation of
such costs in accordance with applicable Company Policy no later than sixty (60) days after such costs are incurred; provided, that, in the event the period of time during which Executive is entitled to continuation coverage under the group
health plan of Executive’s prior employer pursuant to COBRA expires prior to the Company adopting or otherwise making available a group health plan to its U.S. employees, the Company shall continue to pay Executive for healthcare costs in an
amount equal to the cost of healthcare premiums incurred by Executive under the group health plan of Executive’s prior employer pursuant to COBRA based on the last month of the COBRA period. Such costs shall be reimbursed promptly, but in no
event later than sixty (60) days following proper substantiation thereof. 
 (e) Vacation. During the Term, Executive shall be
entitled to paid personal leave in accordance with the Company’s paid time off Policies. Any vacation shall be taken at the reasonable and mutual convenience of the Company and Executive. 

(f) Business Expenses. During the Term, the Company shall reimburse Executive for all reasonable travel and other business expenses
incurred by Executive in the performance of Executive’s duties to the Company in accordance with the Company’s expense reimbursement Policy. 

(g) Relocation Expenses. In the event the Company requests that the Executive relocate to the Boston, Massachusetts metropolitan area,
the Company shall reimburse Executive up to a maximum amount of $10,000 for reasonable, documented moving expenses incurred as a result of such relocation, which relocation expense reimbursement shall be paid (subject to all tax withholdings which
the Company reasonably determines are required) as soon as reasonably practicable following Executive’s submission of documentation of such expenses reasonably requested by the Company, but no later than December 31 of the year following
the year in which the expenses were incurred (“Relocation Expenses”). 
 (h) Key Person Insurance. At any time during
the Term, the Company shall have the right to insure the life of Executive for the Company’s sole benefit. The Company shall have the right to determine the amount of insurance and the type of policy. Executive shall reasonably cooperate with
the Company in obtaining such insurance by submitting to physical examinations, by supplying all information reasonably required by any insurance carrier, and by executing all necessary documents reasonably required by any insurance carrier,
provided that any information provided to an insurance company or broker shall not be provided to the Company or its affiliates without the prior written authorization of Executive. Executive shall incur no financial obligation by executing any
required document, and shall have no interest in any such policy. 

  
 3 








 3. Termination. 

(a) Circumstances. Executive’s employment hereunder may be terminated by the Company or Executive, as applicable, without any
breach of this Agreement, at any time, under the following circumstances: 
 (i) Death. Executive’s employment
hereunder shall terminate upon Executive’s death. 
 (ii) Disability. If Executive has incurred a Disability, as
defined below, the Company may terminate Executive’s employment. 
 (iii) Termination for Cause. The Company may
terminate Executive’s employment for Cause, as defined below. 
 (iv) Termination without Cause. The Company may
terminate Executive’s employment without Cause. 
 (v) Resignation from the Company for Good Reason. Executive
may resign Executive’s employment with the Company for Good Reason, as defined below. 
 (vi) Resignation from the
Company Without Good Reason. Executive may resign Executive’s employment with the Company for any reason other than Good Reason or for no reason. 

(b) Notice of Termination. Any termination of Executive’s employment by the Company or by Executive under this
Section 3 (other than termination pursuant to Section 3(a)(i)) shall be communicated by a written notice to the other Party (i) indicating the specific termination provision in this Agreement
relied upon, (ii) setting forth in reasonable detail the facts and circumstances claimed to provide a basis for the termination of Executive’s employment under the provision so indicated, if applicable, and (iii) specifying a Date of
Termination which, if submitted by Executive, shall be at least thirty (30) days following the date of such notice (a “Notice of Termination”); provided, however, that in the event that Executive delivers a Notice of
Termination to the Company, the Company may, in its sole discretion, change the Date of Termination to any date that occurs following the date of the Company’s receipt of such Notice of Termination and is prior to the date specified in such
Notice of Termination. A Notice of Termination submitted by the Company may provide for a Date of Termination on the date Executive receives the Notice of Termination, or any date thereafter elected by the Company in its sole discretion. The failure
by the Company or Executive to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Cause or Good Reason shall not waive any right of such Party hereunder or preclude such Party from asserting such fact
or circumstance in enforcing such Party’s rights hereunder. 

  
 4 








 (c) Company Obligations upon Termination. Upon termination of Executive’s employment
pursuant to this Section 3, Executive (or Executive’s estate) shall be entitled to receive the sum of: (i) the portion of Executive’s Annual Base Salary earned through the Date of Termination, but not yet
paid to Executive; (ii) any expenses owed to Executive pursuant to Section 2(f) and Section 2(g); and (iii) any amount accrued and arising from Executive’s participation in, or
benefits accrued under any employee benefit plans, programs or arrangements, which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs or arrangements (collectively, the “Company
Arrangements”). Except as otherwise expressly required by law (e.g., COBRA) or as specifically provided herein, all of Executive’s rights to salary, severance, benefits, bonuses and other compensatory amounts hereunder (if any) shall
cease upon the termination of Executive’s employment hereunder. In the event that Executive’s employment is terminated by the Company for any reason, Executive’s sole and exclusive remedy hereunder shall be to receive the payments and
benefits described in this Section 3(c) or Section 4, as applicable. For the avoidance of doubt, nothing in this Agreement shall limit in any way any rights of Executive to receive compensation,
reimbursement or other payments pursuant to any other agreement (including the Option Grant Notice) entered into between Executive and the Company, Parent and/or their respective affiliates, to the extent any such agreement provides for payment
following the termination of Executive’s employment. 
 (d) Deemed Resignation. Upon termination of Executive’s employment
for any reason, Executive shall be deemed to have resigned from all offices and directorships, if any, then held with the Company or any of its affiliates, including Parent. 

4. Severance Payments. 
 (a)
Termination for Cause, or Termination Upon Death, Disability or Resignation from the Company Without Good Reason. If Executive’s employment shall terminate as a result of Executive’s death pursuant to
Section 3(a)(i) or Disability pursuant to Section 3(a)(ii), pursuant to Section 3(a)(iii) for Cause, or pursuant to Section 3(a)(vi) for
Executive’s resignation from the Company without Good Reason, then Executive shall not be entitled to any severance payments or benefits, except as provided in Section 3(c). 

(b) Termination without Cause or Resignation from the Company for Good Reason. If Executive’s employment is terminated by the
Company without Cause pursuant to Section 3(a)(iv) or pursuant to Section 3(a)(v) due to Executive’s resignation for Good Reason, then Executive shall receive the payments and benefits set forth in Section 3(c) and, in addition
to such payments and benefits, subject to Executive signing on or before the 21st day following Executive’s Separation from Service (as defined below), and not revoking, a release of claims in substantially the form attached hereto as
Exhibit B (the “Release”), and Executive’s continued compliance with the terms of the Proprietary Information Agreement (as defined below), Executive shall receive (i) an amount in cash equal to the sum of (A) 0.5
times the Annual Base Salary and (B) a pro-rata portion of the Annual Bonus for the calendar year in which the Date of Termination occurs, in an amount equal to the targeted Annual Bonus for such calendar
year multiplied by a fraction, the numerator of which is the number of days that have elapsed during such calendar year up to the Date of Termination and the denominator of which is 365, which shall be paid in the form of salary continuation in
regular instalments over the six-month period following Executive’s Separation from Service in accordance with the Company’s customary payroll practices, and (ii) payment, on the First Payment
Date (or, if later, the date paid to active executives of the Company), of any unpaid and earned Annual Bonus for a completed bonus year. 

  
 5 








 5. Employee Proprietary Information and Inventions Assignment Agreement. 

Executive acknowledges and agrees that, as a condition to Executive’s employment by the Company, Executive shall enter into, and be bound
by the terms of the Employee Proprietary Information and Inventions Assignment Agreement in the form attached hereto as Exhibit C (the “Proprietary Information Agreement”), effective from and after the Effective Date in
accordance with its terms. 
 6. Assignment and Successors. 

The Company may assign its rights and obligations under this Agreement to any successor to all or substantially all of the business or the
assets of the Company whether by merger or otherwise. This Agreement shall be binding upon and inure to the benefit of the Company, Executive and their respective successors, permitted assigns, personnel and legal representatives, executors,
administrators, heirs, distributees, devisees, and legatees, as applicable. None of Executive’s rights or obligations may be assigned or transferred by Executive, other than Executive’s rights to payments hereunder, which may be
transferred only by will or operation of law. Notwithstanding the foregoing, Executive shall be entitled, to the extent permitted under applicable law and applicable Company Arrangements, to select and change a beneficiary or beneficiaries to
receive compensation hereunder following Executive’s death by giving written notice thereof to the Company. 
 7. Certain Definitions.

 (a) Cause. The Company shall have “Cause” to terminate Executive’s employment hereunder upon: 

(i) Executive’s failure to (A) substantially perform his duties as contemplated under this Agreement (other than any such failure
resulting from Executive’s Disability) or (B) comply with, in any material respect, any of the Company’s Policies; 
 (ii)
Executive’s failure in any material respect to carry out or comply with any lawful and reasonable directive of the Board or Executive’s immediate supervisor; 

(iii) Executive’s breach of a material provision of this Agreement or the Proprietary Information Agreement; 

(iv) Executive’s conviction, plea of no contest, plea of nolo contendere, or imposition of unadjudicated probation for any felony or crime
involving moral turpitude; 
 (v) Executive’s unlawful use (including being under the influence) or possession of illegal drugs on the
Company’s (or any of its affiliate’s) premises or while performing Executive’s duties and responsibilities under this Agreement; or 

  
 6 








 (vi) Executive’s commission of an act of fraud, embezzlement, misappropriation, willful
misconduct, or breach of fiduciary duty against the Company or any of its affiliates. 
 (b) Date of Termination. “Date of
Termination” shall mean (i) if Executive’s employment is terminated by Executive’s death, the date of Executive’s death; or (ii) if Executive’s employment is terminated pursuant to
Section 3(a)(ii) – (vi) either the date indicated in the Notice of Termination or the date specified by the Company pursuant to Section 3(b), after delivery by Executive of the Notice
of Termination, whichever is earlier. 
 (c) Disability. “Disability” shall mean, at any time the Company or any of
its affiliates sponsors a long-term disability plan for the Company’s employees, “disability” as defined in such long-term disability plan for the purpose of determining a participant’s eligibility for benefits, provided,
however, if the long-term disability plan contains multiple definitions of disability, “Disability” shall refer to that definition of disability which, if Executive qualified for such disability benefits, would provide coverage for the
longest period of time. The determination of whether Executive has a Disability shall be made by the person or persons required to make disability determinations under the long-term disability plan. At any time the Company does not sponsor a
long-term disability plan for its employees, Disability shall mean Executive’s inability to perform, with or without reasonable accommodation, the essential functions of Executive’s position hereunder for a total of three months during any
six-month period as a result of incapacity due to mental or physical illness as determined by a physician selected by the Company or its insurers and acceptable to Executive or Executive’s legal
representative, with such agreement as to acceptability not to be unreasonably withheld or delayed. Any refusal by Executive to submit to a medical examination for the purpose of determining Disability shall be deemed to constitute conclusive
evidence of Executive’s Disability. 
 (d) Good Reason. For the sole purpose of determining Executive’s right to severance
payments as described above, Executive’s resignation will be for “Good Reason” if Executive resigns within ninety days of Executive’s knowledge of the occurrence of any of the following events, unless Executive consents to
the applicable event: (i) a decrease in Executive’s Annual Base Salary, other than a reduction in annual base salary of less than 10% that is implemented in connection with a contemporaneous reduction in annual base salaries affecting
other similarly situated employees of the Company, or (ii) the relocation of Executive’s primary office to a location more than 50 miles from the Boston, Massachusetts metropolitan area. Notwithstanding the foregoing, no Good Reason will
have occurred unless and until Executive has: (i) provided the Company, within 60 days of Executive’s knowledge of the occurrence of the facts and circumstances underlying the Good Reason event, written-notice stating with specificity the
applicable facts and circumstances underlying such finding of Good Reason; (ii) provided the Company with an opportunity to cure the same within 30 days after the receipt of such notice; and (iii) the Company fails to cure the same within
such 30 day period after receipt of such notice. 

  
 7 









	8.	Miscellaneous Provisions. 

 (a) Governing Law. This Agreement shall be
governed, construed, interpreted and enforced in accordance with its express terms, and otherwise in accordance with the substantive laws of the Commonwealth of Massachusetts without reference to the principles of conflicts of law of the
Commonwealth of Massachusetts or any other jurisdiction, and where applicable, the laws of the United States. 
 (b) Validity. The
invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 

(c) Notices. Any notice, request, claim, demand, document and other communication hereunder to any Party shall be effective upon receipt
(or refusal of receipt) and shall be in writing and delivered personally or sent by facsimile, nationally recognized overnight delivery service, postage prepaid, or certified or registered mail, postage prepaid, as follows: 

(i) If to the Company, the Chief Financial Officer at its headquarters, 

(ii) If to Executive, at the last address that the Company has in its personnel records for Executive, or 

(iii) At any other address as any Party shall have specified by notice in writing to the other Party. 

(d) Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of
which together will constitute one and the same Agreement. Signatures delivered by facsimile, PDF or other electronic means shall be deemed effective for all purposes. 

(e) Entire Agreement. The terms of this Agreement, the Option Grant Notice and the Proprietary Information Agreement are intended by the
Parties to be the final expression of their agreement with respect to the subject matter hereof and thereof and supersede all prior understandings and agreements, whether written or oral. The Parties further intend that this Agreement, the Option
Grant Notice and the Proprietary Information Agreement shall constitute the complete and exclusive statement of their terms and that no extrinsic evidence whatsoever may be introduced in any judicial, administrative, or other legal proceeding to
vary the terms of this Agreement, the Option Grant Notice or the Proprietary Information Agreement. 
 (f) Amendments; Waivers. This
Agreement may not be modified, amended, or terminated except by an instrument in writing, signed by Executive and a duly authorized officer of the Company. By an instrument in writing similarly executed, Executive or a duly authorized officer of the
Company may waive compliance by the other Party with any specifically identified provision of this Agreement that such other Party was or is obligated to comply with or perform; provided, however, that such waiver shall not operate as a
waiver of, or estoppel with respect to, any other or subsequent failure. No failure to exercise and no delay in exercising any right, remedy, or power hereunder preclude any other or further exercise of any other right, remedy, or power provided
herein or by law or in equity. 

  
 8 








 (g) No Inconsistent Actions. The Parties hereto shall not voluntarily undertake or fail to
undertake any action or course of action inconsistent with the provisions or essential intent of this Agreement. Furthermore, it is the intent of the Parties hereto to act in a fair and reasonable manner with respect to the interpretation and
application of the provisions of this Agreement. 
 (h) Construction. This Agreement shall be deemed drafted equally by the Parties.
Its language shall be construed as a whole and according to its fair meaning. Any presumption or principle that the language is to be construed against any Party shall not apply. The headings in this Agreement are only for convenience and are not
intended to affect construction or interpretation. Any references to paragraphs, subparagraphs, sections or subsections are to those parts of this Agreement, unless the context clearly indicates to the contrary. Also, unless the context clearly
indicates to the contrary, (a) the plural includes the singular and the singular includes the plural; (b) “and” and “or” are each used both conjunctively and disjunctively; (c) “any,” “all,”
“each,” or “every” means “any and all,” and “each and every”; (d) “includes” and “including” are each “without limitation”; (e) “herein,” “hereof,”
“hereunder” and other similar compounds of the word “here” refer to the entire Agreement and not to any particular paragraph, subparagraph, section or subsection; and (f) all pronouns and any variations thereof shall be
deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the entities or persons referred to may require. 

(i) Arbitration. Any controversy, claim or dispute arising out of or relating to this Agreement, shall be settled solely and exclusively
by a binding arbitration process administered by JAMS/Endispute before a single arbitrator in Boston, Massachusetts. Such arbitration shall be conducted in accordance with the then-existing JAMS/Endispute Rules of Practice and Procedure, with the
following exceptions if in conflict: (a) one arbitrator who is a retired judge shall be chosen consistent with the then current rules of JAMS/Endispute; (b) each Party to the arbitration will pay
one-half of the expenses and fees of the arbitrator, together with other expenses of the arbitration incurred or approved by the arbitrator; and (c) arbitration may proceed in the absence of any Party if
written notice (pursuant to the JAMS/Endispute rules and regulations) of the proceedings has been given to such Party. Each Party shall bear its own attorneys’ fees and expenses; provided that the arbitrator may assess the prevailing
Party’s fees and costs against the non-prevailing Party as part of the arbitrator’s award. The Parties agree to abide by all decisions and awards rendered in such proceedings. Such decisions and
awards rendered by the arbitrator shall be final and conclusive. All such controversies, claims or disputes shall be settled in this manner in lieu of any action at law or equity; provided, however, that nothing in this subsection shall be construed
as precluding the bringing of an action for injunctive relief or specific performance as provided in this Agreement or the Proprietary Information Agreement. This dispute resolution process and any arbitration hereunder shall be confidential and
neither any Party nor the neutral arbitrator shall disclose the existence, contents or results of such process without the prior written consent of all Parties, except where necessary or compelled in a court to enforce this arbitration provision or
an award from such arbitration or otherwise in a legal proceeding. If JAMS/Endispute no longer exists or is otherwise unavailable, the Parties agree that the American Arbitration Association (“AAA”) shall administer the arbitration
in accordance with its then-existing rules as modified by this subsection. In such event, all references herein to JAMS/Endispute shall mean AAA. 

  
 9 








 (j) Enforcement. If any provision of this Agreement is held to be illegal, invalid or
unenforceable under present or future laws effective during the term of this Agreement, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never
comprised a portion of this Agreement; and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement.
Furthermore, in lieu of such illegal, invalid or unenforceable provision there shall be added automatically as part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and be
legal, valid and enforceable. 
 (k) Withholding. The Company shall be entitled to withhold from any amounts payable under this
Agreement any federal, state, local or foreign withholding or other taxes or charges which the Company is required to withhold. The Company shall be entitled to rely on an opinion of counsel if any questions as to the amount or requirement of
withholding shall arise. 
 (1) Survival. Notwithstanding anything to the contrary in this Agreement, the provisions of Sections
5 through 9 will survive the termination of Executive’s employment and the expiration or termination of the Term. 
 (m)
Section 409A. 
 (i) General. The intent of the Parties is that the payments and benefits under this
Agreement comply with or be exempt from Section 409A of the Code and the regulations and guidance promulgated thereunder (collectively, “Section 409A”) and, accordingly, to the maximum extent permitted, this
Agreement shall be interpreted to be in compliance therewith. 
 (ii) Separation from Service. Notwithstanding anything in this
Agreement to the contrary, any compensation or benefits payable under this Agreement that are designated under this Agreement as payable upon Executive’s termination of employment shall be payable only upon Executive’s “separation
from service” with the Company within the meaning of Section 409A (a “Separation from Service”) and, except as provided below, any such compensation or benefits described in Section 4(b) shall not
be paid, or, in the case of installments, shall not commence payment, until the 30th day following Executive’s Separation from Service (the “First Payment Date”). Any installment payments that would have been made to Executive
during the 30-day period immediately following Executive’s Separation from Service but for the preceding sentence shall be paid to Executive on the First Payment Date and the remaining payments shall be
made as provided in this Agreement. 
 (iii) Specified Employee. Notwithstanding anything in this Agreement to the contrary, if
Executive is deemed by the Company at the time of Executive’s Separation from Service to be a “specified employee” for purposes of Section 409A, to the extent delayed commencement of any portion of the benefits to which Executive
is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A, such portion of Executive’s benefits shall not be provided to Executive prior to the earlier of (i) the expiration of the 6-month period measured from the date of Executive’s Separation from Service with the Company or (ii) the date of Executive’s death. Upon the first business day following the expiration of the
applicable Section 409A period, all payments deferred pursuant to the preceding sentence shall be paid in a lump sum to Executive (or Executive’s estate or 

beneficiaries), and any remaining payments due to Executive under this Agreement shall be paid as otherwise provided herein. 

  
 10 








 (iv) Expense Reimbursements. To the extent that any reimbursements under this Agreement
are subject to Section 409A, any such reimbursements payable to Executive shall be paid to Executive no later than December 31 of the year following the year in which the expense was incurred, provided that Executive submits
Executive’s reimbursement request promptly following the date the expense is incurred. The amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year, other than medical expenses
referred to in Section 105(b) of the Code, and Executive’s right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 

(v) Installments. Executive’s right to receive any installment payments under this Agreement, including any continuation of salary
payments that are payable on Company payroll dates, shall be treated as a right to receive a series of separate payments and, accordingly, each such installment payment shall at all times be considered a separate and distinct payment as permitted
under Section 409A. Except as otherwise permitted under Section 409A, no payment hereunder shall be accelerated or deferred unless such acceleration or deferral would not result in additional tax or interest pursuant to Section 409A.

 (n) No Mitigation. In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation
of any amounts payable to Executive pursuant to Section 4 and such amounts shall not be reduced whether or not Executive obtains other employment (including self-employment). 

9. Acknowledgements and Representations. 

Executive acknowledges that Executive has read and understands this Agreement, is fully aware of its legal effect, has not acted in reliance
upon any representations or promises made by the Company other than those contained in writing herein, and has entered into this Agreement freely based on Executive’s own judgment. 

10. Third Party Beneficiary Rights. 

Parent has third party beneficiary rights to the terms of this Agreement applicable to the Company. 

[Signature Page Follows] 

  
 11 








 Execution version 

IN WITNESS WHEREOF, the persons below have executed this Agreement on the date and year first above written. 

 

			
	COMPANY
		
	By:	 	 /s/ Ton Logtenberg

		 	Ton Logtenberg
		 	Chief Executive Officer
		
	By:	 	 /s/ Shelley Margetson

		 	Shelley Margetson
		 	Chief Operating Officer
	
	EXECUTIVE
		
	By:	 	 /s/ PETER SILVERMAN

		 	PETER SILVERMAN
		 	12/27/2017









 Execution version 

EXHIBIT A 

Form of Option Grant Notice 

  
 A-1 








 Execution version 

EXHIBIT B 

Separation Agreement and Release 

This Separation Agreement and Release (this “Agreement”) is made by and between Peter Silverman
(“Executive”) and          (the “Company”) (collectively referred to as the “Parties” or individually referred to as a “Party”).
Capitalized terms used but not defined in this Agreement shall have the meanings set forth in the Employment Agreement (as defined below). 

WHEREAS, the Parties have previously entered into that certain Employment Agreement, dated as
of                     (the “Employment Agreement”); and 

WHEREAS, in connection with Executive’s termination of employment with the Company or a subsidiary or affiliate of the Company
effective                 ,         20, the Parties wish to resolve any and all disputes, claims, complaints, grievances,
charges, actions, petitions, and demands that Executive may have against the Company and any of the Releasees as defined below, including, but not limited to, any and all claims arising out of or in any way related to Executive’s employment
with or separation from the Company or its subsidiaries or affiliates but, for the avoidance of doubt, nothing herein will be deemed to release any rights or remedies in connection with the Retained Claims, as defined below. 

NOW, THEREFORE, in consideration of the severance payments and benefits described in Section 4 of the Employment Agreement, which,
pursuant to the Employment Agreement, are conditioned on Executive’s execution and non-revocation of this Agreement, and in consideration of the mutual promises made herein, the Company and Executive
hereby agree as follows: 
 1. Severance Payments; Salary and Benefits. The Company agrees to provide Executive with the severance
payments and benefits described in Section 4(b) of the Employment Agreement, payable at the times set forth in, and subject to the terms and conditions of, the Employment Agreement. In addition, to the extent not already paid, and subject to
the terms and conditions of the Employment Agreement, the Company shall pay or provide to Executive all other payments or benefits described in Section 3(c) of the Employment Agreement, subject to and in accordance with the terms thereof. 

2. Release of Claims. Executive agrees that, other than with respect to the Retained Claims, the foregoing consideration represents
settlement in full of all outstanding obligations owed to Executive by the Company, any of its direct or indirect parents, subsidiaries and affiliates, and any of their current and former officers, directors, equity holders, managers, employees,
agents, investors, attorneys, shareholders, administrators, affiliates, benefit plans, plan administrators, insurers, trustees, divisions, and subsidiaries and predecessor and successor corporations and assigns (collectively, the
“Releasees”). Executive, on Executive’s own behalf and on behalf of any of Executive’s affiliated companies or entities and any of their respective heirs, family members, executors, agents, and assigns, other than with
respect to the Retained Claims, hereby and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, or cause of action relating to any
matters of any kind, whether presently known or unknown, suspected or unsuspected, that Executive may possess against any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up until and including the Effective
Date of this Agreement (as defined in Section 7 below), including, without limitation: 

  
 B-1 








 (a) any and all claims relating to or arising from Executive’s employment or service
relationship with the Company or any of its direct or indirect subsidiaries or affiliates and the termination of that relationship; 
 (b)
any and all claims relating to, or arising from, Executive’s right to purchase, or actual purchase of any shares of stock or other equity interests of the Company or any of its affiliates, including, without limitation, any claims for fraud,
misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal law; 

(c) any and all claims for wrongful discharge of employment; termination in violation of public policy; discrimination; harassment;
retaliation; breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional distress; fraud; negligent or intentional
misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false imprisonment;
conversion; and disability benefits; 
 (d) any and all claims for violation of any federal, state, or municipal statute, including, but not
limited to, Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay Act; the Fair Credit Reporting Act; the Age Discrimination in Employment
Act of 1967; the Older Workers Benefit Protection Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the Family and Medical Leave Act; and the Sarbanes-Oxley Act of 2002; 

(e) any and all claims for violation of the federal or any state constitution; 

(f) any and all claims arising out of any other laws and regulations relating to employment or employment discrimination; 

(g) any claim for any loss, cost, damage, or expense arising out of any dispute over the
non-withholding or other tax treatment of any of the proceeds received by Executive as a result of this Agreement; and 

(h) any and all claims for attorneys’ fees and costs. 

Executive agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release as to the matters
released. Notwithstanding anything to the contrary in this Agreement, the release set forth in this Agreement does not release any of the following claims by Executive (collectively, the “Retained Claims”): (i) claims that cannot be
released as a matter of law, including, but not limited to, Executive’s right to report possible violations of federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules promulgated under
Section 21F of the Securities Exchange Act of 

  
 B-2 








 
1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or regulation; (ii) Executive’s right to file a
charge with or participate in a charge by the Equal Employment Opportunity Commission, or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, against the
Company or any Releasee (with the understanding that Executive’s release of claims herein bars Executive from recovering such monetary relief from the Company or any Releasee); (iii) claims for unemployment compensation or any state disability
insurance benefits pursuant to the terms of applicable state law; (iv) claims to continued participation in certain of the Company’s and the other Releasees group benefit plans pursuant to the terms and conditions of COBRA; (v) claims
to any benefit entitlements vested as the date of separation of Executive’s employment, pursuant to written terms of any employee benefit plan of the Company or any other Releasee and Executive’s right under applicable law;
(vi) claims related to Executive’s ownership of vested equity securities, and vested options to purchase equity securities, in each case of the Company or any other Releasee (including equity securities and options to purchase equity
securities that vest pursuant to the Employment Agreement); (vii) claims related to Executive’s right to indemnification by the Company or any other Releasee pursuant to contract or applicable law; (viii) claims for breach of
Section 3(c) or Section 4(b) of the Employment Agreement; or (ix) claims for breach of this Agreement. 
 3. Acknowledgment
of Waiver of Claims under ADEA. Executive understands and acknowledges that Executive is waiving and releasing any rights Executive may have under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver
and release is knowing and voluntary. Executive understands and agrees that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the Effective Date of this Agreement. Executive understands and
acknowledges that the consideration given for this waiver and release is in addition to anything of value to which Executive was already entitled. Executive further understands and acknowledges that Executive has been advised by this writing that:
(a) Executive should consult with an attorney prior to executing this Agreement; (b) Executive has 21 days within which to consider this Agreement; (c) Executive has 7 days following Executive’s execution of this Agreement to
revoke this Agreement pursuant to written notice to the General Counsel of the Company; (d) this Agreement shall not be effective until after the revocation period has expired; and (e) nothing in this Agreement prevents or precludes
Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law. In the
event Executive signs this Agreement and returns it to the Company in less than the 21 day period identified above, Executive hereby acknowledges that Executive has freely and voluntarily chosen to waive the time period allotted for considering this
Agreement. 
 4. Severability. In the event that any provision or any portion of any provision hereof or any surviving agreement made
a part hereof becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement shall continue in full force and effect without said provision or portion of provision. 

5. No Oral Modification. This Agreement may only be amended in a writing signed by Executive and a duly authorized officer of the
Company. 

  
 B-3 








 6. Governing Law; Dispute Resolution. This Agreement shall be subject to the provisions of
Sections 8(a), 8(c), 8(d) and 8(i) of the Employment Agreement. 
 7. Effective Date. If Executive has attained or is over the age of
40 as of the date of Executive’s termination of employment, then Executive has seven days after Executive signs this Agreement to revoke it and this Agreement will become effective on the eighth day after Executive signed this Agreement, so
long as it has not been revoked by Executive before that date (the “Effective Date”). If Executive has not attained the age of 40 as of the date of Executive’s termination of employment, then the “Effective Date”
shall be the date on which Executive signs this Agreement. 
 8. Voluntary Execution of Agreement. Executive understands and agrees
that Executive executed this Agreement voluntarily, without any duress or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of Executive’s claims against the Company and any of the
other Releasees. Executive acknowledges that: (a) Executive has read this Agreement; (b) Executive has not relied upon any representations or statements made by the Company that are not specifically set forth in this Agreement;
(c) Executive has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of Executive’s own choice or has elected not to retain legal counsel; (d) Executive understands the terms and
consequences of this Agreement and of the releases it contains; and (e) Executive is fully aware of the legal and binding effect of this Agreement. 

IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below. 

 

							
		 		 		 	
		 		 		 	
	Dated:	 		 	  
 Peter Silverman


			
		 		 	 COMPANY 

				
	Dated:	 	12/24/16    	 	By:	 	 /s/ Ton Logtenberg

		 		 		 	Name: Ton Logtenberg
		 		 		 	Title: CEO
				
	Dated:	 	12/24/16    	 	By:	 	  

		 		 		 	Name: Shelley Margetson
		 		 		 	Title: COO


  
 B-4 








 ADDENDUM TO EMPLOYMENT AGREEMENT 

This addendum to the Employment Agreement dated December 24, 2016 (the Agreement) is entered into as of February 1, 2017 by and between Merus
US, Inc., a Delaware corporation (together with any successors or assigns, the Company) and Peter Silverman (Executive) (the Addendum). The Company and Executive are collectively referred to herein as the Parties and
individually as a Party. 
 WHEREAS the Company and Executive wish to amend the Agreement with this Addendum. 

NOW THEREFORE THE PARTIES HAVE AGREED AS
FOLLOWS 
  

	 	1.	The Parties hereby agree to replace recital (A) of the Agreement with the following: 


“It is the desire of the Company to assure itself of the services of the Executive beginning on and following a date to be
mutually agreed upon by the Company and Executive, which date will be no later than 15 February 2017 by entering into this Agreement. The actual date on which Executive begins his employment with the Company is referred to herein
as the “Effective Date”.” 
  

	 	2.	The Agreement is amended only to the extent necessary to give full effect to the Agreement. All other terms and conditions of the Agreement shall remain in full force and effect. 


IN WHITNESS WHEREOF, the Parties have duly executed the Addendum as of February 1, 2017. 

 

							
	 Merus US, Inc.
	 		 	 Peter Silverman



							
				
	 By:
	 	 /s/ Ton Logtenberg
	 		 	 /s/ Peter Silverman



							
	 Ton Logtenberg
	 		 	
	 CEO
	 		 	


							
				
	 By:
	 	 /s/ Shelley Margetson
	 		 	


							
	 Shelley Margetson
	 		 	
	 COO