Document:

EX-4.19

 Exhibit 4.19 

Confidential Treatment Requested Under 17 C.F.R.§§ 200.80(b)(4) and 240-24b-2 
 CONFIDENTIAL 

CONTRACT RESEARCH AND LICENSE AGREEMENT 

THIS CONTRACT RESEARCH AND LICENSE AGREEMENT (this “Agreement”) is entered into as of March 14, 2018 (the
“Effective Date”) by and between MERUS N.V., a Dutch company having an office at Yalelaan 62, 3584 CM Utrecht, the Netherlands (“Merus”), and Ono Pharmaceutical Co., Ltd., a Japanese company with its head
offices located at 8-2, Kyutaromachi 1-chome, Chuo-ku, Osaka 541-8564, Japan
(“Ono”). Merus and Ono may each be referred to individually as a “Party”, and collectively as the “Parties”. 

RECITALS 
 WHEREAS,
Merus is the owner of proprietary MeMo® mouse, Spleen to ScreenTM, CH3 dimerization and CH2 silencing technologies for the efficient generation of next generation Biclonics® bispecific antibodies for therapy; and 
 WHEREAS, Merus has expertise and
intellectual property related to the above mentioned technologies, including related know how and materials; and 
 WHEREAS, Ono is
engaged in the research, development and commercialization of pharmaceutical products; and 
 WHEREAS, Ono and Merus executed the
Contract Research and License Agreement dated April 8, 2014, and Addendums on March 27, 2015, February 1, 2017, May 18, 2017, August 18, 2017, September 20, 2017, and November 20, 2017 (collectively, the
“CRLA”); and 
 WHEREAS, Pursuant to Section 5.4 of CRLA, Ono has exercised the Exclusive Option, by means of the
Notice of Exercise of Exclusive Option received by Merus on November 21, 2016, to enter into a collaborative relationship whereby Merus will use its MeMo® mouse, Spleen to ScreenTM,
CH3 dimerization and CH2 silencing technologies for the efficient generation of next generation Biclonics® [***] bispecific antibodies with immunosuppressive properties to be further
characterized and developed by Ono under a license from Merus for preclinical development, clinical development and commercialization by Ono, subject to the terms and conditions set forth herein. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the foregoing premises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 

1. DEFINITIONS 

1.1 Capitalized Terms. For purposes of this Agreement (including its appended schedules and exhibits), the
capitalized terms used in this Agreement shall have the defined meanings set forth below or elsewhere in this Agreement. Capitalized singular, plural, and other variant forms of the defined terms shall have the corresponding meanings. 

 

 Confidential Treatment Requested Under 17 C.F.R.§§ 200.80(b)(4) and 240-24b-2

 CONFIDENTIAL 
  

 “Affiliate” means, with respect to a Party, any company or other entity
controlled by, controlling, or under common control with such Party, where the term “controlled by” (with correlative meanings for the terms “controlling” and “under common control with”) means for purposes of this
definition the possession, through ownership or control, directly or indirectly, of at least 50% of the voting power, which voting power in the case of a corporation is entitled to vote for the election of directors, or otherwise has the actual
right and ability to control and direct the management and business affairs. 
 “Antibody” or “Antibodies”
shall mean a molecule, or a set of genes encoding such a molecule, comprising or containing one or more immunoglobulin variable domains or any existing or future fragments, variants, modifications or derivatives thereof. 

“Biclonics Antibody” or “Biclonics” means any bispecific Antibody generated using Merus Technology,
including the [***], from [***] contains a [***] and a [***], which bispecific antibody binds to 2 different targets as described in Exhibit A of this Agreement. 

“Business Day(s)” means any day other than (i) Saturday, Sunday or other national holidays in Japan and/or the
Netherlands, and (ii) a day within Ono’s or Merus’ corporate holidays. Each Party shall provide the other Party with the relevant corporate calendar of the following year promptly after it is available. 

“[***]” means [***] encoded by the [***] gene. 

“Commercial Sale” means, with respect to a Product, the sale in a commercial arms’-length transaction of such Product
intended for end use or consumption for any application in the Field of Use in a country after the governing Regulatory Authority of such country has granted Regulatory Approval of the Product for such end use or consumption in the Field of Use
(which will include sales of a Product occurring prior to Regulatory Approval in a country if such sold Products are intended to be used and are sold for use by an end user in such country after Regulatory Approval is obtained in such
country). Sale to an Affiliate or Sublicensee for distribution will not constitute a Commercial Sale. 
 “Confidential
Information” has the meaning provided in Section 10.1. 
 “Controlled” means, in reference to any
information, materials, Patent Rights or other intellectual property, that the applicable Party owns, possesses, or has a license to such intellectual property or intellectual property right (including through control of an Affiliate or through a
license from an Affiliate or Third Party) of the right or ability to grant the other Party a license or a sublicense or other right (as applicable) under same as provided in this Agreement without violating the terms of any agreement or other
arrangement with any Third Party. 
 “Cover” means, with respect to a claim of any Patent Rights in reference to specified
subject matter (such as a composition of matter or method of use), reading on or literally, or by the doctrine of equivalents, encompassing such subject matter, whether generically or specifically. 

  
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[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to the omitted portions. 

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 CONFIDENTIAL 
  

 “EMA” means the European Medicines Agency, a decentralized body of the
European Union, located in London, whose main responsibility is the protection and promotion of public and animal health, through the evaluation and supervision of medicines for human and veterinary use, or any successor agency thereto having the
administrative authority to regulate the marketing of human pharmaceutical products or biological therapeutic products, delivery systems and devices in the European Union. 

“FDA” means the United States Food and Drug Administration, or any successor agency thereto having the administrative
authority to regulate the marketing of human pharmaceutical products or biological therapeutic products, delivery systems and devices in the United States of America. 

“Field of Use” means the [***]. 

“FTE” or “Full Time Equivalent” means the equivalent of the work of one scientist full time during one full
year of work during the Research Term, meaning a total of at least 1600 working hours. Each Party understands that scientists who are working on the Research Program subject to the terms and conditions of this Agreement also may be working
(during periods that do not count towards the FTE allocation devoted to the Research Program) on other independent projects. 

“Human Antibodies” shall mean any [***]; specifically (a) the [***] or (b) from [***]. 

For [***], “Human Antibodies of Lead Biclonics” shall mean [***](“[***] HALBs”)]. Subject to the conditions of
Section 5.4, Ono may [***], and [***], i.e.,[***] Human Antibodies of Successful Bicloinics® (“[***] HASBs”)]. 

For [***], “Human Antibodies of Successful Biclonics” shall mean [***], i.e., [***] Human Antibodies of Successful Biclonics® (“[***] HASBs”). 
 “IND” means an investigational drug
application, including any amendments, to perform clinical investigation(s) of a Product as an investigational new drug or investigational medicinal product or the like that is filed with a Regulatory Authority in any jurisdiction for approval to
conduct clinical studies of such Product in humans prior to the delivery of a Regulatory Approval or any request for authorization to use in an emergency situation filed with a Regulatory Authority in any jurisdiction prior to delivery of a
Regulatory Approval. 
 “Joint Steering Committee” or “JSC” means the committee comprised of three
representatives of each of Ono and Merus, unless otherwise agreed by the Parties, to oversee the Research Program pursuant to Section 3.1. 

“Know-How” means all know-how, whether or not
reduced to writing, technical information, data, ideas, concepts, materials (including but not limited to chemical and biological materials), techniques, specifications, processes, software, algorithms, practices, methods, material compositions,
formulas, discoveries, inventions, trade practices, and trade secrets, whether or not patentable. 
 “Lead Biclonics” means
Target Specific Biclonics that is/are functional and identified by Ono in accordance with the Specifications as further described in Exhibit B of this Agreement. For clarity, Lead Biclonics includes Successful Biclonics and Licensed Biclonics. 

  
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[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to the omitted portions. 

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 CONFIDENTIAL 
  

 “Licensed Biclonics” means up to five [***] is/are identified and selected
by Ono for further research, development and commercialization as a Product. 
 “Merus IP” means (i) Merus Patent
Rights, (ii) Merus Know-How and (iii) any related Research Tool Controlled by Merus as of the Effective Date. 

“Merus Know-How” means the Know-How
Controlled by Merus as of the Effective Date or developed by Merus during the Term that are necessary for research, development, use manufacturing and/or commercialization activities of Ono, its Affiliates or Sublicensees with respect to Successful
Biclonics and/or Products. For clarity, Merus Know-How will not include Merus Patent Rights and/or Ono Patent Rights. 

“Merus Patent Rights” means the Patent Rights (a) Controlled by Merus as of the Effective Date relating to the Merus
Technology or (b) Covering any invention and discovery conceived, developed or reduced to practice solely by either Party, or jointly by both Parties during the Term relating to (i) any improvement of Merus Technology, (ii) any
process or material for making, delivering, or formulating bispecific Antibodies generated using Merus Technology, (iii) any method of using bispecific Antibodies generated using Merus Technology, or (iv) any Research Tool or any process
or material for making or using a Research Tool, or (v) a Human Antibody against either [***] or [***], but excluding [***] HALBs, [***] HASBs (to the extent made) and [***] HASBs, in each case of subsection (i) through (v) in this
paragraph excluding Ono Patent Rights. The Merus Patent Rights include the Patent Rights listed in Exhibit C. 
 “Merus
Technology” means [***] for the efficient generation of Biclonics® bispecific antibodies. 

“Net Sales” means the gross amount invoiced on sales of a Product by Ono or its Affiliates or Sublicensees to Third Party
distributor(s), wholesaler, medical institution or otherwise, less the following deductions related to the Products: (i) direct credits and allowances or adjustments granted to such Third Parties on account of price adjustments, government or
other rebates, rejections or returns in respect of the Products; (ii) any trade or cash discounts, rebates, charge-backs or administrative fees or other price reductions granted to such Third Parties who are involved in the acquisition,
dispensing, utilization or management of prescriptions; (iii) any sales or other like taxes (but specifically excluding any taxes based on net income imposed upon the sale of the Products) to the extent included in the gross sales price,
(iv) the costs of freight, transport, insurance, postage, handling and any other similar charges relating to the sale, transportation, delivery or return of the Development Product, (v) commissions related to import of the Product paid to
Third Parties, (vi) [***], and (vii) [***]. In the event any combination product, sold in a finished dosage form containing a Licensed Biclonics and other therapeutic component(s) which is not the Licensed Biclonics, all as active pharmaceutical
ingredients (as opposed to excipients or additives) is sold in any country, the Parties shall discuss in good faith to agree on the calculation method of Net Sales of such combination product reflecting relative value of the Licensed Biclonics and
other therapeutic component(s) contained in such combination product by means of prices listed in publicly available drug tariff of Development Product containing the Licensed Biclonics and a pharmaceutical product containing such other therapeutic
component each as a sole active pharmaceutical ingredient and sold as a single agent, or by any other means. 

  
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[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
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 Confidential Treatment Requested Under 17 C.F.R.§§ 200.80(b)(4) and 240-24b-2

 CONFIDENTIAL 
  

 “Ono IP” means (i) Ono Patent Rights, (ii) Ono Know-How and (iii) any related Research Tool Controlled by Ono as of the Effective Date. 

“Ono Know-How” means the Know-How Controlled
by Ono as of the Effective Date or developed by Ono during the Term under this Agreement and that are reasonably required for the practice of Ono Patent Rights. For clarity, Ono Know-How will not include Merus
Patent Rights and/or Ono Patent Rights. 
 “Ono Patent Rights” means the Patent Rights (a) Controlled by Ono as of the
Effective Date specifically relating to the Research Program or (b) Covering any invention or discovery conceived, developed or reduced to practice solely by either Party, or jointly by both Parties, during the Term relating to (i) any
composition of matter claims relating to Successful Biclonics and/or [***] HALBs, [***] HASBs (to the extent made) and [***] HASBs, (ii) any process or material for making, delivering, or formulating Successful Biclonics, (iii) any method
of using Successful Biclonics, or (iv) any Research Tool or any process or material for making or using a Research Tool specifically relating to Successful Biclonics. 

“Ono Proceeds” means the gross amounts [***] by Ono to any of its Affiliates or Sublicensees, including but not limited to
[***], [***] in partial consideration [***] and the later of [***]. For clarity Ono Proceeds shall not include [***] and [***]. 

“Patent Rights” means, with respect to a particular invention, any and all original (priority-establishing) patent
applications filed anywhere in the world including any claim Covering the invention, including provisional and non-provisional applications, and all related applications thereafter filed including any claim
Covering such invention or including a common priority right, including any continuations, continuations-in-part, divisional and substitute applications, any patents
issued or granted from any such patent applications, and any reissues, renewals, reexaminations, extensions (including by virtue of any supplementary protection certificates) of any such patents, and any confirmation patents, inventor’s
certificates or registration patents or patents of addition based on any such patents, and all foreign counterparts or equivalents in any country or jurisdiction of any of the foregoing. 

“[***]” means [***] encoded by the gene [***]. 

“Phase I Clinical Trial” means that portion of a clinical drug development program which provides a clinical trial involving
the first introduction into humans of a Product with the purpose of determining human toxicity, metabolism, absorption, elimination and/or other pharmacological action, as more fully defined in 21 C.F.R. § 312.21(a), or its successor
regulation, or the equivalent in any foreign country. 
 “Phase IIb Clinical Trial” means that portion of a clinical drug
development program which provides a definitive, well controlled clinical trial of a Product in the relevant patient population for the purpose of determining its safety and efficacy in the proposed therapeutic indication, as more fully described in
21 C.F.R. § 312.21(b), or its successor regulation, or the equivalent in any foreign country. 

  
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[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to the omitted portions. 

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 “Phase III Clinical Trial” means that portion of a clinical drug development
program which provides an expanded trial of a Product on sufficient numbers of patients to establish the safety and efficacy of a Product and generate pharmaco-economic/benefit-risk data to support Regulatory Approval in the proposed therapeutic
indication or provide an adequate basis for physician labeling, as more fully defined in 21 C.F.R. § 312.21(c), or its successor regulation, or the equivalent in any foreign country. 

“PMDA” means the Pharmaceuticals and Medical Devices Agency, a Japanese regulatory agency, working together with Ministry of
Health, Labour and Welfare with the obligation to protect the public health by assuring safety, efficacy and quality of pharmaceuticals and medical devices. 

“Preclinical Proof of Mechanism” means immune suppressive effects mediated through [***] in one relevant animal model as more
specifically set forth in Exhibit B. 
 “Product” means a pharmaceutical product containing a Licensed Biclonics in final
form suitable for human use. 
 “Prosecute”, “Prosecuting” or “Prosecution” means, with
regard to specified Patent Rights, preparing, filing, prosecuting, maintaining, and defending such Patent Rights, including with respect to any reexamination, review, reissue, interference, or opposition proceedings. For the avoidance of doubt,
“Prosecuting” excludes any infringement suits or other legal proceedings to enforce the specified Patent Rights, regardless of whether or not such proceedings involve the defense of the Patent Rights in suit. 

“Regulatory Approval” means receipt of any and all approvals, licenses, registrations, or authorizations of any country,
federal, supranational, state or local regulatory agency, ministry, department, bureau or other government entity that are necessary for the use or sale of a particular Product in the jurisdiction for a particular indication, including any approvals
for importation, manufacture, pricing, and/or reimbursement where necessary. 
 “Regulatory Authority” means any country,
federal, supranational, state or local regulatory agency, ministry, department, bureau or other governmental entity having authority in any country, region, or supra-national jurisdiction to grant a Regulatory Approval, such as the FDA, EMA, PMDA or
any equivalent governmental entity in any other country. 
 “Research” means any research work performed by any of the
Parties or on their behalf under the Research Program pursuant to the Research Plan. 
 “Research Budget” means the
itemized budget described in Exhibit A specifying those Merus FTEs to be funded by Ono pursuant to Section 6.2 and any personnel, equipment, reagents and all other expenses including support staff and overhead for or associated with an FTE,
which budget and any amendment thereto shall be in writing and signed by duly authorized representatives of both Parties. 

“Research Plan” means the written plan outlining the Parties’ respective responsibilities for conducting the Research
Program, setting forth the Research Budget, and allocating the Merus FTEs funded by Ono, as such plan may be amended from time to time by the Parties. The initial Research Plan has been agreed upon by the Parties as of the Effective Date and is
described in Exhibit A. 

  
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[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to the omitted portions. 

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 “Research Program” means a collaborative research program carried out by
Merus and Ono during the Research Term pursuant to Articles 3 and 4 to conduct pre-clinical research and process development related to Target Specific Biclonics in the Field of Use. 

“Research Term” means the period beginning on the Effective Date and ending on the date of Ono’s payment of RME4 in
accordance with Section 6.3(a), or earlier terminated on early termination of this Agreement in accordance with Article 11. 

“Research Tool” means any assay method, protocol, reagent, or material Controlled by Merus or Ono and necessary or useful for
carrying out Research activities pursuant to the Research Plan. 
 “Royalty Term” means with respect to a particular
Product in a particular country, the period commencing on the first Commercial Sale of the Product in such country and ending upon the expiration of the last to expire Valid Claim of the licensed Merus Patent Rights in such country Covering the
Product. 
 “Senyoh Jisshiken Tohroku” has the meaning set forth in Section 5.3. 

“Sublicensee” means a Third Party or Affiliate to whom Ono has granted a license or sublicense of the right to use, have
used, make, have made, market, have marketed, offer for sale, have offered to sell, sell, have sold, export and/or import one or more Licensed Biclonics and/or Products. 

“Successful Biclonics” means [***] Target Specific Biclonics within the Lead Biclonics, [***] for which Preclinical Proof of
Mechanism is demonstrated as further described in Exhibit B of this Agreement. 
 “Target Combination” means [***] and
[***]. 
 “Target Specific Biclonics” means one or more Biclonics that bind to the Target Combination and that is/are
transferred by Merus to Ono for identification of the Lead Biclonics. 
 “Territory” means the entire world. 

“Term” means the term of this Agreement as further provided in Section 11.1. 

“Third Party” means any entity other than Merus or Ono or an Affiliate of Merus or Ono. 

“Valid Claim” means (a) an unexpired claim of an issued patent that has not been found or held to be invalid or
unenforceable by a court or other authority in the subject country of competent jurisdiction, from which decision no appeal is taken or can be taken; or (b) a pending allowed or finally unrejected claim of a pending application that has its
earliest priority date (by filing or claiming the benefit of the earlier filing date of one or more related applications) no more than [***] ([***]) years prior to the date upon which pendency of the claim is determined. 

  
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[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to the omitted portions. 

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 1.2 Miscellaneous Interpretation Aids. 

(a) Each use in this Agreement of the term “including”, “comprising”, or “containing” (or a variant form
thereof) shall be understood to have an open, non-limiting meaning. Thus, e.g., “including” shall be interpreted as meaning “including without limitation” or “including but not limited
to”, regardless of whether the words “without limitation” or “but not limited to” actually follow the term “including”. Similarly, the terms “such as”, “for example”, and “e.g.” shall
be understood as referring to non-limiting illustrations or examples. 
 (b)
“Herein,” “hereby,” “hereunder,” “hereof,” and other equivalent words shall be understood as referring to this Agreement in its entirety, and not solely to the particular provision or portion of this Agreement
in which any such word is used. 
 (c) Wherever used herein, any pronoun or pronouns shall be understood to cover all genders. 

(d) All references to days, months, quarters, or years shall be understood to refer, respectively, to calendar days, calendar months,
calendar quarters, or calendar years, unless otherwise indicated. 
 (e) Any reference to a supranational, national, federal, state,
local, or foreign statute or law shall be understood to refer to the applicable version of the law or statute then in force (as it may have been amended or superseded) as well as all rules and regulations promulgated thereunder, unless the context
requires otherwise. 
 (f) All references to “€” shall mean EUROS. 

2. RESEARCH COLLABORATION

2.1 Diligence. Subject to the terms and conditions set forth herein, and commencing on the Effective Date, the Parties
will each use commercially reasonable efforts during the Research Term to conduct their respective activities in the Research Program on a collaborative basis and in accordance with this Agreement, with the goal of performing pre-clinical research related to Target Specific Biclonics and Successful Biclonics. The Parties will conduct the Research Program in accordance with the Research Plan (Exhibit A), as may be amended or revised
by the JSC from time to time. The Research Plan will specify the scientific direction and Research activities, and allocate Research Program responsibilities and resources between the Parties in a manner consistent with this Agreement. 

2.2 Exclusive Collaboration. 

(a) Merus’ conduct of research activities related to Target Specific Biclonics shall be exclusively carried out for the sole
benefit of Ono in the Research Program or in support thereof as provided for hereunder. Neither Merus nor its Affiliates shall conduct, alone or in collaboration with any Third Parties, (i) any independent research, development or
commercialization of [***] or (ii) any independent development or commercialization of [***] and shall [***] during (a) [***], or (b) [***]. 

(b) Notwithstanding the provisions set forth in Section 2.2(a), if Ono does not perform any relevant research activities for a
period of more than [***] ([***]) months following [***] without any reasonable justification, the exclusivity under this Section 2.2 will terminate and Merus may then [***], provided that [***]. 

  
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[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
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 (c) Notwithstanding the provisions set forth in Section 2.2(a), in case of an
assignment of this Agreement by Merus as indicated in Section 14.6(a) to a Third Party that, prior to the transfer or sale of all or substantially all of the business of Merus, already had a license from Merus under Merus Technology that
included the Target Combination, the exclusivity conditions under Section 2.2(a) will not apply to such Third Party.  

3. GOVERNANCE
 3.1 Joint
Steering Committee. The Parties shall establish the Joint Steering Committee within [***] ([***]) days of the Effective Date of this Agreement. The Parties’ initial members of the JSC are identified in Exhibit E. Promptly after the
Effective Date, one member of the JSC will be selected by each Party to act as the chairperson of the JSC. The JSC will meet at least [***] per year during the Research Term. Such meetings may be conducted by videoconference,
teleconference or in person, as agreed by the Parties, and each Party shall bear its own costs, including travel, lodging, food and telephone or video conference costs, for its personnel serving on the JSC or attending any meeting of the JSC. Upon
completion of the Research Term, the JSC will be disbanded. Promptly after the Effective Date, the Parties will establish a project team (the “Project Team”) consisting of key employees of both Parties performing or involved in the
Research Program. One of the Project Team members of each Party shall be appointed as a project manager (a “Project Manager”) to coordinate its part of the activities under the Research Program. The Project Managers will be the primary
contacts between the Parties with respect to all Research activities performed under the Research Program. Meetings of the Project Team may be conducted by videoconference, teleconference or in person, to discuss the results of the Research and
progress or delay thereof, at least once a month, or will be held ad hoc upon reasonable request of Project Manager of a Party and acceptable by the same of the other Party, acceptance of which will not be unreasonably withheld or delayed.
Either Party may change its Project Manager upon written notice to the other Party. A Project Manager may be a member of the JSC. 

3.2 Decision making. The purpose of the JSC is to coordinate the Research efforts of the Parties and oversee the progress of the
work being done under the Research Plan during the Research Term. The JSC will set specific Research goals, evaluate the results of the Research, discuss information relating to the Research, assign priorities and ensure that there is
appropriate scientific direction for the collaboration of the Parties under the Research Plan. Subject to the terms and conditions of this Agreement, the JSC may modify the Research Plan with respect to the Parties’ respective Research
responsibilities as deemed appropriate and submit recommended Research Budget modifications to the Parties for review and approval. The specific number of Merus FTEs that Ono will fund is specified in the Research Plan. Regardless of the number
of representatives, each Party will present one consolidated view via one vote. All decisions of the JSC will be made by unanimous vote, and if the JSC is unable to reach a decision by unanimous vote, Section 13.1 shall apply. If following
the application of Section 13.1(a) there is still no consensus, then [***] on such matter.

  
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[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
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 3.3 Minutes. The JSC chairperson, or his or her designee, will prepare and
distribute draft of complete and accurate minutes of all discussions occurring at the JSC meetings regarding matters within its purview and all matters decided upon at the meetings within [***] ([***]) Business Days after such meeting, except that
matters reflecting legal advice of counsel will not be included in such minutes, and the minutes shall be finalized by agreement of both Parties. Communications reflecting legal or regulatory advice may, to the extent desired, shall be kept in
a separate file with the legend “Attorney-Client Communications Privileged and Confidential”. 
 3.4
Responsibilities. The JSC shall have no authority to modify any provision set forth in the body of this Agreement, including any payment conditions or terms, periods for performance, or obligations of the Parties, and such modification is
only effective and in force in a writing expressly stated for such purpose and signed by the Parties hereto pursuant to Section 14.2. The JSC shall have authority to: 

(a) allocate (and reallocate from time to time) activities in the Research Program to the Ono funded FTEs committed by Merus to the ongoing
Research Program; 
 (b) modify the Research Plan, excluding the Research Budget, or propose modifications to the Research Budget, subject to
the applicable provisions of this Agreement; 
 (c) provide general oversight for the Parties’ activities in the Research Program; and

 (d) periodically review the goals, strategies, and results of the Research Program. 

3.5 Research Plan. The initial Research Plan as agreed to by the Parties as of the Effective Date
is described in Exhibit A. The JSC will be responsible for reviewing and approving any updates or amendments to the Research Plan except as related to the Research Budget and for making any recommendations for additional resources or otherwise
proposing any changes to the Research Budget. 
 4. RESEARCH AND DEVELOPMENT OF SUCCESSFUL BICLONICS 

4.1 Merus Research Commitment and Performance. During the Research Term, Merus will devote to the Research Program
the FTEs as designated in the Research Plan, which shall be funded by Ono, subject to Ono’s compliance with its funding obligations under Section 6.2. Merus shall use commercially reasonable efforts in performing the Research to carry
out its Research obligations as specified in the Research Plan. Merus will conduct its activities under the Research Program in accordance with good scientific standards and practices and in compliance in all material respects with the
requirements of applicable laws and regulations and with applicable good research practices. In conformity with standard pharmaceutical and biotechnology industry practices and the terms and conditions of this Agreement, Merus will prepare and
maintain, or will cause to be prepared and maintained, complete and accurate laboratory notebooks and other written records, accounts, notes, reports and data with respect to activities conducted pursuant to the Research Plan for [***] ([***]) years
after expiration or termination of the Research Term and, upon Ono’s written request and at its expense, will send legible copies of the aforesaid to Ono. Notwithstanding anything to the contrary herein, Merus shall, at its sole cost,
supply any research reagents, similar materials and any standard laboratory equipment (and any replacements thereto) that it needs to carry out its duties under the Research Plan. 

  
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[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
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 4.2 Ono Research Commitment and Performance. During the Research Term,
Ono will devote to the Research Program such number of FTEs of Ono or its Affiliates or contract out a part of its work to any Third Party research organization as are necessary for Ono to fulfill its obligations under the Research Plan. Ono
will be responsible for the payment of all costs and expenses for such FTEs and other activities it undertakes in conducting its responsibilities under the Research Plan. Ono will conduct its activities under the Research Program in accordance
with good scientific standards and practices and in compliance in all material respects with the requirements of applicable laws and regulations and with applicable good laboratory practices. Ono will, directly or through its Affiliates,
maintain laboratories, offices and all other facilities reasonably necessary to carry out the activities to be performed by it pursuant to the Research Plan. In conformity with standard pharmaceutical and biotechnology industry practices and
the terms and conditions of this Agreement, Ono will prepare and maintain, or will cause to be prepared and maintained, complete and accurate laboratory notebooks and other written records, accounts, notes, reports and data with respect to
activities conducted pursuant to the Research Plan for [***] ([***]) years after expiration or termination of the Research Term. 

4.3 Research Reports. Each Party will keep the other reasonably informed as to the progress achieved
and results, discoveries and technical developments made in the course of performing activities under the Research Program pertaining to any Target Specific Biclonics. Each Party will prepare, and distribute to all members of the JSC, no later
than [***] ([***]) Business Days prior to the next scheduled JSC meeting, a reasonably detailed written summary regarding the Party’s results and progress of performance in the Research Program during the period following the last such report
(if any). In the event of early termination hereof, Merus shall submit a final report covering all the work performed by Merus under the Research Program up to such termination within [***] ([***]) days after the effective date of such termination.

 4.4 Subcontracts. Either Party may perform appropriate Research under the Research Plan
pursuant to this Agreement through one or more Third Party subcontractors approved by the JSC, provided that such Party engages each Third Party subcontractor through a written agreement consistent with the terms and conditions of this Agreement,
and further provides that (a) no rights or obligations of either Party under this Agreement are diminished or otherwise adversely affected as a result of such subcontracting, (b) the subcontractor undertakes the obligations of
confidentiality and non-use regarding Confidential Information which are substantially the same as those undertaken by the Parties pursuant to Article 9 hereof, and (c) the subcontractor agrees that
any intellectual property developed in the course of the work hereunder shall be assigned to the Party engaging the subcontractor or such Party’s designee, so as to permit re-assignment as required by the
terms and conditions of this Agreement. The Party engaging any such Third Party subcontractor shall be responsible for all compensation due to the Third Party subcontractor (or its employees or agents) arising from such subcontracting. 

4.5 Technology Transfer. Commencing promptly after the Effective Date and from time to time
thereafter during the Research Term and as indicated in the Research Plan, Merus shall transfer to Ono the identified Target Specific Biclonics, necessary Research Tools and related Know-How Controlled by
Merus as the JSC reasonably determines to be necessary or useful for Ono to perform its Research under the Research Program and to exercise the licenses granted to Ono under 

  
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Article 5 hereof. Commencing promptly after the Effective Date and from time to time thereafter during the Research Term, Ono will use its commercially reasonable efforts to disclose to
Merus such materials and related Know-How Controlled by Ono as the JSC reasonably determines to be necessary or useful for Merus to perform its Research under the Research Program and to otherwise exercise the
licenses granted to Merus under Article 5 hereof. During the Term, Merus will provide Ono with reasonable technical assistance (in an amount to be set forth in the Research Plan) relating to (i) the use of such Target Specific
Biclonics and Research Tools, (ii) manufacturing of Licensed Biclonics, and (iii) related Know-How with respect to subsections (i) and (ii) in this Section 4.5, in each case of subsection
(i), (ii) and (iii), transferred and/or disclosed by Merus to Ono solely to the extent permitted under the license rights granted to Ono under Article 5. During the Term, Ono will provide Merus with reasonable technical assistance (in an
amount to be set forth in the Research Plan) relating to the use of the materials and related Know-How disclosed by Ono to Merus solely to the extent permitted to perform the Research Program. 

4.6 Conditions for Technology Transfer. All supplied Target Specific Biclonics, Research Tools and
related Know-How will be used in confidence by the other Party only for purposes of the Research or otherwise as permitted under the applicable license rights granted under Article 5, and subject to all
the other restrictions and obligations under this Agreement. Except as otherwise provided under this Agreement, all such materials and related Know-How delivered to the other Party will remain the sole property of the supplying Party, will be
used only for purposes of the Research Program or as otherwise permitted by this Agreement, will not be used or delivered to or for the benefit of any Third Party except as otherwise permitted under this Agreement without the prior written consent
of the supplying Party, and will be used in compliance with all applicable laws, rules and regulations. The materials and related Know How supplied under this Agreement shall be used by the receiving Party at its own risk and with prudence and
appropriate caution in any experimental work because not all of their characteristics may be known. Except as expressly set forth herein, THE MATERIALS AND RELATED KNOW HOW ARE PROVIDED “AS IS” AND WITHOUT ANY REPRESENTATION OR
WARRANTY, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTY OF MERCHANTABILITY OR OF FITNESS FOR ANY PARTICULAR PURPOSE OR EXCEPT AS OTHERWISE PROVIDED IN THIS AGREEMENT ANY WARRANTY THAT THE USE OF THE MATERIALS WILL NOT
INFRINGE OR VIOLATE ANY PATENT OR OTHER PROPRIETARY RIGHTS OF ANY THIRD PARTY. 
 4.7 Regulatory Affairs Responsibility.
Ono (directly or through its Affiliates or Third Party subcontractors) shall be solely responsible for conducting all its activities contemplated by the Research Plan to be performed for Successful Biclonics, including Preclinical Proof of Mechanism
Product. Thereafter, Ono shall have the sole responsibility, for each Product, to file all clinical research exemptions for any clinical trials and all INDs related thereto. 

4.8 Ongoing Disclosure Regarding Development. Ono (directly or through its Affiliates or Third Party subcontractors)
shall solely control and be responsible for selection of Licensed Biclonics from Successful Biclonics and conducting all further non-clinical and clinical development activities for Licensed Biclonics and
Products, including manufacture of sufficient amounts of all research, non-clinical and clinical supplies of Licensed Biclonics and Product for non-clinical studies and
clinical trials to be performed by Ono, as well as relating to process development (including scale-up) for (pre-)clinical and/or commercial manufacture of Licensed
Biclonics and Product. 

  
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 Ono will keep Merus informed about Ono’s development of the Licensed Biclonics and
Product, including the results from such development progress towards meeting goals and milestones during the development of the Licensed Biclonics and Product, significant findings and developments, any delays and any proposed changes in its
plans. Such disclosures will be made in a written report provided to Merus at least annually, or more often at Ono’s election, the contents of which shall be treated as Ono’s Confidential Information. 

4.9 Exclusive Commercialization Rights. Subject to the terms and conditions of this Agreement, Ono will control and
have exclusive rights over the worldwide commercialization of all approved Products, including the worldwide supply of Products for use in all such commercialization activities. Ono will be solely responsible for all costs and expenses in the
commercialization of Products. 
 5. LICENSES AND OBLIGATIONS 

5.1 License Grants. The grants of rights provided in this Section 5.1 are subject to the terms and conditions of this
Agreement. 
 (a) License to Ono. Merus hereby grants to Ono an exclusive (even as to Merus but subject to subsection
(b) below of this Section 5.1) royalty-bearing license, with the right to sublicense, under the Merus IP to (i) research, test, and/or study Target Specific Biclonics and Lead Biclonics, and (ii) use, have used, make, have made,
market, have marketed offer to sell, have offered to sell, sell, have sold, export and/or import Licensed Biclonics and/or Products in the Field of Use in the Territory. 

(b) Merus Retained Rights. Merus retains all rights to use and commercialize any Human Antibodies that are generated under the
Research Program but which are not [***] HALBs, [***] HASBs (to the extent made) or [***] HASBs, and provided that such retained use or commercialization is not with respect to the Target Combination. 

(c) For the avoidance of doubt, Third Parties to whom Merus has or will grant a license under Merus IP, have been or will be granted
rights to research, develop and commercialize bispecific Antibodies generated using Merus Technology against either [***] or [***] or the Target Combination, provided that, for as long as the exclusivity of the collaboration between the Parties
exists as specified in Section 2.2, neither Merus nor its Affiliates shall conduct, alone or in collaboration with any such Third Party licensees, directly or indirectly, any research or development of such bispecific Antibodies generated using
Merus Technology against the Target Combination, and shall neither sell, supply, provide nor transfer directly or indirectly, any Target Specific Biclonics to any Third Party. 

(d) Sublicenses. Ono shall have the right to grant sublicenses under the licenses granted under Section 5.1(a), and Ono
shall notify Merus of each grant of a sublicense right to any Third Party within the rights granted in Section 5.1(a), and each such Sublicensee shall be identified in a notice to Merus, which Merus shall treat as Ono’s Confidential
Information. Notwithstanding any such sublicensing, Ono shall remain liable to Merus for the performance of its Sublicensees hereunder, and Ono shall use reasonable measures to ensure that its Sublicensees comply with the applicable terms and
conditions of this Agreement. 

  
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 (e) License to Merus. Ono hereby grants to Merus a perpetual,
royalty-free, non-exclusive worldwide license, with the right to sublicense, 
  

	 	(i)	under the Ono IP to conduct the Research under the Research Program as contemplated in this Agreement, and 

  

	 	(ii)	under Ono IP other than those Controlled by Ono on the Effective Date, to research, develop, use, make, have made, offer to sell, have offered to sell, sell, have sold, export and/or import any products containing
monospecific or bispecific Antibodies, but not any products containing bispecific Antibodies against the Target Combination, alone or in collaboration with any Third Parties, subject to the provisions of Section 2.2. 

Merus shall be permitted to sublicense the license granted under this Section 5.1(e)(ii) only to such other licensees of Merus Patent
Rights for bispecific Antibodies generated using Merus Technology (“Merus Licensees”) that are contractually obligated to license to Merus (with the right to sublicense to other Merus Licensees) rights under such other Merus
Licensees’ Patent Rights and Know How rights in improvements to the Merus IP developed by or on behalf of such other Merus Licensees. 

5.2 No Implied Licenses. Except as for expressly provided for herein, no other right or license under any Patent
Rights or Know How Controlled by a Party is granted to the other Party.
 5.3 Senyoh Jisshiken Tohroku. Upon
Ono’s request, Merus agrees that Ono shall be entitled to register, at Ono’s sole expense, Ono’s exclusive license to the extent granted pursuant to Section 5.1(a) with respect to Merus IP in Japan (“Senyoh Jisshiken
Tohroku”) in accordance with the patent law of Japan, and, at Ono’s request, Merus shall render reasonable assistance for such registration by Ono, including providing Ono with any documents duly signed by an authorized personnel of Merus
in the English language reasonably necessary for such registration; provided, however, that Ono shall promptly cancel such registration of Senyoh Jisshiken Tohroku in the event of termination of this Agreement pursuant to Section 11 hereof.

 5.4 [***]. To the extent that after the Delivery Period no Lead Biclonics, Successful Biclonics or Licensed Biclonics are
[***], based on use of [***] HALBs, Merus will [***]. 
 6. FEES AND PAYMENTS 

6.1 Upfront Fee. Ono will pay to Merus a non-refundable, non-creditable upfront fee of €700,000 (seven hundred thousand euros), exclusive of VAT, which shall be due upon execution of this Agreement and payable within [***] ([***]) days after Ono’s receipt of the
relevant invoice. 

  
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 6.2 Research Funding.

6.2.1 Funded Merus FTEs. Except as expressly provided herein, each Party shall be responsible for its costs and expenses incurred
in performing its Research in the Research Program. Ono will agree to fund Merus FTEs for the Research Term in a total amount of €[***], as further described in Exhibit A. Any further Merus FTEs above the specified number of FTEs to be funded
by Ono during the Research Term shall be specified in a written amendment executed by duly authorized representatives of the Parties setting forth in the Research Plan the specific number of Merus FTEs to be so funded. Merus shall be reimbursed for
the funded FTEs actually contributed pursuant to the Research Plan (up to the maximum specified therein) at the rate of €[***] per Scientist/Technician FTE per year and €[***] per Project Manager/Director FTE per year. Merus shall be
reimbursed €[***] for the funded FTEs and associated costs that actually contributed Merus’ generation of [***] Human Antibodies that will be evaluated as part of this Agreement. Such rates shall include all personnel, equipment,
consumables, materials reagents and all other expenses including support staff and overhead for or associated with an FTE, and in no event shall Ono be obligated to make any other funding to support the Research to be performed by Merus except as
expressly set forth in this Agreement Exhibit A unless otherwise agreed in writing and signed by duly authorized representatives of both Parties. In the event that Merus contributes any additional FTEs to Research other than those agreed upon to be
funded by Ono as specified in the Research Plan, Merus shall be solely responsible for the costs of such additional FTEs. On a quarterly basis during the Research Term, Ono shall reimburse Merus in arrears for the funded Merus FTEs actually
expended in Research pursuant to the Research Plan. 
 6.2.2 FTE Payment Terms. The payments for the funded FTEs under
Section 6.2.1 shall be paid by Ono in arrears upon receipt of a proper invoice from Merus on a quarterly basis based on Merus’ actual work performed by qualified FTEs. Ono shall pay Merus such amount within [***] ([***]) days of Ono’s
receipt of the invoice. 
 6.2.3 General Payment Terms. Any payment for an amount due under this Section 6.2 or
Section 6.3 below shall be payable within [***] ([***]) days after Ono’s receipt of an invoice from Merus for such amount, which invoice shall specifically refer to this Agreement and contain the information describing such payment as
specified in sample invoice set forth at Exhibit F. All payments shall be made by wire to such bank account as Merus may designate in writing to Ono. Any payments due and payable under this Agreement on a date that is not a Business Day may be made
on the next Business Day. 
 6.3 Milestone Payments. 

(a) Subject to the terms and conditions provided in subsections (b) and (c) below and in consideration for the license granted and the
ownership rights that are assigned hereunder (provided that any Ono IP is generated by Merus), the following amounts shall be due, each one time only upon the first attainment of the specified event by the first Product regardless of subsequent or
repeated achievement of such milestone except as specified in Section 6.3(d), from Ono to Merus upon the first occurrence of the specified milestone event listed below with respect to the Licensed Biclonics or Product (whether such milestone
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through its Affiliates or any Third Party Sublicensees). Milestone payments shall be made by Ono within [***] ([***]) days of receipt of the corresponding invoice issued by Merus, which invoice
may be issued upon the same date as achieving the milestone. In the event any Target Specific Biclonics delivered to Ono later than after a period of [***] ([***]) times the Delivery Period (as defined below) fulfills RME1 for the first time, the
amount of RME1 payment set forth in the table below will be reduced by [***] percent ([***]%) and if any Target Specific Biclonics delivered to Ono later than after a period of [***] ([***]) times the Delivery Period fulfills RME1 for the first
time, the amount of RME1 payment set forth in the table below will be reduced by [***] percent ([***]%). “Delivery Period” means mutually agreed putative period starting from the Effective Date and ending upon the [***] as more
specifically set forth in the Research Plan (as amended from time to time), provided that a period of time during which Merus is [***], and therefore [***] under the Research Plan, will be excluded from the determination of such period. 

 

			
	 Research Milestone Events
	  	 EURO

	 RME1: [***]
	  	€ [***]
	 RME2: [***]
	  	€ [***]
	 RME3: [***]
	  	€[***]
	 RME4: [***]
	  	€ [***]
	 Clinical Development Milestone Events
	  	
	 [***]
	  	€ [***]
	 [***]
	  	€ [***]
	 [***]
	  	€[***]
	 [***]
	  	 €[***]

[***]% of the Ono Proceeds]

	 [***]
	  	 €[***]

[***]% of the Ono Proceeds]

	 [***]
	  	 €[***]

[***]% of the Ono Proceeds]

	 [***]
	  	€ [***]

 (b) The Clinical Development Milestones are minimum payments. If Ono grants a sublicense to a Sublicensee under the
Merus IP to use, have used, make, have made, market, have marketed, offer to sell, have offered to sell, sell, have sold and import Products in the Field of Use in any country other than Japan, Ono shall pay Merus the larger of either the [***] or
[***]% of the Ono Proceeds. The [***]% Ono Proceeds shall be applied pro-rata to the Phase III Clinical Trial and Regulatory Approval milestones for the United States of America and Europe indicated above.
Each of the development and approval milestone payments set forth above will be due one time only upon the first attainment of the specified event by the first Product regardless of subsequent or repeated achievement of such milestone except as
specified in Section 6.3(d). 

  
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 (c) If the development of a Product is being abandoned after any of the milestone payments
under Section 6.3(a) has been made (such Product, the “Discontinued Product”), and Ono (or its Affiliate or Sublicensee) then commences and conducts development of a replacement Product for the Discontinued Product, then only
those milestone payments under this Section 6.3 that were not previously made with respect to such Discontinued Product will be payable with respect to achievement by the replacement Product of any further milestone events as provided
above.
 (d) Notwithstanding anything to the contrary contained in Section 6.3(a), in the event [***], Ono shall pay [***]% amount of
the Clinical Development Milestones of those specified in the table of Section 6.3(a) above for [***]. In the event [***], Ono shall pay [***]% amount of the Clinical Development Milestones of those specified in the table of Section 6.3(a)
above for [***]. For clarity, Ono will not be obliged to pay any milestone payments for [***]. 
 6.4 Royalties.

6.4.1 Royalty Rate. In consideration for the license granted and the ownership rights that are assigned hereunder (provided that
any Ono IP is generated by Merus), on a Product-by-Product basis and country-by-country
basis, Ono will pay Merus a royalty of [***] % based on the aggregate Net Sales of any Product sold in such country by Ono (directly or through its Affiliates, distributors, or Sublicensees) for each calendar quarter (or portion thereof) during the
Royalty Term. For clarity, a royalty rate of [***]% set forth in this Section 6.4.1 shall apply to Net Sales of the second and further Products. These royalties will be paid in each country where at least one Valid Claim of the licensed Merus
Patent Rights Covers the Product or its use. Royalties due shall be calculated by multiplying the applicable total(s) of Net Sales of each Product sold in such countries against the applicable royalty rate of [***]%, such amounts converted from
local currency to Euros where necessary and as detailed below in article 7.3. 
 6.4.2 Royalty Term for
Products. As to sales of a particular Product in a country, the royalty payments specified in Section 6.4 will be due on all Net Sales of the Product in such country occurring during the Royalty Term. After the Royalty Term expires
with respect to a particular Product in a given country, Ono’s license rights with respect to such Product will be fully paid-up and perpetual and continue on a royalty-free basis. 

6.4.3 No Royalty Reductions. Parties hereby agree that there will be no royalty reductions under any circumstance, including but
not limited to the event in which Ono would have to grant compulsory licenses or obtain additional licenses under third party intellectual property rights related to the sale of Products. 

  
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 7. PAYMENT; RECORDS; AUDITS 

7.1 Research Program Payments. In consideration for Merus’ performance of its obligations under
the Research Program, and subject to the terms contained in this Agreement, Ono shall provide the FTE funding as provided for in Section 6.2. 

7.2 Royalty Payments; Reports. Within [***] ([***]) days after the end of each calendar quarter for which
royalties are due by Ono to Merus, Ono shall pay Merus all such amounts payable by it under Section 6.4 by wire transfer on a country by country basis. Each such payment shall be accompanied with a report, providing in reasonable detail an
accounting of all Net Sales made during such calendar quarter and the calculation of any royalties due under Section 6.4.

7.3 Exchange Rate. If any currency conversion shall be required in connection with the calculation of
royalties hereunder, such conversion shall be made using the following procedures. Sales recorded during each calendar quarter will be translated to Euro values at the rate on the last working day of that calendar quarter based on the exchange rates
published on the European Central Bank website. Any changes to procedures for currency conversion shall only apply after such notice has been delivered and provided that such changes are consistently applied across Ono’s operating units and
continue to maintain a set methodology for currency conversion. 
 7.4 Tax Matters. 

(a) Ono Payments to Merus Without Withholding. Ono will make all payments to Merus under this Agreement without
deduction or withholding for taxes except to the extent that any such deduction or withholding is required by law in effect at the time of payment. 

(b) Ono Payment of Tax. Any tax required to be withheld on amounts payable to Merus under this Agreement will
promptly be paid by Ono on behalf of Merus to the appropriate governmental authority, and Ono will furnish Merus with proof of payment of such tax. Any such tax required to be withheld will be an expense of and borne by Merus.

(c) Cooperation Between Ono and Merus. Ono and Merus will cooperate with respect to all documentation required
by any government taxing authority or reasonably requested by Ono to secure a reduction in the rate of applicable withholding taxes to the maximum extent permitted by law. The documentation referred in this Section 7.4(c) as of the Effective
Date includes Form 3 and Form 17 (application form for the relief from Japanese Income Tax on Royalties) and Certificate of Residence of Merus issued and signed by the tax authority in the Netherlands, or thereafter any other document that may be
required for the similar purpose from time to time during the Term. Notwithstanding the provisions of Section 6.2.3, Merus agrees that Ono’s payments of upfront fee, research and development milestones and royalties payments respectively
set forth in Section 6.1, 6.3 and 6.4 will not be made until all the procedures required for such withholdings or its reduction is accepted by the authority, or Ono will pay to Merus the amount due in accordance with this Agreement deducting
the applicable withholding tax if Merus so requests. In such case Ono will pay the applicable withholding tax to the Japanese tax authority, and provide Merus with the relevant tax proof. 

  
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 7.5 Audits. 

(a) Each Party shall keep, and cause its Affiliates and Third Party subcontractors or Sublicensees to keep, complete
and accurate records for [***] ([***]) years which are relevant to the determination of any payment to be made by such Party under this Agreement, including without limitation, FTE records, records on Net Sales and royalty calculations, and records
relating to the milestone events covered in Section 6.3. At the request and expense of a Party, the other Party and its applicable Affiliates and its Third Party subcontractors or Sublicensees shall permit an independent certified public
accountant appointed by such requesting Party and reasonably acceptable to the other Party, at reasonable times and upon [***] ([***]) days prior notice, to examine in confidence such records as may be necessary to determine, with respect to any
records pertaining to any financial report or payment due in any quarter ending not more than [***] months prior to such Party’s request, to verify the correctness or completeness of any such report or payment made under this Agreement. 

(b) The foregoing right of examination may be exercised only once per [***]-month period during the Term and only
[***] with respect to any such financial report or payment due hereunder. Results of any such examination shall be limited to information relating to the applicable reporting and payment obligations, and made available to the audited Party. The
accountant shall disclose to the auditing Party only whether the applicable reports and payments were correct or incorrect and the amount of any discrepancy between an amount due and an amount paid. The Party requesting the audit shall bear the
expenses of such independent certified public accountant related to the performance of any such audit, unless such audit discloses such a discrepancy to the detriment of the auditing Party of more than [***] percent ([***]%) from the amount of the
original payment made; in such case, the Party being audited shall bear the such expenses for the performance of such audit. 
 (c)
If such audit reveals that the audited Party, its Affiliate or Third Party subcontractor or Sublicensee has failed to accurately report information causing a discrepancy resulting in the underpayment of any amounts owed, the audited Party
shall promptly pay any amounts due to the auditing Party together with interest on such amount, calculated from the date originally owed at the interest rate set forth in Section 7.6. In the event of a discrepancy resulting in an
overpayment, any amount of such overpayment shall be fully credited against amounts payable by the audited Party in subsequent periods or reimbursed to the audited Party. 

7.6 Late Payments. In the event that any payment due under this Agreement is not made when due, the payment will
accrue interest from the date due until paid, calculated on a daily basis, based on the total number of days payment is delinquent at a rate per annum equal to the [***] ([***]) month USD LIBOR rate quoted [***] Business Days prior to the due date
by the British Bankers’ Association plus a premium of [***] percent ([***]%), provided, however, that in no event will such rate exceed the maximum legally permissible annual interest rate. The payment of such interest will not
limit either Party from exercising any other rights it may have as a consequence of the lateness of any payment. 

  
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 8. INTELLECTUAL PROPERTY 

8.1 Ownership. 

8.1.1. Ono’s Ownership. Ono IP is and will remain the sole property of Ono and all rights to any Ono IP generated under this
Agreement solely vests in Ono, subject to the license grants of Section 5.1. If the perfection and documentation of the assignment of ownership set forth in Section 8.1.4 as contemplated in Section 8.1.2 is not technically practical
or feasible in Prosecution, then such Patent Rights nevertheless remain the sole property of Ono subject to the license granted set forth in Section 5.1(e). 

8.1.2. Merus’ Ownership. Merus IP is and will remain the sole property of Merus and all rights to any Merus IP generated under
this Agreement solely vests in Merus. If assignment of ownership set forth in Section 8.1.4 as contemplated in Section 8.1.1 is not technically practical or feasible in Prosecution, then such Patent Rights nevertheless remain the sole
property of Merus subject to the license granted set forth in Section 5.1(a), (c) and (d). 
 8.1.3. Negative Covenant. Except as
expressly provided hereunder, Merus (a) shall not acquire, or attempt to acquire, pursuant to this Agreement any right, title or interest to any Successful Biclonics and any Patent Rights solely owned by Ono pursuant to Section 8.1.1 (b)
shall not (and shall not attempt to purport to attempt to) transfer, assign, sell, have sold, lease, offer to sell or lease, distribute, license, sublicense or otherwise transfer title in, commercialize or exploit any Successful Biclonics and Patent
Rights solely owned by Ono pursuant to Section 8.1.1, and (c) shall not, directly or indirectly, file, Prosecute, or maintain, in any country, any Patent Rights applicable to such Successful Biclonics and Patent Rights solely owned by Ono
pursuant to Section 8.1.1. 
 8.1.4. Assignment of Ownership; Assistance. Either Party hereby assigns and transfers to the other
Party all right, title and interest including ownership rights to and in all inventions falling into the scope of the other Party’s ownership rights as set forth in Section 8.1.1 or 8.1.2 hereof. Each Party undertakes that it shall do or
procure to be done all such acts and things, and execute, or procure the execution of, all such documents, as the other Party may from time to time reasonably require to give it the full benefit of any assignment contemplated in Article 8, and shall
cause its employees to have any documents or instruments required by laws or regulations duly executed by signing in order to effect such assignment and transfer. In no event shall either Party be liable for compensation for inventions conceived,
developed or reduced to practice by the other Party’ employee(s) regardless of which Party has ownership rights to such invention. 

8.2 Patent Prosecution. 

(a) General Principle. The Parties will discuss in good faith and mutually agree on the best strategy for the Prosecution of
Patent Rights for Successful Biclonics and its use, provided, that, in any event, [***] shall have the final right to Prosecute and to decide the scope of claims on patent applications, in which countries and when patent claims shall be filed, and
whether patent claims shall be filed within one or several patents or patent applications. Subject to Merus’ discretion and agreement, Ono may [***] the [***]. 

  
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 (b) Prosecution. Unless otherwise agreed between the Parties, [***] shall, at
its sole expense, control the Prosecution of all Patent Rights relating to Successful Biclonics, but that for clarity excludes Merus Patent Rights. Upon reasonable request of [***] shall, at [***] expense, reasonably cooperate with [***] in relation
to such Prosecution. In particular in case of any interference, opposition, reexamination request, nullity proceeding, appeal or other interparty action, [***] shall review it with [***] as reasonably requested, and make employees of [***] available
in any course of such interference, opposition, reexamination request, nullity proceeding, appeal or other interparty action for testimony, deposition or hearing, and [***] shall [***] in connection with such cooperation including [***] of its own
employees. 
 (c) Cooperation. [***] agrees to cooperate with [***], and perform such lawful acts, and execute such documents
in order to reasonably assist [***] with respect to the Prosecution of Patent Rights pursuant to Section 8.2. 
 8.3 Infringement of
Third Party Patent Rights. 
 (a) If either Party after the Effective Date is warned or sued by a Third Party alleging or charging
infringement of any patents or published patent applications of a Third Party arising out of or resulting from the use of the Merus Technology, the Party, which is warned or sued, shall notify promptly the other Party. 

(b) Merus shall be responsible, at its expense, for settling and/or defending such warning or litigation for patent infringement in
which the alleged infringing process or product giving rise to liability for damages involves [***]. In so far as any such settlement or defense effects is likely to have an effect on Ono activities, Merus shall promptly inform Ono and Merus and Ono
shall confer as to any modification of any right granted to Ono hereunder. Upon Merus’ written request, Ono agrees to reasonably assist Merus in any such defense, if such infringement action might have an effect on Ono activities. 

(c) Ono shall be responsible, [***], for settling and/or defending such warning or litigation for patent infringement in which the
alleged infringing process or product giving rise to liability for damages involves [***]. If Merus should suffer any [***] and [***] as a result of such dispute, including [***], [***] any such [***]. 

9. REPRESENTATIONS, WARRANTIES, AND COVENANTS 

9.1 Mutual Representations and Warranties. Each Party represents and warrants to the other that:
(a) it is duly organized and validly existing under the laws of its jurisdiction of incorporation or formation, and has full corporate or other power and authority to enter into this Agreement and to carry out the provisions hereof; (b) it
is duly authorized to execute and deliver this Agreement and to perform its obligations hereunder, and each person executing this Agreement on its behalf has been duly authorized to do so by all requisite corporate or partnership action; and
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terms, and does not conflict with any agreement, instrument or understanding, oral or written, to which it is a Party or by which it may be bound, nor violate any applicable law or regulation of
any court, governmental body or administrative or other agency having jurisdiction over it. 
 9.2 Merus
IP Warranties. Merus represents and warrants to Ono as of the Effective Date that: 
 (a) to Merus’
knowledge, Merus Patent Rights listed in Exhibit C are accurate and complete and identifies all Patent Rights Controlled by Merus or any of its Affiliates as of the Effective Date that include any claim Covering or otherwise directly relating to the
Merus Technology; and 
 (b) Merus has not granted any Third Party any right, license or interest in or under, nor
assigned, transferred, conveyed or encumbered any right, title and interest in and to, any of the Merus Patent Rights, or any of Merus Know-How disclosed therein, that is in conflict with the rights and
licenses granted to Ono under this Agreement. 
 (c) to Merus’ knowledge, Merus IP are free and clear of any liens, charges and
encumbrances, and no other person, corporate or other private entity, or governmental entity or subdivision thereof, has or shall have any claim of ownership whatsoever with respect to Merus IP. 

(d) Except for the individual cases as more specifically described in Exhibit D, Merus has not received notice from, or been prosecuted
through a legal action by, any Third Party claiming that the use or exploitation of Background IP infringes any Third Party’s Patent Rights and Know-How. 

(e) no consent by any Third Party or governmental entity is required with respect to the execution and delivery of this Agreement by
Merus or the consummation by Merus of the transactions contemplated hereby. 
 (f) Except for the individual cases as more
specifically described in Exhibit D, to Merus’ knowledge, there is no unauthorized use, infringement or misappropriation of any of Background IP by any employee or former employee of Merus, or any other Third Party. 

(g) Any and all fact based statement(s) contained in Exhibit D is/are true. 

(h) Merus Patent Rights listed on Exhibit C hereto constitute all of Merus’ Patent Rights that are, to
Merus’ knowledge, necessary for the performance of the Research Program by Merus and/or Ono as contemplated herein. 
 (i) to
Merus’ knowledge, all inventors identified in Merus Patent Rights, or all employees or sub-contractors of Merus have agreed to assign or license to Merus their entire rights, title and interest to and in
any Intellectual Property that may be made, discovered or developed by them as a result of performance of their activities contemplated herein. 

9.3 Disclaimer. Except as expressly set forth herein, THE
KNOW-HOW, MATERIALS AND INTELLECTUAL PROPERTY RIGHTS PROVIDED BY EACH PARTY HEREUNDER ARE PROVIDED “AS IS”. WITH RESPECT TO SUCH KNOW-HOW AND MATERIALS
SUPPLIED HEREUNDER, EACH SUPPLYING PARTY EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION THE WARRANTIES OF DESIGN, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NONINFRINGEMENT OF THE
INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES. Without limiting the generality of the 

  
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foregoing, each Party expressly does not warrant, and disclaims any warranties with regards to: (a) the success of any study or test commenced under the Research Program, (b) the
safety or usefulness for any purpose of the materials it provides or discovers under this Agreement; and/or (c) the validity or enforceability of any intellectual property rights existing as of the Effective Date licensed to the other Party
under this Agreement. 
 9.4 Limitation of Liability. EXCEPT FOR LIABILITY FOR BREACH OF ARTICLE 9,
NEITHER PARTY WILL BE ENTITLED TO RECOVER FROM THE OTHER PARTY ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES IN CONNECTION WITH THIS AGREEMENT OR ANY LICENSE GRANTED HEREUNDER; provided, however, that this Section 9.4
will not be construed to limit either Party’s indemnification obligations under Article 12. 
 9.5 Covenants of the Parties

 (a) Throughout the Term, Merus and Ono will comply (and will cause their respective Affiliates and Sublicensees
to comply) in all material respects with all applicable laws and regulations concerning any of their activities hereunder, including with respect to performing Research and to the research, manufacture, use and sale of Products. 

(b) Each of the Parties will, at the reasonable request of the other Party, use reasonable efforts to execute and deliver
any further or additional instruments or documents, and to perform any other acts, as are necessary in order to effectuate and carry out the terms of this Agreement, but provided that the foregoing shall not be interpreted to require such
Party to incur any additional expenses or grant any other rights to the other Party, other than rights expressly granted elsewhere in the Agreement. 

10. CONFIDENTIALITY 

10.1 Confidential Information. Except to the extent expressly authorized by this Agreement or
agreed in writing by the Parties, each Party agrees that, during the Term and for [***] ([***]) years thereafter, the receiving Party and its Affiliates and Sublicensees and Third Party subcontractors will keep confidential and will not publish or
otherwise disclose, and will not use for any purpose other than as expressly permitted in this Agreement, any information furnished to it or its Affiliates, Sublicensees or Third Party subcontractors by the other Party pursuant to this Agreement or
information acquired or developed on such other Party’s behalf (collectively, “Confidential Information”). For the avoidance of doubt, as long as Ono retains license rights to any Successful Biclonics and/or Products
hereunder, data and other information relating thereto shall be considered Ono’s Confidential Information. Each Party may use such Confidential Information of the other Party only to the extent required to accomplish the purposes of this
Agreement or exercise its rights under the licenses granted to it under this Agreement. Each Party will use at least the same standard of care as it uses to protect proprietary or confidential information of its own, but in no event less than
stringent as set forth in this Article 10. Each Party shall use reasonable efforts to ensure that its and its Affiliates’ and Sublicensees’ and Third Party subcontractors’ employees, agents, consultants, investors and other
representatives comply with the Party’s obligations hereunder and do not disclose or make any unauthorized use of the Confidential Information, 

  
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and that the terms of any subcontracts will be in all essential aspects consistent with the obligations and restrictions hereunder, including by providing a confidentiality term that is of
equivalent duration or no less than what is reasonable to protect the Confidential Information to be disclosed or developed in the subcontractual arrangement. Each Party will promptly notify the other upon discovery of any unauthorized use or
disclosure of the other Party’s Confidential Information. The Parties further acknowledge that each Party has disclosed to the other Party (or its Affiliates), prior to the Effective Date, certain Confidential Information pursuant to non-disclosure and/or material transfer agreements entered into between the Parties (or a Party’s Affiliates), that limit the disclosure and use of such information by the receiving Party. The Parties
hereby agree that any such Confidential Information earlier disclosed by one Party to the other (or its Affiliates) under such earlier agreements will be deemed to be the Confidential Information of the disclosing Party and subject to all the terms
of this Article 10 and Section 4.6, as well as the additional terms covering such information and materials (if any) under the earlier agreements. 

10.2 Exceptions. The obligations of non-disclosure and non-use under Section 10.1 will not apply as to particular Confidential Information of a disclosing Party to the extent that the receiving Party can prove by competent written evidence that such Confidential
Information: (a) is at the time of receipt, or thereafter has become, through no act or failure to act on the part of the receiving Party (or its Affiliates or Sublicensees or Third Party subcontractors), published, generally known or otherwise
available in the public domain; (b) is known by the receiving Party at the time of receiving such information, as evidenced by its records; (c) is hereafter furnished to the receiving Party by a Third Party, as a matter of right and
without restriction on disclosure; (d) is independently discovered or developed by the receiving Party without reference to Confidential Information belonging to the disclosing Party; or (e) is the subject of a written permission to
disclose provided by the disclosing Party. 
 10.3 Authorized Disclosure. Each Party may disclose
Confidential Information belonging to the other Party solely to the extent such disclosure is reasonably necessary in connection with the following: 

(a) Prosecuting Patent Rights as permitted by this Agreement; 

(b) in connection with regulatory filings for Licensed Biclonics and/or Products that such Party has a license or
right to develop hereunder; 
 (c) prosecuting or defending litigation as permitted by this Agreement; 

(d) complying with applicable court orders or governmental regulations; 

(e) disclosure to Affiliates, Sublicensees, Third Party subcontractors, clinical or
non-clinical institutions, and consultants (including their potential entities) on a need to know basis and only for purposes of performance of such Party’s obligations under this Agreement, and provided,
in each case, that any such Affiliate, Sublicensee, or Third Party subcontractor, clinical or non-clinical institutions, and consultants (including their potential entities) agrees to be bound by similar terms
of written confidentiality and non-use at least equivalent in scope to those set forth in this Article 10; or 

  
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 (f) disclosure to existing or potential Third Party investors,
merger partners, acquirers, and professional advisors (including lawyers, accountants, and investment bankers) solely as reasonably necessary in the context of a potential transaction to which the Confidential Information is material, provided, that
any such Third Party agrees to be bound by similar terms of confidentiality and non-use at least equivalent in scope to those set forth in this Article 10. 

Notwithstanding the foregoing, in the event a Party is required to make a disclosure of the other Party’s Confidential Information pursuant to
Section 10.3(d) or (f), it will, except where impracticable, give reasonable advance notice to the other Party of such planned disclosure and use reasonable efforts to secure, or to assist the other Party in securing, confidential treatment of
and/or a protective order regarding such information. In the case of authorized disclosure set forth in Section 10.3(a) through (f) above such Party shall disclose only such Confidential Information of such other Party as is required
to be disclosed. The receiving Party of Confidential Information shall take all steps reasonably necessary, including obtaining an order of confidentiality or redacting financial terms of conditions of this Agreement, to ensure the continued
confidential treatment of such Confidential Information. Each Party agrees that it shall cooperate fully with the other with respect to all disclosures regarding this Agreement as required under the regulations of Securities and Exchange Commission
in the US or similar regulatory agency in any other country including requests for confidential information or proprietary information of either Party to be included in any such disclosure. Authorized disclosure of the Confidential Information
pursuant to this Section 10.3 shall not be deemed exceptions pursuant to Section 10.2 unless and until publicly available. 

10.4 Publications. 

10.4.1 If either Party seeks to publish any information relating to any results of Research conducted under this
Agreement or which includes any Confidential Information of the other Party, including any information relating in any way to any Target Specific Biclonics or Product, the Party seeking to publish will provide the other Party the material proposed
for publication, such as by draft slide presentation, manuscript, poster, or abstract, at least [***] ([***]) days in advance of submitting the material to a publisher or an organizing committee or other equivalent organization of scientific
meeting, and the other Party will have the right to review and comment on all such material. The Parties will reasonably agree on the content of any such publication, except that Ono shall be free to publish the results of and/or
information concerning research and development of Successful Biclonics and/or Product subject to Section 10.4.2 below. 
 10.4.2
If Ono seeks to publish any of Merus’ Confidential Information relating to the results of its Research conducted under this Agreement in connection with a proposed publication concerning development of Successful Biclonics and/or Product,
Ono will deliver the draft material to Merus at least [***] ([***]) days prior to submitting the material to a publisher or an organizing committee or other equivalent organization of scientific meeting. Merus will review any such material
and give its comments to Ono as soon as practicable and will give written notice whether it authorizes the disclosure of its Confidential Information or requests deletion of Merus Confidential Information, but shall not unreasonably withhold such
authorization.

  
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 10.5 Publicity. No disclosure of the existence, or
the terms, of this Agreement may be made by either Party, and neither Party shall use the name, trademark, trade name or logo of the other Party, its Affiliates or their respective employees in any publicity, promotion, news release or disclosure
relating to this Agreement or its subject matter, without the prior express written consent of the other Party, except as may be required by law. Without prior written consent, the name of a Party or any other of its Affiliates may not be used by
the other Party for any advertising or promotional purposes. Either Party may make subsequent public disclosure of the same contents as previously done pursuant to this Section 10.5. Each Party agrees not to issue any other press release or
other public statement, whether oral or written, disclosing the existence of this Agreement, the terms hereof or any information relating to this Agreement without the prior written consent of the other Party.

10.6 Public Announcement. No public announcement with respect to this Agreement or any activities under the Research
Program shall be made, whether directly or indirectly, by either Party without prior agreement of the other Party. A Party desiring to make public announcement shall provide the other Party with the proposed text of such announcement with sufficient
time prior to public release for the other Party’s review and comments, and such desiring Party shall use its reasonable efforts to incorporate the other Party’s comments. Both Parties shall discuss in good faith and agree on the timing,
nature and text of such announcement. Subject to Section 10.7 below, either Party may make public announcement repeatedly to the extent that once it has been made pursuant to this Section 10.6, without first obtaining the written approval
of the other Party. Either Party agrees that it may include the other Party’s name and short description of its business and the collaboration on a list of strategic partners in its corporate documents to be made publicly available, including
the corporate website, financial reports for its shareholders or such documents submitted to Securities and Exchange Commission in the US or similar regulatory agency in any other country. 

10.7 Combination of Features or Disclosures. Any combination of features or disclosures shall not be deemed to fall within
the foregoing exceptions contemplated in Section 10.3 merely because individual features are published or available to the general public or in the rightful possession of the receiving Party unless the combination itself and principle of
operation are published or available to the public or in the rightful possession of the receiving Party. 
 10.8 Return of
Confidential Information. Upon termination of this Agreement, the receiving Party shall promptly return to the disclosing Party or destroy the disclosing Party’s Confidential Information, including all copies thereof, except to the extent
that retention of such Confidential Information is reasonably necessary for the receiving Party to exploit any continuing rights it may have and/or to fulfil its obligations contemplated herein, including its obligations of non-disclosure and non-use hereunder. Any such destruction requested by the disclosing Party shall be certified in writing to the disclosing Party by an authorized officer of
the receiving Party. The return and/or destruction of such Confidential Information as provided above shall not relieve the receiving Party of its obligations under this Agreement. 

  
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 11. TERM AND TERMINATION 

11.1 Term of Agreement. The term of this Agreement (the “Term”) will
commence on the Effective Date and continue until expiration of the later of expiration or termination of all payment obligations of Ono accruing prior to the effective date of early termination under this Agreement or expiration of the Royalty Term
for all Products licensed hereunder, unless earlier terminated as provided below. 
 11.2 Termination for
Cause. Each Party will have the right to terminate this Agreement upon sixty (60) days’ prior written notice to the other Party upon the material breach by such other Party of any obligation under this Agreement,
including a breach of any diligence obligations, provided that such notice has given sufficient detail of the basis for the breach and the breaching Party has not cured such breach within the 60-day
period following such written notice. The right of a Party to terminate this Agreement under this Section, and the notice period for such termination, will be tolled during the period of any dispute resolution process (including arbitration)
that is invoked under Article 13 to resolve the issue of whether the alleged breaching Party has in fact committed a material breach of this Agreement, or whether such Party has cured such breach. 

11.3 Termination by Ono Without Cause During The Research Term. At any time during the Research Term, Ono may
terminate this Agreement by providing Merus at least forty-five (45) days prior written notice. Ono agrees to pay Merus within forty-five (45) days of such termination an amount equal to the research funding owed under Section 6.2 for
a ninety (90) day period. The calculation of such amount will be made based on the annual FTE rate set forth in Section 6.2.1 above pro-rata to the Business Days of Merus up to the end of such
ninety (90) day period. 
 11.4 Termination by Ono Without Cause. At any time after expiration of the Research
Term, by providing Merus at least ninety (90) days prior written notice to Merus, Ono may terminate this Agreement in its entirety. 

11.5 Termination for Insolvency. Either Party may terminate this Agreement by written notice to the other with
immediate effect if the other Party becomes insolvent, is compelled to file bankruptcy, is determined otherwise imminently subject to control by a bankruptcy trustee, liquidator or administrator or the equivalent, or upon an assignment of a
substantial portion of the assets for the benefit of creditors by the other Party pursuant to the laws of the jurisdiction in which such Party is doing business; provided, however, that in the case of any involuntary bankruptcy proceeding such right
to terminate shall only become effective if the Party consents to the involuntary bankruptcy or such proceeding is not dismissed within ninety (90) days after the filing thereof. 

11.6 Effect of Termination; Surviving Obligations. 

11.6.1 Except in the case of termination by Ono for cause pursuant to Section 11.2, upon early termination of
this Agreement, all rights under the licenses granted by Merus to Ono under this Agreement, if then in effect, will automatically terminate and revert to Merus; in the case of termination by Ono for cause pursuant to Section 11.2, the
provisions of this Section 11.6.1 shall not apply and Ono’s license granted hereunder will be fully paid-up and perpetual and continue on a royalty-free basis; and 

  
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 11.6.2 Except in the case of termination by Ono for cause pursuant
to Section 11.2, upon early termination of this Agreement by either Party, at Merus’ written request, Ono and its Affiliates shall destroy all Research Tools and all supplies of Target Specific Biclonics, Licensed Biclonics and Product,
and shall promptly thereafter confirm such destruction in writing to Merus. 
 11.6.3 Expiration or termination of
this Agreement will not relieve the Parties of any obligation accruing prior to such expiration or termination. The following provisions of this Agreement will survive expiration or termination of this Agreement: Articles 1, 4.1, 4.2, 4.3, 5.1
(e)ii, 6.4.2, 7.5, 8.1, 9, 10, 11.6, 11.8, 12, 13, and 14 until expiration of a period of performance of its obligations set forth in the relevant Section or, if such period is not expressly provided, completely performed of its obligations. 

11.6.4 Within [***] ([***]) days following the expiration or termination of this Agreement, except to the extent and
for so long as a Party retains license rights hereunder pertaining to any of the other Party’s Confidential Information or materials, at a Party’s request the other Party will deliver to the requesting Party any other Confidential
Information and materials of the requesting Party in its possession or at the requesting Party’s option, will destroy such Confidential Information and materials and will certify to the requesting Party in writing that it has so destroyed such
Confidential Information and materials. 
 11.7 Exercise of Right to Terminate. The use by
either Party hereto of a termination right provided for under this Agreement will not in and of itself give rise to the payment of damages or any other form of compensation or relief to the other Party with respect thereto. 

11.8 Damages; Relief. Subject to Sections 9.4 and 11.6 above, termination of this Agreement will
not preclude either Party from claiming or seeking or being entitled to any other damages, compensation or relief that it may be entitled to which accrued prior to such termination based on the Agreement. 

12. INDEMNIFICATION 
 12.1
Indemnification by Merus. Merus hereby agrees to save, defend and hold harmless Ono and its Affiliates and their respective directors, officers, employees and agents (each, a “Ono Indemnitee”) from and against any
and all claims, suits, actions, demands, liabilities, damages, expenses and/or loss, including reasonable legal expense and attorneys’ fees (collectively, “Losses”), to which any Ono Indemnitee may become subject, to the extent
such Losses result from any claim, demand, action or other proceeding against the Ono Indemnitee by any Third Party to the extent based upon: (i) the [***], but provided that Merus is not obliged to enter litigation and defend Ono for [***]
against Ono (ii) the [***], or (iii) the breach by Merus of any warranty, covenant or agreement made by Merus in this Agreement; except, in each case, to the extent such Losses result from the negligence or willful misconduct of any Ono
Indemnitee or the breach by Ono of any warranty, covenant or agreement made by Ono in this Agreement. For avoidance of doubt, such indemnification shall not apply to any Loss caused by the sale of any Product by Ono to any Third Party. 

  
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 12.2 Indemnification by Ono. Ono hereby agrees to save, defend and
hold harmless Merus and its Affiliates and their respective directors, officers, employees and agents (each, a “Merus Indemnitee”) from and against any and all Losses to which any Merus Indemnitee may become subject, to the extent
such Losses result from any claim, demand, action or other proceeding against the Merus Indemnitee by any Third Party to the extent based upon: (i) the [***], including the practice by Ono (or its Affiliate or any Third Party subcontractor or
Sublicensee) of [***] under this Agreement, (ii) the manufacture, use, handling, storage, sale or other disposition of any Product and/or Licensed Biclonics by Ono, its Affiliates or Sublicensees, or (iii) the breach by Ono of any
warranty, covenant or agreement made by Ono in this Agreement; except, in each case, to the extent such Losses result from the negligence or willful misconduct of any Merus Indemnitee or the breach by Merus of any warranty, covenant or agreement
made by Merus in this Agreement. 
 12.3 Control of Defense. Any Party or any of its indemnitees entitled to
indemnification under this Article 12 will give notice to the indemnifying Party of any Losses for which it is claiming indemnification promptly after learning of such Losses, and the indemnifying Party will assume the defense of such Losses
with counsel reasonably satisfactory to the indemnified Party. If such defense is assumed by the indemnifying Party with counsel so selected, the indemnifying Party will not be liable for any settlement of such Losses made by the indemnified
Party without consent of the indemnifying Party (provided that such consent is not unreasonably withheld or delayed), and will not be obligated to pay the fees and expenses of any separate counsel retained by the indemnified Party with respect to
such Losses or indemnification claim. 
 12.4 Insurance. Each Party shall maintain at its expense
insurance coverage consistent with normal business practices and adequate to cover the risks associated with its performance of any activities hereunder, and each Party acknowledges and agrees that the maintenance of such insurance coverage shall
not relieve either Party of its obligations under this Agreement. Ono, at its own expense, will maintain product liability insurance (or self-insure) in an amount consistent with industry standards during the Term of this Agreement. Ono will
provide a certificate of insurance (or evidence of self-insurance) evidencing such coverage to Merus upon request. Merus, at its own expense, will maintain during the Research Term and for a period of at least [***] ([***]) years thereafter to
maintain (a) workers’ compensation insurance for all of its employees, the limits of which shall be as required under statute; and (b) commercial general liability insurance on a claims made basis having limits of not less than
€[***] in the aggregate and €[***] per occurrence. Merus will provide a certificate of insurance (or evidence of self-insurance) evidencing such coverage to Ono upon request. For avoidance of doubt, such insurance obligation by Merus
shall not apply to cover any Loss caused by the sale of any Product by Ono to any Third Party. 

  
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 13. DISPUTE RESOLUTION 

13.1 Discussion by Senior Executives.

(a) If there is a matter within the JSC’s authority for which the JSC is unable to reach a decision, or if any dispute (including
any claim or controversy arising from or related in any way to this Agreement or the interpretation, application, breach, termination or validity thereof, including any claim of inducement of breach of this Agreement by fraud or otherwise) arises
between the Parties under this Agreement, such matter or dispute will be referred to the Chief Executive Officer of Merus and the Executive Director of Discovery and Research of Ono, for further discussion and resolution. These individuals will
as soon as practicable meet and attempt in good faith to resolve the matter or dispute and reach agreement. These individuals may obtain the advice of other employees or consultants as they deem necessary or advisable to facilitate
resolution.
 (b) If an unresolved JSC matter or the dispute with respect to performance of Ono under its sole responsibility is not
resolved by such senior executives, the decision by Ono’s senior executive shall be final and bind on the Parties as set forth the last sentence of Section 3.2. For all other disputes, if the senior executives cannot reach agreement as to
the dispute within [***] ([***]) days of the dispute being referred to them by either Party in writing, then the dispute (an “Unresolved Issue”) will be resolved as provided in Section 13.2 or 13.3, as applicable. 

13.2 Arbitration. 

(a) Any Unresolved Issue not resolved under Section 13.1 shall be resolved by arbitration pursuant to the rules then
pertaining under the Rules of Arbitration of the International Chamber of Commerce (“ICC”) by [***] ([***]) arbitrators, except where these Rules conflict with this provision, in which case this provision controls. The arbitration will be
held in New York, in the U.S.A., and shall be conducted in the English language. The arbitrators shall decide the Dispute in accordance with the law governing this Agreement. In the case that no ICC rules exist, the Parties will in that case
agree in good faith on alternate arbitration rules to govern any arbitration conducted under this Section 13.2. 
 (b)
The panel will consist of [***] ([***]) arbitrators each of whom is a lawyer with a law firm or corporate law department or was a judge of a court of general jurisdiction who, in either case, has at least [***] ([***]) years of experience
in the biopharmaceutical field. Notwithstanding the foregoing, if the aggregate damages sought by the claimant are stated to be less than €[***], and the aggregate damages sought by the counterclaimant are stated to be less than
€[***], and neither side seeks equitable relief, then a single arbitrator will be chosen, having the same qualifications and experience specified above. Each arbitrator will be neutral, independent, disinterested, and impartial. 

(c) Each Party shall nominate in the request for arbitration and the answer thereto one arbitrator and the two arbitrators
so named shall then jointly appoint the third arbitrator as chairman of the arbitration tribunal, each of them reasonably acceptable to the other Party, acceptance of which shall not be unreasonably withheld. If one Party fails to nominate its
arbitrator or, if the Parties’ arbitrators cannot agree on the person to be named as chairman within [***] ([***]) days, the President of the ICC shall make the necessary appointments. After appointment, the Parties shall have no ex-parte communication with their proposed arbitrator. 

  
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 (d) Within [***] ([***]) days of initiation of arbitration, the Parties
shall reach agreement upon and thereafter follow procedures assuring that the arbitration shall be concluded and the award rendered within no more than [***] ([***]) months from selection of the arbitrators. Failing such agreement, the ICC
Arbitration Rules shall control the scheduling and the Parties shall follow procedures that meet such a time schedule. Each Party has the right before or, if the arbitrators cannot hear the matter within an acceptable period, during the
arbitration to seek and obtain from any court of competent jurisdiction provisional remedies such as attachment, preliminary injunction, replevin, etc., to avoid irreparable harm, maintain the status quo or preserve the subject matter of the
arbitration. Any request for such provisional measures by a Party to a court shall not be deemed a waiver of this agreement to arbitrate. In addition, the arbitration tribunal may, at the request of a Party, order provisional or
conservatory measures (including preliminary injunctions to prevent breaches hereof) and the Parties shall be able to enforce the terms and provisions of such orders in any court having jurisdiction. The decision of the arbitration tribunal
must be in writing and must specify the basis on which the decision was made, and the award of the arbitration tribunal shall be final, non-appealable and binding upon the Parties and judgment upon such an
award may be entered in any competent court or application may be made to any competent court for judicial acceptance of such an award and order of enforcement. THE ARBITRATION TRIBUNAL SHALL NOT AWARD ANY PARTY PUNITIVE, EXEMPLARY, MULTIPLIED
OR CONSEQUENTIAL DAMAGES, AND EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT TO SEEK SUCH DAMAGES. NO PARTY MAY SEEK OR OBTAIN PREJUDGMENT INTEREST OR ATTORNEY’S FEES OR COSTS. 

13.3 Preliminary Injunctive Relief. Notwithstanding anything to the contrary, either Party may at any time seek to
obtain provisional remedies such as attachment, preliminary injunctive relief, replevin, etc., solely to avoid irreparable harm, maintain the status quo or preserve the subject matter of the arbitration in equity from a court of competent
jurisdiction with respect to an issue arising under this Agreement if the rights of such Party would be prejudiced absent such relief, including any dispute relating to (i) the determination as to the infringement, validity or claim
interpretation of a Party’s Patent Rights, or (ii) the misuse and/or misappropriation of a Party’s Confidential Information, in each case, a Party may submit such dispute to the competent court. 

13.4 Diligence Disputes. For any Unresolved Dispute that involves a claim by either Party that the other Party has
breached its diligence obligations under the Agreement, the arbitrators of such Unresolved Dispute will, under the arbitration conducted under Section 13.2, determine if such other Party materially breached such diligence obligations.

14. GENERAL PROVISIONS 
 14.1
Governing Law. This Agreement will be governed by, and construed and enforced in accordance with, the laws and regulations of the State of New York, U.S.A., as well as United States federal law and regulations, without
giving effect to any conflicts of laws principles. 

  
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 14.2 Entire Agreement; Modification. This Agreement,
including its appendices and exhibits, is both a final expression of the Parties’ agreement and a complete and exclusive statement with respect to all of its terms. In the event of any inconsistency between the terms of the body of this
Agreement and the terms of any appendices or exhibits, the body of this Agreement shall control. This Agreement supersedes all prior and contemporaneous agreements and communications between the Parties, whether oral, written or otherwise,
concerning the subject matter contained herein. No rights or licenses with respect to any intellectual property of either Party are granted or deemed granted hereunder or in connection herewith, other than those rights expressly granted in this
Agreement. This Agreement may only be modified or supplemented in a writing expressly stated for such purpose and signed by the Parties to this Agreement. 

14.3 Relationship of the Parties. The Parties’ relationship, as established by this Agreement, is
solely that of independent contractors. This Agreement does not create any partnership, joint venture or similar business relationship between the Parties. Neither Party is a legal representative or agent of the other Party, and neither
Party can assume or create any obligation, representation, warranty or guarantee, express or implied, on behalf of the other Party for any purpose whatsoever. 

14.4 Performance by Affiliates and Sublicensees. The Parties recognize that each may perform some or all of its
obligations under this Agreement through Affiliates or Third Party subcontractors or Sublicensees, provided, however, that each Party will remain responsible and be guarantor of the performance by its Affiliates and Third Party subcontractors
and Sublicensees and will cause them to comply with the provisions of this Agreement in connection with such performance. In particular, if any Affiliate of a Party or its Third Party subcontractor participates in Research under this Agreement
or its Sublicensee with respect to Target Specific Biclonics, (a) the restrictions and obligations of this Agreement which apply to the activities of a Party will apply equally to the activities of such Affiliate and Third Party subcontractors
and Sublicensees, and (b) the Party performing through such Affiliate or Third Party subcontractor or Sublicensee will assure, and hereby guarantees, that such performance will be consistent with the provisions of this Agreement. Any
action or omission by a Party’s Affiliate, Third Party subcontractor, or a Sublicensee which would, if such action or omission were conducted by the Party, constitute a breach of the Party’s obligations under this Agreement will constitute
a breach by the Party. 
 14.5 Non-Waiver. The failure of a
Party to insist upon strict performance of any provision of this Agreement or to exercise any right arising out of this Agreement will neither impair that provision or right nor constitute a waiver of that provision or right, in whole or in part, in
that instance or in any other instance. Any waiver by a Party of a particular provision or right to be effective must be in writing signed by such Party, and will be limited to the specified matter and, if applicable, the specified period of
time in such writing. 
 14.6 Assignment. Except as expressly provided hereunder, neither this
Agreement nor any rights or obligations hereunder may be assigned or otherwise transferred by either Party without the prior written consent of the other Party (which consent will not be unreasonably withheld); provided, however, that either
Party may assign this Agreement or any of its license rights granted hereunder without the other Party’s consent: 

  
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 (a) to its successor in interest in connection with the transfer or sale
of all or substantially all of the business of such Party to which this Agreement relates, whether by merger, sale of stock, sale of assets or otherwise, provided that in the event of a transaction (whether this Agreement is actually assigned or is
assumed by the acquiring Party by operation of law), intellectual property rights of the acquiring party to such transaction (if other than one of the Parties to this Agreement) will not be included in the technology licensed hereunder, and,
provided further that the such acquiring party will remain liable and responsible to the non-assigning Party hereto for the performance and observance of all such duties and obligations of the assigning Party;
or 
 (b) to an Affiliate, provided that the assigning Party will remain liable and responsible to the non-assigning Party hereto for the performance and observance of all such duties and obligations by such Affiliate. 
 The
rights and obligations of the Parties under this Agreement will be binding upon and inure to the benefit of the successors and permitted assigns of the Parties. Any assignment not in accordance with this Agreement will be void. 

14.7 No Third Party Beneficiaries. This Agreement is neither expressly nor impliedly made for the
benefit of any party other than those Parties executing it. 
 14.8 Severability. If, for any reason,
any part of this Agreement is adjudicated invalid, unenforceable or illegal by a court of competent jurisdiction, all other portions will remain in full force and effect, and the Parties will use their reasonable efforts to substitute for the
invalid, unenforceable or illegal provision a valid, enforceable and legal provision which conforms as nearly as possible with the original intent of the Parties. 

14.9 Notices. Any notice to be given under this Agreement must be in writing and delivered either
in person, by Express or certified mail (return receipt requested) (in each case postage prepaid), or by an internationally recognized express courier, or by facsimile with confirmed transmission, to the Party to be notified at its address(es) given
below, or at any address such Party has previously designated by prior written notice to the other. Notice will be deemed sufficiently given for all purposes upon the earliest of: (a) the date of actual receipt; (b) if mailed,
[***] ([***]) days after the date of postmark; or (c) if delivered by express courier, [***]. 
 If to Ono, notices must be addressed
to: 
 Ono Pharmaceutical Co., Ltd 

Minase Research institute 
 1-1, Sakurai, 3-chome, 
 Shimamoto, Mishima, Osaka, 618-8585, Japan 
 Attn: Senior Director, Discovery Research Alliance 

Facsimile: [***] 

  
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 If to Merus, notices must be addressed to: 

Merus N.V. 
 Yalelaan 62 

3584 CM Utrecht 
 the
Netherlands 
 Attention: Mark Throsby, CSO 

Telephone: [***] 
 Email:
[***] 
 with a copy to: 
 Peter B. Silverman,
Chief IP Officer, Head of Legal U.S. 
 Email: [***] 

14.10 Force Majeure. Each Party will be excused from liability for the failure or delay in performance
of any obligation under this Agreement by reason of any event beyond such Party’s reasonable control, including but not limited to Acts of God, fire, flood, explosion, earthquake, or other natural forces, war, terrorism, civil unrest, accident,
destruction or other casualty, any lack or failure of transportation facilities, any lack or failure of supply of raw materials, any strike or labor disturbance, or any other event similar to those enumerated above. Such excuse from liability
will be effective only to the extent and duration of the event(s) causing the failure or delay in performance and provided that the Party has not caused such event(s) to occur and continues to use diligent, good faith efforts to avoid the effects of
such event and to perform the obligation. Notice of a Party’s failure or delay in performance due to force majeure must be given to the other Party within [***] ([***]) days after its occurrence. All delivery dates under this
Agreement that have been affected by force majeure will be tolled for the duration of such force majeure. The Party failing or delaying in performance of any obligation under this Agreement by reason of such force majeure event will use
reasonable effort to recover from such force majeure event to perform its obligations, provided that in no event will any Party be required to prevent or settle any labor disturbance or dispute. Notwithstanding the foregoing, should the
event(s) of force majeure suffered by a Party extend beyond a nine-month period, the other Party may then terminate this Agreement by written notice to the non-performing Party, with the consequences of such
termination as set forth in Section 11.5. 
 14.11 Interpretation. 

(a) Captions & Headings. The captions and headings of clauses contained in
this Agreement preceding the text of the articles, sections, subsections and paragraphs hereof are inserted solely for convenience and ease of reference only and will not constitute any part of this Agreement, or have any effect on its
interpretation or construction. 
 (b) Singular & Plural. All references
in this Agreement to the singular will include the plural where applicable, and all references to gender will include both genders and the neuter. 

(c) Articles, Sections & Subsections. Unless otherwise specified,
references in this Agreement to any article will include all sections, subsections, and paragraphs in such article; references in this Agreement to any section will include all subsections and paragraphs in such sections; and references in
this Agreement to any subsection will include all paragraphs in such subsection. 

  
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 (d) Ambiguities. Ambiguities and uncertainties in
this Agreement, if any, will not be interpreted against either Party, irrespective of which Party may be deemed to have caused the ambiguity or uncertainty to exist. 

(e) English Language. All notices required or permitted to be given hereunder, and all written, electronic, oral or
other communications between the Parties regarding this Agreement will be in the English language. 
 14.12
Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed an original document, and all of which, together with this writing, will be deemed one instrument. Signing and
delivery of this Agreement may be evidenced by an electronic transmission of the front and signed signature page to the other Party, provided however, that such electronic signing and delivery is confirmed in written paper copy signed by and
delivered to each Party promptly following electronic signing and delivery. 
 IN WITNESS WHEREOF, the Parties have duly executed
this Agreement as of the Effective Date. 
  

									
	MERUS N.V.	 		 	 ONO PHARMACEUTICAL Co. Ltd.

					
	By:	 	 /s/ Ton Logtenberg
	 		 	By:	 	 /s/ Gyo Sagara

	Name:	 	Ton Logtenberg	 		 	Name:	 	Gyo Sagara
	Title:	 	CEO	 		 	Title:	 	President, Representative Director and Chief Executive Officer
		 		 		 		 	

  
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 EXHIBIT A 

Initial Research Plan 
  

	1.	Rationale 

 [***] 
  

	2.	Background information 

 [***] 
  

	3.	Objective 

 [***] 
  

	4.	Endpoint / Outcome 

 [***] 
  

	5.	Proposed start and end date 

 [***] 

 

	6.	Time line for Merus and Ono activities and FTE 

 [***] 

 

	7.	Merus Research Budget and planning [ 

 [***] 

] 
 Table 1 timelines| [***] 

[***] 
 Table 2 Contracted rates 

[***] 
 Table 3 External costs. [***] 

8. Detailed research plan 
 [***] 

] 

  
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 EXHIBIT B 

[***] 

  
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 EXHIBIT C 

MERUS PATENT RIGHTS 
 [***]

  
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 EXHIBIT D 

Litigation Update 
 On 11 March 2014
Regeneron Pharmaceuticals Inc. (“Regeneron”) filed a complaint in the United States District Court for the Southern District of New York (the “Court”), alleging that the Company was infringing on one or more claims in
Regeneron’s U.S. Patent No. 8,502,018, entitled “Methods of Modifying Eukaryotic Cells.” On 3 July 2014, the Company filed a response to the complaint, denying Regeneron’s allegations of infringement and raising
affirmative defenses, and filed counterclaims seeking, among other things, a declaratory judgment that the Company did not infringe the patent and that the patent was invalid. The Company subsequently filed amended counterclaims during the period
from August to December 2014, seeking a declaratory judgment of unenforceability of the patent due to Regeneron’s commission of inequitable conduct. 

On 21 November 2014, the Court found that there was clear and convincing evidence that a claim term present in each of the patent claims was indefinite
and granted the Company’s proposed claim constructions. On 24 February 2015, the Court entered partial judgment in the proceeding, on the grounds that the Company did not infringe each of the patent claims, and that each of the patent
claims were invalid due to indefiniteness. On 2 November 2015, the Court found Regeneron had withheld material information from the United States Patent and Trademark Office during prosecution of the patent, and Regeneron had engaged in
inequitable conduct and affirmative egregious misconduct in connection with the prosecution of the patent. On 18 December 2015, Regeneron filed an appeal of the Court’s decision which is currently pending. An oral hearing before the US
Court of Appeals for the Federal Circuit is scheduled for 13 February 2017, and a decision issued July 27 affirming that Regeneron has committed inequitable conduct in procuring the ‘018 patent, and affirming the judgment of
unenforceability. Regeneron petitioned for rehearing and rehearing en banc, which the Federal Circuit denied on December 26, 2017. 
 On 11 March
2014, Regeneron served a writ in the Netherlands alleging that the Company was infringing one or more claims in their European patent EP 1 360 287 B1. The Company opposed the patent in June 2013. On 17 September 2014, Regeneron’s patent EP
1 360 287 B1 was revoked in its entirety by the European Opposition Division of the European Patent Office (the “EPO”). In Europe, an appeal hearing occurred in October and November 2015 at the Technical Board of Appeal for the EPO at
which time the patent was reinstated to Regeneron with amended claims. The Company believes that its current business operations do not infringe the patent reinstated to Regeneron with amended claims because it believes it has not used the
technology or methods claimed under the amended claims. The Dutch litigation procedure is stayed. 

  
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 EXHIBIT E 

INITIAL MEMBERS OF JSC 
 Members
representing Merus: 
 [***] 
 Members
representing Ono: 
 [***] 

  
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 EXHIBIT F 

Form of Invoice 
 Invoice to be printed on
official Merus letterhead with date, payee’s tax ID, and Ono’s (or its designated Affiliate payor’s) P.O. number inserted: 
 DATE:
                                         
                    
 INVOICE NO.:
                                    
            Merus* Tax ID: [***] 
 Bill To: 

Ono Pharmaceutical Co., Ltd. 
 3-1-1 Sakurai, Shimamoto-cho 

Mishima-gun, Osaka 618-8585, Japan 

Ono P.O. Number:
                         

Terms: Net [***] 
 Amount of payment due:
                                    Euro 

Payment due according to CONTRACT RESEARCH AND LICENSE AGREEMENT between Merus B.V. and ONO Pharmaceuticals Inc. dated
                , 2016, 
 for:
                                 

    (If Research Funding) Relevant Research Period:
                                 

    (If Milestone Payment) Milestone Event:
                                     

Ship To: 
 Director, Research Licensing, Discovery Research
Alliance, Discovery and Research 
 Ono Pharmaceutical Co., Ltd. 

3-1-1 Sakurai, Shimamoto-cho 

Mishima-gun, Osaka 618-8585, Japan 

Wire Instructions for Remittance to Merus: 
 *
Merus to provide details and contact information 

  
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requested with respect to the omitted portions.EX-10.33

 Exhibit 10.33 

TRANSITION AGREEMENT 

This TRANSITION AGREEMENT (the “Agreement”) is made and entered into this
27th day of April, 2018 by and between James Zukin (hereinafter “Director”) and Athenex, Inc., a Delaware corporation (the “Company”). Director and the Company
are sometimes referred to herein each as a “Party” and together as the “Parties.” 
 WHEREAS, Director has
served as an independent director on the Company’s Board of Directors (the “Board”); and 
 WHEREAS, Director has
announced his intent to resign from such Board seat as of July 1, 2018 (the “Transition Date”); and 
 WHEREAS,
Director wishes to remain informally involved with the Company following the Transition Date as a strategic business advisor to the Company; and 

WHEREAS, the Company has acknowledged Director’s resignation and wishes to accept his services as a strategic business advisor from time
to time on the terms set forth in this Agreement; 
 NOW, THEREFORE, in consideration of the promises and the mutual covenants herein
contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 

1. Transition. Effective as of the Transition Date, Director will voluntarily relinquish his seat on the Company’s Board by reason
of resignation, and resign from all positions and memberships with subsidiaries and on Board Committees, including but not limited to his position as Chairman of the Board’s Audit and Risk Management Committee and his membership on the
Board’s Nominating and Corporate Governance Committees. As of the Transition Date, Director’s “Continuous Service” as defined by the Athenex, Inc. 2017 Omnibus Incentive Plan (the “Plan”), and under any Award
Agreement thereunder (each an “Award Agreement”), will terminate, the options thereby granted shall cease to vest, and any vested options may be exercised in accordance with the Plan and the applicable Award Agreement. Director will
receive all usual and customary Board attendance fees for Board service through the Transition Date. Following the Transition Date, no other fees or remuneration will be due or payable to Director by the Company. 

2. Term; Services. The term of this Agreement will commence as of the Transition Date and continue for a period of six (6) months
(the “Term”). Thereafter, the Term may be extended by mutual agreement of the Parties. During the Term, Director’s title shall be “Senior Strategy and Business Advisor,” and Director will provide, at the request of
the Company, such strategic business advice as is mutually agreed to by the Parties from time to time (the “Transition Services”). Provided, however, the Transition Services shall not be considered “Continuous Service” as
defined by the Plan or under any Award Agreement thereunder. 

 3. Mutual Releases. 

(a) By signing this Agreement, Director releases and forever discharges the Company, as well as its parent companies, affiliates, subsidiaries,
divisions, officers, directors, stockholders, employees, agents, representatives, attorneys, lessors, lessees, licensors and licensees, and their respective successors, assigns, heirs, executors and administrators (collectively, the “Company
Parties”), from any and all claims, demands, and causes of action of every kind and nature, whether known or unknown, direct or indirect, accrued, contingent or potential, which Director ever had or now have, including but not limited to
any claims arising out of or related to Director’s participation on the Board and its Committees and the termination thereof (except where and to the extent that such a release is expressly prohibited or made void by law). This release
includes, without limitation, Director’s release of the Company and the Company Parties from any claims by Director for lost wages or benefits, stock options, restricted stock, equity, compensatory damages, punitive damages, attorneys’
fees and costs, equitable relief or any other form of damages or relief. In addition, this release is meant to release the Company and the Company Parties from all common law claims, including claims in contract or tort, including, without
limitation, claims for breach of contract, wrongful or constructive discharge, intentional or negligent infliction of emotional distress, misrepresentation, tortious interference with contract or prospective economic advantage, invasion of privacy,
defamation, negligence or breach of any covenant of good faith and fair dealing. Director also specifically and forever releases the Company and the Company Parties (except where and to the extent that such a release is expressly prohibited or made
void by law) all claims under laws prohibiting discrimination, harassment and retaliation. 
 Director acknowledges that this release
applies both to known and unknown claims that may exist between Director and the Company and the Company Parties. Director expressly waives and relinquishes all rights and benefits that he may have under any state or federal statute or common law
principle that would otherwise limit the effect of this Agreement to claims known or suspected prior to the date he executes this Agreement, and does so understanding and acknowledging the significance and consequences of such specific waiver. In
addition, Director hereby expressly understand and acknowledge that it is possible that unknown losses or claims exist or that present losses may have been underestimated in amount or severity, and he explicitly took that into account in giving this
release. 
 Notwithstanding the foregoing, nothing in this Agreement prohibits Director from filing a charge with, or participating in any
investigation or proceeding conducted by, the U.S. Equal Employment Opportunity Commission or a comparable state or federal fair employment practices agency; provided, however, that this Agreement fully and finally resolves all monetary matters
between Director and the Company and the Company Parties, and by signing this Agreement, Director is waiving any right to monetary damages, attorneys’ fees and/or costs related to or arising from any such charge, complaint or lawsuit filed by
him or on his behalf, individually or collectively. In addition, nothing in this Agreement extinguishes any claims Director may have against the Company for breach of this Agreement or any claims arising from events that occur following the
effective date of this Agreement. 
 (b) By signing this Agreement, the Company releases and forever discharges Director, and his
successors, assigns, heirs, executors and administrators (collectively, the “Director Parties”), from any and all claims, demands, and causes of action of every kind and nature, whether known or unknown, direct or indirect, accrued,
contingent or potential, which the 

 
Company ever had or now has, including but not limited to any claims arising out of or related to Director’s participation in the Board and its Committees and the termination thereof (except
where and to the extent that such a release is expressly prohibited or made void by law). This release includes, without limitation, release of the Director Parties from any claims for compensatory damages, punitive damages, attorneys’ fees and
costs, equitable relief or any other form of damages or relief. In addition, this release is meant to release the Director Parties from all common law claims, including claims in contract or tort, including, without limitation, claims for breach of
contract, wrongful or constructive discharge, intentional or negligent infliction of emotional distress, misrepresentation, tortious interference with contract or prospective economic advantage, invasion of privacy, defamation, negligence or breach
of any covenant of good faith and fair dealing. 
 The Company acknowledges that this release applies both to known and unknown claims that
may exist between the Company and the Director Parties. The Company expressly waives and relinquishes all rights and benefits that it may have under any state or federal statute or common law principle that would otherwise limit the effect of this
Agreement to claims known or suspected prior to the date it executes this Agreement, and does so understanding and acknowledging the significance and consequences of such specific waiver. In addition, the Company hereby expressly understands and
acknowledges that it is possible that unknown losses or claims exist or that present losses may have been underestimated in amount or severity, and the Company explicitly took that into account in giving this release. 

(c) The Parties understand, acknowledge and agree that the releases set out above in this Section 3 are a mutual compromise of any
potential claims between Director Parties and the Company Parties, and are not an admission by either Party that any such claims exist or that any Party is liable for any such claims. By signing this Agreement, Director agrees and acknowledges that
he has no cause to believe that any violation of any local, state or federal law has occurred with respect to his service on the Board or the termination thereof, including but not limited to any violation of any federal, state municipal, foreign or
international whistleblower or fraud law, statute or regulation. In addition, Director further agrees and acknowledges that he is not aware of any conduct that would be unlawful under the False Claims Act, the Sarbanes-Oxley Act, the Dodd-Frank Act,
or any other compliance obligation. 
  

	4.	Confidentiality. 

 (a) During Director’s tenure on the Board and in the course of
performing the Transition Services, Director acknowledges that he has or may become aware of or had or may have access to Confidential Information and/or Materials (as defined below). Director acknowledges The Company is and shall at all times
remain the sole owner of Confidential Information and Materials. Director shall not directly or indirectly publish, disseminate or otherwise disclose, deliver or make available to any third party any Confidential Information, Materials or Third
Party Confidential Information (as defined below), other than in furtherance of the purposes of this Agreement, and only then with the prior written consent of the Company; nor shall Director use such Confidential Information, Materials or Third
Party Confidential Information for Director’s own benefit or for the benefit of any other third party or other than as required to perform the Transition Services. Director shall be liable for any disclosure or use of Confidential Information,
Materials or Third Party Confidential Information by any person to whom Director furnishes such information or materials. 

 (b) “Confidential Information” means, except as described in Section 3(c),
all information that is or may be used in the business of the Company or that relates to the Company’s scientific or business affairs, including but not limited to trade secrets; secret, proprietary or confidential information; proprietary
technology; research and development information; new product and service ideas; business plans; marketing, financial, trading, research, and sales data; financial and other personal information regarding customers, business partners or employees;
the terms of this Agreement; and all information that is treated by the Company as secret, proprietary or confidential. Confidential Information is contained in various media, including records of research data and observations, records of clinical
trials, patent applications, computer programs, supply and customer lists, internal financial data and other documents and records of the Company, whether or not labeled or identified as “Confidential” or prepared in full or in part
by Director (the “Materials”). Any similar information or materials obtained by or given to The Company about or belonging to its suppliers, licensors, licensees, partners, affiliates, customers, potential customers or others is
referred to herein as “Third Party Confidential Information” and is subject to the exclusions comparable to those set forth in this Section 3(b). 

(c) Confidential Information does not include information that (a) was known to Director at the time it was disclosed, other than by
previous disclosure by The Company, (b) is at the time of disclosure or later becomes publicly known under circumstances involving no breach of this Agreement; (c) is made available to Director by a third party who did not derive it from
The Company and who imposes no obligation of confidence on Director; or (d) is required to be disclosed by a governmental authority or by order of a court of competent jurisdiction, provided that such disclosure is subject to all available
protection and reasonable advance notice is given to The Company. 
 (d) Upon the Company’s request at any time, Director shall return
immediately to the Company all copies and other tangible manifestations of Confidential Information and all Materials then in Director’s possession or control. Director shall return any Third Party Confidential Information upon request of the
third party or the Company. 
 (e) Notwithstanding the foregoing nondisclosure obligations, pursuant to 18 USC Section 1833(b),
Director shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (i) in confidence to a federal, state, or local government official, either directly or
indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

(f) Nothing in this Agreement prohibits Director from reporting possible violations of federal law or regulation to any governmental agency or
entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law
or regulation. Director does not need the prior authorization of the Company to make any such reports or disclosures, and Director is not required to notify the Company that he has made such reports or disclosures. 

 5. No Disparagement. Director agrees that he will not denigrate, defame, disparage or cast
aspersions upon the Company, the Company Parties, their products, services, business and manner of doing business, and that Director will use Director’s reasonable best efforts to prevent any member of his immediate family from engaging in any
such activity; provided, however, nothing in this Agreement prohibits Director from providing truthful information and/or testimony in connection with any investigation or proceeding conducted by a federal, state or local government official or
agency. The Company agrees that it and its officers and directors will not denigrate, defame, disparage or cast aspersions upon the Director; provided, however, nothing in this Agreement prohibits the Company and its officers and directors from
providing truthful information and/or testimony in connection with any investigation or proceeding conducted by a federal, state, or local government official or agency. 

6. Compliance with Laws and Policies. Director will comply with all protocols, specifications, laws and regulations applicable to this
Agreement and/or the Transition Services, including, but not limited to, the U.S. Food, Drug and Cosmetic Act. Director has received copies of, and hereby agrees to comply with, the Athenex Code of Business Conduct and Ethics, Whistleblower Policy,
Insider Trading and Confidentiality Policy and Related Persons Transaction Policy. 
 7. Independent Contractor Status. Director
agrees that, in providing the Transition Services to the Company, Director is acting as an independent contractor and not an employee of the Company for any purpose, and that he will not be entitled to any wages, benefits or rights provided by the
Company to its employees (whether by agreement or by operation or law). Director further acknowledges and agrees that he will retain sole and absolute discretion and judgment in the manner and means of carrying out the Transition Services, and that
he has a full opportunity to find other business. Director will not have the authority to enter into any contract on behalf of the Company or otherwise to bind the Company to any agreement unless expressly authorized in writing to do so, and the
Company will not be liable for any obligation incurred by Director. 
 8. Assignment. This Agreement, and the rights and obligations
hereunder, may not be assigned, subcontracted, or transferred by either Party without the prior written consent of the other Party, except that the Company may assign its rights under this Agreement in connection with the merger, consolidation or
sale of all or substantially all assets of the Company. 
 9. Entire Agreement. This Agreement constitutes the entire agreement of
the Parties with regard to the remaining subject matter hereof, and supersedes all previous written or oral representations, agreements and understandings between the Company and Director with respect to the subject matter hereof. This Agreement may
be amended or extended only by a writing signed by both Parties. 
 10. Applicable Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York, excluding its conflicts of laws provision. Any litigation or proceeding that arises out of this Agreement shall be brought in the courts of the State of New York with venue in Erie
County or the United States District Court for the Western District of New York and each of the Parties expressly consents to personal jurisdiction in such courts. 

 11. Severability; Waiver. If any clause, term or provision of this Agreement shall be
judged to be invalid for any reason whatsoever, such invalidity shall not affect the validity or operation of any other clause, term or provision hereof. Failure of either Party at any time to enforce any of the provisions of this Agreement shall
not be deemed to be a waiver of such or any other provision hereof. 
 The Parties hereby cause this Transition Agreement to be signed as an instrument
under seal. 
  

									
	ATHENEX, INC.	 	        	 	DIRECTOR
				
	By:	 	/s/ Johnson Lau	 		 	/s/ James Zukin
		 	Its authorized officer    (Signature)	 		 	(Signature)
					
	 Name:
	 	 Johnson Lau
	 		 	Name:	 	James Zukin                                   
                                         
     (SEAL)
					
	 Title:
	 	 CEO & Board Chairman
	 		 		 	
					
	 Date:
	 	 April 27, 2018
	 		 	Date:	 	 April 27, 2018

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