Document:

EX-10.7

 Exhibit 10.7 

LONG-TERM INCENTIVE PLAN 

LAVA THERAPEUTICS N.V. 
 INTRODUCTION

 Article 1 
  

	1.1	 This document sets out the Company’s long-term incentive plan for employees, officers and other
service providers who qualify as Eligible Participants. 

  

	1.2	 The main purposes of this Plan are: 

 

	 	a.	 to attract, retain and motivate Participants with the qualities, skills and experience needed to support
and promote the growth and sustainable success of the Company and its business; and 

  

	 	b.	 to incentivise Participants to perform at the highest level and to further the best interests of the
Company, its business and its stakeholders. 

 DEFINITIONS AND INTERPRETATION 

Article 2 
  

	2.1	 In this Plan the following definitions shall apply: 

 

			
	Article	  	An article of this Plan.
		
	Award	  	A grant under this Plan in the form of one or more Options, SARs, Shares of Restricted Stock, RSUs, Other Awards, or a combination of the foregoing.
		
	Award Agreement	  	A written agreement between the Company and a Participant, substantially in the form of Annex A to this Plan, evidencing the grant of an Award to such Participant and containing such terms as the Committee may determine, consistent
with and subject to the terms of this Plan.
		
	Bad Leaver	  	A Participant who ceases to be an Eligible Participant for Cause, including a situation where the Participant resigns and the Committee determines that an event has occurred with respect to that Participant which constitutes
Cause.
		
	Board	  	The Company’s board of directors.

 
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	Cause	  	 With respect to a Participant, “cause” as defined in such Participant’s employment, service or consulting agreement with the
Company or a Subsidiary, or if not so defined (and unless determined otherwise in the applicable Award Agreement or by the Committee):
  

a.  such Participant’s indictment for any crime which (i) constitutes a felony,
(ii) has, or could reasonably be expected to have, an adverse impact on the performance of such Participant’s services to the Company and/or any Subsidiary or (iii) has, or could reasonably be expected to have, an adverse impact on
the business and/or reputation of the Company and/or any Subsidiary;
  

b.  such Participant having been the subject of any order, judicial or administrative, obtained or
issued by any governmental or regulatory body for any securities laws violation involving fraud, market manipulation, insider trading and/or unlawful dissemination of non-public price-sensitive
information;
  

c.   such Participant’s wilful violation of the Company’s code of business conduct
and ethics, insider trading policy or other internal policies and regulations established by the Company and/or any Subsidiary, in each case to the extent applicable to the Participant concerned;

 
 d.  gross negligence or wilful
misconduct in the performance of such Participant’s duties for the Company and/or any Subsidiary or wilful or repeated failure or refusal to perform such duties;
  

e.   material breach by such Participant of any employment, service, consulting or other
agreement entered into between such Participant on the one hand and the Company and/or any Subsidiary on the other;
  

f.   conduct by such Participant which should be considered as an urgent cause within the
meaning of Section 7:678 DCC, irrespective of whether that provision applies to such Participant’s relationship with the Company and/or any Subsidiary; and

 
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		  	 g.  such other acts or omissions to act by such Participant as reasonably
determined by the Committee,
  
 provided that the occurrence of an event described in
paragraphs c. through e. above shall only constitute Cause if and when such event has not been cured or remedied by the relevant Participant within thirty days after the Company has provided written notice to such Participant.

		
	Change of Control	  	 The occurrence of any one or more of the following events:
  

a.  the direct or indirect change in ownership or control of the Company effected through one
transaction, or a series of related transactions within a twelve-month period, as a result of which any Person or group of Persons acting in concert, directly or indirectly acquires (i) beneficial ownership of more than half of the
Company’s issued share capital and/or (ii) the ability to cast more than half of the voting rights in the General Meeting;
  

b.  at any time during a period of twelve consecutive months, individuals who at the beginning of
such period constituted the Board, cease to constitute a majority of members of the Board, provided that any new Director who was nominated for appointment by the Board by a vote of at least a majority of the Directors who either were Directors at
the beginning of such twelve-month period or whose nomination for appointment was so approved, shall be considered as though such individual were a Director at the beginning of such twelve-month
period;

 
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		  	 c.   the consummation of a merger, demerger or business combination of the
Company or any Subsidiary with another Person, unless such transaction results in the shares in the Company’s capital outstanding immediately prior to the consummation of such transaction continuing to represent (either by remaining outstanding
or by being converted into, or exchanged for, voting securities of the surviving or acquiring Person or a parent thereof) at least half of the voting rights in the General Meeting or in the shareholders’ meeting of such surviving or acquiring
Person or parent outstanding immediately after the consummation of such transaction;
  

d.  the consummation of any sale, lease, exchange or other transfer to any Person or group of
Persons acting in concert, not being Subsidiaries, in one transaction or a series of related transactions within a twelve-month period, of all or substantially all of the business of the Company and its Subsidiaries; or

 
 e.   subject to Article
10, such other event which the Committee determines to constitute a change of control in respect of the Company.

		
	Committee	  	 Any of the following bodies, as applicable:
  

a.  the Board, except to the extent the administration or operation of this Plan is delegated to
the compensation committee of the Board; or
  

c.   the compensation committee, to the extent the administration or operation of this Plan
is delegated to such committee.

		
	Company	  	LAVA Therapeutics N.V.
		
	Consultant	  	Any Person, other than a Director or Employee, who is an adviser or consultant engaged by the Company and/or a Subsidiary to render bona fide services to the Company and/or a Subsidiary.
		
	DCC	  	The Dutch Civil Code.
		
	Director	  	A member of the Board.
		
	Eligible Participant	  	Any Director, Employee or Consultant.
		
	Employee	  	Any Person, other than a Director, who is an employee or officer of the Company and/or a Subsidiary.
		
	Exercise Date	  	The date on which an Award is duly exercised by or on behalf of the Participant concerned.

 
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	Exercise Price	  	The exercise price applicable to an Award.
		
	FMV	  	The closing price of a Share on the relevant date (or, if there is no reported sale of Shares on such date, on the last preceding date on which any such reported sale occurred) on the principal stock exchange where Shares have been
admitted for trading, unless determined otherwise by the Committee.
		
	General Meeting	  	The Company’s general meeting of shareholders.
		
	Good Leaver	  	A Participant who ceases to be an Eligible Participant and who is not a Bad Leaver.
		
	Grant Date	  	The date on which the Committee decides to grant an Award, or such later effective date applicable to such Award as may be determined by the Committee.
		
	Option	  	The right to subscribe for, or otherwise acquire, one Plan Share.
		
	Other Award	  	An Award which does not take the form of an Option, SAR, Share of Restricted Stock or RSU, and which may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to Shares or factors
which may influence the value of Shares, including cash-settled financial instruments and financial instruments which are convertible into or exchangeable for Plan Shares.
		
	Participant	  	The holder of an Award, including, as the context may require, the rightful heir(s) of a previous holder of such Award having acquired such Award as a result of the death of such previous holder.
		
	Performance Criteria	  	The performance criteria applicable to an Award.
		
	Person	  	A natural person, partnership, company, association, cooperative, mutual insurance society, foundation or any other entity or body which operates externally as an independent unit or organisation.
		
	Plan	  	This long-term incentive plan.
		
	Plan Share	  	A Share underlying an Award.

 
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	Replacement Award	  	An Award granted in assumption of, or in substitution or exchange for, long-term incentive awards previously granted by a Person acquired (or whose business is acquired) by the Company or a Subsidiary or with which the Company or a
Subsidiary merges or forms a business combination, as reasonably determined by the Committee.
		
	Restricted Stock	  	Plan Shares subject to such restrictions as the Committee may impose, including with respect to voting rights and the right to receive dividends or other distributions made by the Company.
		
	RSU	  	The right to receive, in cash, in assets, in the form of Plan Shares valued at FMV, or a combination thereof, the FMV of one Share on the Exercise Date.
		
	SAR	  	The right to receive, in cash, in assets, in the form of Plan Shares valued at FMV, or a combination thereof, the excess of the FMV of one Share on the applicable Exercise Date over the applicable Exercise Price.
		
	Section 409A IRC	  	Section 409A of the United States Internal Revenue Code of 1986, as amended, and the rules, regulations and guidance promulgated pursuant thereto (or any successor provision).
		
	Section 457A IRC	  	Section 457A of the United States Internal Revenue Code of 1986, as amended, and the rules, regulations and guidance promulgated pursuant thereto (or any successor provision).
		
	Share	  	A common share in the Company’s capital or, as applicable, a depository receipt (certificaat) issued for a common share in the Company’s capital.
		
	Subsidiary	  	A subsidiary of the Company within the meaning of Section 2:24a DCC.

  

	2.2	 References to statutory provisions are to those provisions as they are in force from time to time.

  

	2.3	 Terms that are defined in the singular have a corresponding meaning in the plural.

  

	2.4	 Except as otherwise required by law, the terms “written” and “in writing” include
the use of electronic means of communication. 

 
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 ADMINISTRATION 

Article 3 
  

	3.1	 This Plan shall be administered by the Committee. The Committee’s powers and authorities under this
Plan include the authority to perform the following matters, in each case consistent with and subject to the terms of this Plan: 

  

	 	a.	 designating Persons to whom Awards are granted; 

 

	 	b.	 deciding to grant Awards; 

 

	 	c.	 determining the form(s) and type(s) of Awards being granted and setting the terms and conditions
applicable to such Awards, including: 

  

	 	i.	 the number of Plan Shares underlying Awards; 

 

	 	ii.	 the time(s) when Awards may be exercised or settled in whole or in part; 

 

	 	iii.	 whether, to which extent, and under which circumstances Awards may be exercised or settled in cash or
assets (including other Awards), or a combination thereof, in lieu of Plan Shares and vice versa; 

  

	 	iv.	 whether, to which extent and under which circumstances Awards may be cancelled or suspended;

  

	 	v.	 whether, to which extent and under which circumstances a Participant may designate another Person owned
or controlled by him as recipient or beneficiary of his or her Awards; 

  

	 	vi.	 whether and to which extent Awards are subject to Performance Criteria and/or restrictive covenants
(including non-competition, non-solicitation, confidentiality and/or Share ownership requirements); 

 

	 	vii.	 the method(s) by which Awards may be exercised, settled or cancelled; 

 

	 	viii.	 whether, to which extent and under which circumstances, the exercise, settlement or cancellation of
Awards may be deferred or suspended; 

  

	 	d.	 amending or waiving the terms applicable to outstanding Awards (including Performance Criteria), subject
to the restrictions imposed by Article 9 and provided that no such amendment shall take effect without the consent of the affected Participant(s), if such amendment would materially and adversely affect the rights of the Participant(s) under such
Awards, except to the extent that any such amendment is made to cause this Plan or the Awards concerned to comply with applicable law, stock exchange rules, accounting principles or tax rules and regulations; 

 

	 	e.	 making any determination under, and interpreting the terms of, this Plan, any rules or regulations
issued pursuant to this Plan and any Award Agreement; 

  

	 	f.	 correcting any defect, supplying any omission or reconciling any inconsistency in the Plan or any Award
Agreement; 

 
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	 	g.	 settling any dispute between the Company and any Participant (including any beneficiary of his or her
Awards) regarding the administration and operation of this Plan, any rules or regulations issued pursuant to this Plan, and any Award Agreement entered into with such Participant; and 

 

	 	h.	 making any other determination or taking any other action which the Committee considers to be necessary,
useful or desirable in connection with the administration or operation of this Plan. 

  

	3.2	 The Committee may issue further rules and regulations for the administration and operation of this Plan,
consistent with and subject to the terms of this Plan. 

  

	3.3	 All decisions of the Committee shall be final, conclusive and binding upon the Company and the
Participants (including beneficiaries of Awards). 

 AWARDS 

Article 4 
  

	4.1	 Awards can only be granted to: 

 

	 	a.	 Eligible Participants; and 

 

	 	b.	 any other Person who has been extended an offer of employment or other service, as a result of which the
Committee reasonably expects such Person to become an Eligible Participant within twelve months after the Grant Date, provided that Awards granted to any such Person shall be treated as Awards held by a Bad Leaver if and when he or she has not
become an Eligible Participant within such twelve-month period. 

  

	4.2	 No Award is intended to confer any rights on the relevant Participant except as set forth in the
applicable Award Agreement. In particular, no Award should be construed as giving any Participant the right to remain employed by or to continue to provide services for the Company or any Subsidiary. 

 

	4.3	 Awards shall be granted for no consideration or for such minimal cash consideration as may be required
by applicable law. 

  

	4.4	 Awards may be granted alone or in addition or in tandem with any other Award and/or any award under any
other plan of the Company or any Subsidiary. Awards granted in addition or in tandem with any other Award and/or any award under any other plan of the Company or any Subsidiary may be granted simultaneously or at different times.

  

	4.5	 Each Award shall be evidenced by an Award Agreement entered into between the Company and the Participant
concerned. Until an Award Agreement has been entered into between the Company and the relevant Participant, no rights can be derived from the Awards concerned by such Participant. 

 
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	4.6	 Plan Shares, including Awards in the form of Shares of Restricted Stock, shall be delivered in such
form(s) as may be determined by the Committee and shall be subject to such stop transfer orders and other restrictions as the Committee may deem required or advisable. Furthermore, the Committee may determine that certificates for such Shares shall
bear an appropriate legend referring to the terms, conditions and restrictions applicable thereto. 

  

	4.7	 The terms and conditions applicable to Awards, including the time(s) when Awards vest in whole or in
part and any applicable Performance Criteria, shall be set by the Committee and may vary between Awards and between Participants, as the Committee deems appropriate. The Committee may also determine whether and under which circumstances Awards shall
be settled automatically upon vesting, without being exercised by the Participant. 

  

	4.8	 The term of an Award shall be determined by the Committee, but shall not exceed ten years from the
applicable Grant Date. Unless determined otherwise by the Committee, if the exercise of an Award is prohibited by applicable law or the Company’s insider trading policy on the last business day of the term of such Award, such term shall be
extended for a period of one month following the end of such prohibition. 

  

	4.9	 Unless determined otherwise by the Committee, Awards cannot be transferred, pledged or otherwise
encumbered, except by testament or hereditary law as a result of death of the Participant concerned. 

  

	4.10	 If, as a result of changes in applicable law, accounting principles or tax rules and regulations, or due
to a variation of the composition of the Company’s issued share capital (including a share split, reverse share split, redenomination of the nominal value, or as a result of a dividend or other distribution, reorganisation, acquisition, merger,
demerger, business combination or other transaction involving the Company or a Subsidiary), an adjustment to this Plan, any Award Agreement and/or outstanding Awards is necessary to prevent dilution or enlargement of the benefits or potential
benefits intended to be made available under this Plan, the Committee may adjust equitably any or all of: 

  

	 	a.	 the number of Plan Shares available under this Plan; 

 

	 	b.	 the number of Plan Shares underlying outstanding Awards; and/or 

 

	 	c.	 the Exercise Price or other terms applicable to outstanding Awards. 

 

	4.11	 Any rights, payments and benefits under any Award shall be subject to repayment and/or recoupment by the
Company in accordance with applicable law, stock exchange rules and such policies and procedures as the Company may adopt from time to time. 

  

	4.12	 The Company may withhold from any outstanding Award, any payment, issuance or transfer to be made under
such Award, or any other compensation or amount owed by the Company to the Participant holding such Award, an amount (in cash, in assets, in the form of Shares or other Awards, or a combination thereof) equal to the withholding taxes and other costs
due, or to be withheld, by the Company or any Subsidiary in respect of the grant, exercise or settlement of such Award. 

 
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 TYPES OF AWARDS 

Article 5 
  

	5.1	 The Committee may grant Awards in the form of Options, SARs, Shares of Restricted Stock, RSUs, Other
Awards or a combination of the foregoing. Options granted to individuals who are either United States residents or United States taxpayers may be granted as Incentive Stock Options or Nonstatutory Stock Options, as defined and specified in Annex
B. 

  

	5.2	 Upon the exercise or settlement of vested Options, the Company shall be obliged to deliver to the
Participant concerned (or the beneficiary of such Options, as applicable), the Plan Shares underlying such Options (unless otherwise set forth in the Award Agreement). 

 

	5.3	 Upon the exercise or settlement of vested SARs, the Company shall be obliged to pay to the Participant
concerned (or the beneficiary of such SARs, as applicable) an amount equal to the number of Plan Shares underlying such SARs multiplied by the excess, if any, of the FMV of one Share on the applicable Exercise Date over the applicable Exercise
Price. The Company may satisfy such payment obligation in cash, in assets, in the form of Shares valued at FMV, or a combination thereof, at the discretion of the Committee. 

 

	5.4	 The exercise by a Participant of his or her rights attached to Shares of Restricted Stock shall be
subject to such restrictions as the Committee may impose, including with respect to voting rights and the right to receive dividends or other distributions made by the Company. Upon the vesting of Shares of Restricted Stock, any such restrictions
and conditions shall lapse with respect to those Shares. If an Award in the form of Shares of Restricted Stock is cancelled or otherwise terminated, the Participant shall be obliged to transfer all of his or her unvested Shares of Restricted Stock
to the Company promptly and for no consideration. 

  

	5.5	 Upon the exercise or settlement of vested RSUs, the Company shall be obliged to pay to the Participant
concerned (or the beneficiary of such RSUs, as applicable) an amount equal to the number of Plan Shares underlying such RSUs multiplied by the FMV of one Share on the applicable Exercise Date. The Company may satisfy such payment obligation in cash,
in assets, in the form of Shares valued at FMV, or a combination thereof, at the discretion of the Committee (unless otherwise set forth in the Award Agreement). 

 

	5.6	 The Committee may determine that a Participant holding one or more RSUs is entitled to receive dividends
and other distributions made by the Company on the Shares, as if such Participant held the Plan Shares underlying such RSUs. The Committee may impose restrictions with respect to such entitlement. 

 
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 PERFORMANCE CRITERIA 

Article 6 
  

	6.1	 The Committee may condition the right of a Participant to exercise one or more of his or her Awards, and
the timing thereof, upon the achievement or satisfaction of such Performance Criteria as may be determined by the Committee, within periods specified by the Committee. 

 

	6.2	 If an Award is subject to Performance Criteria which must be achieved or satisfied within a period
specified by the Committee for that purpose, such Award can only be exercised or settled at or after the end of that period. 

  

	6.3	 Performance Criteria may be measured on an absolute or relative basis and may be established on a
Company-wide basis or with respect to one or more business units, divisions, Subsidiaries and/or business segments. Relative performance may be measured against a group of peer companies determined by the Committee, financial market indices and/or
other objective and quantifiable indices. Performance Criteria may relate to performance by the Company and/or by the Participant concerned. 

  

	6.4	 If the Committee determines that a change in the business, operations, group structure or capital
structure of the Company, or other events or circumstances, render certain Performance Criteria applicable to outstanding Awards unsuitable or inappropriate, the Committee may amend or waive such Performance Criteria, in whole or in part, as the
Committee deems appropriate. 

 PLAN SHARES AVAILABLE FOR AWARDS 

Article 7 
  

	7.1	 Subject to Articles 4.10 and 7.2, the Plan Shares underlying Awards which are not Replacement Awards,
irrespective of whether such Awards have been exercised or settled, may not represent more than 2,535,226 Shares, provided that this number shall be increased annually increase on January 1 of each calendar year, beginning in 2022 and ending in
2031, equal to 4% of the Company’s issued share capital on the final day of the immediately preceding calendar year (or such smaller number as may be determined by the Board, which number may also be nil). 

 

	7.2	 Plan Shares underlying Awards, except for Replacement Awards, which expire, which are cancelled or
otherwise terminated, or which are exercised or settled in cash or assets in lieu of Plan Shares, shall again be available under this Plan and shall not be counted towards the limit imposed by Article 7.1. 

VESTING, EXERCISE AND SETTLEMENT 
 Article 8 

 

	8.1	 Each Award Agreement shall contain the vesting schedule and, where relevant, delivery schedule (which
may include deferred delivery later than the vesting dates) for the relevant Awards. 

 
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	8.2	 Only vested Awards may be exercised or settled in accordance with their terms. An Award can only be
exercised (to the extent it is not settled automatically) by or on behalf of the Participant holding such Award. 

  

	8.3	 An Award can only be exercised through the use of an electronic system or platform to be designated by
the Committee (if and when such system or platform has been set up by the Company), or otherwise by delivering written notice to the Company in a form approved by the Committee. 

 

	8.4	 Subject to Article 9.1, the Committee shall determine the Exercise Price, provided that the Exercise
Price for an Award which can be exercised or settled in the form of Plan Shares shall not be less than the aggregate nominal value of such Plan Shares. 

  

	8.5	 Upon the exercise of an Award, the applicable Exercise Price must immediately be paid in cash, wire
transfer of immediately available funds or by check payable to the order of the Company, provided that the Committee, subject to applicable law, may allow such Exercise Price to be satisfied on a cashless or net settlement basis, applying any of the
following methods (or a combination thereof): 

  

	 	a.	 by means of an immediate sale by or on behalf of the relevant Participant of part of the Plan Shares
underlying the Award being exercised, with sale proceeds equal to the Exercise Price being remitted to the Company and any remaining net sale proceeds (less applicable costs, if any) being paid to such Participant; 

 

	 	b.	 by means of the relevant Participant forfeiting his or her entitlement to receive part of the Plan
Shares underlying the Award being exercised at FMV on the Exercise Date and charging the aggregate nominal value of the remaining Plan Shares underlying such Award against the Company’s reserves; 

 

	 	c.	 by means of the relevant Participant surrendering his or her entitlement to receive part of the Plan
Shares underlying the Award being exercised at FMV on the Exercise Date, against the Company becoming due an equivalent amount to such Participant and setting off that obligation against the Company’s receivable with respect to payment of the
applicable Exercise Price; or 

  

	 	d.	 by means of the relevant Participant surrendering and transferring Shares to the Company (which may
include Plan Shares underlying the Award being exercised) at FMV on the Exercise Date. 

  

	8.6	 The Company may withhold from any Award granted or any payment due or transfer made under any Award (or
under the Plan generally) or from any compensation or other amount owing to a Participant the amount (in cash, Shares, other Awards, other property, net settlement or any combination thereof) of applicable wage or withholding taxes due in respect of
an Award, its exercise or settlement or any payment or transfer under such Award (or under the Plan generally) and to take such other action, including providing for elective 

 
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payment of such amounts in cash or Shares by the Participant, as may be necessary in the option of the Company to satisfy all obligations for the payment of such taxes. In addition, the Company
may cause the sale by or on behalf of the relevant Participant of part of the Plan Shares underlying any Award being exercised or settled, with sale proceeds equal to the applicable wage or withholding taxes being remitted to the Company and any
remaining net sale proceeds (less applicable costs, if any) being paid to such Participant. 

  

	8.7	 When an Award is exercised or settled in the form of Plan Shares, the Company shall, at the discretion
of the Committee, subject to applicable law and the Company’s insider trading policy: 

  

	 	a.	 issue new Plan Shares to the relevant Participant; or 

 

	 	b.	 transfer existing Plan Shares held by the Company to the relevant Participant, 

provided, in each case, that Plan Shares may be delivered in the form of book-entry securities representing those Plan Shares (or beneficial
ownership of those Plan Shares entitling the holder to exercise or direct the exercise of voting rights attached thereto) credited to the securities account designated by the relevant Participant. Furthermore, Plan Shares may be delivered as
described in the previous sentence to a Person designated by the relevant Participant, with the prior approval of the Committee, as beneficiary of his or her Award. 
  

	8.8	 If an Award is exercised or settled in the form of Plan Shares and such Award does not relate to a whole
number of Plan Shares, the number of Plan Shares underlying such Award shall be rounded down to the nearest integer. 

 PRICING
RESTRICTIONS FOR OPTIONS AND SARS 
 Article 9 
  

	9.1	 Except for Replacement Awards, the Exercise Price for an Option or SAR shall not be less than the higher
of: 

  

	 	a.	 the FMV of a Plan Share on the applicable Grant Date and, in case of a SAR being granted in connection
with an Option, on the Grant Date of such Option; or 

  

	 	b.	 the nominal value of a Plan Share. 

 

	9.2	 Except as provided in Article 4.10, the Committee may not, without prior approval of the General
Meeting, seek to effect any re-pricing of any outstanding “underwater” Option or SAR by: 

  

	 	a.	 amending or modifying the terms of such Award to lower the Exercise Price; 

 

	 	b.	 cancelling such Award and granting in exchange either (i) replacement Options or SARs having a
lower Exercise Price, or (ii) Restricted Stock, RSUs or Other Awards; or 

 
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	 	c.	 cancelling or repurchasing such Award for cash, assets or other securities. 

 

	9.3	 Options and SARs will be considered to be “underwater” within the meaning of Article 9.2 at
any time when the FMV of the Plan Shares underlying such Awards is less than the applicable Exercise Price. 

 U.S. PARTICIPANTS

 Article 10 
  

	10.1	 With respect to any Award subject to Section 409A IRC and Section 457A IRC, this Plan and the
applicable Award Agreement are intended to comply with the requirements of Section 409A IRC and Section 457A IRC, the provisions of this Plan and such Award Agreement shall be interpreted in a manner that satisfies the requirements of
Section 409A IRC and Section 457A IRC, and this Plan shall be operated accordingly. If any provision of this Plan or any term or condition of any Award subject to Section 409A IRC and Section 457A IRC would otherwise frustrate or
conflict with this intent, the provision, term or condition will be interpreted and deemed amended so as to avoid this conflict. 

  

	10.2	 Notwithstanding any provision of this Plan to the contrary or any Award Agreement, a termination of
employment shall not deemed to have occurred for purposes of any provision of an Award that is subject to Section 409A IRC providing for payment upon or following a termination of a Participant’s employment unless such termination is also
a “separation from service” and, for purposes of any such provision of such Award, references to a “termination”, “termination of employment” or like terms shall mean “separation from service”.

  

	10.3	 No Awards will be eligible for the payment of dividends or dividend equivalents, to the extent such
Option or SAR is subject to Section 409A IRC and Section 457A IRC. 

  

	10.4	 If all or part of any payments made, or other benefits conferred, under any Award subject to
Section 409A IRC constitutes deferred compensation for purposes of Section 409A IRC as a result of a “separation from service” of the relevant Participant (other than due to his or her death) within the meaning of
Section 409A IRC while such Participant is a “specified employee” under Section 409A IRC, then such payment or benefit shall not be made or conferred until six months and one business day have elapsed after the date of such
“separation from service”, except as permitted under Section 409A IRC. 

  

	10.5	 If an Award subject to Section 409A IRC includes a “series of installment payments”
within the meaning of Section 1.409A-2(b)(2)(iii) of the United States Treasury Regulations, the right of the relevant Participant to such series of instalment payments shall be treated as a right to a
series of separate payments and not as a right to a single payment, and if such an Award includes “dividend equivalents” within the meaning of Section 1.409A-3(e) of the United States Treasury
Regulations, the right of the relevant Participant to such dividend equivalents shall be treated separately from the right to other amounts or other benefits under such Award. 

 
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	10.6	 For any Award subject to Section 409A IRC or Section 457A IRC that provides for accelerated
distribution on a Change of Control of amounts that constitute “deferred compensation” as defined in Section 409A IRC and Section 457A IRC, if the event that constitutes such Change of Control does not also constitute a change in
the ownership or effective control of the Company, or in the ownership of a substantial portion of the Company’s assets (in either case, as defined in Section 409A IRC), such amount shall not be distributed on such Change of Control but
instead shall vest as of the date of such Change of Control and shall be paid on the scheduled payment date specified in the applicable Award Agreement, except to the extent that earlier distribution would not result in the relevant Participant
incurring any additional tax, penalty, interest or other expense under Section 409A IRC and Section 457A IRC. 

  

	10.7	 Notwithstanding the foregoing in this Article 10, the tax treatment of the benefits provided under this
Plan or any Award Agreement is not warranted or guaranteed, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by a U.S. Participant on account of non-compliance with Section 409A IRC and Section 457A IRC. 

  

	10.8	 Notwithstanding any provision of this Plan to the contrary or any Award Agreement, in the event the
Committee determines that any Award may be subject to Section 409A IRC or Section 457A IRC, the Committee may adopt such amendments to this Plan and the applicable Award Agreement or adopt other policies and procedures (including
amendments, policies and procedures with retroactive effect), or take any other actions, that the Committee determined are necessary or appropriate to: 

  

	 	a.	 exempt the Award from Section 409A IRC or Section 457A IRC and/or preserve the intended tax
treatment of the benefits provided with respect to the Award; or 

  

	 	b.	 comply with the requirements of Section 409A IRC or Section 457A IRC and thereby avoid the
application of any adverse tax consequences under such Sections. 

 LEAVER 

Article 11 
  

	11.1	 If a Participant becomes a Good Leaver, unless otherwise determined by the Committee or set forth in an
Award Agreement: 

  

	 	a.	 all vested Awards that have not yet been exercised or settled must be exercised or settled in accordance
with their terms within a period specified by the Committee and, if such Awards are not exercised or (through no fault of the Participant concerned) not settled within such period, they shall be cancelled automatically without compensation for the
loss of such Awards; and 

 
 16
 
  

	 	b.	 all unvested Awards of such Participant shall be cancelled automatically without compensation for the
loss of such Awards, unless the Committee decides otherwise. 

  

	11.2	 If a Participant becomes a Bad Leaver, all vested Awards of such Participant which have not been
exercised or settled, as well as all unvested Awards of such Participant, shall be cancelled automatically without compensation for the loss of such Awards. 

CHANGE OF CONTROL 
 Article 12 

 

	12.1	 If long-term incentive awards are granted in assumption of, or in substitution or exchange for,
outstanding Awards in connection with a Change of Control and the Committee has determined that such awards are sufficiently equivalent to the outstanding Awards concerned, then such outstanding Awards shall be cancelled and terminated upon the
replacement awards being granted to the Participants concerned. 

  

	12.2	 If, in connection with a Change of Control, outstanding Awards are not replaced by long-term incentive
awards as described in Article 12.1, or are replaced by long-term incentive awards which the Committee does not consider to be sufficiently equivalent to such outstanding Awards, then such Awards shall immediately vest and, where relevant, settle in
full, unless the Committee decides otherwise. 

  

	12.3	 For purposes of this Article 12, awards shall not be considered to be “sufficiently
equivalent” to outstanding Awards, if the underlying securities are not widely held and publicly traded on a regulated national stock exchange. 

LOCK-UP 

Article 13 
  

	13.1	 In connection with any registration of the Company’s securities under United States securities
laws, to the extent requested by the Company or the underwriters managing any offering of the Company’s securities, and except as otherwise approved by the Committee or pursuant to any exceptions approved by such underwriters, Shares acquired
by a Participant pursuant to the issuance, vesting, exercise or settlement of any Award may not be sold, transferred, or otherwise disposed of prior to such period following the effective date of such registration as designated by such underwriters,
not to exceed 180 days following such registration. 

  

	13.2	 The Company may impose stop-transfer instructions with respect to the Shares subject to the restriction
stipulated by Article 13.1 until the end of the lock-up period referred to in that provision. 

 
 17
 
  

 DATA PROTECTION 

Article 14 
  

	14.1	 The Company may process personal data relating to the Participants in connection with the administration
and operation of this Plan. The personal data of the Participants which may be processed in this respect may include a copy of an identification document, contact details and bank and securities account numbers. Each Participant’s personal data
shall be stored by the Company for such time period as is necessary to administer such Participant’s participation in the Plan or as otherwise permitted under applicable law. 

 

	14.2	 Each Participant’s personal data shall be handled by the Company in a proper and careful manner in
accordance with applicable law, including the General Data Protection Regulation (GDPR) and the rules and regulations promulgated pursuant thereto. Participants have the right to lodge complaints with an applicable supervisory authority regarding
the Company’s processing of personal data pursuant to this Plan. 

  

	14.3	 The Company shall implement technical and organisational measures designed to protect personal data
processed pursuant to Article 14.1. Personnel or third parties that have access to such personal data shall be bound by confidentiality obligations. 

  

	14.4	 The Company shall abide by any statutory rights the Participants may have regarding their respective
personal data processed pursuant to Article 14.1, which includes the right to access, rectification, erasure, restriction of processing, objection to processing and portability of such personal data. 

 

	14.5	 In connection with the administration and operation of this Plan, the Company may transfer personal data
processed pursuant to Article 14.1 to one or more third parties, provided that there is a legitimate interest in doing so. Where such third parties are located outside the European Economic Area in countries that are not considered to provide for an
adequate level of data protection, the Company shall ensure that sufficient data protection safeguards are put in place, failing which explicit consent for such transfer shall be obtained from the Participant(s) concerned. 

 

	14.6	 The Company may establish one or more privacy policies providing further information on data protection
and applying to the processing of personal data of the Participants by the Company in connection with the administration and operation of this Plan. 

AMENDMENTS 
 Article 15 

 

	15.1	 Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award
Agreement, the Board may amend, supplement, suspend or terminate this Plan (or any portion thereof) pursuant to a resolution to that effect, provided that no such amendment, supplement, suspension or termination shall take effect without:

 
 18
 
  

	 	a.	 approval of the General Meeting, if such approval is required by applicable law or stock exchange rules;
and/or 

  

	 	b.	 the consent of the affected Participant(s), if such action would materially and adversely affect the
rights of such Participant(s) under any outstanding Award, except to the extent that any such amendment, supplement or termination is made to cause this Plan to comply with applicable law, stock exchange rules, accounting principles or tax rules and
regulations. 

  

	15.2	 Notwithstanding anything to the contrary in the Plan, the Committee may amend the Plan and/or any Award
Agreement in such manner as may be necessary or desirable to enable the Plan and/or such Award Agreement to achieve its stated purposes in any jurisdiction in a tax-efficient manner and in compliance with
local laws, rules and regulations to recognise differences in local law, tax policy or custom. The Committee also may impose conditions on the exercise or vesting of Awards in order to minimise the Company’s obligation with respect to tax
equalisation for Participants on assignments outside their home country. 

 GOVERNING LAW AND JURISDICTION 

Article 16 
 This Plan shall be governed by and shall be
construed in accordance with the laws of the Netherlands. Subject to Article 3.1 paragraph g., any dispute arising in connection with these rules shall be submitted to the exclusive jurisdiction of the competent court in Amsterdam, the Netherlands.

 
 19
 
  

 Annex A - Template Award Agreement 

AWARD AGREEMENT 
 THIS AGREEMENT IS
MADE ON [DATE] BETWEEN 
  

	1.	 LAVA Therapeutics N.V., a public company with limited liability, having its corporate seat in Utrecht
(address: Yalelaan 60, 3584 CM Utrecht, trade register number: 65335740) (the “Company”); and 

  

	2.	 [details Participant] (the “Participant”). 

NOW HEREBY AGREE AS FOLLOWS 
  

	1.1	 Capitalised terms used herein have the meanings ascribed thereto in the Company’s long-term
incentive plan (the “Plan”). 

  

	1.2	 In the event of a conflict among the provisions of the Plan, this agreement and/or any descriptive
materials concerning the Award governed by this agreement provided to the Participant, the provisions of the Plan will prevail. 

  

	1.3	 The Participant has been granted an Award on the terms and subject to the conditions set out in the Plan
and below: 

  

							
	 Form of Award
	 	 	:	 	 	 [number] [Options] [SARs] [Shares of Restricted Stock] [RSUs] [Other Awards]

[Options qualify as Incentive Stock Options]

			
	 Grant Date
	 	 	:	 	 	[date]
			
	 [Exercise Price]
	 	 	:	 	 	[[FMV] [other price] per [Option] [SAR] [Share of Restricted Stock] [RSU] [Other Award]]
			
	 Automatic settlement
	 	 	:	 	 	[Yes, on each vesting date] [No, exercised at the option of the Participant]
			
	 Expiration Date
	 	 	:	 	 	 [date]

			
	 Performance-based
	 	 	:	 	 	 [Yes, as specified below] [No]

			
	 Vesting schedule
	 	 	:	 	 	Starting on [the Grant Date] [date], [percentage]% of the Award vests each anniversary of [the Grant Date] [such date][, subject to the applicable Performance Criteria specified
below]

 
 20
 
  

							
	 Delivery schedule
	 	 	:	 	 	[Not applicable] [Within [one week] following each vesting date]
			
	 Good Leaver
	 	 	:	 	 	In case of the Participant becoming a Good Leaver, all vested Awards that have not yet been exercised or settled must be exercised or settled in accordance with their terms within [period] after the Participant became
a Good Leaver.

  

	1.4	 [The following Performance Criteria relating to the Company’s performance apply with respect to this Award
(determined on a consolidated basis):] 

  

															
	 Criteria
	  	 Measure
	  	Vesting percentage of time-vested
[Options] [SARs] [Restricted
Stock] [RSUs] 
[Other Awards]
	  	0%	  	20%	  	40%	  	60%	  	80%	  	100%
								
	Adjusted EBITDA	  	Increase over financial year compared to prior financial year, determined as at the end of the financial year on the basis of the Company’s [audited] [annual][last quarter] financial statements (in [basis points])	  	        	  	        	  	        	  	        	  	        	  	        
								
	VWAP	  	Increase over financial year compared to prior financial year, determined as at the end of the financial year by reference to Bloomberg screens (in [USD])	  		  		  		  		  		  	
								
	EPS	  	Increase over financial year compared to prior financial year, determined as at the end of the financial year by reference to Bloomberg screens (in [USD])	  		  		  		  		  		  	
								
	Adjusted FCF	  	Increase over financial year compared to prior financial year, determined as at the end of the financial year by reference to Bloomberg screens (in [USD])	  		  		  		  		  		  	

 
 21
 
  

															
	ROIC	  	Percentage for the financial year	  	        	  	        	  	        	  	        	  	        	  	        
								
	RoE	  	Percentage for the financial year	  		  		  		  		  		  	
								
	Relative TSR	  	Percentage for the financial year	  		  		  		  		  		  	
								
	[Other metrics or targets]	  		  		  		  		  		  		  	

  

	1.5	 [The following Performance Criteria relating to the Participant’s performance apply with respect to this
Award:] 

  

															
	 Criteria
	  	 Measure
	  	Vesting percentage of time-vested
[Options] [SARs] [Restricted
Stock] [RSUs] 
[Other Awards]
	  	0%	  	20%	  	40%	  	60%	  	80%	  	100%
								
	Strategic initiatives	  	 Percentage of following achievements/milestones, as determined by the Committee:

[describe achievements/milestones]
	  	        	  	        	  	        	  	        	  	        	  	        
								
	CSR metrics	  	 Percentage of following achievements/milestones, as determined by the Committee:

[describe achievements/milestones]
	  		  		  		  		  		  	
								
	[Other metrics or targets]	  		  		  		  		  		  		  	

  

	1.6	 The Participant grants an irrevocable power of attorney to the Company, with full right of substitution,
to perform on the Participant’s behalf all acts necessary for or conducive to the administration and operation of the Plan, including the following matters (in each case consistent with and subject to the terms of this Plan):

  

	 	a.	 delivery of Plan Shares underlying Awards upon the exercise or settlement of such Awards in accordance
with their terms; 

 
 22
 
  

	 	b.	 effecting a cashless exercise of Awards; and 

 

	 	c.	 effecting a cancellation, termination and/or transfer to the Company of Awards in case the Participant
would become a Bad Leaver. 

  

	1.7	 The power of attorney granted above also extends to the performance of acts of disposition
(beschikkingshandelingen). The Company may act as counterparty of the Participant when acting under such power of attorney. 

  

	1.8	 This agreement shall be governed by and shall be construed in accordance with the laws of the
Netherlands. Any dispute arising in connection with this agreement shall be resolved in accordance with the dispute resolution provisions of the Plan. 

  

	
	          

	LAVA Therapeutics N.V.
	Name :
	Title :
	
	          

	[Participant]

 
 23
 
  

 Annex B - Addendum for U.S. Participants 

 

	1	 Definitions 

  

	1.1	 Except as otherwise defined below, capitalised terms used herein have the meanings ascribed thereto in
the long-term incentive plan (the “Plan”) of LAVA Therapeutics N.V. (the “Company”). 

  

	1.2	 In this addendum (the “U.S. Addendum”), the following words will have the meaning as
defined below: 

  

	 	a.	 “Code” means the U.S. Internal Revenue Code of 1986, as amended, and the regulations
and guidance issued thereunder. 

  

	 	b.	 “Disability” means the inability of a U.S. Participant to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period of not less than twelve (12) months as provided
in Sections 22(e)(3) and 409A(a)(2)(c)(i) of the Code, and will be determined by the Board on the basis of such medical evidence as the Board deems warranted under the circumstances. 

 

	 	c.	 “Fair Market Value” means as of any date, the value of the Shares determined by the
Board in compliance with Section 409A of the Code and, in the case of an Incentive Stock Option, in compliance with Section 422 of the Code. 

  

	 	d.	 “Incentive Stock Option” or “ISO” means a stock option that is
intended to be, and qualifies as, an incentive stock option within the meaning of Section 422 of the Code. 

  

	 	e.	 “Nonstatutory Stock Option” or “NSO” means a stock option does not
qualify as an Incentive Stock Option. 

  

	 	f.	 “Option” means a Nonstatutory Stock Option or Incentive Stock Option issued under the
U.S. Addendum. 

  

	 	g.	 “Securities Act” means the U.S. Securities Act of 1933, as amended.

  

	 	h.	 “Subsidiary” means a corporation, whether now or hereafter existing, in an unbroken
chain of corporations beginning with the Company, if each corporation other than the Company owns shares possessing 50% or more of the total combined voting power of all classes of shares in one of the other corporations in such chain, as provided
in the definition of a “subsidiary corporation” contained in Section 424(f) of the Code. 

 
 24
 
  

	 	i.	 “U.S.” means the United States of America. 

 

	 	j.	 “U.S. Participant” means a Participant who is either a U.S. resident or a U.S.
taxpayer. 

  

	2	 Purpose and Applicability. 

 

	2.1	 This U.S. Addendum applies to U.S. Participants. The purpose of the U.S. Addendum is to facilitate
compliance with U.S. tax, securities and other applicable laws, and to facilitate the Company to issue Options to eligible U.S. Participants. 

  

	2.2	 Except as otherwise provided by the U.S. Addendum, all Option grants made to U.S. Participants will be
governed by the terms of the Plan, when read together with the U.S. Addendum. In any case of an irreconcilable contradiction (as determined by the Board) between the provisions of the U.S. Addendum and the Plan, the provisions of the U.S. Addendum
will govern. 

  

	2.3	 This Addendum is effective as of March [24], 2021 (the “Effective Date”).

  

	3	 Additional Terms and Conditions Applicable to All Options Granted to U.S. Participants.

  

	3.1	 Form of Award Agreement. Any Award Agreement with U.S. Participants shall indicate if all or a
portion of the Option is designated as an Incentive Stock Option. 

  

	3.2	 Maximum Term of Options. No Option will be exercisable after the expiration of ten
(10) years from the Grant Date, or such shorter period specified in the applicable Award Agreement. 

  

	3.3	 Transferability of Options. A U.S. Participant may only transfer an Option if permitted by the
Board. The Board may only permit transfer of the Option in a manner that is permitted by the Plan and is not prohibited by applicable U.S. tax and securities laws. The Board, in its sole discretion, may impose such limitations on the transferability
of Options as the Board will determine. In the absence of such a determination by the Board to the contrary, the following restrictions on the transferability of Options will apply: 

 

	 	a.	 Restriction on Transfer. An Option will not be transferable except by will or by the laws of
descent and distribution (or pursuant to paragraphs a. and b. below), and will be exercisable during the lifetime of the U.S. Participant only by the U.S. Participant. An Option may not be transferred for consideration. 

 
 25
 
  

	 	b.	 Domestic Relations Orders. Subject to the approval of the Board, an Option may be transferred
pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as permitted by Treasury Regulations Section 1.421-1(b)(2). If an
Option is an Incentive Stock Option, such Option will be deemed to be a Nonstatutory Stock Option as a result of such transfer. 

  

	 	c.	 Beneficiary Designation. Subject to the approval of the Board, a U.S. Participant may, by
delivering written notice to the Company, in a form approved by the Company (or the designated broker), designate a third party who, on the death of the U.S. Participant, will thereafter be entitled to exercise the Option and receive the Plan Shares
or other consideration resulting from such exercise. In the absence of such a designation, upon the death of the U.S. Participant, the executor or administrator of the U.S. Participant’s estate will be entitled to exercise the Option and
receive the Plan Shares or other consideration resulting from such exercise. However, the Company may prohibit designation of a beneficiary at any time, including due to any conclusion by the Company that such designation would be inconsistent with
the provisions of applicable laws. 

  

	4	 Provisions Applicable to Incentive Stock Options. 

 

	4.1	 Eligible Recipients of ISOs. Incentive Stock Options may be granted only to employees of the
Company or a Subsidiary. 

  

	4.2	 Designation of ISO Status. The Board action approving the grant of an Option to a U.S.
Participant, and the Award Agreement, must specify that the Option is intended to be an Incentive Stock Option. If an Option is not specifically designated as an Incentive Stock Option, or if an Option is designated as an Incentive Stock Option but
some portion or all of the Option fails to qualify as an Incentive Stock Option under the applicable rules, then the Option (or portion thereof) will be a Nonstatutory Stock Option. 

 

	4.3	 Maximum Shares Issuable On Exercise of ISOs. Subject to the adjustment provisions of Article 4.10
of the Plan, the maximum aggregate number of Plan Shares that may be issued upon the exercise of Incentive Stock Options is 7,600,000 Plan Shares. 

  

	4.4	 Limits for 10% Shareholders. A person who owns (or is deemed to own pursuant to
Section 424(d) of the Code) shares carrying more than ten percent (10%) of the total combined voting power of all classes of shares of the Company or any affiliate (as determined under Section 424 of the Code), will not be granted an
Incentive Stock Option unless the exercise price of such Option is at least one hundred ten percent (110%) of the FMV on the Grant Date and the Option is not exercisable after the expiration of five (5) years from the Grant Date.

 
 26
 
  

	4.5	 No Transfer. As provided by Section 422(b)(5) of the Code, an Incentive Stock Option will
not be transferable except by will or by the laws of descent and distribution, and will be exercisable during the lifetime of the U.S. Participant only by the U.S. Participant. If the Board elects to allow the transfer of an Option by a U.S.
Participant that is designated as an Incentive Stock Option, such transferred Option will automatically become a Nonstatutory Stock Option. 

  

	4.6	 US $100,000 Limit. As provided by Section 422(d) of the Code and applicable regulations
thereunder, to the extent that the aggregate FMV (determined on the Grant Date) of Plan Shares with respect to which Incentive Stock Options are exercisable for the first time by any U.S. Participant during any calendar year (under all plans of the
Company and any Subsidiary, including the Plan) exceeds USD 100,000 (or such other limit established in the Code) or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit
(according to the order in which they were granted) or otherwise do not comply with such rules will be treated as Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable Award Agreement(s). 

 

	4.7	 Post-Termination Exercise Period. To obtain the U.S. federal income tax advantages associated
with an Incentive Stock Option, the U.S. Internal Revenue Code requires that at all times beginning on the Grant Date and ending on the day three (3) months before the date of exercise of the Option, the U.S. Participant must be an employee of
the Company or a Subsidiary (except in the event of the U.S. Participant’s death or Disability, in which case a 12-month period applies)). The Company cannot guarantee that the Option will be treated as
an Incentive Stock Option if the U.S. Participant continues to provide services to the Company or a Subsidiary after such U.S. Participant’s employment terminates or if the U.S. Participant otherwise exercises the Option more than three
(3) months (or twelve (12) months, as the case may be) after the date his or her employment terminates, or the Option otherwise fails to qualify as an Incentive Stock Option. 

 

	5	 Tax Matters 

  

	5.1	 Tax Withholding Requirement. Prior to the delivery of any Plan Shares pursuant to the exercise of
an Option, the Company will have the power and the right to deduct or withhold, or require a U.S. Participant to remit to the Company, an amount sufficient to satisfy U.S. federal, state, local, non-U.S. or
other taxes required to be withheld with respect to such Option. 

 
 27
 
  

	5.2	 Withholding Arrangements. The Company may, in its sole discretion, satisfy any U.S. federal,
state, local, foreign or other tax withholding obligation relating to an Option by any of the following means or by a combination of such means: (i) causing the U.S. Participant to tender a cash payment; (ii) withholding Shares issued or
otherwise issuable to the U.S. Participant in connection with the Option; or (iii) withholding payment from any amounts otherwise payable to the U.S. Participant. 

 

	5.3	 No Obligation to Notify or Minimize Taxes. The Company will have no duty or obligation to
the U.S. Participant to advise such holder as to the time or manner of exercising the Option. Furthermore, the Company will have no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of an Option or a
possible period in which the Option may not be exercised. The Company has no duty or obligation to minimize the tax consequences of an Option to the U.S. Participant. 

 

	6	 Term, Amendment and Termination of the U.S. Addendum. 

 

	6.1	 The Board may amend, suspend or terminate this U.S. Addendum at any time, provided that any amendment to
the maximum aggregate number of Plan Shares that may be issued upon the exercise of Incentive Stock Options (as specified in Article 4.3 of this U.S. Addendum) must also be approved by the General Meeting. Unless terminated sooner by the Board, the
U.S. Addendum will terminate automatically upon the earliest of (i) 10 years after adoption of the U.S. Addendum by the Board, (ii) 10 years after approval of the U.S. Addendum by the General Meeting or (iii) the termination of the Plan. No
Options may be granted under the U.S. Addendum while either the Plan or the U.S. Addendum is suspended or after the Plan or the U.S. Addendum is terminated. 

  

	6.2	 If this U.S. Addendum is terminated, the provisions of this U.S. Addendum and any administrative
guidelines, and other rules adopted by the Board and in force at the time of suspension or termination of this U.S. Addendum, will continue to apply to any outstanding Options as long as an Option issued pursuant to the U.S. Addendum remain
outstanding. 

  

	6.3	 No amendment, suspension or termination of the U.S. Addendum may materially adversely affect any Options
granted previously to any U.S. Participant without the consent of the U.S. Participant.EX-10.8

 Exhibit 10.8 

LAVA THERAPEUTICS N.V. 

2021 EMPLOYEE STOCK PURCHASE PLAN 

ADOPTED BY THE BOARD OF DIRECTORS:
MARCH 15, 2021 
 APPROVED BY THE STOCKHOLDERS:
MARCH __, 2021 
 IPO DATE: MARCH __, 2021 

 

	1.	 GENERAL; PURPOSE. 

(a) The Plan provides a means by which Eligible Employees of the Company and certain Designated Companies may be given an opportunity to
purchase Shares. The Plan permits the Company to grant a series of Purchase Rights to Eligible Employees under an Employee Stock Purchase Plan. In addition, the Plan permits the Company to grant a series of Purchase Rights to Eligible Employees that
do not meet the requirements of an Employee Stock Purchase Plan. 
 (b) The Plan includes two components: a 423 Component and a Non-423 Component. The Company intends (but makes no undertaking or representation to maintain) the 423 Component to qualify as an Employee Stock Purchase Plan. The provisions of the 423 Component, accordingly, will
be construed in a manner that is consistent with the requirements of Section 423 of the Code. Except as otherwise provided in the Plan or determined by the Board, the Non-423 Component will operate and be
administered in the same manner as the 423 Component. 
 (c) The Company, by means of the Plan, seeks to retain the services of
Eligible Employees, to secure and retain the services of new Employees and to provide incentives for such persons to exert maximum efforts for the success of the Company and its Related Corporations. 

 

	2.	 ADMINISTRATION. 

(a) The Board or the Committee will administer the Plan. References herein to the Board shall be deemed to refer to the Committee except
where context dictates otherwise. 
 (b) The Board will have the power, subject to, and within the limitations of, the express
provisions of the Plan: 
 (i) To determine how and when Purchase Rights will be granted and the provisions of each Offering (which
need not be identical). 
 (ii) To designate from time to time (A) which Related Corporations will be eligible to participate in
the Plan as Designated 423 Corporations, (B) which Related Corporations or Affiliates will be eligible to participate in the Plan as Designated Non-423 Corporations and (C) which Designated Companies
will participate in each separate Offering (to the extent that the Company makes separate Offerings). 
 (iii) To construe and
interpret the Plan and Purchase Rights, and to establish, amend and revoke rules and regulations for its administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the
extent it deems necessary or expedient to make the Plan fully effective. 

 (iv) To settle all controversies regarding the Plan and Purchase Rights granted under
the Plan. 
 (v) To suspend or terminate the Plan at any time as provided in Section 12. 

(vi) To amend the Plan at any time as provided in Section 12. 

(vii) Generally, to exercise such powers and to perform such acts as it deems necessary or expedient to promote the best interests of
the Company and its Related Corporations and to carry out the intent that the Plan be treated as an Employee Stock Purchase Plan with respect to the 423 Component. 

(viii) To adopt such rules, procedures and sub-plans as are necessary or appropriate to permit
or facilitate participation in the Plan by Employees who are foreign nationals or employed or located outside the United States. Without limiting the generality of, and consistent with, the foregoing, the Board specifically is authorized to adopt
rules, procedures, and sub-plans regarding, without limitation, eligibility to participate in the Plan, the definition of eligible “earnings,” handling and making of Contributions, establishment of
bank or trust accounts to hold Contributions, payment of interest, conversion of local currency, obligations to pay payroll tax, determination of beneficiary designation requirements, withholding procedures and handling of share issuances, any of
which may vary according to applicable requirements, and which, if applicable to a Designated Non-423 Corporation, do not have to comply with the requirements of Section 423 of the Code. 

(c) The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration is delegated to
a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee any of the
administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be to the Committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as
may be adopted from time to time by the Board. Further, to the extent not prohibited by Applicable Law, the Board or Committee may, from time to time, delegate some or all of its authority under the Plan to one or more officers of the Company or
other persons or groups of persons as it deems necessary, appropriate or advisable under conditions or limitations that it may set at or after the time of the delegation. The Board may retain the authority to concurrently administer the Plan with
the Committee and may, at any time, revest in the Board some or all of the powers previously delegated. Whether or not the Board has delegated administration of the Plan to a Committee, the Board will have the final power to determine all questions
of policy and expediency that may arise in the administration of the Plan. 
 (d) All determinations, interpretations and
constructions made by the Board in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons. 
  

	3.	 SHARES SUBJECT TO THE PLAN.

 (a) Subject to the provisions of Section 11(a) relating to Capitalization Adjustments, the maximum
number of Shares that may be issued under the Plan will not exceed 253,523 Shares, plus the number of Shares that are automatically added on January 1st of each year for a period of up to ten
years, commencing on the first January 1 following the year in which the IPO Date occurs and ending on (and including) January 1, 2031, in an amount equal to the lesser of (i) 1% of the total number of Shares outstanding on December 31st of the preceding calendar year, and (ii) 760,000 Shares. Notwithstanding the foregoing, the Board may act prior to the first day of any calendar year to provide that there will be no

  
 2 

 
January 1st increase in the share reserve for such calendar year or that the increase in the share reserve for such calendar year will be a
lesser number of Shares than would otherwise occur pursuant to the preceding sentence. For the avoidance of doubt, up to the maximum number of Shares reserved under this Section 3(a) may be used to satisfy purchases of Common Stock under the
423 Component and any remaining portion of such maximum number of shares may be used to satisfy purchases of Common Stock under the Non-423 Component. 

(b) If any Purchase Right granted under the Plan terminates without having been exercised in full, the Shares not purchased under such
Purchase Right will again become available for issuance under the Plan. 
 (c) The stock purchasable under the Plan will be shares of
authorized but unissued or reacquired Common Stock, including shares repurchased by the Company on the open market. 
  

	4.	 GRANT OF PURCHASE RIGHTS;
OFFERING. 

 (a) The Board may from time to time grant or provide for the grant of Purchase
Rights to Eligible Employees under an Offering (consisting of one or more Purchase Periods) on an Offering Date or Offering Dates selected by the Board. Each Offering will be in such form and will contain such terms and conditions as the Board will
deem appropriate, and, with respect to the 423 Component, will comply with the requirement of Section 423(b)(5) of the Code that all Employees granted Purchase Rights will have the same rights and privileges. The terms and conditions of an
Offering shall be incorporated by reference into the Plan and treated as part of the Plan. The provisions of separate Offerings need not be identical, but each Offering will include (through incorporation of the provisions of this Plan by reference
in the document comprising the Offering or otherwise) the period during which the Offering will be effective, which period will not exceed 27 months beginning with the Offering Date, and the substance of the provisions contained in Sections 5
through 8, inclusive. 
 (b) If a Participant has more than one Purchase Right outstanding under the Plan, unless he or she otherwise
indicates in forms delivered to the Company or a third party designated by the Company (each, a “Company Designee”): (i) each form will apply to all of his or her Purchase Rights under the Plan, and (ii) a Purchase Right
with a lower exercise price (or an earlier-granted Purchase Right, if different Purchase Rights have identical exercise prices) will be exercised to the fullest possible extent before a Purchase Right with a higher exercise price (or a later-granted
Purchase Right if different Purchase Rights have identical exercise prices) will be exercised. 
 (c) The Board will have the
discretion to structure an Offering so that if the Fair Market Value of a share of Common Stock on the first Trading Day of a new Purchase Period within that Offering is less than or equal to the Fair Market Value of a share of Common Stock on the
Offering Date for that Offering, then (i) that Offering will terminate immediately as of that first Trading Day, and (ii) the Participants in such terminated Offering will be automatically enrolled in a new Offering beginning on the first
Trading Day of such new Purchase Period. 
  

	5.	 ELIGIBILITY. 

(a) Purchase Rights may be granted only to Employees of the Company or, as the Board may designate in accordance with Section 2(b),
to Employees of a Related Corporation or an Affiliate. Except as provided in Section 5(b) or as required by Applicable Law, an Employee will not be eligible to be granted Purchase Rights unless, on the Offering Date, the Employee has been in
the employ of the Company or the Related Corporation or an Affiliate, as the case may be, for such continuous period preceding such Offering Date as the Board may require, but in no event will the required period of

  
 3 

 
continuous employment be equal to or greater than two years. In addition, the Board may (unless prohibited by Applicable Law) provide that no Employee will be eligible to be granted Purchase
Rights under the Plan unless, on the Offering Date, such Employee’s customary employment with the Company, the Related Corporation, or the Affiliate is more than 20 hours per week and more than five months per calendar year or such other
criteria as the Board may determine consistent with Section 423 of the Code with respect to the 423 Component. The Board may also exclude from participation in the Plan or any Offering Employees who are “highly compensated employees”
(within the meaning of Section 423(b)(4)(D) of the Code) of the Company or a Related Corporation or a subset of such highly compensated employees. 

(b) The Board may provide that each person who, during the course of an Offering, first becomes an Eligible Employee will, on a date or
dates specified in the Offering which coincides with the day on which such person becomes an Eligible Employee or which occurs thereafter, receive a Purchase Right under that Offering, which Purchase Right will thereafter be deemed to be a part of
that Offering. Such Purchase Right will have the same characteristics as any Purchase Rights originally granted under that Offering, as described herein, except that: 

(i) the date on which such Purchase Right is granted will be the “Offering Date” of such Purchase Right for all purposes,
including determination of the exercise price of such Purchase Right; 
 (ii) the period of the Offering with respect to such Purchase
Right will begin on its Offering Date and end coincident with the end of such Offering; and 
 (iii) the Board may provide that if
such person first becomes an Eligible Employee within a specified period of time before the end of the Offering, he or she will not receive any Purchase Right under that Offering. 

(c) No Employee will be eligible for the grant of any Purchase Rights under the 423 Component if, immediately after any such Purchase
Rights are granted, such Employee owns stock possessing five percent or more of the total combined voting power or value of all classes of stock of the Company or of any Related Corporation. For purposes of this Section 5(c), the rules of
Section 424(d) of the Code will apply in determining the stock ownership of any Employee, and stock which such Employee may purchase under all outstanding Purchase Rights and options will be treated as stock owned by such Employee. 

(d) As specified by Section 423(b)(8) of the Code, an Eligible Employee may be granted Purchase Rights under the 423 Component only
if such Purchase Rights, together with any other rights granted under all Employee Stock Purchase Plans of the Company and any Related Corporations, do not permit such Eligible Employee’s rights to purchase stock of the Company or any Related
Corporation to accrue at a rate which, when aggregated, exceeds US $25,000 of Fair Market Value of such stock (determined at the time such rights are granted, and which, with respect to the Plan, will be determined as of their respective Offering
Dates) for each calendar year in which such rights are outstanding at any time. 
 (e) Officers of the Company and any Designated
Company, if they are otherwise Eligible Employees, will be eligible to participate in Offerings under the Plan. Notwithstanding the foregoing, the Board may (unless prohibited by Applicable Law) provide in an Offering that Employees who are highly
compensated Employees within the meaning of Section 423(b)(4)(D) of the Code will not be eligible to participate. 

  
 4 

 (f) Notwithstanding anything in this Section 5 to the contrary, in the case of
an Offering under the Non-423 Component, an Eligible Employee (or group of Eligible Employees) may be excluded from participation in the Plan or an Offering if the Board has determined, in its sole discretion,
that participation of such Eligible Employee(s) is not advisable or practical for any reason. 
  

	6.	 PURCHASE RIGHTS; PURCHASE PRICE.

 (a) On each Offering Date, each Eligible Employee, pursuant to an Offering made under the Plan, will be
granted a Purchase Right to purchase up to that number of Shares purchasable either with a percentage of earnings (as defined by the Board in each Offering) or with a maximum dollar amount, as designated by the Board during the period that begins on
the Offering Date (or such later date as the Board determines for a particular Offering) and ends on the date stated in the Offering, which date will be no later than the end of the Offering. 

(b) The Board will establish one or more Purchase Dates during an Offering on which Purchase Rights granted for that Offering will be
exercised and Shares will be purchased in accordance with such Offering. 
 (c) In connection with each Offering made under the Plan,
the Board may specify (i) a maximum number of Shares that may be purchased by any Participant on any Purchase Date during such Offering, (ii) a maximum aggregate number of Shares that may be purchased by all Participants pursuant to such
Offering and/or (iii) a maximum aggregate number of Shares that may be purchased by all Participants on any Purchase Date under the Offering. If the aggregate purchase of Shares issuable upon exercise of Purchase Rights granted under the
Offering would exceed any such maximum aggregate number, then, in the absence of any Board action otherwise, a pro rata (based on each Participant’s accumulated Contributions) allocation of the Shares (rounded down to the nearest whole share)
available will be made in as nearly a uniform manner as will be practicable and equitable. 
 (d) The purchase price of Shares
acquired pursuant to Purchase Rights will be not less than the lesser of: 
 (i) an amount equal to 85% of the Fair Market Value of
the Shares on the Offering Date; or 
 (ii) an amount equal to 85% of the Fair Market Value of the Shares on the applicable Purchase
Date. 
  

	7.	 PARTICIPATION; WITHDRAWAL; TERMINATION.

 (a) An Eligible Employee may elect to participate in an Offering and authorize payroll deductions as the
means of making Contributions by completing and delivering to the Company or a Company Designee, within the time specified in the Offering, an enrollment form provided by the Company or Company Designee. The enrollment form will specify the amount
of Contributions not to exceed the maximum amount specified by the Board. Each Participant’s Contributions will be credited to a bookkeeping account for such Participant under the Plan and will be deposited with the general funds of the Company
except where Applicable Law requires that Contributions be deposited with a third party. If permitted in the Offering, a Participant may begin such Contributions with the first payroll occurring on or after the Offering Date (or, in the case of a
payroll date that occurs after the end of the prior Offering but before the Offering Date of the next new Offering, Contributions from such payroll will be included in the new Offering). If permitted in the Offering, a Participant may thereafter
reduce (including to zero) or increase his or her Contributions. If required under Applicable Law or if specifically provided in the Offering, and to the extent permitted by Section 423 of the Code with respect to the 423 Component, in addition
to or instead of making Contributions by payroll deductions, a Participant may make Contributions through payment by cash, check or wire transfer prior to a Purchase Date. 

  
 5 

 (b) During an Offering, a Participant may cease making Contributions and withdraw
from the Offering by delivering to the Company or a Company Designee a withdrawal form provided by the Company. The Company may impose a deadline before a Purchase Date for withdrawing. Upon such withdrawal, such Participant’s Purchase Right in
that Offering will immediately terminate and the Company will distribute as soon as practicable to such Participant all of his or her accumulated but unused Contributions and such Participant’s Purchase Right in that Offering shall thereupon
terminate. A Participant’s withdrawal from that Offering will have no effect upon his or her eligibility to participate in any other Offerings under the Plan, but such Participant will be required to deliver a new enrollment form to participate
in subsequent Offerings. 
 (c) Unless otherwise required by Applicable Law, Purchase Rights granted pursuant to any Offering under
the Plan will terminate immediately if the Participant either (i) is no longer an Employee for any reason or for no reason (subject to any post-employment participation period required by Applicable Law) or (ii) is otherwise no longer
eligible to participate. The Company will distribute as soon as practicable to such individual all of his or her accumulated but unused Contributions. 

(d) Unless otherwise determined by the Board, a Participant whose employment transfers or whose employment terminates with an immediate
rehire (with no break in service) by or between the Company and a Designated Company or between Designated Companies will not be treated as having terminated employment for purposes of participating in the Plan or an Offering; however, if a
Participant transfers from an Offering under the 423 Component to an Offering under the Non-423 Component, the exercise of the Participant’s Purchase Right will be qualified under the 423 Component only
to the extent such exercise complies with Section 423 of the Code. If a Participant transfers from an Offering under the Non-423 Component to an Offering under the 423 Component, the exercise of the
Purchase Right will remain non-qualified under the Non-423 Component. The Board may establish different and additional rules governing transfers between separate
Offerings within the 423 Component and between Offerings under the 423 Component and Offerings under the Non-423 Component. 

(e) During a Participant’s lifetime, Purchase Rights will be exercisable only by such Participant. Purchase Rights are not
transferable by a Participant, except by will, by the laws of descent and distribution, or, if permitted by the Company, by a beneficiary designation as described in Section 10. 

(f) Unless otherwise specified in the Offering or as required by Applicable Law, the Company will have no obligation to pay interest on
Contributions. 
  

	8.	 EXERCISE OF PURCHASE RIGHTS.

 (a) On each Purchase Date, each Participant’s accumulated Contributions will be applied to the purchase
of Shares, up to the maximum number of Shares permitted by the Plan and the applicable Offering, at the purchase price specified in the Offering. No fractional shares will be issued unless specifically provided for in the Offering. 

(b) Unless otherwise provided in the Offering, if any amount of accumulated Contributions remains in a Participant’s account after
the purchase of Shares on the final Purchase Date of an Offering, then such remaining amount will not roll over to the next Offering and will instead be distributed in full to such Participant after the final Purchase Date of such Offering without
interest (unless otherwise required by Applicable Law). 

  
 6 

 (c) No Purchase Rights may be exercised to any extent unless the Shares to be issued
upon such exercise under the Plan are covered by an effective registration statement pursuant to the Securities Act and the Plan is in material compliance with all applicable U.S. federal and state, foreign and other securities, exchange control and
other laws applicable to the Plan. If on a Purchase Date the Shares are not so registered or the Plan is not in such compliance, no Purchase Rights will be exercised on such Purchase Date, and, subject to Section 423 of the Code with respect to
the 423 Component, the Purchase Date will be delayed until the Shares are subject to such an effective registration statement and the Plan is in material compliance, except that the Purchase Date will in no event be more than 27 months from the
Offering Date. If, on the Purchase Date, as delayed to the maximum extent permissible, the Shares are not registered and the Plan is not in material compliance with all Applicable Laws, as determined by the Company in its sole discretion, no
Purchase Rights will be exercised and all accumulated but unused Contributions will be distributed to the Participants without interest (unless the payment of interest is otherwise required by Applicable Law). 

 

	9.	 COVENANTS OF THE COMPANY.

 The Company will seek to obtain from each U.S. federal or state, foreign or other regulatory commission, agency or
other Governmental Body having jurisdiction over the Plan such authority as may be required to grant Purchase Rights and issue and sell Shares thereunder unless the Company determines, in its sole discretion, that doing so is not practical or would
cause the Company to incur costs that are unreasonable. If, after commercially reasonable efforts, the Company is unable to obtain the authority that counsel for the Company deems necessary for the grant of Purchase Rights or the lawful issuance and
sale of Common Stock under the Plan, and at a commercially reasonable cost, the Company will be relieved from any liability for failure to grant Purchase Rights and/or to issue and sell Common Stock upon exercise of such Purchase Rights. 

 

	10.	 DESIGNATION OF BENEFICIARY. 

(a) The Company may, but is not obligated to, permit a Participant to submit a form designating a beneficiary who will receive any
Shares and/or Contributions from the Participant’s account under the Plan if the Participant dies before such shares and/or Contributions are delivered to the Participant. The Company may, but is not obligated to, permit the Participant to
change such designation of beneficiary. Any such designation and/or change must be on a form approved by the Company. 
 (b) If a
Participant dies, and in the absence of a valid beneficiary designation, the Company will deliver any Shares and/or Contributions to the executor or administrator of the estate of the Participant. If no executor or administrator has been appointed
(to the knowledge of the Company), the Company, in its sole discretion, may deliver such Shares and/or Contributions, without interest (unless the payment of interest is otherwise required by Applicable Law), to the Participant’s spouse,
dependents or relatives, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 
  

	11.	 ADJUSTMENTS UPON CHANGES IN
COMMON STOCK; CORPORATE TRANSACTIONS. 

 (a) In the
event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum number of
securities by which the share reserve is to increase automatically each year pursuant to Section 3(a), (iii) the class(es) and number of securities subject to, and the purchase price applicable to outstanding Offerings and Purchase Rights, and
(iv) the class(es) and number of securities that are the subject of the purchase limits under each ongoing Offering. The Board will make these adjustments, and its determination will be final, binding and conclusive. 

  
 7 

 (b) In the event of a Corporate Transaction, then: (i) any surviving corporation
or acquiring corporation (or the surviving or acquiring corporation’s parent company) may assume or continue outstanding Purchase Rights or may substitute similar rights (including a right to acquire the same consideration paid to the
stockholders in the Corporate Transaction) for outstanding Purchase Rights, or (ii) if any surviving or acquiring corporation (or its parent company) does not assume or continue such Purchase Rights or does not substitute similar rights
for such Purchase Rights, then the Participants’ accumulated Contributions will be used to purchase Shares (rounded down to the nearest whole share) within ten business days (or such other period specified by the Board) prior to the Corporate
Transaction under the outstanding Purchase Rights, and the Purchase Rights will terminate immediately after such purchase. 
  

	12.	 AMENDMENT, TERMINATION OR SUSPENSION
OF THE PLAN. 

 (a) The Board may amend the Plan at any time in any
respect the Board deems necessary or advisable. However, except as provided in Section 11(a) relating to Capitalization Adjustments, stockholder approval will be required for any amendment of the Plan for which stockholder approval is required
by Applicable Law. 
 (b) The Board may suspend or terminate the Plan at any time. No Purchase Rights may be granted under the Plan
while the Plan is suspended or after it is terminated. 
 Any benefits, privileges, entitlements and obligations under any outstanding
Purchase Rights granted before an amendment, suspension or termination of the Plan will not be materially impaired by any such amendment, suspension or termination except (i) with the consent of the person to whom such Purchase Rights were
granted, (ii) as necessary to facilitate compliance with any laws, listing requirements, or governmental regulations (including, without limitation, the provisions of Section 423 of the Code and the regulations and other interpretive
guidance issued thereunder relating to Employee Stock Purchase Plans) including without limitation any such regulations or other guidance that may be issued or amended after the date the Plan is adopted by the Board, or (iii) as necessary to
obtain or maintain favorable tax, listing, or regulatory treatment. To be clear, the Board may amend outstanding Purchase Rights without a Participant’s consent if such amendment is necessary to ensure that the Purchase Right and/or the Plan
complies with the requirements of Section 423 of the Code with respect to the 423 Component or with respect to other Applicable Laws. Notwithstanding anything in the Plan or any Offering Document to the contrary, the Board will be entitled to:
(i) establish the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars; (ii) permit Contributions in excess of the amount designated by a Participant in order to adjust for mistakes in the Company’s
processing of properly completed Contribution elections; (iii) establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each
Participant properly correspond with amounts withheld from the Participant’s Contributions; (iv) amend any outstanding Purchase Rights or clarify any ambiguities regarding the terms of any Offering to enable the Purchase Rights to qualify
under and/or comply with Section 423 of the Code with respect to the 423 Component; and (v) establish other limitations or procedures as the Board determines in its sole discretion advisable that are consistent with the Plan. The actions
of the Board pursuant to this paragraph will not be considered to alter or impair any Purchase Rights granted under an Offering as they are part of the initial terms of each Offering and the Purchase Rights granted under each Offering. 

 

	13.	 TAX QUALIFICATION; TAX WITHHOLDING.

 (a) Although the Company may endeavor to (i) qualify a Purchase Right for special tax treatment under
the laws of the United States or jurisdictions outside of the United States or (ii) avoid adverse tax treatment, the Company makes no representation to that effect and expressly disavows any covenant to maintain special or to avoid unfavorable
tax treatment, notwithstanding anything to the contrary in this Plan. The Company will be unconstrained in its corporate activities without regard to the potential negative tax impact on Participants. 

  
 8 

 (b) Each Participant will make arrangements, satisfactory to the Company and any
applicable Related Corporation, to enable the Company or the Related Corporation to fulfill any withholding obligation for Tax-Related Items. Without limitation to the foregoing, in the Company’s sole
discretion and subject to Applicable Law, such withholding obligation may be satisfied in whole or in part by (i) withholding from the Participant’s salary or any other cash payment due to the Participant from the Company or a Related
Corporation; (ii) withholding from the proceeds of the sale of Shares acquired under the Plan, either through a voluntary sale or a mandatory sale arranged by the Company; or (iii) any other method deemed acceptable by the Board. The
Company shall not be required to issue any Shares under the Plan until such obligations are satisfied. 
 (c) The 423 Component is
exempt from the application of Section 409A of the Code, and any ambiguities herein shall be interpreted to so be exempt from Section 409A of the Code. The Non-423 Component is intended to be exempt
from the application of Section 409A of the Code under the short-term deferral exception and any ambiguities shall be construed and interpreted in accordance with such intent. In furtherance of the foregoing and notwithstanding any provision in
the Plan to the contrary, if the Committee determines that an option granted under the Plan may be subject to Section 409A of the Code or that any provision in the Plan would cause an option under the Plan to be subject to Section 409A,
the Committee may amend the terms of the Plan and/or of an outstanding option granted under the Plan, or take such other action the Committee determines is necessary or appropriate, in each case, without the participant’s consent, to exempt any
outstanding option or future option that may be granted under the Plan from or to allow any such options to comply with Section 409A of the Code, but only to the extent any such amendments or action by the Committee would not violate
Section 409A of the Code. Notwithstanding the foregoing, the Company shall have no liability to a participant or any other party if the option under the Plan that is intended to be exempt from or compliant with Section 409A of the Code is
not so exempt or compliant or for any action taken by the Committee with respect thereto. 
  

	14.	 EFFECTIVE DATE OF PLAN.

 The Plan will become effective immediately prior to and contingent upon the IPO Date. No Purchase Rights will be
exercised unless and until the Plan has been approved by the stockholders of the Company, which approval must be within 12 months before or after the date the Plan is adopted (or if required under Section 12(a) above, materially amended) by the
Board. 
  

	15.	 MISCELLANEOUS PROVISIONS. 

(a) Proceeds from the sale of Shares pursuant to Purchase Rights will constitute general funds of the Company. 

(b) A Participant will not be deemed to be the holder of, or to have any of the rights of a holder with respect to, Shares subject to
Purchase Rights unless and until the Participant’s Shares acquired upon exercise of Purchase Rights are recorded in the books of the Company (or its transfer agent). 

(c) The Plan and Offering do not constitute an employment contract. Nothing in the Plan or in the Offering will in any way alter the at
will nature of a Participant’s employment or amend a Participant’s employment contract, if applicable, or be deemed to create in any way whatsoever any obligation on the part of any Participant to continue in the employ of the Company or a
Related Corporation or an Affiliate, or on the part of the Company, a Related Corporation or an Affiliate to continue the employment of a Participant. 

  
 9 

 (d) The provisions of the Plan will be governed by the laws of the State of Delaware
without resort to that state’s conflicts of laws rules. 
 (e) If any particular provision of the Plan is found to be invalid or
otherwise unenforceable, such provision will not affect the other provisions of the Plan, but the Plan will be construed in all respects as if such invalid provision were omitted. 

(f) If any provision of the Plan does not comply with Applicable Law, such provision shall be construed in such a manner as to comply
with Applicable Law. 
  

	16.	 DEFINITIONS. 

As used in the Plan, the following definitions will apply to the capitalized terms indicated below: 

(a) “423 Component” means the part of the Plan, which excludes the
Non-423 Component, pursuant to which Purchase Rights that satisfy the requirements for an Employee Stock Purchase Plan may be granted to Eligible Employees. 

(b) “Affiliate” means any entity, other than a Related Corporation, whether now or subsequently
established, which is at the time of determination, a “parent” or “subsidiary” of the Company as such terms are defined in Rule 405 promulgated under the Securities Act. The Board may determine the time or times at which
“parent” or “subsidiary” status is determined within the foregoing definition. 
 (c) “Applicable
Law” means shall mean the Code and any applicable securities, federal, state, foreign, material local or municipal or other law, statute, constitution, principle of common law, resolution, ordinance, code, edict, decree, rule, listing
rule, regulation, judicial decision, ruling or requirement issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Body (or under the authority of the NASDAQ Stock Market, the New
York Stock Exchange or the Financial Industry Regulatory Authority). 
 (d) “Board” means the board of
directors of the Company. 
 (e) “Capitalization Adjustment” means any change that is made in, or other events
that occur with respect to, the Common Stock subject to the Plan or subject to any Purchase Right after the date the Plan is adopted by the Board without the receipt of consideration by the Company through merger, consolidation, reorganization,
recapitalization, reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or other similar
equity restructuring transaction, as that term is used in Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities of the
Company will not be treated as a Capitalization Adjustment. 
 (f) “Code” means the U.S. Internal
Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder. 

  
 10 

 (g) “Committee” means a committee of one or more
members of the Board to whom authority has been delegated by the Board in accordance with Section 2(c). 
 (h)
“Company” means Lava Therapeutics N.V.. 
 (i) “Contributions” means the payroll
deductions and other additional payments specifically provided for in the Offering that a Participant contributes to fund the exercise of a Purchase Right. A Participant may make additional payments into his or her account if specifically provided
for in the Offering, and then only if the Participant has not already had the maximum permitted amount withheld during the Offering through payroll deductions and, with respect to the 423 Component, to the extent permitted by Section 423 of the
Code. 
 (j) “Corporate Transaction” means the consummation, in a single transaction or in a series of related
transactions, of any one or more of the following events: 
 (i) a sale or other disposition of all or substantially all, as
determined by the Board in its sole discretion, of the consolidated assets of the Company and its subsidiaries; 
 (ii) a sale or
other disposition of more than 50% of the outstanding securities of the Company; 
 (iii) a merger, consolidation or similar
transaction following which the Company is not the surviving corporation; or 
 (iv) a merger, consolidation or similar transaction
following which the Company is the surviving corporation but the Shares outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation or similar transaction into
other property, whether in the form of securities, cash or otherwise. 
 (k) “Designated 423
Corporation” means any Related Corporation selected by the Board to participate in the 423 Component. 
 (l)
“Designated Company” means any Designated Non-423 Corporation or Designated 423 Corporation, provided, however, that at any given time, a Related Corporation participating in
the 423 Component shall not be a Related Corporation participating in the Non-423 Component. 

(m) “Designated Non-423 Corporation” means any Related
Corporation or Affiliate selected by the Board to participate in the Non-423 Component. 
 (n)
“Director” means a member of the Board. 
 (o) “Eligible Employee”
means an Employee who meets the requirements set forth in the document(s) governing the Offering for eligibility to participate in the Offering, provided that such Employee also meets the requirements for eligibility to participate set forth in
the Plan. 
 (p) “Employee” means any person, including an Officer or Director, who is
“employed” for purposes of Section 423(b)(4) of the Code by the Company or a Related Corporation, or solely with respect to the Non-423 Component, an Affiliate. However, service solely as a
Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes of the Plan. 

  
 11 

 (q) “Employee Stock Purchase Plan” means a plan that
grants Purchase Rights intended to be options issued under an “employee stock purchase plan,” as that term is defined in Section 423(b) of the Code. 

(r) “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended and the rules and
regulations promulgated thereunder. 
 (s) “Fair Market Value” means, as of any date, the value of the Common
Stock determined as follows: 
 (i) If the Common Stock is listed on any established stock exchange or traded on any established
market, the Fair Market Value of a share of Common Stock will be the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the Common Stock) on the date of
determination, as reported in such source as the Board deems reliable. Unless otherwise provided by the Board, if there is no closing sales price for the Common Stock on the date of determination, then the Fair Market Value will be the closing sales
price on the last preceding date for which such quotation exists. 
 (ii) In the absence of such markets for the Common Stock, the
Fair Market Value will be determined by the Board in good faith in compliance with Applicable Laws and regulations and, to the extent applicable as determined in the sole discretion of the Board, in a manner that complies with Sections 409A of the
Code 
 (iii) Notwithstanding the foregoing, for any Offering that commences on the IPO Date, the Fair Market Value of the Shares on
the Offering Date will be the price per share at which shares are first sold to the public in the Company’s initial public offering as specified in the final prospectus for that initial public offering. 

(t) “Governmental Body” means any: (a) nation, state, commonwealth, province,
territory, county, municipality, district or other jurisdiction of any nature; (b) federal, state, local, municipal, foreign or other government; (c) governmental or regulatory body, or quasi-governmental body of any nature (including any
governmental division, department, administrative agency or bureau, commission, authority, instrumentality, official, ministry, fund, foundation, center, organization, unit, body or entity and any court or other tribunal, and for the avoidance of
doubt, any tax authority) or other body exercising similar powers or authority; or (d) self-regulatory organization (including the NASDAQ Stock Market, the New York Stock Exchange and the Financial Industry Regulatory Authority). 

(u) “IPO Date” means the date of the underwriting agreement between the Company and the underwriters
managing the initial public offering of the Common Stock, pursuant to which the Common Stock is priced for the initial public offering. 

(v) “Non-423 Component” means the part of the Plan, which excludes the 423 Component,
pursuant to which Purchase Rights that are not intended to satisfy the requirements for an Employee Stock Purchase Plan may be granted to Eligible Employees. 

(w) “Offering” means the grant to Eligible Employees of Purchase Rights, with the exercise of those
Purchase Rights automatically occurring at the end of one or more Purchase Periods. The terms and conditions of an Offering will generally be set forth in the “Offering Document” approved by the Board for that Offering. 

(x) “Offering Date” means a date selected by the Board for an Offering to commence. 

  
 12 

 (y) “Officer” means a person who is an officer
of the Company or a Related Corporation within the meaning of Section 16 of the Exchange Act. 
 (z)
“Participant” means an Eligible Employee who holds an outstanding Purchase Right. 
 (aa)
“Plan” means this Lava Therapeutics N.V. 2021 Employee Stock Purchase Plan, as amended from time to time, including both the 423 Component and the Non-423 Component. 

(bb) “Purchase Date” means one or more dates during an Offering selected by the Board on which Purchase
Rights will be exercised and on which purchases of Shares will be carried out in accordance with such Offering. 
 (cc)
“Purchase Period” means a period of time specified within an Offering, generally beginning on the Offering Date or on the first Trading Day following a Purchase Date, and ending on a Purchase Date. An Offering may consist
of one or more Purchase Periods. 
 (dd) “Purchase Right” means an option to purchase Shares granted
pursuant to the Plan. 
 (ee) “Related Corporation” means any “parent corporation” or
“subsidiary corporation” of the Company whether now or subsequently established, as those terms are defined in Sections 424(e) and (f), respectively, of the Code. 

(ff) “Securities Act” means the U.S. Securities Act of 1933, as amended. 

(gg) “Share” means a common share in the Company’s capital or, as applicable, a depository receipt
(certificaat) issued for a common share in the Company’s capital. 
 (hh)
“Tax-Related Items” means any income tax, social insurance, payroll tax, fringe benefit tax, payment on account or other tax-related items
arising out of or in relation to a Participant’s participation in the Plan, including, but not limited to, the exercise of a Purchase Right and the receipt of Shares or the sale or other disposition of Shares acquired under the Plan. 

(ii) “Trading Day” means any day on which the exchange(s) or market(s) on which Shares are listed,
including but not limited to the New York Stock Exchange, Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market or any successors thereto, is open for trading. 

  
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