Document:

Exhibit 10.1

 

	
        JPMORGAN CHASE BANK, N.A.

        383 Madison Avenue

        New York, NY 10179

 

REVOLVING CREDIT AGREEMENT

 

August 25, 2015

 

Celgene Corporation

400 Connell Drive

Berkeley Heights, New Jersey 07922

 

Attention of: Mr. Jonathan Biller, Treasurer

 

Ladies and Gentlemen:

 

Celgene Corporation, a Delaware corporation
(the “Borrower”), has requested JPMorgan Chase Bank, N.A. (the “Lender”) to extend credit
to enable it to obtain advances (the “Advances”) in U.S. dollars from time to time during the term of this Agreement
in an aggregate principal amount at any time outstanding not to exceed $1,000,000,000, and the Lender has agreed to make Advances
on the terms and subject to the conditions set forth or incorporated by reference herein. Accordingly, the parties hereto agree
as follows:

 

SECTION
1.01. Defined Terms; Construction. (a) Incorporation of Definitions. All capitalized terms used in, or in provisions
incorporated by reference into, this Agreement but not otherwise defined herein shall be defined as set forth in the Second Amended
and Restated Credit Agreement dated as of April 17, 2015, among the Borrower, the lenders party thereto and Citibank, N.A., as
administrative agent, as amended and in effect on the date hereof (as so amended and in effect, and including the Schedules and
Exhibits thereto, the “Existing Credit Agreement”), but with the definitions in the Existing Credit Agreement
being modified and construed in accordance with the next sentence. All references in the Existing Credit Agreement, in the definitions
set forth therein or in provisions incorporated herein by reference to the Existing Credit Agreement, to (i) “this Agreement”,
“hereof”, “hereby”, “hereunder”, “herein” or words or phrases of similar import
shall, except as otherwise provided herein, be deemed to be references to this Agreement (including the provisions incorporated
by reference herein); (ii) Sections or other subdivisions of the Existing Credit Agreement shall, except as otherwise expressly
provided herein, be deemed to be references to such Sections or other subdivisions as incorporated by reference herein; (iii) any
“Lender” or “Lenders” shall (except as otherwise provided in Section 1.08 or 1.09) be deemed to be references
to the Lender, as defined in this Agreement; (iv) the “Agent” shall (except as otherwise provided in Section 1.09)
be deemed to be references to the Lender; (v) any “Eurodollar Rate Advance”, or “Base Rate Advance” shall
be deemed to be references to a Eurodollar Rate Advance or Base Rate Advance, as the case may be, made hereunder; (vi) “Advances”
or “Borrowings” shall be deemed to be references to the Advances made hereunder; (vii) “Commitment” or
“Commitments” shall be deemed to be references to the Commitment (as defined herein); (viii) the “Effective Date”
shall be deemed to be references to the date of this Agreement; and (ix) any “Commitment” shall be deemed to be references
to the Lender’s Commitment as defined herein.

 

     

     

    

 

(b) Certain
Additional Definitions. As used in this Agreement (including in the provisions incorporated by reference herein), the following
terms shall have the meanings set forth below:

 

“Applicable
Margin” means, as of any date, a percentage per annum determined by reference to the Public Debt Rating in effect on
such date as set forth below:

 

	Public Debt Rating
 S&P/Moody’s	 	Applicable Margin for
 Base Rate Advances	 	 	Applicable Margin for
 Eurodollar Rate Advances	 
	Level 1 
A+ / A1 or above	 	 	0.000%	 	 	 	0.750%	 
	Level 2 
A / A2	 	 	0.000%	 	 	 	0.875%	 
	Level 3 
A- / A3	 	 	0.000%	 	 	 	1.000%	 
	Level 4 
BBB+ / Baa1	 	 	0.125%	 	 	 	1.125%	 
	Level 5 
BBB / Baa2	 	 	0.250%	 	 	 	1.250%	 
	Level 6 
Lower than Level 5	 	 	0.500%	 	 	 	1.500%	 

 

“Applicable
Percentage” means, as of any date, a percentage per annum determined by reference to the Public Debt Rating in effect
on such date as set forth below:

 

	Public Debt Rating
 S&P/Moody’s	 	Applicable
 Percentage	 
	Level 1 
A+ / A1 or above	 	 	0.060%	 
	Level 2 
A / A2	 	 	0.070%	 
	Level 3 
A- / A3	 	 	0.100%	 
	Level 4 
BBB+ / Baa1	 	 	0.125%	 
	Level 5 
BBB / Baa2	 	 	0.150%	 
	Level 6 
Lower than Level 5	 	 	0.200%	 

 

“Base
Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the
Federal Funds Rate in effect on such day plus 1⁄2 of 1% per annum and (c) the Eurodollar Rate on such day (or if such day
is not a Business Day, the immediately preceding Business Day) for a deposit in U.S. dollars with a maturity of one month plus
1% per annum. For purposes of clause (c) above, the Eurodollar Rate on any day shall be based on the rate per annum appearing on
the applicable Reuters screen page (currently page LIBOR01) displaying interest rates for U.S. dollar deposits in the London interbank
market (or, in the event such rate does not appear on a page of the Reuters screen, on the appropriate page of such other information
service that publishes such rate as shall be selected by the Lender from time to time in its reasonable discretion) at approximately
11:00 a.m., London time, on such day for deposits in U.S. dollars with a maturity of one month; provided that if such rate
shall be less than zero, such rate shall be deemed to be zero. Any change in the Base Rate due to a change in the Prime Rate, the
Federal Funds Rate or the Eurodollar Rate shall be effective from and including the effective date of such change in the Prime
Rate, the Federal Funds Rate or the Eurodollar Rate, respectively.

 

“Commitment” has the meaning
assigned thereto in Section 1.02.

 

     

     

    

 

“Effective Date” means,
except as otherwise provided herein, the date on which the conditions specified in Section 3.01 of the Existing Credit Agreement,
as incorporated by reference herein, are satisfied.

 

“Eurodollar Rate” means,
with respect to any Eurodollar Borrowing for any Interest Period, a rate per annum equal to the London interbank offered rate as
administered by the ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for deposits
in Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period as displayed
on the Reuters screen page that displays such rate (currently page LIBOR01) or, in the event such rate does not appear on a page
of the Reuters screen, on the appropriate page of such other information service that publishes such rate as shall be selected
by the Lender from time to time in its reasonable discretion (such applicable rate being called the “LIBO Screen Rate”),
at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period. If no LIBO Screen
Rate shall be available for a particular Interest Period but Screen Rates shall be available for maturities both longer and shorter
than such Interest Period, then the Eurodollar Rate for such Interest Period shall be the Interpolated Screen Rate. Notwithstanding
the foregoing, if the Eurodollar Rate, determined as provided above, would otherwise be less than zero, then the Eurodollar Rate
shall be deemed to be zero for all purposes.

 

“Federal Funds Rate” means,
for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding
Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business
Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions
received by the Lender from three Federal funds brokers of recognized standing selected by it. Notwithstanding the foregoing, if
the Federal Funds Rate, determined as provided above, would otherwise be less than zero, then the Federal Funds Rate shall be deemed
to be zero for all purposes.

 

“Interpolated Screen Rate”
means, with respect to any Eurodollar Rate Advance for any Interest Period, a rate per annum which results from interpolating on
a linear basis between (a) the applicable LIBO Screen Rate for the longest maturity for which a LIBO Screen Rate is available
that is shorter than such Interest Period and (b) the applicable LIBO Screen Rate for the shortest maturity for which a LIBO
Screen Rate is available that is longer than such Interest Period, in each case at approximately 11:00 a.m., London time, two Business
Days prior to the commencement of such Interest Period.

 

“Lender’s
Account” means the account most recently identified in a notice by the Lender to the Borrower as the “Lender’s
Account”.

 

“Prime Rate” means the
rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank, N.A. as its prime rate in effect at its
principal office in New York City. Each change in the Prime Rate shall be effective from and including the date such change is
publicly announced as being effective.

 

“Public Debt Rating” means,
as of any date, the rating that has been most recently announced by either S&P or Moody’s, as the case may be, for any
class of non-credit enhanced long-term senior unsecured debt issued by the Borrower or, if any such rating agency shall have issued
more than one such rating, the lowest such rating issued by such rating agency. For purposes of the foregoing, (a) if only
one of S&P and Moody’s shall have in effect a Public Debt Rating, the Applicable Margin and the Applicable Percentage
shall be determined by reference to the available rating; (b) if neither S&P nor Moody’s shall have in effect a
Public Debt Rating, the Applicable Margin and the Applicable Percentage will be set in accordance with Level 6 under the definition
of “Applicable Margin” or “Applicable Percentage”, as the case may be; (c) if the ratings
established by S&P and Moody’s shall fall within different levels, the Applicable Margin and the Applicable Percentage
shall be based upon the higher rating unless the such ratings differ by two or more levels, in which case the applicable level
will be deemed to be one level above the lower of such levels; (d) if any rating established by S&P or Moody’s shall
be changed, such change shall be effective as of the date on which such change is first announced publicly by the rating agency
making such change; and (e) if S&P or Moody’s shall change the basis on which ratings are established, each reference
to the Public Debt Rating announced by S&P or Moody’s, as the case may be, shall refer to the then equivalent rating
by S&P or Moody’s, as the case may be.

 

     

     

    

 

“Termination Date” means
the earlier of (a) December 31, 2015, and (b) the date of termination in whole of the Commitment.

 

SECTION 1.02. The Advances. Subject
to the terms and conditions set forth or incorporated by reference herein (including those incorporated herein by reference to
Sections 3.01 and 3.02 of the Existing Credit Agreement), the Lender agrees to make Advances in U.S. dollars to the Borrower from
time to time on any Business Day during the period from the Effective Date until the Termination Date in an aggregate amount at
any time outstanding not to exceed $1,000,000,000 (the “Commitment”). Each Advance shall be in an aggregate
amount of $10,000,000 or an integral multiple of $1,000,000 in excess thereof. The Borrower may borrow under this Section 1.02,
prepay pursuant to Section 2.09 of the Existing Credit Agreement as incorporated by reference herein and reborrow under this Section
1.02. Anything in this Section to the contrary notwithstanding, not more than eight separate Eurodollar Rate Advances may
be outstanding at any time.

 

SECTION
1.03. Requests for Advances. (a) Each Advance shall be made on notice, given not later than (i) 11:00 A.M. (New York
City time) on the third Business Day prior to the date thereof in the case of a Borrowing consisting of a Eurodollar Rate Advance
or (ii) 11:00 A.M. (New York City time) on the date thereof in the case of a Base Rate Advance, by the Borrower to the Lender.
Each such notice shall be by telephone, confirmed immediately in writing, or telecopier, specifying therein (A) the date of
such Advance, (B) the Type of such Advance, (C) the amount of such Advance, and (D) in the case of a Eurodollar
Rate Advance, the initial Interest Period for such Advance (which shall in no event be of more than three months’ duration).
After the Lender’s receipt of such notice and upon fulfillment of the applicable conditions to borrowing, the Lender will
make such funds available by wire transfer to an account specified by the Borrower.

 

(b)         Each notice delivered
pursuant to the preceding paragraph (a) shall be irrevocable and binding on the Borrower. In the case of any notice of a Eurodollar
Rate Advance, the Borrower shall indemnify the Lender against any loss, cost or expense incurred by the Lender as a result of any
failure to fulfill on or before the date specified in such notice the applicable conditions to borrowing, including, without limitation,
any loss (excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits
or other funds acquired by the Lender to fund the Advance when such Advance, as a result of such failure, is not made on such date.

 

SECTION
1.04. Maturity. The Borrower hereby unconditionally promises to pay to the Lender the then unpaid principal amount of all
Advances on the Termination Date.

 

SECTION
1.05. Fees. The Borrower agrees to pay to the Lender a commitment fee, which shall accrue at the Applicable Percentage on
the daily unused amount of the Commitment from the Effective Date until the Termination Date. Accrued commitment fees will be payable
in arrears on the last day of September, 2015, and on the Termination Date. All commitment fees shall be computed on the basis
of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last
day).

 

SECTION
1.06. Interest on Advances. (a) Scheduled Interest. The Borrower shall pay interest on the unpaid principal amount
of each Advance owing to the Lender from the date of such Advance until such principal amount shall be paid in full, at the following
rates per annum:

 

(i)         Base
Rate Advances. During such periods as such Advance is a Base Rate Advance, a rate per annum equal at all times to the sum of
(x) the Base Rate in effect from time to time plus (y) the Applicable Margin in effect from time to time, payable
in arrears quarterly on the last day of each September and December and on the date such Base Rate Advance shall be Converted or
paid in full.

 

(ii)        Eurodollar
Rate Advances. During such periods as such Advance is a Eurodollar Rate Advance, a rate per annum equal at all times during
each Interest Period for such Advance to the sum of (x) the Eurodollar Rate for such Interest Period for such Advance plus
(y) the Applicable Margin in effect from time to time, payable in arrears on the last day of such Interest Period and on the
date such Eurodollar Rate Advance shall be Converted or paid in full.

 

     

     

    

 

SECTION
1.07. Funding and Payments. (a) Funding of Advances. Subject to the conditions set forth or incorporated by reference
herein, the Lender shall make each Advance to be made by it hereunder on the proposed date thereof by wire transfer of immediately
available funds by 1:00 p.m., New York City time, to the account specified by the Borrower. 

 

(b) Payments
Generally. The Borrower shall make each payment hereunder, irrespective of any right of counterclaim, defense, recoupment or
set-off and without condition, not later than 12:00 noon (New York City time) on the day when due in U.S. dollars to the Lender’s
Account in same day funds.

 

SECTION
1.08. Incorporation of Certain Provisions of Existing Credit Agreement. The provisions of the following Sections of the
Existing Credit Agreement are incorporated herein by reference in their entirety with the modifications provided for below and
elsewhere herein, it being agreed that (a) such provisions, including the defined terms used therein and the definitions of
such terms in the Existing Credit Agreement, shall be construed in accordance with Section 1.01; (b) references in such provisions
to sections or other subdivisions of the Existing Credit Agreement shall be deemed to be references to such sections or subdivisions
as incorporated by reference herein (or, in the case of references to provisions that are not incorporated by reference herein,
to the corresponding provisions of this Agreement); (c) references in such provisions to notices or payments from or by the Administrative
Agent to the Lenders or the Required Lenders or from or by the Lenders or the Required Lenders to the Administrative Agent shall
be disregarded or, in the case of any such notice that shall be required for the exercise of any rights hereunder by the Lender,
shall be deemed to be references to notices by the Lender to the Borrower; and (d) in the event of any inconsistency between
the provisions incorporated herein by reference and the provisions expressly set forth herein, the provisions expressly set forth
herein shall control:

 

Article I: Sections
1.02, 1.03, 1.04;

 

Article II: Sections
2.04, 2.06(b), 2.07 (with references to Section 2.06(a)(i) and (ii) being deemed to be references to Section 1.06(a)(i) and (ii),
respectively, of this Agreement), 2.08 (with references to Section 2.02(b) being deemed to be references to Section 1.02 of this
Agreement), 2.09, 2.10, 2.11, 2.12(c) (with the reference therein to Citibank being deemed to refer to the Lender) and (d), 2.13,
2.15, 2.16 and 2.17(a);

 

Article III: Sections
3.01 (other than subclause (e)(v) thereof and with the introductory language therein being deemed to refer to the effectiveness
of this Agreement) and 3.02;

 

Article IV: Section 4.01
(but with the financial statements referred to in paragraph (e) thereof being deemed to include the unaudited Consolidated financial
statements of the Borrower as at March 31 and June 30, 2015, and for the portions of the fiscal year then ended);

 

Article V: All Sections
of Article V (with references therein to the Effective Date being deemed to refer to such term as defined in the Existing Credit
Agreement and references to Schedules “hereto” being deemed to refer to Schedules to the Existing Credit Agreement);

 

Article VI: Section 6.01;

 

Article VIII: Sections
8.01, 8.02 (with subsection (a)(ii) and (a)(iii) thereof being deemed to refer to the address of the Lender at “JPMorgan
Chase Bank, N.A., Loan and Agency Services Group, 500 Stanton Christiana Road, Floor 3, Ops 2, Newark, DE, 19713, Attention of
Qian Jiang (Telecopy No. (302) 634-1521; Fax No. (302) 634-1417), with a copy to JPMorgan Chase Bank, N.A., 383 Madison Avenue,
24th Floor, New York, New York 10179, Attention of Vanessa Chiu (Telecopy No. (212) 270-5100)), 8.03, 8.04 (other than paragraph
(c) thereof), 8.05 (other than the first proviso therein), 8.06, 8.07 (but with references to “Lender” in clause (b)(iii)
of such Section being deemed to refer to “Lenders” under the Existing Credit Agreement, and subject to the provisions
of Section 1.09 below, which will control in the event of any inconsistency between such provisions and the provisions of Section
8.07 as incorporated by reference herein) and 8.08 through 8.14.

 

     

     

    

 

SECTION
1.09. Assignments. In the event the Lender shall assign all or any portion of its Commitment and outstanding Advances to
another financial institution as provided in Section 8.07 of the Existing Credit Agreement as incorporated by reference herein,
then notices and payments to the assignee hereunder shall be given or sent to such addresses or accounts as the assignee shall
specify in one or more notices to the Borrower and, if such assignment shall be a partial assignment, to the Lender. In the event
of a partial assignment by the Lender of its Commitment and outstanding Advances, then (a) each of the Lender and its assignee
shall be a “Lender” hereunder with a “Commitment” equal to the portion of the original Commitment retained
by or assigned to it and shall have the rights and obligations of a Lender with respect to the Commitment and Advances held by
it; (b) all provisions of the Existing Credit Agreement related to the making of payments and the furnishing of notices by, to
or through the Agent, the making of determinations and granting of approvals by the Agent and the duties, indemnification, reimbursement
and exculpation of the Agent, or otherwise benefitting the Agent (including, without limitation, Article VII of the Existing Credit
Agreement), shall without further act be incorporated by reference herein mutatis mutandis notwithstanding any other
provision herein to the contrary, and all references in such incorporated provisions to “Citibank” in its capacity
as Agent shall be deemed to be references to the original Lender, which shall for all purposes constitute and perform the duties
of the Agent for itself and the other Lender or Lenders under this Agreement (but shall receive no fee from the Borrower for performing
such duties); (c) the reference to the “Lender” in the definition of Eurodollar Rate shall be deemed to refer to the
Agent and (d) Section 2.18 of the Existing Credit Agreement shall without further act be incorporated by reference herein mutatis
mutandis. 

 

[The remainder of this page is intentionally
left blank]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed by their duly authorized officers, all as of the date and year first above written.

 

	 	J.P.Morgan Chase Bank n.a., 
	 	 
	 	by	 
	 	 	/s/Vanessa Chiu
	 	 	Name: Vanessa Chiu
	 	 	Title: Executive Director

 

	Accepted and Agreed to as of the date first appearing above:	 
	 	 
	CELGENE CORPORATION,	 
	 	 	 	 
	 	by	/s/Jonathan Biller	 
	 	Name: Jonathan Biller	 
	 	Title: SVP, Tax and TreasuryEX-10.1

 Exhibit 10.1 

MERUS B.V. 2010 EMPLOYEE OPTION PLAN 
  

	1.	DEFINITIONS AND INTERPRETATIONS 

  

	1.1.	In this Plan, the following words and expressions shall have, where the context so admits, the meanings set forth below: 

  

	 Acquirer  
	has the meaning given to it in Rule 4.1. 

  

	 Acquiring Company  
	has the meaning given to it in Rule 4.5. 

  

	 Articles of the Foundation 
	the articles of association of the Foundation as amended from time to time. 

  

	 Bad Leaver  
	the Participant who is dismissed for (i) cause, as referred to in article 7:678 of the Dutch Civil Code (dringende reden voor de werkgever), or (ii) on grounds of termination or non- extension of the agreement for reasons that
can mainly be attributed to the relevant Participant concerned (as determined by a decision rendered in legal or arbitration proceedings that has become irrevocable, or a settlement agreement or another private extrajudicial agreement); or
(iii) on grounds of the provisions of article 7:685 or 6:265 and further of the Dutch Civil Code, where the reason for termination of the employment agreement or the management agreement can mainly be attributed to the relevant Participant (as
determined by a decision rendered in legal or arbitration proceedings that has become irrevocable). 

  

	 CEO 
	means the member of the Management Board who is the chief executive officer of the Company. 

  

	 Company 
	Merus B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands, having its corporate seat in Utrecht, the Netherlands, and its offices at
Padualaan 8, 3584 CH Utrecht, the Netherlands. 

  

	 Conditions of Administration 
	the terms and conditions of administration (Administratievoorwaarden) of the Foundation as amended from time to time. 

  

	 Control 
	the power of a company, directly or indirectly (i) to exercise more than 50% of the voting rights at a shareholders meeting of a company, or (ii) to appoint or dismiss more than 50% of the directors of the management board or of the
members of the supervisory board of a company, or (iii) to direct the management of a company through the exercise of majority votes at directors’ meetings of such company. 

	 Date of Grant  
	the date on which an Option is granted. 

  

	 Date of Exercise  
	the day on which an Option is exercised. 

  

	 Depositary Receipts  
	the depositary receipts (certificaten van aandelen) each with a nominal value of EUR 0.05 issued by the Foundation, whereby each Depositary Receipt represents one Share, entitling the holder of such a Depositary Receipt to receive all
distributions on such Share, but not entitling such holder to exercise the voting rights attached to such Share. 

  

	 Eligible Employee  
	a person: 

  

	 	•	 	who is or has been employed by the Company (including functioning as a member of the Management Board or Supervisory Board of the Company); or 

 

	 	•	 	who is a third party (advisor/consultant or otherwise) with the prior written approval of the Management Board and the Supervisory Board. 

 

	 Exercise Price  
	the price per Depositary Receipt, as determined by the Grantor at the Date of Grant, at which an Eligible Employee may acquire a Depositary Receipt upon the exercise of an Option granted to him, being not less than the nominal value of the
underlying Share on the Date of Grant but subject to any adjustment pursuant to Rule 8 of this Plan. 

  

	 Fair Market Value  
	means the value of the underlying Share of the Company as determined during the last valuation that took place prior to the Termination Date. 

  

	 Foundation  
	means the Stichting Administratiekantoor Merus with its corporate seat in Utrecht. 

  

	 General Meeting of Shareholders 
	the general meeting of shareholders (algemene vergadering van aandeelhouders) of the Company. 

  

	 Good Leaver  
	a Participant whose employment or management agreement is terminated, either by himself or by the Company, and who is not a Bad Leaver. 

  

	 Grantor  
	the “Grantor” shall mean the Company. 

	 Insider Rules  
	means the internal rules concerning the dealing in securities as determined and adopted by the Company. 

  

	 Legal Compliance Officer 
	the legal compliance officer of the Company from time to time, which initially will be a member of the Management Board. 

  

	 Management Board  
	the management board (raad van bestuur) of the Company from time to time. 

  

	 Notice of Exercise  
	a notice to the Legal Compliance Officer in a form to be determined by the Grantor whereby a Participant notifies the Company of his wish to exercise an Option granted to him under this Plan. 

 

	 Option Agreement  
	the Merus B.V. 2010 Employee Option Agreement; an agreement in a form to be determined by the Grantor whereby the Grantor grants Options under this Plan. 

  

	 Option  
	subject to Rule 2.5 and the terms and conditions of the Plan, the non-transferable right of the Participant to, at the choice of the Grantor, acquire one Depositary Receipt. 

 

	 Participant  
	any Eligible Employee to whom an Option has been granted, or where the context so admits, his legal successor. 

  

	 Plan  
	the Merus B.V. 2010 Employee Option Plan as amended from time to time. 

  

	 Retirement  
	the cessation of employment in circumstances, which the Grantor regards as retirement (whether at normal retirement age or any other age). 

  

	 Rules  
	the rules of the Plan as amended from time to time. 

  

	 Share  
	a fully paid up ordinary share in the capital of the Company. 

  

	 Supervisory Board  
	the supervisory board (raad van commissarissen) of the Company from time to time. 

  

	 Tax Liability  
	a liability, on the part of the Company, to account for any tax, social security or other levy in respect of an Option for which the person entitled to the Option is liable, whether by reason of grant, Vesting, exercise or otherwise, including
for the avoidance of doubt but without limitation any liability arising after termination of a Participant’s employment for whatever reason and which may arise or be incurred in any jurisdiction whatever, and by the law of the same jurisdiction
may or shall be recovered from the person entitled to the Option. 

	 Termination Date  
	the date on which a Participant ceases to hold office or employment. 

  

	 Tranche  
	the part of the number of Options granted under the Option Agreement that Vest in line with the vesting scheme as set out in the Option Agreement. 

  

	 Vest  
	the point at which an Option becomes exercisable and “Vesting” and “Vested” shall be construed accordingly. 

  

	 Vesting Commencement Date 
	the date on which the Vesting commences, as stipulated in the Option Agreement. 

  

	 Vesting Date  
	the date on which an Option or Tranches will become exercisable. 

  

	1.2.	Where the context so admits or requires words importing the singular shall include the plural and vice versa and words importing the masculine shall include the feminine. 

 

	1.3.	Reference in the Rules to any statutory provisions are to these provisions as amended, extended or re-enacted from time to time, and shall include any regulations made thereunder. 

 

	1.4.	The headings in the Rules are for the sake of convenience only and should be ignored when construing the Rules. 

  

	2.	GRANT OF OPTIONS 

  

	2.1.	Whether the Grantor will grant Options will be decided as follows: 

  

	 	(a)	with respect to Options to be granted to the members of the Supervisory Board , the Shareholders’ Meeting will decide. Any resolution to that effect can only be adopted with a majority of two thirds of the votes
cast in a meeting in which two third of the issued share capital of the Company is present or represented; 

  

	 	(b)	with respect to Options to the members of the Management Board, the Supervisory Board will decide; 

  

	 	(c)	with respect to Options to Eligible Employees who are not members of the Management Board or Supervisory Board the Management Board will decide, subject to the prior approval of the Supervisory Board. 

 

	    	In case the Grantor wishes to grant Options as referred to under (a) above, the Grantor shall request a Shareholders’ Meeting to be convened in order to adopt a resolution to that effect. 

 

	    	With respect to the Options referred to under (b) and (c) above, the Shareholders’ Meeting has designated the Supervisory Board and the Management Board respectively thereto by resolution dated
January 21, 2009. 

	    	Subject to (a), (b) and (c) of this Rule the Grantor has a discretionary power to grant Options to such Eligible Employees as it shall determine and to determine the conditions under which such Options are
granted. 

  

	    	Subject to the Rules of this Plan a Participant shall receive Options granted with an Exercise Price as specified in the Option Agreement. 

 

	    	Each and every grant of an Option is subject to the Insider Rules of the Company once these have been adopted. 

  

	2.2.	The grant of an Option or the delivery of any Depositary Receipts following its exercise shall be subject to: 

  

	 	(a)	obtaining the required internal corporate approvals; and 

  

	 	(b)	obtaining any approval or consent required under any applicable laws, regulations of governmental authority and the requirements of any recognised stock exchange on which the Shares are traded. 

 

	2.3.	The grant of an Option shall be evidenced by an Option Agreement, sent to the Eligible Employee on behalf of the Grantor by the chairman of the Supervisory Board or by the CEO, which document may relate to an individual
Option or any number of Options granted at the same time. The Option Agreement must at least state: 

  

	 	(a)	the date of grant; 

  

	 	(b)	the number of Depositary Receipts over which Options have been granted to the Participant; 

  

	 	(c)	the Exercise Price; 

  

	 	(d)	the Vesting Commencement Date and Vesting Date and/or Vesting Dates; 

  

	 	(e)	the date on which the Options will lapse pursuant to Rule 3.3(a) 

  

	2.4.	Subject to Rule 6 of this Plan no payment by the Participant shall be required on the grant of Options. 

  

	2.5.	Subject to the rights of exercise by the Participant’s legal successors in the event of a Participant’s death, every Option shall be personal to the Participant to whom it is granted and shall not be
transferable, in any way alienable or capable of being encumbered and may not be contributed to the net wealth of an enterprise (vermogen van een onderneming). 

 

	2.6.	The Participant can accept a grant of Options only in whole. Acceptance takes place by returning a signed copy of the Option Agreement to the Legal Compliance Officer, which should be received ultimately on the latest
moment of (1) sixty (60) days of the Date of Grant or (2) 30 Days of the date of adoption of this Plan. Grants of Options that are not accepted in accordance with this Rule 2.6, will lapse automatically with immediate effect and
without any consideration due. By accepting a grant of Options the Participant accepts the Rules of the Plan and all other regulations and documents relating to the granted Options. 

	3.	RIGHTS OF EXERCISE AND LAPSE OF OPTIONS 

  

	3.1.	Any Option granted to the Eligible Employee under this Plan, will Vest following the Vesting Scheme set out in the Option Agreement and furthermore in accordance with the conditions as set out in the Option Agreement.

  

	3.2.	If a Participant ceases to hold office or employment unvested Options shall lapse on the Termination Date, unless the Grantor, acting reasonably and given the specific circumstances of the Participant, determines
otherwise, in which event the Grantor in its sole discretion and acting reasonably, shall determine the extent, and the terms, of the Participant’s continued participation in the Plan. 

 

	3.3.	Vested Options shall lapse upon the occurrence of the earliest of the following events: 

  

	 	(a)	the eight (8th) anniversary of the Date of Grant; 

  

	 	(b)	the expiry of any of the periods specified in Rules 4.1, 4.3 and 4.4; 

  

	 	(c)	(for the Participant ceasing to hold an office or employment or giving or being given notice to terminate employment) on the first (1) anniversary of the Termination Date; 

 

	 	(d)	subject to Rule 4.4, the passing of an effective resolution, or the making of an order by any court, for the winding-up of the Company; 

 

	 	(e)	subject to Rule 4.3, the Participant or his legal successor being deprived of the legal or beneficial ownership of the relevant Options by operation of law or being declared bankrupt or having applied for temporary
suspension of payment (surséance van betaling), unless the Grantor in its absolute discretion determines otherwise; 

  

	 	(f)	the Participant purporting to transfer or dispose of the Options or any rights in respect of it other than as permitted under Rule 2.5; 

 

	 	(g)	On the Termination Date in the event the Participant becomes a Bad Leaver. 

  

	4.	TAKEOVER, RECONSTRUCTION AND WINDING-UP 

  

	4.1.	Subject to Rule 4.5, if any person or legal entity (the “Acquirer”) obtains Control of the Company as a result of making an offer to acquire the whole or part of the issued share capital of the Company
or through any other means, which is either made without any condition or which is made on a condition such that if it is satisfied the Acquirer will have Control of the Company, Options will Vest upon such acquisition of Control and may be
exercised during a period of one (1) month thereafter (or such period as the Grantor may determine). The Legal Compliance Officer shall notify Participants in writing as soon as possible and in any event with sufficient time to exercise their
Options. Such exercise of Options shall be done in accordance with any procedure set down by the Grantor. 

  

	4.2.	For the purpose of Rule 4.1 a person or legal entity shall be deemed to have obtained Control of the Company if he and others acting in concert with him have together obtained Control of it. For the purpose of this Rule
4.2 persons shall be treated as “acting in concert” if pursuant to an agreement or understanding (whether formal or informal) they actively co- operate through the acquisition by any of them of Shares to obtain Control of the Company.

	4.3.	Subject to Rule 4.5, if the Company or its legal successor applies for temporary suspension of payments (surséance van betaling) or in the event of a restructuring of the Company aimed at restructuring the
Company’s debts, at the sole discretion of the Grantor, the Grantor may decide that Options will immediately Vest and under what conditions. 

  

	4.4.	If a resolution of the General Meeting of Shareholders to voluntarily wind-up the Company (ontbinden) has been duly adopted, the Company shall notify all Participants. Subject to Rule 4.5, Options will Vest and
may be exercised during a period of one (1) month thereafter (or such period as the Grantor otherwise determines) and in each case conditionally on the resolution being duly passed. 

 

	4.5.	Rules 4.1, 4.3 and 4.4 above shall not apply where: 

  

	 	(a)	Control of the Company is obtained prior to the adoption of this Plan; 

  

	 	(b)	the events form part of a scheme or arrangement whereby Control of the Company is obtained by another person or company (the “Acquiring Company”); 

 

	 	(c)	immediately after the Acquiring Company obtains Control, the issued share capital of the Acquiring Company is directly or indirectly owned substantially by the same persons or companies (or their legal successors) who
were shareholders of the Company immediately prior to the Acquiring Company obtaining Control; 

  

	 	(d)	the Acquiring Company has agreed to grant new options in consideration for the release of any Options which have not lapsed or for any options on shares in the Company’s capital, and 

 

	 	(e)	the Acquiring Company obtains Control in connection to a financing of the Company, whether privately done of by means of an IPO. 

  

	4.6.	If the Grantor becomes aware that the Company is expected to be, or has been, affected by any demerger, dividend, dividend in specie, super dividend or other transaction which, in the opinion of the Grantor could affect
(or has affected) the current or future value of any Option, the Grantor has the discretionary power, acting reasonably, to determine new, or replace the, conditions of Vesting, or any such other terms and conditions of the Options that may be
required. 

  

	4.7.	Where Rules 4.1, 4.3 or 4.4 apply, Options shall lapse to the extent not already exercised following the expiry of any specified period. 

 

	5.	MANNER OF EXERCISE 

  

	5.1.	An Option may only be exercised by a Participant in its entirety. 

  

	5.2.	An Option may only be exercised to the extent Vested and in accordance with the conditions as set out in the Option Agreement. 

	5.3.	Subject to the Rules of this Plan and the Option Agreement, Options may be exercised by the receipt of a Notice of Exercise by the Legal Compliance Officer, which is completed and signed by the Participant, covering at
least all the Depositary Receipts over which the Options are then to be exercised unless the Grantor determines that a different exercise procedure should apply. 

 

	5.4.	Payment of the Exercise Price must be made by the Participant in such manner and at such moment prior to the issue or transfer of the Depositary Receipts as the Management Board or the Board of the Foundation shall
direct. 

  

	5.5.	Once such rules have been adopted in accordance with Rule 2.1, each exercise of an Option is subject to the Insider Rules of the Company as applicable from time to time. Where any exercise would temporarily be
prohibited by law, securities regulations, or the dealing or insider trading rules of or applicable to the Company, the exercise period shall be extended with the length of such period of prohibition provided that an Option may not be exercised
after the expiry of the Option in accordance with any Rule of this Plan. 

  

	6.	TAX LIABILITY 

  

	6.1.	The Participant shall be responsible for and shall indemnify the Company against any Tax Liability. Without prejudice to Rule 6.2 below, the Company may withhold any amounts from the Participant’s net pay for the
relevant pay period or make such arrangements as are necessary to satisfy any Tax Liability. 

  

	6.2.	In the event that any Tax Liability becomes due on the exercise of Options, the Participant will be deemed to have given irrevocable instructions to the Foundation (or any other person acceptable to the Company) for the
sale of sufficient Depositary Receipts acquired on the exercise of Options to realize an amount equal to the Tax Liability and the payment of the Tax Liability to the Company, unless: 

 

	 	(a)	the Company is able to deduct an amount equal to the whole of the Tax Liability from the Participants net pay for the relevant pay period; or 

 

	 	(b)	the Participant has paid to the Company an amount equal to the Tax Liability; or 

  

	 	(c)	the Grantor determines otherwise. 

  

	7.	ISSUE OR TRANSFER OF DEPOSITARY RECEIPTS 

  

	7.1.	Subject to the Rules of this Plan, including but not limited to Rule 6, and to having received the Exercise Price, the Grantor, in its sole discretion, shall decide whether the Company shall: 

 

	 	(a)	issue or transfer such number of Shares to the Foundation which corresponds with the number of Depositary Receipts to be issued by the Foundation to the Participant following the exercise of his Options and procure to
have the Foundation issue or transfer the number of Depositary Receipts to the Participant. The relevant Depositary Receipts shall be for the account of the Receipt holder with effect from the Date of Exercise; or 

 

	 	(b)	settle the Options specified in the Notice of Exercise in cash, it being understood that the default settlement mechanism will be settlement through the issue or transfer of Depositary Receipts covered by the Options.

	7.2.	The issue or transfer of any Depositary Receipts under the Plan shall be subject to obtaining any such approval or consent as is mentioned in Rule 2.2 and the Participant signing all documents relevant for the issue of
Depositary Receipts to the Participant. 

  

	7.3.	If a Participant ceases to hold office or employment for any reason, the Participant has the obligation to offer such number of acquired Depositary Receipts to the Foundation as set out in the Option Agreement, against
the payment by the Foundation of the Exercise Price or the lower Fair Market Value of the underlying Shares, unless the Grantor, acting reasonably and given the specific circumstances of the Participant, determines otherwise, in which event the
Grantor in its sole discretion and acting reasonably, shall determine the extent, and the terms, of the Participant’s continued participation in the Plan. 

  

	8.	ADJUSTMENTS 

  

	8.1.	The number of Depositary Receipts over which Options are granted, the conditions of exercise and the Exercise Price thereof (and where Options have been exercised, but no Depositary Receipts have been issued or
transferred pursuant to such exercise, the number of Depositary Receipts which may be so issued or transferred and the price at which they may be acquired) shall be adjusted in such manner as the Grantor shall in consultation with the CEO determine
following any capitalisation issue, merger, any offer or invitation made by way of rights, subdivision, consolidation, reduction, other variation in the share capital of the Company, demerger, dividend, dividend in specie, super dividend or other
corporate event which in the reasonable opinion of the Grantor justifies such an adjustment. 

  

	8.2.	The Grantor or the Legal Compliance Officer may take such steps as it or he may consider necessary to notify Participants of any adjustment made under this Rule 8. 

 

	9.	ADMINISTRATION 

  

	9.1.	The Plan shall be administered by the Management Board, assisted by the Legal Compliance Officer should the Legal Compliance Officer not be a member of the Management Board. The Management Board shall have full
authority, consistent with the Plan, to administer the Plan, including authority to interpret and construe any provision of the Plan, to amend the Plan, to correct any errors or mistakes of procedure, and to adopt such regulations for administering
the Plan and such forms of exercise as it may deem necessary or appropriate. Decisions of the Management Board shall be final and binding on all parties. The Legal Compliance Officer will keep a register showing the number of Options granted to each
Participant, the Exercise Price related to such Options and the further conditions pursuant to which the Options are granted. Furthermore, the Legal Compliance Officer will supervise that the Plan is administered in accordance with the applicable
laws and regulations. 

  

	9.2.	Any notice or other communication under or in connection with the Plan may be given by personal delivery or by sending the same by electronic means or mail, in the case of a company to its registered office, and in the
case of an individual to his last known address, or, where he is a director or employee of the Company, either to his last known address or to the address of the place of business at which he performs the whole or substantially the whole of the
duties of his office or employment, and where a notice or other communication is given by mail, it shall be deemed to have been received 72 hours after it was put into the mail properly addressed and stamped, and if by electronic means, when the
sender receives a non automatically generated electronic confirmation of receipt. 

  

	9.3.	The Company may distribute to Participants copies of any notice or document normally sent by the Company to the holders of Depositary Receipts. 

	9.4.	The costs of introducing and administering the Plan shall be borne by the Company. 

  

	10.	ALTERATIONS 

  

	10.1.	Subject to this Rule 10, the Management Board may at any time alter or add to all or any of the provisions of the Plan in any respect. Amendments other than the adjustments as set forth in Rules 4.6, 8.1 and 10.3 will
require the prior approval of the General Meeting of Shareholders and any resolution to that effect can only be adopted by two thirds of the votes cast in a meeting in which two third of the issued share capital is present or represented.

  

	10.2.	Subject to Rule 10.3 and without prejudice to Rule 10.1, the prior approval of the General Meeting of Shareholders shall in any event be required for the following alterations or additions to the material advantage of
Participants to: 

  

	 	(a)	the persons to whom Options may be granted under the Plan; 

  

	 	(b)	the principal terms of the Options; 

  

	 	(c)	the determination of the Exercise Price; 

  

	 	(d)	the rights of Participants in the event of a variation of the share capital; and 

  

	 	(e)	the terms of this Rule 10.2. 

  

	    	Any resolution to this effect can only be adopted by the General Meeting of Shareholders with two thirds of the votes cast in a meeting in which two third of the issued share capital is present or represented.

  

	10.3.	Approval by the General Meeting of Shareholders shall not be required for any minor alteration or addition, which is to benefit the administration of the Plan. 

 

	10.4.	Except to the extent required by law, no alteration or addition shall be made under Rule 10.1 which would materially abrogate or adversely affect the subsisting rights of a Participant unless it is made with the written
consent of the Participant so adversely affected. 

  

	10.5.	As soon as reasonably practicable after making any alteration or addition under Rule 10.1, the Grantor or the Legal Compliance Officer shall give written notice thereof to any Participant materially affected thereby.

  

	10.6.	No alteration to the Plan under this Rule 10 shall require the consent of any person unless expressly provided by laws or regulations or in the Rules. 

 

	11.	LEGAL ENTITLEMENT 

  

	11.1.	The Plan shall not form part of a Participant’s employment contract or terms and conditions of employment. Furthermore, nothing in the Plan, or in any regulations pursuant to it shall confer on any person any right
to continue in employment, nor will it affect the right of any provider of any service relationship to terminate the employment of any person without liability at any time with or without cause, nor will it impose upon the Grantor or any other
person any duty or liability whatsoever (whether in contract, tort, or otherwise howsoever) in connection with: 

  

	 	(a)	the lapse of any Option pursuant to the Plan; 

	 	(b)	the failure or refusal to exercise any discretion under the Plan; and/or 

  

	 	(c)	a Participant ceasing to be a person who has a service relationship for any reason whatever. 

  

	11.2.	Options shall not (except as may be required by taxation law) form part of the emoluments of individuals or count as wages or remuneration for pension or other purposes. 

 

	11.3.	Nothing in the Plan shall be deemed to give any employee of the Company any right to participate in the Plan. 

  

	11.4.	Any person who ceases to have the status or relationship of an employee with the Company as a result of the termination of his employment for any reason and however that termination occurs, whether lawfully or
otherwise, shall not be entitled and shall be deemed irrevocably to have waived any entitlement by way of damages for dismissal or by way of compensation for loss of office or employment or otherwise to any sum, damages or other benefits to
compensate that person for the loss of alteration of any rights, benefits or expectations in relation to any Option, the Plan or any instrument executed pursuant to it. 

 

	12.	DATA PROTECTION 

  

	12.1.	By participating in the Plan, the Participant consents to the holding and processing of personal data provided by the Participant to the Company for all purposes relating to the operation of the Plan. These include, but
are not limited to: 

  

	 	(a)	Administering and maintaining Participant records; 

  

	 	(b)	Providing information to trustees of any employee benefit trust, registrars, brokers savings carrier or other third party administrators of the Plan; and 

 

	 	(c)	Providing information to future purchasers of the Company or the business in which the Participant works. 

  

	12.2.	By participating in the Plan, the Participant consents to the transfer of personal data to persons within the European Union and jurisdictions outside the European Union, for all purposes relating to the operation of
the Plan. 

  

	13.	GENERAL 

  

	13.1.	No Option may be granted, exercised, released or surrendered at a time when such grant, exercise, release or surrender would not be in accordance with applicable laws and regulations as amended from time to time.

  

	13.2.	The Plan shall terminate at the date of the passing of a resolution by the General Meeting of Shareholders to this effect. Termination of the Plan will be without prejudice to the subsisting rights of Participants.

  

	13.3.	These Rules, any Option Agreement and all Options granted shall be governed by and construed in accordance with the laws of the Netherlands. The competent court in Amsterdam, the Netherlands shall have exclusive
jurisdiction to settle any dispute in connection with this Plan or Option Agreement.

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