Document:

Exhibit 10.1
THE SYMBOL “[*]” DENOTES PLACES WHERE CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (i) NOT MATERIAL, AND (ii) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED
​

SIXTH AMENDMENT TO SUPPLY AGREEMENT
This Sixth Amendment to Supply Agreement (the “Sixth Amendment”) is effective as of the date last signed below (the “Sixth Amendment Date”) between Illumina, Inc., a Delaware corporation having a place of business at 5200 Illumina Way, San Diego, CA 92122 (“Illumina”) and Natera, Inc., having a place of business at 201 Industrial Road, Suite 410, San Carlos, CA 94070 (“Customer”).  Customer and Illumina may be referred to herein as “Party” or “Parties.”
WHEREAS, Illumina and Customer are Parties to a Supply Agreement having an Effective Date of August 16, 2013, and amended on September 18, 2014, September 23, 2015, June 8, 2016, January 3, 2019, and December 18, 2019 (the “Agreement”);
WHEREAS, the Parties are involved in a patent proceeding, Illumina, Inc. v. Natera, Inc., pending in the United States District Court for the Northern District of California, Case No. 18-cv-01662-SI (the “Action”);
WHEREAS, the Parties have agreed to enter into a settlement agreement dismissing the Action with prejudice and to amend the Agreement to grant Customer rights under Illumina’s NIPT Application Specific IP for NIPT Uses;
NOW, THEREFORE, in consideration of the mutual promises and covenants hereinafter set forth, the Parties hereto agree to amend the Agreement as follows:
1.Amendments.
		i.
	The last sentence of Section 3(d) of the Agreement is deleted in its entirety.

		ii.
	Section 4 of the Agreement is hereby amended by adding the following sentence to the end of Section 4:

For the avoidance of doubt, all patents subject to the Pooled Patents Agreement entered into between Illumina and Sequenom, Inc. as of December 2, 2014, as amended from time to time (including, without limitation, U.S. Patent No. 9,493,831), are included in NIPT Application Specific IP.
		iii.
	The first sentence of Section 17(a) of the Agreement is deleted in its entirety and replaced with the following:

This Agreement shall commence on the Effective Date and terminate on the date that is ten (10) years after the Sixth Amendment Date, unless otherwise terminated earlier as provided hereunder or extended by mutual written agreement of the Parties.
		iv.
	Section 17(c)(vi) of the Agreement is deleted in its entirety.

​
​

​

		v.
	In Section 17(c)(vii) of the Agreement, references to “Third Amendment Date” shall be replaced with “Sixth Amendment Date”.

		vi.
	Exhibit A to the Agreement is hereby amended as follows:

		i.
	Exhibit A, Part 1, Section 2 (NIPT Use Rights) is deleted in its entirety and replaced with the following:

NIPT Use Rights.  Subject to the terms and conditions and requirements of this Agreement, Customer’s (a) purchase of Consumables (whether TG Consumables or Non-TG Consumables) under this Agreement, and (b) payment of the NIPT Test Fee confers upon Customer the non-exclusive, non-transferable (except as set forth in this Section 20(f) of this Agreement), personal non-sublicensable  right  [*]  to use those Consumables with Illumina Hardware and Software for NIPT Use, such Consumables and Illumina Hardware and Software to be used in the Country, including without limitation the requirement that Customer uses such Consumables, Illumina Hardware and Software for NIPT Use only with each other and  [*]  .  The Parties agree that the preceding sentence is designed to and does alter the effect of  [*]  .  For clarity, the rights granted above do not extend to the use of any non-Illumina sequencing instruments or consumables. Illumina represents and warrants that it has the right to grant Customer the foregoing rights (including, without limitation, with respect to all patents in the Pooled Patents Agreement entered into between Illumina and Sequenom, Inc. as of December 2, 2014, as amended from time to time).
		ii.
	Exhibit A, Part 1, Section 3 is hereby amended as follows:

		1
	The current Exhibit A, Part 1, Section 3.a (Exclusivity) is deleted in its entirety and replaced with the following:

Commitment to Illumina Platform. In exchange for the discounts on Consumables and Illumina Hardware offered to Customer under this Agreement, Customer agrees that, for [*] from Sixth Amendment Date, Customer [*] in the [*] following the Sixth Amendment Date; [*] in the [*] following the Sixth Amendment Date; [*] in the [*] following the Sixth Amendment Date [*]. If Customer, at its discretion, chooses [*] (which choice, for clarity, would not be deemed a breach of the Supply Agreement), then Customer would [*]. Customer will notify Illumina in writing within [*] days of the first date [*], and thereafter, Customer will not be [*]. If Customer has not [*], then Illumina may request from time to time that an authorized officer of Customer provide Illumina with written certification that Customer is, and has been since the Sixth Amendment Date or the last such certification, [*], and Customer will provide such certification. Illumina will waive the [*] and will supply in accordance with [*]. The foregoing [*] is a condition of [*] and does not prevent (and nothing in this Agreement shall be construed to prevent) Customer from using non-Illumina sequencing platforms (but, for clarity, no rights under Illumina Intellectual Property Rights are granted with
​

Page 2 of 6

​

respect to the use of other sequencing platforms).  For the avoidance of doubt,  [*]  will not, without more, result in  [*]  .
		2
	The current Exhibit A, Part 1, Section 3.b (TG Consumables for Clinical Use) is deleted in its entirety and replaced with the following:

TG Consumables for Clinical Use.  During the Term, when Customer uses Consumables for NIPT Use or Additional Clinical Use, Customer will use only TG Consumables and Temporary Consumables for NIPT Use and Additional Clinical Use; provided that Customer may additionally use Non-TG Consumables for NIPT Use after providing the notice described below, [*], ( however such Non-TG Consumables will not have TG Consumable attributes such as single lot shipment or extended shelf life).  If Customer intends to transition from TG Consumables to Non-TG Consumables for NIPT Use, Customer shall provide at least  [*]  days written notice to Illumina.  For clarity, Other Clinical Uses would continue to require the use of TG Consumables and Temporary Consumables.  For the avoidance of doubt, the use of Non-TG Consumables as provided in this Section 3.b shall be an exception, with respect to NIPT Use, to any language in this Agreement that states or implies a limitation or restriction to using only TG Consumables or Temporary Consumables for NIPT Use.
		iii.
	Exhibit A, Part 1, Section 6.a (NIPT Test Fee) is deleted in its entirety and replaced with the following:

(A) From the Effective Date of the Sixth Amendment until October 1, 2020, in consideration for the negotiated discounts on Consumables provided in Exhibit B and the use of Illumina [*] in the field of NIPT Use, and (B) beginning October 1, 2020, and for the remainder of the Term, in consideration for the use of [*] in the field of NIPT Use, Customer agrees to pay Illumina a fee for each test (on a per patient basis) for NIPT Use performed using any Product purchased under this Agreement where the result is reported (by Customer or another party) to a patient, doctor, other authorized person or referring laboratory (“NIPT Test Fee”). For clarity, [*]. The NIPT Test Fee will apply whenever Customer uses Product to perform any portion of a NIPT or test for NIPT Use, irrespective of whether a third party performs a portion of the NIPT or test on Customer’s behalf and irrespective of whether the Customer has invoiced or received payment for the NIPT. For the avoidance of doubt, and without limitation, Customer will owe a NIPT Test Fee if Customer uses the aforementioned Products and products to sequence, in whole or in part for an NIPT or test for NIPT Use, nucleic acids present in the cell-free fraction of maternal blood or maternal blood components, and then another party analyzes the data generated from such sequencing. Until September 30, 2020, the NIPT Test Fee will be [*] multiplied by the number of tests for NIPT Use performed (in whole or in part) by Customer in that quarter. Beginning October 1,
​

Page 3 of 6

​

2020, the NIPT Test fee shall be determined by the schedule set forth below.  Illumina represents and warrants that   [*]  .
TEST FEE SCHEDULE
The NIPT Test Fee will be assessed [*], [*] following the [*] of each calendar year and [*] following the [*] of each calendar year, for the purpose of determining the NIPT Test Fee applicable for the [*], according to the following table.
	Annualized NIPT Test
Volume
	Initial NIPT
Test Fee
	NIPT Test Fee
after Reduction
Event*

	 [*] 
	 [*] 
	 [*] 

	 [*] 
	 [*] 
	 [*] 

	 [*] 
	 [*] 
	 [*] 

	 [*] 
	 [*] 
	 [*] 

	 [*] 
	 [*] 
	 [*] 

	 [*] 
	 [*] 
	 [*] 

	 [*] 
	 [*] 
	 [*] 

	 [*] 
	 [*] 
	 [*] 

	 [*] 
	 [*] 
	 [*] 

	 [*] 
	 [*] 
	 [*] 

	 [*] 
	 [*] 
	 [*] 

	 [*] 
	[*]
	 [*] 

​
*This column, having reduced NIPT Test Fees at certain volume tiers, applies only if  [*]  .
		iv.
	Exhibit A, Part 4 is hereby amended as follows:

		1
	In Section 7, references to “Third Amendment Date” shall be replaced with “Sixth Amendment Date”.

		2
	The following sentence is added to the end of Section 8.a.ii:

For clarity,  [*]  will not incur Revenue Share obligations if  [*].
		3
	Section 8.a.iii is deleted in its entirety and replaced with the following:

[*]  ([*]) of Customer’s Revenue for Natera IVD Kits and  [*] ([*]) of Customer’s Revenue for Subject Tests (“Revenue Share”).
		4
	Section 8 is amended to add a new section 8.e as follows:

Illumina hereby provides Customer with a  [*]  ($[*]) capital expenditure credit applicable to the purchase of Illumina Hardware for use in oncology
​

Page 4 of 6

​

and organ transplant monitoring product development. In addition, Illumina shall provide Customer with in-kind contributions of  [*]  to offset up to  [*]% of Customer’s expenses for new oncology product development (including, without limitation, Consumables, site fees, investigator fees, FTEs, etc.) on the Illumina platform and comparison studies and evidence development (with respect to those oncology products) including, without limitation, clinical studies with biopharmaceutical partners, through  [*] , up to a cumulative cap of  [*]  ($[*]) (based on Customer’s then current price for such Consumables, after giving effect to applicable discounts).  Customer will provide Illumina with such documentation relating to these expenses as Illumina may reasonably request from time to time.  The Parties will in good faith negotiate the timing of the disbursement of such Consumables.  For clarity, in no event will the Consumables provided by Illumina as contemplated in this Section 8.e be used by Customer for NIPT Use.
		5
	Section 9 is added as follows:

All rights granted to Customer to develop Natera IVD Kits will expire on  [*].  However, Customer may continue developing any Natera IVD Kits for which  [*]  , and may commercialize those Natera IVD Kits after that date under the financial terms provided in Section 8, subject to Illumina’s continued commercialization of the relevant Illumina Hardware and Consumables.  For clarity, Customer may also continue commercializing Natera IVD Kits that were developed before  [*]  , under the financial terms provided in Section 8.  Illumina will have no further obligations with respect to Natera IVD Kits after  [*]  .  For clarity, the foregoing sentence shall not affect Illumina’s general support obligations to its customers who purchase Illumina Hardware and Consumables used with Natera IVD Kits that Illumina continues to commercialize after  [*]  , as agreed to between Illumina and such customers.
		v.
	Exhibit B to the Agreement is hereby deleted in its entirety and replaced by the new Exhibit B set forth on Attachment 1 hereto.

		vi.
	Section 2 of the Fourth Amendment is deleted in its entirety.

2.No License. For the avoidance of doubt, except as otherwise expressly set forth herein, no license of other right is being granted in this Sixth Amendment under or to use any Application Specific IP or Other IP.
3.Entire Agreement. Except as expressly stated herein, this Sixth Amendment does not alter any term or condition of the Agreement. This Sixth Amendment represents the entire agreement between the Parties regarding the subject matter hereof and supersedes all prior discussions, communications, agreements, and understandings of any kind and nature between the Parties regarding the subject matter hereof.
​

Page 5 of 6

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4.Reference to Agreement. On and after the Sixth Amendment Date, each reference in the Agreement to “this Agreement”, “hereunder”, or words of like import referring to the Agreement shall mean and be a reference to the Agreement as modified by this Sixth Amendment.
5.Governing Law. This Sixth Amendment and performance by the Parties hereunder shall be construed in accordance with the laws of the State of California, U.S.A., without regard to provisions on the conflicts of laws.
6.Counterparts. This Sixth Amendment may be executed in one or more counterparts, and each of which shall be deemed to be an original, and all of which shall constitute one and the same instrument.
[Signature page follows directly]
​
IN WITNESS WHEREOF, the Parties hereto acknowledge and agree to the terms and conditions of this Sixth Amendment and have caused this Agreement to be executed by their respective duly authorized representatives to be effective as of the Sixth Amendment Date.
​
	Natera, Inc.
	​
	Illumina, Inc.
	​

	​
	​
	​
	​
	​
	​

	By:
	/s/ John Fesko
	​
	By: 
	/s/ Mark Van Oene
	​

	​
	​
	​
	​
	​
	​

	Name:
	John Fesko
	​
	Name:
	Mark Van Oene
	​

	​
	​
	​
	​
	​
	​

	Title:
	Chief Business Officer
	​
	Title:
	Chief Commercial Officer
	​

	​
	​
	​
	​
	​
	​

	Date:
	5/18/20
	​
	Date:
	May 8, 2020
	​

​
​
​

Page 6 of 6

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ATTACHMENT 1
EXHIBIT B
Only the Products listed on this Exhibit B are subject to purchase under this Agreement.
The following pricing schedule replaces and supersedes all conflicting pricing terms in this Agreement.  Notwithstanding anything to the contrary, no additional discounts shall apply unless otherwise specified by Illumina at a later date.  Nothing in this Exhibit B may be construed as an obligation on Illumina to continue selling the Products for the duration of the Term.
[*] Consumables:
Until  [*], Natera’s prices for the  [*]  consumable Products specified in Table 1 (the “Legacy Products”) are listed in Table 1. Until  [*]  , Natera’s price for Legacy Products will be the base price listed in Table 1 without any discount; provided that, beginning  [*]  , if Customer achieves Total Spend above $[*], an additional  [*] , [*] , or  [*]  discount will apply corresponding to the Total Spend amount specified in Table 1 below.
“Total Spend” is determined quarterly at the first day of each calendar quarter (i.e., January 1, April 1, July 1, October 1), and equals (1) the total amount (minus freight, taxes, and any product credits or offsets) Illumina has invoiced Customer for shipments of all Products delivered to Customer during the 12 calendar month period that immediately precedes such first day of a calendar quarter under this Agreement, which includes Products purchased under this Agreement and Products purchased from Illumina outside of this Agreement, (2) the total amount Illumina has invoiced customer for Services during the 12 calendar month period that immediately precedes such first day of a calendar quarter under this Agreement, which includes Services purchased under this Agreement and Services purchased from Illumina outside of this Agreement; and (3) the total amount of NIPT Test Fees paid by Customer to Illumina during the 12 calendar month period that immediately precedes such first day of a calendar quarter under this Agreement.
Table 1:
				[*]
	[*]
	[*]

	Legacy 
Product
Part #
	Description
	Base Price
	Total Spend
[*]
	Total Spend
[*]
	Total
Spend
[*]

	[*]
	[*]
	[*]
	[*]
	[*]
	[*]

	[*]
	[*]
	[*]
	[*]
	[*]
	[*]

	[*]
	[*]
	[*]
	[*]
	[*]
	[*]

	[*]
	[*]
	[*]
	[*]
	[*]
	[*]

	[*]
	[*]
	[*]
	[*]
	[*]
	[*]

	[*]
	[*]
	[*]
	[*]
	[*]
	[*]

	[*]
	[*]
	[*]
	[*]
	[*]
	[*]

	[*]
	[*]
	[*]
	[*]
	[*]
	[*]

​
​

​

​

After  [*]  , Customer’s prices for Legacy Products will be Illumina’s then-current list price for each such Legacy Product less the volume-based discount listed in Table 3 below (in the column designated with the asterisk and specified as “S1, S2, SP Discount for  [*]  ”).
​
[*]  Consumables:
​
Customer’s prices for the  [*]  consumable Products specified in Table 2 below will be the then-current list price for each such Product less the discount listed in Table 3 below corresponding to the applicable Overall Sequencing Consumable Spend and the aggregate number of  [*]  purchased by Customer from Illumina.
​
 “Overall Sequencing Consumable Spend” is determined quarterly at the first day of each calendar quarter (i.e., January 1, April 1, July 1, October 1), and equals the total amount (minus freight, taxes, and any product credits or offsets) Illumina has invoiced Customer for shipments of all Sequencing Consumables delivered to Customer during the 12 calendar month period that immediately precedes such first day of a calendar quarter under this Agreement, which includes Sequencing Consumables purchased under this Agreement and Sequencing Consumables purchased from Illumina outside of this Agreement. Overall Sequencing Consumable Spend does not include, by way of example, amounts invoiced for array products, Test Fees, Services, or Hardware.
​
“Sequencing Consumable” means a Consumable directed for use on an Illumina sequencing instrument.
​
Table 2:
​
	[*] Consumables
Part Number
	Product Name
	Current List price

	 [*] 
	 [*] 
	 [*] 

	 [*] 
	 [*] 
	 [*] 

	 [*] 
	 [*] 
	 [*] 

	 [*] 
	 [*] 
	 [*] 

	 [*] 
	 [*] 
	 [*] 

	 [*] 
	 [*] 
	 [*] 

	 [*] 
	 [*] 
	 [*] 

	 [*] 
	 [*] 
	 [*] 

	 [*] 
	 [*] 
	 [*] 

	 [*] 
	 [*] 
	 [*] 

	 [*] 
	 [*] 
	 [*] 

	 [*] 
	 [*] 
	 [*] 

	[*]
	[*]
	 [*] 

​
​

Page 2 of 3

​

Table 3:
​
	​
	[*]
	[*]

	Overall Sequencing Consumable
Spend
	S1, S2, SP
Discount*
	S4
Discount
	S1, S2, SP
Discount
	S4
Discount

	 [*] 
	 [*] 
	 [*] 
	 [*] 
	 [*] 

	 [*] 
	 [*] 
	 [*] 
	 [*] 
	 [*] 

	 [*] 
	 [*] 
	 [*] 
	 [*] 
	 [*] 

	 [*] 
	 [*] 
	 [*] 
	 [*] 
	 [*] 

​
* As specified above, this column of volume discounts will also dictate the discount off of then-current list price for Legacy Products after  [*], corresponding to the applicable Overall Sequencing Consumable Spend.
​
[*]:
​
Customer’s price for the following Product will be the price specified in Table 4 below:
​
Table 4:
​
​
	Description
	Natera Price

	[*] 
	[*]

​
Quotations:
​
Illumina will provide Customer quarterly quotations referencing the prices at which Customer may purchase the above Products during the applicable quarter, which prices will reflect the then-current list price less the discounts specified above.  Each such quote is valid only for the applicable quarter.  Customer acknowledges that Illumina’s ability to provide quarterly quotations is dependent upon Customer adhering to the forecasting and Purchase Order requirements specified in the Agreement, and therefore Illumina’s requirement to provide quarterly quotations is contingent upon Customer adhering to those requirements.  If Customer does not adhere to those requirements, in addition to Illumina’s other rights and remedies, Illumina may instead provide annual quotations in February of each year.

Page 3 of 3EX-10.1

 Exhibit 10.1 

Execution Version 

OPEN MARKET SALE AGREEMENTSM 

August 6, 2020 
 JEFFERIES LLC 

520 Madison Avenue 
 New York, New York 10022 

Ladies and Gentlemen: 
 Merus N.V., a public
limited liability company incorporated under the laws of the Netherlands (the “Company”), proposes, subject to the terms and conditions stated herein, to issue and sell from time to time through Jefferies LLC, as sales agent and/or
principal (the “Agent”), common shares in the capital of the Company, nominal value €0.09 per share (the “Common Shares”), having an aggregate offering price of up to $75,000,000 on the terms set forth in this
agreement (this “Agreement”). 
 Section 1. DEFINITIONS 

(a) Certain Definitions. For purposes of this Agreement, capitalized terms used herein and not otherwise defined shall have the
following respective meanings: 
 “Affiliate” of a Person means another Person that directly or indirectly, through one or
more intermediaries, controls, is controlled by, or is under common control with, such first- mentioned Person. The term “control” (including the terms “controlling,” “controlled by” and “under common control
with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Agency Period” means the period commencing on the date of this Agreement and expiring on the earliest to occur of
(x) the date on which the Agent shall have placed the Maximum Program Amount pursuant to this Agreement and (y) the date this Agreement is terminated pursuant to Section 7. 

“Commission” means the U.S. Securities and Exchange Commission. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
thereunder. 
 “Floor Price” means the minimum price set by the Company in the Issuance Notice below which the Agent shall
not sell Shares during the applicable period set forth in the Issuance Notice, which may be adjusted by the Company at any time during the period set forth in the Issuance Notice by delivering written notice of such change to the Agent and which in
no event shall be less than $1.00 without the prior written consent of the Agent, which may be withheld in the Agent’s sole discretion; provided that the minimum price per Share shall in no event be less than the nominal value thereof. 

 

	SM 	 “Open Market Sale Agreement” is a service mark of Jefferies LLC 

 “Issuance Amount” means the aggregate Sales Price of the Shares to be sold
by the Agent pursuant to any Issuance Notice. 
 “Issuance Notice” means a written notice delivered to the Agent by the
Company in accordance with this Agreement in the form attached hereto as Exhibit A that is executed by its Chief Executive Officer, President, Principal Officer or General Counsel. 

“Issuance Notice Date” means any Trading Day during the Agency Period that an Issuance Notice is delivered pursuant to
Section 3(b)(i). 
 “Issuance Price” means the Sales Price less the Selling Commission. 

“Maximum Program Amount” means Common Shares with an aggregate Sales Price of the lesser of (a) the number or dollar
amount of Common Shares registered under the effective Registration Statement (defined below) pursuant to which the offering is being made, (b) the number of Common Shares that may be issued under the Company’s authorized share capital
included in its articles of association from time to time (less Common Shares issuable upon exercise, conversion or exchange of any outstanding securities of the Company or otherwise reserved from the Company’s authorized share capital,
including pursuant to the Company’s equity incentive plans), (c) the number or dollar amount of Common Shares permitted to be sold under Form S-3 (including General Instruction I.B.6 thereof, if
applicable), or (d) the number or dollar amount of Common Shares for which the Company has filed a Prospectus (defined below). 

“Person” means an individual or a corporation, partnership, limited liability company, trust, incorporated or unincorporated
association, joint venture, joint stock company, governmental authority or other entity of any kind. 
 “Principal Market”
means the Nasdaq Global Market or such other national securities exchange on which the Common Shares, including any Shares, are then listed. 

“Sales Price” means the actual sale execution price of each Share placed by the Agent pursuant to this Agreement. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder.

 “Selling Commission” means up to three percent (3.0%) of the gross proceeds of Shares sold pursuant to this Agreement,
or as otherwise agreed between the Company and the Agent with respect to any Shares sold pursuant to this Agreement. 
 “Settlement
Date” means the second business day following each Trading Day during the period set forth in the Issuance Notice on which Shares are sold pursuant to this Agreement, when the Company shall deliver to the Agent the amount of Shares sold on
such Trading Day and the Agent shall deliver to the Company the Issuance Price received on such sales in accordance with Section 3(b)(v). 

  
 2 

 “Shares” shall mean the Company’s Common Shares issued or issuable
pursuant to this Agreement. 
 “Trading Day” means any day on which the Principal Market is open for trading. 

Section 2. REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company represents and warrants to, and agrees with, the Agent that as of (1) the date of this Agreement, (2) each Issuance
Notice Date, (3) each Settlement Date, (4) each Triggering Event Date and (5) as of each Time of Sale (each of the times referenced above is referred to herein as a “Representation Date”), except as may be disclosed
in the Prospectus (including any documents incorporated by reference therein and any supplements thereto) on or before a Representation Date: 

(a) Registration Statement. The Company has prepared and filed with the Commission a shelf registration statement on Form F-3, as amended by a Post-Effective Amendment No. 1 (the “Post-Effective Amendment”) to Form F-3 on Form S-3
(File No. 333-233367) that contains a base prospectus (the “Base Prospectus”). Such registration statement registers the issuance and sale by the Company of the Shares under the
Securities Act. The Company may file one or more additional registration statements from time to time that will contain a base prospectus and related prospectus or prospectus supplement, if applicable, with respect to the Shares. Except where the
context otherwise requires, such registration statement(s), including any information deemed to be a part thereof pursuant to Rule 430B under the Securities Act, including all financial statements, exhibits and schedules thereto and all documents
incorporated or deemed to be incorporated therein by reference pursuant to Item 12 of Form S-3 under the Securities Act as from time to time amended or supplemented, is herein referred to as the
“Registration Statement,” and the prospectus constituting a part of such registration statement(s), together with any prospectus supplement filed with the Commission pursuant to Rule 424(b) under the Securities Act relating to a
particular issuance of the Shares, including all documents incorporated or deemed to be incorporated therein by reference pursuant to Item 12 of Form S-3 under the Securities Act, in each case, as from time to
time amended or supplemented, is referred to herein as the “Prospectus,” except that if any revised prospectus is provided to the Agent by the Company for use in connection with the offering of the Shares that is not required to be
filed by the Company pursuant to Rule 424(b) under the Securities Act, the term “Prospectus” shall refer to such revised prospectus from and after the time it is first provided to the Agent for such use. The Registration Statement
at the time the Post-Effective Amendment became effective is herein called the “Original Registration Statement.” As used in this Agreement, the terms “amendment” or “supplement” when applied to the Registration
Statement or the Prospectus shall be deemed to include the filing by the Company with the Commission of any document under the Exchange Act after the date hereof that is or is deemed to be incorporated therein by reference. 

All references in this Agreement to financial statements and schedules and other information which is “contained,”
“included” or “stated” in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information which is or is
deemed to be incorporated by reference in or otherwise deemed under the Securities Act to be a part of or included in the Registration Statement or the Prospectus, as the case may be, as of any specified date; and all

  
 3 

 
references in this Agreement to amendments or supplements to the Registration Statement or the Prospectus shall be deemed to mean and include, without limitation, the filing of any document under
the Exchange Act which is or is deemed to be incorporated by reference in or otherwise deemed under the Securities Act to be a part of or included in the Registration Statement or the Prospectus, as the case may be, as of any specified date. 

At the time the Original Registration Statement was or will be declared effective and at the time the Company’s most recent annual report
on Form 10-K was filed with the Commission, if later, the Company met the then-applicable requirements for use of Form S-3 under the Securities Act. During the Agency
Period, each time the Company files an annual report on Form 10-K the Company will meet the then-applicable requirements for use of Form S-3 under the Securities Act.

 (b) Compliance with Registration Requirements. The Original Registration Statement and any Rule 462(b) Registration Statement have
been declared effective by the Commission under the Securities Act. The Company has complied to the Commission’s satisfaction with all requests of the Commission for additional or supplemental information. No stop order suspending the
effectiveness of the Registration Statement or any Rule 462(b) Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated or threatened by the
Commission. 
 The Prospectus when filed complied or will comply in all material respects with the Securities Act and, if filed with the
Commission through its Electronic Data Gathering, Analysis and Retrieval system (“EDGAR”) (except as may be permitted by Regulation S-T under the Securities Act), was identical to the copy
thereof delivered to the Agent for use in connection with the issuance and sale of the Shares. Each of the Registration Statement, any Rule 462(b) Registration Statement and any post-effective amendment thereto, at the time it became or becomes
effective and at each Representation Date, complied and will comply in all material respects with the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading. As of the date of this Agreement, the Prospectus and any Free Writing Prospectus (as defined below) considered together (collectively, the “Time of Sale
Information”) did not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Prospectus,
as amended or supplemented, as of its date and at each Representation Date, did not and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading. The representations and warranties set forth in the three immediately preceding sentences do not apply to statements in or omissions from the Registration Statement, any Rule 462(b)
Registration Statement, or any post-effective amendment thereto, or the Prospectus, or any amendments or supplements thereto, made in reliance upon and in conformity with information relating to the Agent furnished to the Company in writing by the
Agent expressly for use therein, it being understood and agreed that the only such information furnished by the Agent to the Company consists of the information described in Section 6 below. There are no contracts or other
documents required to be described in the Prospectus or to be filed as exhibits to the Registration Statement which have not been described or filed as required. The Registration Statement and the offer and sale of the Shares as contemplated hereby
meet the requirements of Rule 415 under the Securities Act and comply in all material respects with said rule. 

  
 4 

 (c) Ineligible Issuer Status. The Company is not an “ineligible issuer” in
connection with the offering of the Shares pursuant to Rules 164, 405 and 433 under the Securities Act. Any Free Writing Prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities Act has been, or will be, filed
with the Commission in accordance with the requirements of the Securities Act. Each Free Writing Prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Securities Act or that was prepared by or on behalf of
or used or referred to by the Company complies or will comply in all material respects with the requirements of Rule 433 under the Securities Act including timely filing with the Commission or retention where required and legending. Except for the
Free Writing Prospectuses, if any, and electronic road shows, if any, furnished to the Agent before first use, the Company has not prepared, used or referred to, and will not, without the Agent’s prior consent, prepare, use or refer to, any
Free Writing Prospectus. 
 (d) Incorporated Documents. The documents incorporated or deemed to be incorporated by reference in the
Registration Statement and the Prospectus, at the time they were filed with the Commission, complied in all material respects with the requirements of the Exchange Act, as applicable, and, when read together with the other information in the
Prospectus, do not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

 (e) Exchange Act Compliance. The documents incorporated or deemed to be incorporated by reference in the Prospectus, at the time
they were or hereafter are filed with the Commission, and any Free Writing Prospectus or amendment or supplement thereto complied and will comply in all material respects with the requirements of the Exchange Act, and, when read together with the
other information in the Prospectus, at the time the Registration Statement and any amendments thereto become effective and at each Time of Sale (as defined below), as the case may be, will not contain an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 

(f) This Agreement. This Agreement has been duly authorized, executed and delivered by the Company. 

(g) Authorization of the Shares. The Shares have been duly authorized for issuance and sale pursuant to this Agreement and, when issued
and delivered by the Company against payment therefor pursuant to this Agreement and a deed of issue (each, a “Deed of Issue”), will be validly issued, fully paid and nonassessable (meaning that the holders of the Shares will not by
reason of merely being such a holder, be subject to assessment or calls by the Company or its creditors for further payment on such Shares), and the issuance and sale of the Shares is not subject to any preemptive rights, rights of first refusal or
other similar rights to subscribe for or purchase the Shares. 

  
 5 

 (h) Emerging Growth Company Status. From the time of initial filing of the
Registration Statement through the date hereof, the Company has been and is an “emerging growth company,” as defined in Section 2(a) of the Securities Act (an “Emerging Growth Company”), unless the Company has
notified the Agent that it is no longer an Emerging Growth Company. During the Agency Period, the Company agrees to notify the Agent as soon as practicable upon the Company ceasing to be an Emerging Growth Company; provided, however, that no such
notice shall be required if the Company has disclosed in its public filings with the Commission that it no longer expects to be, or no longer is, an Emerging Growth Company. 

(i) XBRL. The interactive data in the eXtensible Business Reporting Language (“XBRL”) incorporated by reference into
the Registration Statement and the Prospectus fairly presents the information called for in all material respects and has been prepared in accordance with the SEC’s rules and guidelines applicable thereto. 

(j) Free Writing Prospectuses. Each Issuer Free Writing Prospectus does not include any information that conflicts with the information
contained in the Registration Statement or the Prospectus. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity with written information furnished to the Company by
or on behalf of the Agent specifically for use therein, it being understood and agreed that the only such information furnished by or on behalf of the Agent consists of the Agent’s Information. 

(k) Incorporation and Good Standing of the Company. The Company has been duly incorporated and is validly existing as a limited
liability company (naamloze vennootschap) under the laws of the Netherlands with full corporate power and authority to own or lease, as the case may be, and to operate its properties and conduct its business as described in the Prospectus,
and is duly qualified to do business as a foreign corporation and is in good standing (where “good standing” is a known concept) under the laws of each jurisdiction which requires such qualification, except where the failure to be so
qualified would not reasonably be expected to have a material adverse effect on the condition (financial or otherwise), prospects, earnings, business or properties of the Company and its subsidiaries (a “Material Adverse Effect”).

 (l) Capitalization and Other Capital Stock Matters. The Company’s share capital is as set forth in the Prospectus; the share
capital of the Company conforms to the description thereof contained in the Prospectus; and, except as set forth in the Prospectus, no options, warrants or other rights to purchase, agreements or other obligations to issue, or rights to convert any
obligations into or exchange any securities for, share capital of or ownership interests in the Company are outstanding. 
 (m)
Subsidiaries. Each of the Company’s “subsidiaries” (for the purposes of this Agreement, as defined in Rule 405 under the Securities Act) has been duly incorporated or organized, as the case may be, and is validly existing as a
corporation, partnership or limited liability company, as applicable, in good standing (where “good standing” is a known concept) under the laws of the jurisdiction of its incorporation or organization and has the power and authority
(corporate or other) to own, lease and operate its properties and conduct its business as described in the Prospectus, and is duly qualified to do business as a foreign corporation and is in good standing under the laws of each jurisdiction which
requires such qualification, except where the failure to be so qualified would not reasonably be expected to have a Material Adverse Effect. All of the issued and outstanding shares of capital stock or other equity or ownership interests of

  
 6 

 
each of the Company’s subsidiaries have been duly authorized and validly issued, are fully paid and nonassessable and are owned by the Company, free and clear of any security interest,
mortgage, pledge, lien, encumbrance or adverse claim. The Company does not own or control, directly or indirectly, any corporation, association or other entity other than the subsidiaries listed in (i) Exhibit 21.1 to the Company’s most
recent Annual Report on Form 10-K or (ii) any other filings made by the Company with the Commission that is available to the public via EDGAR. None of the Company’s subsidiaries (a) have
material assets or liabilities or (b) is considered a “significant subsidiary” (as such term is defined in Rule 1-02 of Regulation S-X promulgated under
the Securities Act). 
 (n) Accuracy of Descriptions and Exhibits. There is no franchise, contract or other document of a character
required to be described in the Registration Statement or Prospectus, or to be filed as an exhibit thereto, which is not described or filed as required. 

(o) Company Not an “Investment Company.” The Company is not and, after giving effect to the offering and sale of the Shares
and the application of the proceeds thereof as described in the Prospectus, will not be required to register as an “investment company” as defined in the Investment Company Act of 1940, as amended. 

(p) No Further Authorizations or Approvals Required. No consent, approval, authorization, filing with or order of any court or
governmental agency or body is required in connection with the transactions contemplated herein, except such as have been obtained or as may be required under the Securities Act, the Exchange Act, the listing rules of the Nasdaq Global Market and
the applicable rules of the Financial Industry Regulatory Authority, Inc. (“FINRA”), and the blue sky laws of any jurisdiction in connection with the purchase and distribution of the Common Shares by the Agent in the manner
contemplated herein and in the Prospectus. 
 (q) Non-Contravention. None of (i) the
issue and sale of the Shares, (ii) the consummation of any other of the transactions contemplated herein, or (iii) the fulfillment of the terms hereof will conflict with, result in a breach or violation of, or imposition of any lien,
charge or encumbrance upon any property or assets of the Company or any of its subsidiaries pursuant to: (1) the articles of association of the Company or any of its subsidiaries, (2) the terms of any indenture, contract, lease, mortgage,
deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which the Company or any of its subsidiaries is a party or bound or to which its property is subject, or (3) any statute, law,
rule, regulation, judgment, order or decree applicable to the Company or any of its subsidiaries of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company or any of
its subsidiaries or any of its or their properties, except in clauses (2) and (3) hereof, where such conflict, breach, violation, or imposition of any lien, charge or encumbrance, individually or in the aggregate, would not reasonably be
expected to have a Material Adverse Effect. 
 (r) No Applicable Registration or Other Similar Rights. Except as disclosed in the
Registration Statement and the Prospectus, no holders of securities of the Company have rights to the registration of such securities under the Registration Statement. There are no persons with registration or other similar rights to have any
securities registered for sale under the Registration Statement or included in the offering contemplated by this Agreement, except for such rights as have been duly waived. 
  

  
 7 

 (s) Financial Statements. The consolidated historical financial statements of the
Company included in or incorporated by reference into the Prospectus and the Registration Statement present fairly in all material respects the financial condition, results of operations and cash flows of the Company as of the dates and for the
periods indicated, comply as to form with the applicable accounting requirements of the Securities Act and have been prepared in conformity with generally accepted accounting principles as applied in the United States applied on a consistent basis
throughout the periods involved (except as otherwise noted therein). 
 (t) No Material Actions or Proceedings. No action, suit or
proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries or its or their property is pending or, to the knowledge of the Company, is threatened that (i) could
reasonably be expected to have a material adverse effect on the performance of this Agreement or the consummation of any of the transactions contemplated hereby or (ii) could reasonably be expected to have a Material Adverse Effect, except as
set forth in or contemplated in the Registration Statement and the Prospectus. 
 (u) Title to Properties. Except as disclosed in the
Registration Statement, the Prospectus or any subsequent filing made by the Company with the Commission that is available to the public via EDGAR, the Company and each of its subsidiaries owns or leases all such properties as are necessary to the
conduct of its operations as presently conducted, except as, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 

(v) Non-Contravention of Existing Instruments. Neither the Company nor any subsidiary is in
violation or default of (i) any provision of its articles of association, (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or
instrument to which it is a party or bound or to which its property is subject, or (iii) any statute, law, rule, regulation, judgment, order or decree of any court, regulatory body, administrative agency, governmental body, arbitrator or other
authority having jurisdiction over the Company or such subsidiary or any of its properties, as applicable, except as, in clauses (ii) and (iii) hereof for violations or defaults that, individually or in the aggregate, would not reasonably
be expected to have a Material Adverse Effect. 
 (w) Independent Accountants. KPMG Accountants N.V., who have certified financial
statements of the Company and delivered their report with respect to the audited financial statements incorporated by reference into the Prospectus, are an independent registered public accounting firm with respect to the Company within the meaning
of the Securities Act and the applicable published rules and regulations thereunder. 
 (x) Duties, Transfer Taxes, Etc. There are no
duties, transfer taxes or other similar fees or charges under federal law or the laws of any state, or any political subdivision thereof, required to be paid in connection with the execution and delivery of this Agreement or the issuance by the
Company or sale by the Company of the Shares, except for those as would not be reasonably expected to have a Material Adverse Effect. 

  
 8 

 (y) Tax Law Compliance. The Company has filed all tax returns that are required to be
filed (or has requested extensions thereof), except in any case in which the failure to so file would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and has paid all taxes required to be paid by it
and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable, except for any such assessment, fine or penalty that is currently being contested in good faith or as would not reasonably be
expected to have a Material Adverse Effect. 
 (z) Absence of Labor Disputes. No labor problem or dispute with the current or former
employees of the Company exists or, to the knowledge of the Company, is threatened or imminent that would reasonably be expected to have a Material Adverse Effect. 

(aa) Insurance. The Company is insured by insurers of recognized financial responsibility against such losses and risks and in such
amounts as are adequate and customary in the businesses in which they are engaged; the Company has not been refused any insurance coverage sought or applied for, and there are no outstanding claims by the Company as to which any insurance company is
denying liability; and the Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its
business at a cost that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (bb) All
Necessary Permits, etc. The Company possesses all material licenses, certificates, permits and other authorizations issued by all applicable authorities necessary to conduct its business as described in the Registration Statement and the
Prospectus (collectively, “Permits”), except where the failure to so possess would not reasonably be expected to have a Material Adverse Effect. The Company has not received any written notice of proceedings from any applicable
governmental or regulatory authority relating to the revocation or adverse modification of any such Permit which, individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably be expected to have a
Material Adverse Effect. 
 (cc) Company’s Accounting System; Deficiencies in or Changes to Internal Control Over Financial
Reporting. The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations;
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with international financial reporting standards and to maintain asset accountability; (iii) access to assets is permitted only in
accordance with management’s general or specific authorization; (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and
(v) the interactive data in eXtensible Business Reporting Language incorporated by reference in the Registration Statement and the Prospectus fairly presents the information called for in all material respects and is prepared in accordance with
the Commission’s rules and guidelines applicable thereto. Other than as described in the Registration Statement and the Prospectus, the Company’s internal control over financial reporting (as defined under
Rule 13a-15(f) of the Exchange Act) is effective and the Company is not aware of any material weakness in its internal control over financial reporting, it being understood that management of the
Company has not conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting for any period after December 31, 2019. 

  
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 (dd) Disclosure Controls and Procedures. The Company maintains “disclosure
controls and procedures” (as such term is defined in Rule 13a-15(e)) under the Exchange Act, and such disclosure controls and procedures are effective at the reasonable assurance level. The
Company has conducted evaluations of the effectiveness of their disclosure controls as required by Rule 13a-15 of the Exchange Act. 

(ee) No Price Stabilization or Manipulation; Compliance with Regulation M. The Company has not taken, directly or indirectly, any action
designed to or that would constitute or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization or manipulation of the price of the Common Shares or of any “reference security” (as
defined in Rule 100 of Regulation M under the Exchange Act (“Regulation M”)) with respect to the Common Shares, whether to facilitate the sale or resale of the Shares or otherwise, and has taken no action which would directly or
indirectly violate Regulation M. 
 (ff) Compliance with Environmental Laws. Except as would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect, the Company (i) is in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to the protection of human health and safety, the environment
or hazardous or toxic substances or wastes, pollutants or contaminants (collectively, the “Environmental Laws”), (ii) has received and is in compliance with all permits, licenses or other approvals required of it under applicable
Environmental Laws to conduct its business as it is currently being conducted, and (iii) has not received notice of any actual or potential liability under any Environmental Law. The Company has not been named as a “potentially responsible
party” under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended. 
 (gg) ERISA
Compliance. Except as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, none of the following events has occurred or exists: (i) a failure by the Company to fulfill the obligations, if
any, under the minimum funding standards of Section 302 of the United States Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the regulations and published interpretations thereunder with respect to a
Plan; (ii) an audit or investigation by the Internal Revenue Service, the U.S. Department of Labor, the Pension Benefit Guaranty Corporation or any other federal or state governmental agency or any foreign regulatory agency with respect to the
employment or compensation of employees by the Company or a Plan; or (iii) any breach of any contractual obligation, or any violation of law or applicable qualification standards, with respect to the employment or compensation of employees by
the Company. None of the following events has occurred or is reasonably likely to occur that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect: (i) a material increase in the aggregate amount of
contributions required to be made to all Plans in the current fiscal year of the Company compared to the amount of such contributions made in the most recently completed fiscal year of the Company; (ii) a material increase in the
“accumulated post-retirement benefit obligations” (within the meaning of Statement of Financial Accounting Standards 106) of the Company compared to the amount of such obligations in the most recently completed fiscal year of the Company;
or (iii) any event or condition giving rise to a liability under Title IV of ERISA. For purposes of this paragraph, the term “Plan” means a plan (within the meaning of Section 3(3) of ERISA) subject to Title IV of
ERISA with respect to which the Company may have any liability. 

  
 10 

 (hh) Sarbanes-Oxley. There is and has been no failure on the part of the Company and
to the knowledge of the Company, any of the Company’s directors or members of senior management, in their capacities as such, to comply with any applicable provision of the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations
promulgated in connection thereunder, including Section 402 relating to loans and Sections 302 and 906 relating to certifications. 

(ii) FINRA Matters. All of the information provided to the Agent or to counsel for the Agent by the Company, its counsel, and to the
knowledge of the Company, its officers, board members and the holders of any securities (debt or equity) or options to acquire any securities of the Company in connection with the offering of the Shares is true, complete, correct and compliant with
FINRA’s rules and any letters, filings or other supplemental information provided to FINRA pursuant to FINRA Rules or NASD Conduct Rules is true, complete and correct. The Company meets the requirements for use of Form S-3 under the Securities Act specified in FINRA Rule 5110(b)(7)(C)(i). 
 (jj) Anti-Corruption and
Anti-Bribery Laws. Neither the Company nor, to the knowledge of the Company, any director, officer, agent, employee, affiliate or other person acting on behalf of the Company is aware of or has taken any action, directly or indirectly, that
could result in a violation or a sanction for violation by such persons of the Foreign Corrupt Practices Act of 1977 or the U.K. Bribery Act 2010, each as may be amended, or similar law of any other relevant jurisdiction, or the rules or regulations
thereunder; and the Company has instituted and maintains policies and procedures to ensure compliance therewith. No part of the proceeds of the offering will be used, directly or indirectly, in violation of the Foreign Corrupt Practices Act of 1977
or the U.K. Bribery Act 2010, each as may be amended, or similar law of any other relevant jurisdiction, or the rules or regulations thereunder. 

(kk) Money Laundering Laws. The operations of the Company are and have been conducted at all times in compliance with applicable
financial recordkeeping and reporting requirements and the money laundering statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency
(collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company with respect to the Money Laundering Laws is
pending or, to the knowledge of the Company, threatened. 
 (ll) Sanctions. Neither the Company nor, to the knowledge of the Company,
any director, officer, agent, employee or affiliate of the Company (i) is, or is controlled or 50% or more owned in the aggregate by or is acting on behalf of, one or more individuals or entities that are currently the subject of any sanctions
administered or enforced by the United States (including any administered or enforced by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State or the Bureau of Industry and Security of the U.S.
Department of Commerce), the United Nations Security Council, the European Union (“EU”), a member state of the EU (including sanctions administered or enforced by Her Majesty’s Treasury

  
 11 

 
of the United Kingdom) or other relevant sanctions authority (collectively, “Sanctions” and such persons, “Sanctioned Persons” and each such person, a
“Sanctioned Person”), (ii) is located, organized or resident in a country or territory that is, or whose government is, the subject of Sanctions that broadly prohibit dealings with that country or territory (collectively,
“Sanctioned Countries” and each, a “Sanctioned Country”) or (iii) will, directly or indirectly, use the proceeds of this offering, or lend, contribute or otherwise make available such proceeds to any joint
venture partner or other individual or entity in any manner that would result in a violation of any Sanctions by, or could reasonably be expected to result in the imposition of Sanctions against, any individual or entity (including any individual or
entity participating in the offering, whether as underwriter, advisor, investor or otherwise). 
 (mm) Dealings with Sanctioned
Person. The Company has not engaged in any dealings or transactions with or for the benefit of a Sanctioned Person, or with or in a Sanctioned Country, in the preceding three years, nor does the Company have any plans to engage in dealings or
transactions with or for the benefit of a Sanctioned Person, or with or in a Sanctioned Country. 
 (nn) Intellectual Property Rights.
Except as disclosed in the Registration Statement and Prospectus, the Company owns, possesses, licenses or has other rights to use, on reasonable terms, all patents, patent applications, trade and service marks, trade and service mark registrations,
trade names, copyrights, licenses, inventions, trade secrets, technology, know-how and other intellectual property (collectively, “Company Intellectual Property”) necessary for the
conduct of the Company’s business as now conducted or as proposed in the Prospectus to be conducted. Except as set forth in the Registration Statement and Prospectus, (a) to the Company’s knowledge, there are no rights of third
parties to any Company Intellectual Property, including no liens, security interests or other encumbrances; (b) to the Company’s knowledge, there is no material infringement by third parties of any Company Intellectual Property;
(c) there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or claim by others challenging the Company’s rights in or to any Company Intellectual Property, and the Company is unaware of any facts which
would form a reasonable basis for any such action, suit, proceeding, or claim; (d) Company Intellectual Property has not been adjudged by a court of competent jurisdiction invalid or unenforceable, in whole or in part; (e) there is no
pending or, to the Company’s knowledge, threatened action, suit, proceeding or claim by others (excluding with respect to ordinary course interactions with patent authorities during patent prosecution) challenging the validity or scope of any
Company Intellectual Property, including interferences, oppositions, reexaminations, or government proceedings, and the Company is unaware of any facts which would form a reasonable basis for any such action, suit, proceeding, or claim;
(f) there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or claim by others that the Company infringes, misappropriates, or otherwise violates, or would, upon the commercialization of any product or
service described in the Prospectus infringe, misappropriate, or otherwise violate any patent, trademark, copyright, trade secret or other proprietary rights of others, and, except as would not reasonably be expected to have a Material Adverse
Effect, the Company is aware of no factual basis for any such action, suit, proceeding, or claim; (g) to the Company’s knowledge, no employee of the Company is in or has been in violation of any term of any employment contract, patent
disclosure agreement, invention assignment agreement, non-competition agreement, non-solicitation agreement, nondisclosure agreement or any restrictive covenant to or
with a former employer where the basis of such violation relates to such employee’s employment with the Company; (h) to the Company’s knowledge, there is no prior art that may 

  
 12 

 
render any issued patent held by the Company invalid; and (i) to the Company’s knowledge, all prior art of which the Company is aware that is material to the validity of a U.S. patent
or to the patentability of a pending U.S. patent application that the Company owns, possesses, licenses or has other rights to use has been disclosed to the U.S. Patent and Trademark Office in compliance with 37 CFR § 1.56 during the
prosecution of such applicable patent or applicable application, and all such prior art has been disclosed to the patent office of other jurisdictions where required, to the extent any of which (a-i) would reasonably be expected to have a
Material Adverse Effect. All licenses to which the Company is a party relating to Company Intellectual Property are in full force and effect and the Company is not in violation of any term of such license as would reasonably be expected to have a
Material Adverse Effect. 
 (oo) Compliance with Health Care Laws. Except as described in the Registration Statement and the
Prospectus, as applicable, the Company (i) is and at all times since January 1, 2016, has been in compliance with all statutes, rules and regulations in the United States, the EU or any other jurisdiction applicable to the ownership,
testing, development, manufacture, packaging, processing, use, distribution, marketing, advertising, labeling, promotion, sale, offer for sale, storage, import, export or disposal of any product developed, manufactured or distributed by or for the
Company, including, without limitation, the Federal Food, Drug and Cosmetic Act (21 U.S.C. § 301 et seq.), the Public Health Service Act (42 U.S.C. § 201 et seq.), the federal Anti-Kickback Statute (42 U.S.C.
§ 1320a-7b(b)), the civil False Claims Act (31 U.S.C. § 3729 et seq.), the administrative False Claims Law (42 U.S.C.
§ 1320a-7b(a)), the Civil Monetary Penalties Law (42 U.S.C. § 1320a-7a), the exclusion laws (42 U.S.C.
§ 1320a-7), Regulation (EC) No 726/2004 of the European Parliament and of the Council of March 31, 2004 laying down Community procedures for the authorization and supervision of medicinal
products for human and veterinary use and establishing a European Medicines Agency, Directive 2001/83/EC of the European Parliament and of the Council of November 6, 2001 on the Community code relating to medicinal products for human use, the
EU Member State laws implementing the provisions of Directive 2001/83/EC, and all applicable federal, state, local and all foreign criminal laws relating to health care fraud and abuse, including but not limited to 18 U.S.C. Sections 286, 287, 1347
and 1349, the Medicare statute (Title XVIII of the Social Security Act) and Medicaid statute (Title XIX of the Social Security Act), the Health Insurance Portability and Accountability Act of 1996 (42 U.S.C. § 1320d et seq.), as amended by the
Health Information Technology for Economic and Clinical Health Act of 2009 (“HIPAA”) (42 U.S.C. § 17921 et seq.), the regulations promulgated pursuant to such laws, and all comparable local, state, federal, EU and foreign laws
applicable to the Company (collectively, the “Applicable Laws”), except for such non-compliance as would not, individually or in the aggregate, have a Material Adverse Effect;
(ii) has not received any written notice from any court or arbitrator or governmental or regulatory authority alleging or asserting non-compliance with any Applicable Laws, except for such non-compliance as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; (iii) has not received written notice of any claim, action, suit,
proceeding, hearing, enforcement, investigation, arbitration or other action from any court or arbitrator or governmental or regulatory authority alleging that any product operation or activity is in violation of any Applicable Laws, which,
individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding by such court or arbitrator or governmental or regulatory authority, would reasonably be expected to have a Material Adverse Effect, nor, to the
Company’s knowledge, has any such claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other such action been threatened; (iv) has filed, obtained, maintained or submitted all material reports, documents,
forms, 

  
 13 

 
notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws and that all such reports, documents, forms, notices, applications, records,
claims, submissions and supplements or amendments were complete and accurate on the date filed in all material respects (or were corrected or supplemented by a subsequent submission), except where the failure to so file, obtain, maintain or submit,
or the failure of such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments to be complete or accurate, or be corrected or supplemented by a subsequent submission, would not reasonably be
expected, individually or in the aggregate, to have a Material Adverse Effect; (v) is not a party to any corporate integrity agreements, monitoring agreements, consent decrees, settlement orders, or similar agreements with or imposed by any
governmental or regulatory authority; and (vi) neither the Company nor, to the Company’s knowledge, any of its employees, officers or board members has been excluded, suspended or debarred from participation in any U.S. federal health care
program or human clinical research or foreign equivalents, or to the knowledge of the Company, is subject to a governmental inquiry, investigation, proceeding, or other similar action that could reasonably be expected to result in debarment,
suspension, or exclusion. 
 (pp) Clinical Data and Regulatory Compliance. The clinical trials
and pre-clinical studies conducted by or on behalf of or sponsored by the Company, or in which the Company has participated, that are described in the Registration Statement and the Prospectus or the
results of which are referred to in the Registration Statement and the Prospectus, as applicable, and are intended to be submitted to Regulatory Authorities (as defined below) as a basis for product approval, were and, if still pending, are being
conducted in all material respects in accordance with all applicable statutes, rules and regulations of the United States Food and Drug Administration (the “FDA”), and comparable drug regulatory agencies outside of the United
States, including the European Medicines Agency and EU Member State Competent Authorities, to which they are subject (collectively, the “Regulatory Authorities”), including current Good Clinical Practices and Good Laboratory
Practices; the descriptions in the Registration Statement or the Prospectus of the results of such studies and trials are accurate and complete in all material respects and fairly present the data derived from such studies and trials; the Company
has no knowledge of any other studies or trials the results of which are materially inconsistent with or otherwise call into question the results described or referred to in the Registration Statement and the Prospectus ; the Company has not
received any written notices, correspondence or other communication from the Regulatory Authorities or any other governmental agency requiring the termination or suspension of any clinical trials
or pre-clinical studies that are described in the Registration Statement and the Prospectus or the results of which are referred to in the Registration Statement or the Prospectus, and, to the
Company’s knowledge, such termination or suspension has not been threatened. 
 (qq) Regulatory Permits. The Company possesses
all Permits issued by the applicable Regulatory Authorities that are necessary for the conduct of its business as currently conducted as described in the Registration Statement and the Prospectus, or to permit all clinical trials and nonclinical
studies that have been conducted by or on behalf of the Company (“Regulatory Permits”), including, without limitation, all necessary FDA and applicable foreign regulatory agency Regulatory Permits, except where the failure to so
possess would not reasonably be expected to have a Material Adverse Effect; the Company is not in violation of, or in default under, any such Regulatory Permit, except for such violation or default as would not reasonably be expected, individually
or in the aggregate, to have a Material Adverse Effect; and the Company 

  
 14 

 
has not received written notice from any Regulatory Authority of any revocation, suspension or material adverse modification of any such Regulatory Permit and, to the Company’s knowledge,
there is no reason to believe that any such Regulatory Permit will not be renewed in the ordinary course. The Company has not received any warning letter, untitled letter or similar written correspondence or notice from any court or arbitrator or
governmental or Regulatory Authority alleging or asserting non-compliance with any Regulatory Permits required by any such Applicable Laws, except for such alleged or
asserted non-compliance as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 

(rr) No Marketing Approval. None of the Company’s product candidates have received marketing approval from any Regulatory
Authority. 
 (ss) Brokers. Except pursuant to this Agreement, there is no broker, finder or other party that is entitled to receive
from the Company any brokerage or finder’s fee or other fee or commission as a result of any transactions contemplated by this Agreement. 

(tt) Statistical and Market-Related Data. The statistical and market-related data included in the Registration Statement and the
Prospectus are based on or derived from sources which the Company reasonably and in good faith believes are reliable and accurate in all material respects. 

(uu) Forward-Looking Statements. Each financial or operational projection or other “forward-looking statement” (as defined by
Section 27A of the Securities Act or Section 21E of the Exchange Act) contained in the Registration Statement or the Prospectus (i) was so included by the Company in good faith and with reasonable basis after due consideration by the
Company of the underlying assumptions, estimates and other applicable facts and circumstances and (ii) is accompanied by meaningful cautionary statements identifying those factors that could cause actual results to differ materially from those
in such forward-looking statement. No such statement was made with the knowledge of an executive officer or director of the Company that it was false or misleading. 

(vv) Immunity. Neither the Company nor any of its properties or assets has any immunity from the jurisdiction of any court or from any
legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise). 
 (ww)
Stock Exchange Listing. The Common Shares are registered pursuant to Section 12(b) of the Exchange Act and are listed on the Nasdaq Global Market. The Company has taken no action designed to, or likely to have the effect of, terminating
the registration of the Common Shares under the Exchange Act or delisting the Common Shares from the Nasdaq Global Market, nor has the Company received any notification that the Commission or the Nasdaq Global Market is contemplating terminating
such registration or listing. To the Company’s knowledge, it is in compliance with the listing requirements of the Nasdaq Global Market applicable to the Company. 

(xx) Exchange Act Reporting. The Company is subject to and in compliance with the reporting requirements of Section 13 or
Section 15(d) of the Exchange Act. 

  
 15 

 (yy) PFIC. Based on the Company’s current estimates and characterization of its
gross income and its gross assets, and the nature of its business and its current business plan, the Company believes that it is not, as of June 30, 2020, and that it will not be, as of December 31, 2020, a “passive foreign investment
company” (as defined in Section 1297 of the Code, and the regulations promulgated thereunder). 
 (zz) Cybersecurity. Except
as disclosed in the Registration Statement and the Prospectus, (i)(x) there has been no security breach or incident, unauthorized access or disclosure, violations, outages or other compromise of or relating to any of the Company’s or any of its
subsidiaries’ information technology and computer systems, networks, hardware, software, data (including the data of their respective customers, employees, suppliers, vendors and any third party data maintained by or, to the Company’s
knowledge, on behalf of them and all Personal Data (defined below), sensitive, confidential or regulated data), equipment or technology (collectively, “IT Systems and Data”) and (y) neither the Company nor any of its
subsidiaries have been notified of, or have any knowledge of, any event or condition that would reasonably be expected to result in, any security breach or incident, unauthorized access or disclosure or other compromise to its IT Systems and Data,
except as would not, in the case of this clause (i), individually or in the aggregate, be reasonably expected to have a Material Adverse Effect; (ii) the Company and each of its subsidiaries have at all times been in compliance with all
applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and
Data and to the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as would not, in the case of this clause (ii), individually or in the aggregate, be reasonably expected to have a Material
Adverse Effect; and (iii) the Company and its subsidiaries have implemented information system backup and disaster recovery procedures reasonably designed to ensure the integrity and availability of its IT Systems and Data. 

(aaa) Compliance with Data Privacy Laws. Except as otherwise disclosed in the Registration Statement and the Prospectus or as would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i) the Company and its subsidiaries at all times have been, and are presently, in compliance with all applicable state and federal data privacy and
security laws and regulations, including without limitation HIPAA, (ii) the Company and its subsidiaries have taken commercially reasonable actions to prepare to comply with, and since May 25, 2018, have been and currently are in
compliance in all material respects with, the European Union General Data Protection Regulation (“GDPR”) (EU 2016/679), and (iii) the Company and its subsidiaries, are currently taking or have taken commercially reasonable
actions to prepare to comply with all applicable laws and regulations with respect to Personal Data (defined below) (collectively, the “Privacy Laws”). “Personal Data” means (i) a natural person’s name,
street address, telephone number, e-mail address, photograph, social security number or tax identification number, driver’s license number, passport number, credit card number, bank information,
or customer or account number; (ii) any information which would qualify as “personally identifying information” under the Federal Trade Commission Act, as amended; (iii) Protected Health Information as defined by HIPAA; (iv)
“personal data” as defined by GDPR; and (v) any other piece of information that identifies such natural person. At all times, the Company and its subsidiaries have made all disclosures to users or customers required by applicable
Privacy Laws and regulatory rules or requirements, and none of such disclosures made or contained in any Policy have, to the knowledge of the Company, been inaccurate or in violation 

  
 16 

 
of any applicable laws and regulatory rules or requirements in any material respect. Except as otherwise disclosed in the Registration Statement and the Prospectus or as would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect, neither the Company nor any of its subsidiaries (i) has received notice of any actual or potential liability under or relating to, or actual or potential violation
of, any of the Privacy Laws, or has knowledge of any event or condition that would reasonably be expected to result in any such notice; (ii) is currently conducting or paying for, in whole or in part, any investigation, remediation, or other
corrective action pursuant to any Privacy Law; or (iii) is a party to any order, decree or agreement that imposes any obligation or liability under any Privacy Law. 

(bbb) Related Party Transactions. There are no business relationships or related-party transactions involving the Company or any of its
subsidiaries or any other person required to be described in the Registration Statement or the Prospectus which have not been described as required. 

(ccc) Dividend Restrictions. Except as disclosed in the Prospectus, no subsidiary of the Company is prohibited or restricted, directly
or indirectly, from paying dividends to the Company, or from making any other distribution with respect to such subsidiary’s equity securities or from repaying to the Company or any other subsidiary of the Company any amounts that may from time
to time become due under any loans or advances to such subsidiary from the Company or from transferring any property or assets to the Company or to any other subsidiary. 

(ddd) Choice of Law. The choice of the laws of the State of New York as the governing law of this Agreement is a valid choice of law
under the laws of the Netherlands and, subject to the provisions of EU Regulation No. 593/2008 relating to the law that is applicable to contractual obligations, will be recognized by courts in the Netherlands except as described in the
Registration Statement and the Prospectus. The Company has the power to submit, and pursuant to Section 8(g) of this Agreement, has legally, validly, effectively and irrevocably submitted, to the exclusive jurisdiction of the federal courts of
the United States of America located in the Borough of Manhattan in the City of New York or the courts of the State of New York in each case located in the Borough of Manhattan in the City of New York (collectively, the “Specified
Courts”) and has validly and irrevocably waived any objection to the laying of venue of any suit, action or proceeding brought in any such court; and the Company has the power to designate, appoint and empower an authorized agent for
service of process in any action arising out of or relating to this Agreement, the Registration Statement, the Prospectus or the offering of the Shares in any New York Court and service of process effected on such authorized agent will be effective
to notify the Company of any action under this Agreement. 
 (eee) Other Underwriting Agreements. The Company is not a party to any
agreement with an agent or underwriter for any other “at the market” or continuous equity transaction. 
 Any certificate signed
by any officer or representative of the Company or any of its subsidiaries and delivered to the Agent or counsel for the Agent in connection with an issuance of Shares shall be deemed a representation and warranty by the Company to the Agent as to
the matters covered thereby on the date of such certificate. 

  
 17 

 The Company acknowledges that the Agent and, for purposes of the opinions to be delivered
pursuant to Section 4(o) hereof, counsel to the Company and counsel to the Agent, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance. 

Section 3. ISSUANCE AND SALE OF COMMON SHARES 

(a) Sale of Securities. On the basis of the representations, warranties and agreements herein contained, but subject to the terms and
conditions herein set forth, the Company and the Agent agree that the Company may from time to time seek to sell Shares through the Agent, acting as sales agent, or directly to the Agent, acting as principal, as follows, with an aggregate Sales
Price of up to the Maximum Program Amount, based on and in accordance with Issuance Notices as the Company may deliver, during the Agency Period. 

(b) Mechanics of Issuances. 

(i) Issuance Notice. Upon the terms and subject to the conditions set forth herein, on any Trading Day during the Agency Period on which
the conditions set forth in Section 5(a) and Section 5(b) shall have been satisfied, the Company may exercise its right to request an issuance of Shares by delivering to the Agent an Issuance
Notice; provided, however, that (A) in no event may the Company deliver an Issuance Notice to the extent that (I) the sum of (x) the aggregate Sales Price of the requested Issuance Amount, plus (y) the aggregate Sales Price of
all Shares issued under all previous Issuance Notices effected pursuant to this Agreement, would exceed the Maximum Program Amount; and (B) prior to delivery of any Issuance Notice, the period set forth for any previous Issuance Notice shall
have expired or been terminated. An Issuance Notice shall be considered delivered on the Trading Day that it is received by e mail to the persons set forth in Schedule A hereto and confirmed by the Company by telephone (including a voicemail message
to the persons so identified), with the understanding that, with adequate prior written notice, the Agent may modify the list of such persons from time to time. 

(ii) Agent Efforts. Upon the terms and subject to the conditions set forth in this Agreement, upon the receipt of an Issuance Notice,
the Agent will use its commercially reasonable efforts consistent with its normal sales and trading practices to place the Shares with respect to which the Agent has agreed to act as sales agent, subject to, and in accordance with the information
specified in, the Issuance Notice, unless the sale of the Shares described therein has been suspended, cancelled or otherwise terminated in accordance with the terms of this Agreement. For the avoidance of doubt, the parties to this Agreement may
modify an Issuance Notice at any time provided they both agree in writing to any such modification. 
 (iii) Method of Offer and Sale.
The Shares may be offered and sold (A) in negotiated transactions with the consent of the Company or (B) by any other method permitted by law deemed to be an “at the market offering” as defined in Rule 415(a)(4) under the
Securities Act, including block transactions, sales made directly on the Principal Market or sales made into any other existing trading market of the Common Shares. Nothing in this Agreement shall be deemed to require either party to agree to the
method of offer and sale specified in the preceding sentence, and (except as specified in clause (A) above) the method of placement of any Shares by the Agent shall be at the Agent’s discretion. 

  
 18 

 (iv) Confirmation to the Company. If acting as sales agent hereunder, the
Agent will provide written confirmation to the Company no later than the opening of the Trading Day next following the Trading Day on which it has placed Shares hereunder setting forth the number of Shares sold on such Trading Day, the corresponding
Sales Price and the Issuance Price payable to the Company in respect thereof. 
 (v) Settlement. On each Settlement Date, subject to
delivery of the related Issuance Price (or, if the related Issuance Price cannot be delivered to the Company on or prior to such Settlement Date, delivery of a written confirmation by the Agent that the Agent is keeping such Issuance Price in escrow
for the sole benefit and at the instruction of the Company, with such Issuance Price in that case to be delivered to the Company promptly following the Settlement Date) by the Agent to the Company, the Company will issue the relevant Shares to its
transfer agent pursuant to a Deed of Issue and the Company will cause its transfer agent to electronically transfer such Shares by crediting the account of the Agent or its designee (provided the Agent shall have given the Company written notice of
such designee at least one (1) Trading Day prior to such Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal at Custodian System (“DWAC”) or by such other means of delivery as may be mutually
agreed upon by the parties hereto which in all cases shall be freely tradeable, transferable, registered shares in good deliverable form. The Agent will deliver the related Issuance Price in same day funds to an account designated by the Company
(or, if the related Issuance Price cannot be delivered to the Company on or prior to such Settlement Date, a written confirmation by the Agent that the Agent is keeping such Issuance Price in escrow for the sole benefit and at the instruction of the
Company, with such Issuance Price in that case to be delivered to the Company promptly following the Settlement Date) on, or prior to, the Settlement Date and in any event before the execution by the Company of the relevant Deed of Issue. The Agent
shall be responsible for providing DWAC instructions or other instructions for delivery by other means with regard to the transfer of the relevant Shares. The Company agrees that if the Company or its transfer agent (if applicable), defaults in its
obligation to deliver duly authorized Shares on a Settlement Date (other than as a result of a failure by the Agent to provide instructions for delivery), the Company agrees that in addition to and in no way limiting the rights and obligations set
forth in Section 6(b) hereto, it will (i) hold the Agent harmless against any loss, claim, damage, or reasonable and documented expense (including reasonable and documented legal fees and expenses), as incurred, arising out of or in connection with
such default by the Company and (ii) pay to the Agent (without duplication) any commission, discount, or other compensation to which it would otherwise have been entitled absent such default. The Company may sell Shares to the Agent as principal at
a price agreed upon at each relevant time Shares are sold pursuant to this Agreement (each, a “Time of Sale”). 
 (vi)
Suspension or Termination of Sales. Consistent with standard market settlement practices, the Company or the Agent may, upon notice to the other party hereto in writing or by telephone (confirmed immediately by verifiable email),
suspend any sale of Shares, and the period set forth in an Issuance Notice shall immediately terminate; provided, however, that (A) such suspension and termination shall not affect or impair either party’s obligations with respect to any
Shares placed or sold hereunder prior to the receipt of such notice; (B) if the Company suspends or terminates any sale of Shares after the Agent confirms such sale to the Company, the Company shall still be obligated to comply with
Section 3(b)(v) with respect to such Shares; and (C) if the Company defaults in its obligation to deliver Shares on a Settlement Date (other than as a result of a failure by the Agent of its obligations under this
Agreement), the Company agrees that it will (1) hold the Agent harmless against any loss, claim, damage or expense (including, without limitation, penalties, interest and reasonable legal fees and expenses), as incurred, arising out of or in
connection with such default by the Company and (2) pay to the Agent (without duplication) any commission, discount, or other compensation to which it would otherwise have been entitled absent such default. The parties hereto acknowledge and
agree that, in performing its obligations under this Agreement, the Agent may borrow Common Shares from stock lenders in the event that the Company has not delivered Shares to settle sales as required by subsection (v) above, and may use the
Shares to settle or close out such borrowings. The Company agrees that no such notice shall be effective against the Agent unless it is made to the persons identified in writing by the Agent pursuant to Section 3(b)(i).

  
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 (vii) No Guarantee of Placement, Etc. The Company acknowledges and agrees that
(A) there can be no assurance that the Agent will be successful in placing Shares; (B) the Agent will incur no liability or obligation to the Company or any other Person if it does not sell Shares; and (C) the Agent shall be under no
obligation to purchase Shares on a principal basis pursuant to this Agreement, except as otherwise specifically agreed by the Agent and the Company. 

(viii) Material Non-Public Information. Notwithstanding any other provision of this Agreement,
the Company and the Agent agree that the Company shall not deliver any Issuance Notice to the Agent, and the Agent shall not be obligated to place any Shares, during any period in which the Company is in possession of material non-public information. 
 (c) Fees. As compensation for services rendered, the Company shall pay to
the Agent, on the applicable Settlement Date, the Selling Commission for the applicable Issuance Amount (including with respect to any suspended or terminated sale pursuant to Section 3(b)(vi)) by the Agent deducting the
Selling Commission from the applicable Issuance Amount. 
 (d) Expenses. The Company agrees to pay all costs, fees and expenses
incurred in connection with the performance of its obligations hereunder and in connection with the transactions contemplated hereby, including without limitation (i) all expenses incident to the issuance and delivery of the Shares (including
all printing and engraving costs); (ii) all fees and expenses of the registrar and transfer agent of the Shares; (iii) all necessary stamp duties, issuance and transfer taxes and other documentary taxes in connection with the issuance and sale
of the Shares; (iv) all fees and expenses of the Company’s counsel, independent public or certified public accountants and other advisors; (v) all costs and expenses incurred in connection with the preparation, printing, filing,
shipping and distribution of the Registration Statement (including financial statements, exhibits, schedules, consents and certificates of experts), the Prospectus, any Free Writing Prospectus (as defined below) prepared by or on behalf of, used by,
or referred to by the Company, and all amendments and supplements thereto, and this Agreement; (vi) all filing fees, attorneys’ fees and expenses incurred by the Company or the Agent in connection with qualifying or registering (or
obtaining exemptions from the qualification or registration of) all or any part of the Shares for offer and sale under the state securities or blue sky laws or the provincial securities laws of Canada, and, if requested by the Agent, preparing and
printing a “Blue Sky Survey” or memorandum and a “Canadian wrapper”, and any supplements thereto, advising the Agent of such qualifications, registrations, determinations and exemptions; (vii) the reasonable fees and
disbursements of the Agent’s counsel, including the reasonable fees and expenses of counsel for the Agent in connection with, FINRA review, if any, and approval of the Agent’s participation in the offering and distribution of the Shares;
(viii) the filing fees incident to FINRA review, if any; (ix) the costs and expenses of the Company relating to investor presentations on any “road show” undertaken in connection with the marketing of the offering of the Shares,
including, without limitation, expenses associated with the preparation or dissemination of any electronic road show, expenses associated with the production of road show slides and graphics, 

  
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fees and expenses of any consultants engaged in connection with the road show presentations with the prior approval of the Company, travel and lodging expenses of the representatives, employees
and officers of the Company and of the Agent and any such consultants, and the cost of any aircraft chartered in connection with the road show; and (x) the fees and expenses associated with listing the Shares on the Principal Market. The fees
and disbursements of Agent’s U.S. counsel pursuant to subsections (vi) and (vii) above shall not exceed $50,000 and the fees and disbursements of Agent’s Dutch counsel shall not exceed $20,000, in each case, in connection with the
execution of this Agreement. In connection with each Triggering Event Date (as defined below) on which the Company is required to provide a certificate pursuant to Section 4(o), the fees and disbursements of Agent’s
U.S. and Dutch counsels shall not exceed $20,000. 
 Section 4. ADDITIONAL COVENANTS 

The Company covenants and agrees with the Agent as follows, in addition to any other covenants and agreements made elsewhere in this Agreement:

 (a) Exchange Act Compliance. During the Agency Period, the Company shall (i) file, on a timely basis, with the Commission all
reports and documents required to be filed under Section 13, 14 or 15 of the Exchange Act in the manner and within the time periods required by the Exchange Act; and (ii) either (A) include in its quarterly reports on Form 10-Q and its annual reports on Form 10-K, a summary detailing, for the relevant reporting period, (1) the number of Shares sold through the Agent pursuant to this
Agreement and (2) the net proceeds received by the Company from such sales or (B) prepare a prospectus supplement containing, or include in such other filing permitted by the Securities Act or Exchange Act (each an “Interim
Prospectus Supplement”), such summary information and, at least once a quarter and subject to this Section 4, file such Interim Prospectus Supplement pursuant to Rule 424(b) under the Securities Act (and within the
time periods required by Rule 424(b) and Rule 430B under the Securities Act)). 
 (b) Securities Act Compliance. After the date of
this Agreement, the Company shall promptly advise the Agent in writing (i) of the receipt of any comments of, or requests for additional or supplemental information from, the Commission; (ii) of the time and date of any filing of any
post-effective amendment to the Registration Statement, any Rule 462(b) Registration Statement or any amendment or supplement to the Prospectus, any Free Writing Prospectus; (iii) of the time and date that any post-effective amendment to the
Registration Statement or any Rule 462(b) Registration Statement becomes effective; and (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto,
any Rule 462(b) Registration Statement or any amendment or supplement to the Prospectus or of any order preventing or suspending the use of any Free Writing Prospectus or the Prospectus, or of any proceedings to remove, suspend or terminate from
listing or quotation the Common Shares from any securities exchange upon which they are listed for trading or included or designated for quotation, or of the threatening or initiation of any proceedings for any of such purposes. If the Commission
shall enter any such stop order at any time, the Company will use its best efforts to obtain the lifting of such order as soon as practicable. Additionally, the Company agrees that it shall comply with the provisions of Rule 424(b) and Rule 433, as
applicable, under the Securities Act and will use its reasonable efforts to confirm that any filings made by the Company under such Rule 424(b) or Rule 433 were received in a timely manner by the Commission. 

  
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 (c) Amendments and Supplements to the Prospectus and Other Securities Act Matters. If
any event shall occur or condition exist as a result of which it is necessary to amend or supplement the Prospectus so that the Prospectus does not include an untrue statement of a material fact or omit to state a material fact necessary in order to
make the statements therein, in the light of the circumstances when the Prospectus is delivered to a purchaser, not misleading, or if in the opinion of the Agent or counsel for the Agent it is otherwise necessary to amend or supplement the
Prospectus to comply with applicable law, including the Securities Act, the Company agrees (subject to Section 4(d) and Section 4(f)) to promptly prepare, file with the Commission and furnish at
its own expense to the Agent, amendments or supplements to the Prospectus so that the statements in the Prospectus as so amended or supplemented will not include an untrue statement of a material fact or omit to state a material fact necessary in
order to make the statements therein, in the light of the circumstances when the Prospectus is delivered to a purchaser, not misleading or so that the Prospectus, as amended or supplemented, will comply with applicable law including the Securities
Act. Neither the Agent’s consent to, or delivery of, any such amendment or supplement shall constitute a waiver of any of the Company’s obligations under Section 4(d) and Section 4(f).

 (d) Agent’s Review of Proposed Amendments and Supplements. During any period during which an Issuance Notice is
pending, prior to amending or supplementing the Registration Statement (including any registration statement filed under Rule 462(b) under the Securities Act) or the Prospectus (excluding any amendment or supplement through incorporation of any
report filed under the Exchange Act), the Company shall furnish to the Agent for review, a reasonable amount of time prior to the proposed time of filing or use thereof, a copy of each such proposed amendment or supplement, and the Company shall not
file or use any such proposed amendment or supplement without the Agent’s prior consent, and to file with the Commission within the applicable period specified in Rule 424(b) under the Securities Act any prospectus required to be filed pursuant
to such Rule. 
 (e) Use of Free Writing Prospectus. Neither the Company nor the Agent has prepared, used, referred to or distributed,
or will prepare, use, refer to or distribute, without the other party’s prior written consent, any “written communication” that constitutes a “free writing prospectus” as such terms are defined in Rule 405 under the
Securities Act with respect to the offering contemplated by this Agreement (any such free writing prospectus being referred to herein as a “Free Writing Prospectus”). 

(f) Free Writing Prospectuses. The Company shall furnish to the Agent for review, a reasonable amount of time prior to the proposed time
of filing or use thereof, a copy of each proposed Free Writing Prospectus or any amendment or supplement thereto to be prepared by or on behalf of, used by, or referred to by the Company and the Company shall not file, use or refer to any proposed
Free Writing Prospectus or any amendment or supplement thereto without the Agent’s consent. The Company shall furnish to the Agent, without charge, as many copies of any Free Writing Prospectus prepared by or on behalf of, or used by the
Company, as the Agent may reasonably request. If at any time when a prospectus is required by the Securities Act (including, without limitation, pursuant to Rule 173(d)) to be delivered in connection with sales of the Shares (but in any event if at
any time through and including the date of this Agreement) there occurred or occurs an event or development as a result of which any Free Writing Prospectus prepared by or on behalf of, used by, or referred to by the Company conflicted or would
conflict with the 

  
 22 

 
information contained in the Registration Statement or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to
make the statements therein, in the light of the circumstances prevailing at that subsequent time, not misleading, the Company shall promptly amend or supplement such Free Writing Prospectus to eliminate or correct such conflict or so that the
statements in such Free Writing Prospectus as so amended or supplemented will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
prevailing at such subsequent time, not misleading, as the case may be; provided, however, that prior to amending or supplementing any such Free Writing Prospectus, the Company shall furnish to the Agent for review, a reasonable amount of time prior
to the proposed time of filing or use thereof, a copy of such proposed amended or supplemented Free Writing Prospectus and the Company shall not file, use or refer to any such amended or supplemented Free Writing Prospectus without the Agent’s
consent. 
 (g) Filing of Agent Free Writing Prospectuses. The Company shall not take any action that would result in the Agent or the
Company being required to file with the Commission pursuant to Rule 433(d) under the Securities Act a free writing prospectus prepared by or on behalf of the Agent that the Agent otherwise would not have been required to file thereunder. 

(h) Copies of Registration Statement and Prospectus. After the date of this Agreement through the last time that a prospectus is
required by the Securities Act (including, without limitation, pursuant to Rule 173(d)) to be delivered in connection with sales of the Shares, the Company agrees to furnish the Agent with copies (which may be electronic copies) of the Registration
Statement and each amendment thereto, and with copies of the Prospectus and each amendment or supplement thereto in the form in which it is filed with the Commission pursuant to the Securities Act or Rule 424(b) under the Securities Act, both in
such quantities as the Agent may reasonably request from time to time; and, if the delivery of a prospectus is required under the Securities Act or under the blue sky or securities laws of any jurisdiction at any time on or prior to the applicable
Settlement Date for any period set forth in an Issuance Notice in connection with the offering or sale of the Shares and if at such time any event has occurred as a result of which the Prospectus as then amended or supplemented would include an
untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made when such Prospectus is delivered, not misleading, or, if for any
other reason it is necessary during such same period to amend or supplement the Prospectus or to file under the Exchange Act any document incorporated by reference in the Prospectus in order to comply with the Securities Act or the Exchange Act, to
notify the Agent and to request that the Agent suspend offers to sell Shares (and, if so notified, the Agent shall cease such offers as soon as practicable); and if the Company decides to amend or supplement the Registration Statement or the
Prospectus as then amended or supplemented, to advise the Agent promptly by telephone (with confirmation in writing) and to prepare and cause to be filed promptly with the Commission an amendment or supplement to the Registration Statement or the
Prospectus as then amended or supplemented that will correct such statement or omission or effect such compliance; provided, however, that if during such same period the Agent is required to deliver a prospectus in respect of transactions in the
Shares, the Company shall promptly prepare and file with the Commission such an amendment or supplement. 

  
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 (i) Blue Sky Compliance. The Company shall cooperate with the Agent and counsel for
the Agent to qualify or register the Shares for sale under (or obtain exemptions from the application of) the state securities or blue sky laws or Canadian provincial securities laws of those jurisdictions designated by the Agent, shall comply with
such laws and shall continue such qualifications, registrations and exemptions in effect so long as required for the distribution of the Shares. The Company shall not be required to qualify as a foreign corporation or to take any action that would
subject it to general service of process in any such jurisdiction where it is not presently qualified or where it would be subject to taxation as a foreign corporation. The Company will advise the Agent promptly of the suspension of the
qualification or registration of (or any such exemption relating to) the Shares for offering, sale or trading in any jurisdiction or any initiation or threat of any proceeding for any such purpose, and in the event of the issuance of any order
suspending such qualification, registration or exemption, the Company shall use its best efforts to obtain the withdrawal thereof as soon as practicable. 

(j) Earnings Statement. As soon as practicable, the Company will make generally available to its security holders and to the Agent an
earnings statement (which need not be audited) covering a period of at least twelve months beginning with the first fiscal quarter of the Company occurring after the date of this Agreement which shall satisfy the provisions of Section 11(a) of
the Securities Act and Rule 158 under the Securities Act. 
 (k) Listing; Reservation of Shares. (a) The Company will maintain
the listing of the Shares on the Principal Market; and (b) the Company will reserve and keep available at all times, free of preemptive rights, Shares for the purpose of enabling the Company to satisfy its obligations under this Agreement. 

(l) Transfer Agent. The Company shall engage and maintain, at its expense, a registrar and transfer agent for the Shares. 

(m) Due Diligence. During the term of this Agreement, the Company will reasonably cooperate with any reasonable due diligence review
conducted by the Agent in connection with the transactions contemplated hereby, including, without limitation, providing information and making available documents and senior corporate officers, during normal business hours and at the Company’s
principal offices, as the Agent may reasonably request from time to time. 
 (n) Representations and Warranties. The Company
acknowledges that each delivery of an Issuance Notice and each delivery of Shares on a Settlement Date shall be deemed to be (i) an affirmation to the Agent that the representations and warranties of the Company contained in or made pursuant to
this Agreement are true and correct as of the date of such Issuance Notice or of such Settlement Date, as the case may be, as though made at and as of each such date, except as may be disclosed in the Prospectus (including any documents incorporated
by reference therein and any supplements thereto); and (ii) an undertaking that the Company will advise the Agent if any of such representations and warranties will not be true and correct as of the Settlement Date for the Shares relating to
such Issuance Notice, as though made at and as of each such date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares). 

  
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 (o) Deliverables at Triggering Event Dates; Certificates. The Company agrees that on
or prior to the date of the first Issuance Notice and, during the term of this Agreement after the date of the first Issuance Notice, upon: 

(A) the filing of the Prospectus or the amendment or supplement of any Registration Statement or Prospectus (other than a prospectus supplement
relating solely to an offering of securities other than the Shares or a prospectus filed pursuant to Section 4(a)(ii)(B)), by means of a post-effective amendment, sticker or supplement, but not by means of incorporation of
documents by reference into the Registration Statement or Prospectus; 
 (B) the filing with the Commission of an annual report on Form 10-K or a quarterly report on Form 10-Q (including any Form 10-K/A or Form 10-Q/A containing
amended financial information or a material amendment to the previously filed annual report on Form 10-K or quarterly report on Form 10-Q), in each case, of the Company;
or 
 (C) the filing with the Commission of a current report on Form 8-K of the Company containing
amended financial information (other than information “furnished” pursuant to Item 2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to Item 8.01 of Form
8-K relating to reclassification of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards No. 144) that is material to the offering of securities of
the Company in the Agent’s reasonable discretion; 
 (any such event, a “Triggering Event Date”), the Company shall furnish the Agent
(but in the case of clause (C) above only if the Agent reasonably determines that the information contained in such current report on Form 8-K of the Company is material) with a certificate as of the
Triggering Event Date, in the form and substance satisfactory to the Agent and its counsel, substantially similar to the form previously provided to the Agent and its counsel, modified, as necessary, to relate to the Registration Statement and the
Prospectus as amended or supplemented, (A) confirming that the representations and warranties of the Company contained in this Agreement are true and correct, (B) confirming that the Company has performed all of its obligations hereunder
to be performed on or prior to the date of such certificate and as to the matters set forth in Section 5(a)(iii) hereof, and (C) containing any other certification that the Agent shall reasonably request. The
requirement to provide a certificate under this Section 4(o) shall be waived for any Triggering Event Date occurring at a time when no Issuance Notice is pending or a suspension is in effect, which waiver shall continue
until the earlier to occur of the date the Company delivers instructions for the sale of Shares hereunder (which for such calendar quarter shall be considered a Triggering Event Date) and the next occurring Triggering Event Date. Notwithstanding the
foregoing, if the Company subsequently decides to sell Shares following a Triggering Event Date when a suspension was in effect and did not provide the Agent with a certificate under this Section 4(o), then before the
Company delivers the instructions for the sale of Shares or the Agent sells any Shares pursuant to such instructions, the Company shall provide the Agent with a certificate in conformity with this Section 4(o) dated as of
the date that the instructions for the sale of Shares are issued. 

  
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 (p) Legal Opinions. On or prior to the date of the first Issuance Notice and on or
prior to each Triggering Event Date with respect to which the Company is obligated to deliver a certificate pursuant to Section 4(o) for which no waiver is applicable and excluding the date of this Agreement, a negative
assurances letter and the written legal opinion of Latham & Watkins LLP, counsel to the Company; a written legal opinion of NautaDutilh N.V., Dutch counsel for the Company; and the written legal opinion of the Company’s outside
intellectual property counsel, each dated the date of delivery, in form and substance reasonably satisfactory to Agent and its counsel, substantially similar to the form previously provided to the Agent and its counsel, modified, as necessary, to
relate to the Registration Statement and the Prospectus as then amended or supplemented. In lieu of such opinions for subsequent periodic filings, in the discretion of the Agent, the Company may furnish a reliance letter from such counsel to the
Agent, permitting the Agent to rely on a previously delivered opinion letter, modified as appropriate for any passage of time or Triggering Event Date (except that statements in such prior opinion shall be deemed to relate to the Registration
Statement and the Prospectus as amended or supplemented as of such Triggering Event Date). 
 (q) Comfort Letter. On or prior to the
date of the first Issuance Notice and on or prior to each Triggering Event Date with respect to which the Company is obligated to deliver a certificate pursuant to Section 4(o) for which no waiver is applicable and
excluding the date of this Agreement, the Company shall cause KPMG Accountants N.V., the independent registered public accounting firm who has audited the financial statements included or incorporated by reference in the Registration Statement, to
furnish the Agent a comfort letter, dated the date of delivery, in form and substance reasonably satisfactory to the Agent and its counsel, substantially similar to the form previously provided to the Agent and its counsel; provided, however, that
any such comfort letter will only be required on the Triggering Event Date specified to the extent that it contains financial statements filed with the Commission under the Exchange Act and incorporated or deemed to be incorporated by reference into
a Prospectus. If requested by the Agent, the Company shall also cause a comfort letter to be furnished to the Agent within ten (10) Trading Days of the date of occurrence of any material transaction or event requiring the filing of a current
report on Form 8-K containing material amended financial information of the Company, including the restatement of the Company’s financial statements. The Company shall be required to furnish no more than
one comfort letter hereunder per each filing of an annual report on Form 10-K or a quarterly report on Form 10-Q. 

(r) Secretary’s Certificate. On or prior to the date of the first Issuance Notice and on or prior to each Triggering
Event Date, the Company shall furnish the Agent a certificate executed by the Secretary of the Company, signing in such capacity, dated the date of delivery (i) certifying that attached thereto are true and complete copies of the resolutions
duly adopted by the Board of Directors of the Company authorizing the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby (including, without limitation, the issuance of the Shares pursuant to this
Agreement), which authorization shall be in full force and effect on and as of the date of such certificate, (ii) certifying and attesting to the office, incumbency, due authority and specimen signatures of each Person who executed this
Agreement for or on behalf of the Company, and (iii) containing any other certification that the Agent shall reasonably request; provided, however, that if the Secretary of the Company is unavailable to execute such certificate, the General
Counsel or another executive officer of the Company may deliver this certificate in such person’s capacity as an executive officer of the Company. 

(s) Agent’s Own Account; Clients’ Account. The Company consents to the Agent trading, in compliance with applicable law, in
the Common Shares for the Agent’s own account and for the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement. 

  
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 (t) Investment Limitation. The Company shall not invest, or otherwise use the
proceeds received by the Company from its sale of the Shares in such a manner as would require the Company or any of its subsidiaries to register as an investment company under the Investment Company Act. 

(u) Market Activities. The Company will not take, directly or indirectly, any action designed to or that might be reasonably expected to
cause or result in stabilization or manipulation of the price of the Shares or any other reference security, whether to facilitate the sale or resale of the Shares or otherwise, and the Company will, and shall cause each of its affiliates to, comply
with all applicable provisions of Regulation M. If the limitations of Rule 102 of Regulation M (“Rule 102”) do not apply with respect to the Shares or any other reference security pursuant to any exception set forth in Section
(d) of Rule 102, then promptly upon notice from the Agent (or, if later, at the time stated in the notice), the Company will, and shall cause each of its affiliates to, comply with Rule 102 as though such exception were not available but the
other provisions of Rule 102 (as interpreted by the Commission) did apply. The Company shall promptly notify the Agent if it no longer meets the requirements set forth in Section (d) of Rule 102. 

(v) Notice of Other Sale. Without the written consent of the Agent, the Company will not, directly or indirectly, offer to sell, sell,
contract to sell, grant any option to sell or otherwise dispose of any Common Shares or securities convertible into or exchangeable for Common Shares (other than Shares hereunder), warrants or any rights to purchase or acquire Common Shares, or
effect a reverse share split, recapitalization, share consolidation, reclassification or similar transaction affecting the outstanding Common Shares, during the period beginning on the date on which any Issuance Notice is delivered to the Agent
hereunder and ending on the third Trading Day immediately following the Settlement Date with respect to Shares sold pursuant to such Issuance Notice; and will not directly or indirectly enter into any other “at the market” or continuous
equity transaction offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Common Shares (other than the Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for Common Shares,
warrants or any rights to purchase or acquire, Common Shares prior to the termination of this Agreement; provided, however, that such restrictions will not be required in connection with the Company’s (i) issuance or sale of Common Shares,
options or other equity awards to purchase or acquire Common Shares or Common Shares issuable upon the exercise of options or other equity awards pursuant to any employee or director share option, incentive or benefit plan, share purchase or
ownership plan, long-term incentive plan, dividend reinvestment plan, inducement award under Nasdaq rules or other compensation plan of the Company or its subsidiaries, (ii) issuance or sale of Common Shares issuable upon exchange, conversion
or redemption of securities or the exercise or vesting of warrants, options or other equity awards, (iii) modification of any outstanding options, warrants or any rights to purchase or acquire Common Shares and (iv) Common Shares issued in
connection with any joint venture, commercial or collaborative relationship or the acquisition or license by the Company of the securities, businesses, property or other assets of another person or entity or pursuant to any employee benefit plan as
assumed by the Company in connection with any such acquisition; provided, however, that in the case of clause (iv), such Common Shares shall not in the aggregate exceed 7.5% of the Company’s outstanding Common Shares following such issuance.

  
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 Section 5. CONDITIONS TO DELIVERY OF ISSUANCE NOTICES AND TO SETTLEMENT 

(a) Conditions Precedent to the Right of the Company to Deliver an Issuance Notice and the Obligation of the Agent to Sell Shares. The
right of the Company to deliver an Issuance Notice hereunder is subject to the satisfaction, on the date of delivery of such Issuance Notice, and the obligation of the Agent to use its commercially reasonable efforts to place Shares during the
applicable period set forth in the Issuance Notice is subject to the satisfaction, on each Trading Day during the applicable period set forth in the Issuance Notice, of each of the following conditions: 

(i) Accuracy of the Company’s Representations and Warranties; Performance by the Company. The Company shall have delivered the
certificate required to be delivered pursuant to Section 4(o) on or before the date on which delivery of such certificate is required pursuant to Section 4(o). The Company shall have performed,
satisfied and complied with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior to such date, including, but not limited to, the covenants contained in
Section 4(p), Section 4(q) and Section 4(r). 
 (ii) No
Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction or any self-regulatory
organization having authority over the matters contemplated hereby that prohibits or directly and materially adversely affects any of the transactions contemplated by this Agreement, and no proceeding shall have been commenced that may have the
effect of prohibiting or materially adversely affecting any of the transactions contemplated by this Agreement. 
 (iii) Material Adverse
Changes. Except as disclosed in the Prospectus and the Time of Sale Information, (a) in the judgment of the Agent there shall not have occurred any material adverse change, or any development that could be expected to result in a material
adverse change, in (A) the condition, financial or otherwise, or in the earnings, business, properties, operations, operating results, assets, liabilities or prospects , whether or not arising from transactions in the ordinary course of
business, of the Company and its subsidiaries, considered as one entity or (B) the ability of the Company to consummate the transactions contemplated by this Agreement or perform its obligations hereunder; and (b) there shall not have
occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading or of any review for a possible change that does not indicate the direction of the possible change, in the rating accorded any securities of the
Company or any of its subsidiaries by any “nationally recognized statistical rating organization” as such term is defined for purposes of Section 3(a)(62) of the Exchange Act. 

  
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 (iv) No Suspension of Trading in or Delisting of Common Shares; Other Events. The
trading of the Common Shares (including without limitation the Shares) shall not have been suspended by the Commission, the Principal Market or FINRA and the Common Shares (including without limitation the Shares) shall have been approved for
listing or quotation on and shall not have been delisted from the Nasdaq Stock Market, the New York Stock Exchange or any of their constituent markets. There shall not have occurred (and be continuing in the case of occurrences under clauses
(i) and (ii) below) any of the following: (i) trading or quotation in any of the Company’s securities shall have been suspended or limited by the Commission or by the Principal Market or trading in securities generally on the
Principal Market shall have been suspended or limited, or minimum or maximum prices shall have been generally established on such stock exchanges by the Commission or FINRA; (ii) a general banking moratorium shall have been declared by any of
federal or New York, authorities; or (iii) there shall have occurred any outbreak or escalation of national or international hostilities or any crisis or calamity, or any change in the United States or international financial markets, or any
substantial change or development involving a prospective substantial change in United States’ or international political, financial or economic conditions, as in the judgment of the Agent is material and adverse and makes it impracticable to
market the Shares in the manner and on the terms described in the Prospectus or to enforce contracts for the sale of securities. 
 (b)
Documents Required to be Delivered on each Issuance Notice Date. The Agent’s obligation to use its commercially reasonable efforts to place Shares hereunder shall additionally be conditioned upon the delivery to the Agent
on or before the Issuance Notice Date of a certificate in form and substance reasonably satisfactory to the Agent, executed by the Chief Executive Officer, President or Principal Financial Officer of the Company, to the effect that all conditions to
the delivery of such Issuance Notice shall have been satisfied as at the date of such certificate (which certificate shall not be required if the foregoing representations shall be set forth in the Issuance Notice). 

(c) No Misstatement or Material Omission. Agent shall not have advised the Company that the Registration Statement, the Prospectus or
the Times of Sale Information, or any amendment or supplement thereto, contains an untrue statement of fact that in the Agent’s reasonable opinion is material, or omits to state a fact that in the Agent’s reasonable opinion is material and
is required to be stated therein or is necessary to make the statements therein not misleading. 
 (d) Agent Counsel Legal Opinion.
Agent shall have received from Cooley LLP, counsel for Agent, such opinion or opinions, on or before the date on which the delivery of the Company counsel legal opinion is required pursuant to Section 4(p), with respect to
such matters as Agent may reasonably require, and the Company shall have furnished to such counsel such documents as they request for enabling them to pass upon such matters. 

Section 6. INDEMNIFICATION AND CONTRIBUTION 

(a) Indemnification of the Agent. The Company agrees to indemnify and hold harmless the Agent, its officers and employees, and each
person, if any, who controls the Agent within the meaning of the Securities Act or the Exchange Act against any loss, claim, damage, liability or expense, as incurred, to which the Agent or such officer, employee or controlling person may become
subject, under the Securities Act, the Exchange Act, other federal or state statutory law or regulation, or the laws or regulations of foreign jurisdictions where Shares have been offered or sold or at common law or otherwise (including in
settlement of any litigation), insofar as such 

  
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loss, claim, damage, liability or expense (or actions in respect thereof as contemplated below) arises out of or is based upon (i) any untrue statement or alleged untrue statement of a
material fact contained in the Registration Statement, or any amendment thereto, including any information deemed to be a part thereof pursuant to Rule 430B under the Securities Act, or the omission or alleged omission therefrom of a material fact
required to be stated therein or necessary to make the statements therein not misleading; or (ii) any untrue statement or alleged untrue statement of a material fact contained in any Free Writing Prospectus that the Company has used, referred
to or filed, or is required to file, pursuant to Rule 433(d) of the Securities Act or the Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading and to reimburse the Agent and each such officer, employee and controlling person for any and all expenses (including the fees and disbursements of counsel chosen
by the Agent) as such expenses are reasonably incurred by the Agent or such officer, employee or controlling person in connection with investigating, defending, settling, compromising or paying any such loss, claim, damage, liability, expense or
action; provided, however, that the foregoing indemnity agreement shall not apply to any loss, claim, damage, liability or expense to the extent, but only to the extent, arising out of or based upon any untrue statement or alleged untrue statement
or omission or alleged omission made in reliance upon and in conformity with written information furnished to the Company by the Agent expressly for use in the Registration Statement, any such Free Writing Prospectus or the Prospectus (or any
amendment or supplement thereto), it being understood and agreed that the only such information furnished by the Agent to the Company consists of the information described in subsection (b) below. The indemnity agreement set forth in this
Section 6(a) shall be in addition to any liabilities that the Company may otherwise have. 
 (b) Indemnification
of the Company, its Directors and Officers. The Agent agrees to indemnify and hold harmless the Company, each of its directors, each of its officers who signed the Registration Statement and each person, if any, who controls the Company within
the meaning of the Securities Act or the Exchange Act against any loss, claim, damage, liability or expense, as incurred, to which the Company or any such director, officer or controlling person may become subject, under the Securities Act, the
Exchange Act, or other federal or state statutory law or regulation, or the laws or regulations of foreign jurisdictions where Shares have been offered or sold or at common law or otherwise (including in settlement of any litigation), arises out of
or is based upon (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, or any amendment thereto, including any information deemed to be a part thereof pursuant to Rule 430B under the
Securities Act, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading; or (ii) any untrue statement or alleged untrue statement of a material
fact contained in any Free Writing Prospectus that the Company has used, referred to or filed, or is required to file, pursuant to Rule 433(d) of the Securities Act or the Prospectus (or any amendment or supplement thereto), or the omission or
alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; but, for each of (i) and (ii) above, only to the extent arising out
of or based upon any untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information furnished to the Company by the Agent expressly for use in the Registration Statement,
any such Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto), it being understood and agreed that the only such 

  
 30 

 
information furnished by the Agent to the Company consists of the information set forth in the first sentence of the ninth paragraph under the caption “Plan of Distribution” in the
Prospectus, and to reimburse the Company and each such director, officer and controlling person for any and all expenses (including the fees and disbursements of one counsel chosen by the Company) as such expenses are reasonably incurred by the
Company or such officer, director or controlling person in connection with investigating, defending, settling, compromising or paying any such loss, claim, damage, liability, expense or action. The indemnity agreement set forth in this
Section 6(b) shall be in addition to any liabilities that the Agent or the Company may otherwise have. 
 (c)
Notifications and Other Indemnification Procedures. Promptly after receipt by an indemnified party under this Section 6 of notice of the commencement of any action, such indemnified party will, if a claim in respect
thereof is to be made against an indemnifying party under this Section 6, notify the indemnifying party in writing of the commencement thereof, but the omission so to notify the indemnifying party will not relieve it from
any liability which it may have to any indemnified party for contribution or otherwise than under the indemnity agreement contained in this Section 6 or to the extent it is not prejudiced as a proximate result of such
failure. In case any such action is brought against any indemnified party and such indemnified party seeks or intends to seek indemnity from an indemnifying party, the indemnifying party will be entitled to participate in, and, to the extent that it
shall elect, jointly with all other indemnifying parties similarly notified, by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel
reasonably satisfactory to such indemnified party; provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that a conflict may
arise between the positions of the indemnifying party and the indemnified party in conducting the defense of any such action or that there may be legal defenses available to it and/or other indemnified parties which are different from or additional
to those available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified
party or parties. Upon receipt of notice from the indemnifying party to such indemnified party of such indemnifying party’s election so to assume the defense of such action and approval by the indemnified party of counsel, the indemnifying
party will not be liable to such indemnified party under this Section 6 for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof unless (i) the indemnified
party shall have employed separate counsel in accordance with the proviso to the preceding sentence (it being understood, however, that the indemnifying party shall not be liable for the fees and expenses of more than one separate counsel (together
with local counsel), representing the indemnified parties who are parties to such action), which counsel (together with any local counsel) for the indemnified parties shall be selected by the indemnified party (in the case of counsel for the
indemnified parties referred to in Section 6(a) and Section 6(b) above), (ii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the
indemnified party within a reasonable time after notice of commencement of the action or (iii) the indemnifying party has authorized in writing the employment of counsel for the indemnified party at the expense of the indemnifying party, in
each of which cases the fees and expenses of counsel shall be at the expense of the indemnifying party and shall be paid as they are incurred. 

  
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 (d) Settlements. The indemnifying party under this
Section 6 shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to
indemnify the indemnified party against any loss, claim, damage, liability or expense by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to
reimburse the indemnified party for fees and expenses of counsel as contemplated by Section 6(c) hereof, the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its
written consent if (i) such settlement is entered into more than 30 days after receipt by such indemnifying party of the aforesaid request; and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with
such request prior to the date of such settlement. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement, compromise or consent to the entry of judgment in any pending or threatened action,
suit or proceeding in respect of which any indemnified party is or could have been a party and indemnity was or could have been sought hereunder by such indemnified party, unless such settlement, compromise or consent includes an unconditional
release of such indemnified party from all liability on claims that are the subject matter of such action, suit or proceeding. 
 (e)
Contribution. If the indemnification provided for in this Section 6 is for any reason held to be unavailable to or otherwise insufficient to hold harmless an indemnified party in respect of any losses, claims,
damages, liabilities or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount paid or payable by such indemnified party, as incurred, as a result of any losses, claims, damages, liabilities or expenses
referred to therein (i) in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Agent, on the other hand, from the offering of the Shares pursuant to this Agreement; or
(ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the
Company, on the one hand, and the Agent, on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative
benefits received by the Company, on the one hand, and the Agent, on the other hand, in connection with the offering of the Shares pursuant to this Agreement shall be deemed to be in the same respective proportions as the total gross proceeds from
the offering of the Shares (before deducting expenses) received by the Company bear to the total commissions received by the Agent. The relative fault of the Company, on the one hand, and the Agent, on the other hand, shall be determined by
reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or the Agent, on the
other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed
to include, subject to the limitations set forth in Section 6(c), any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. The provisions set
forth in Section 6(c) with respect to notice of commencement of any action shall apply if a claim for contribution is to be made under this Section 6(e); provided, however, that no additional
notice shall be required with respect to any action for which notice has been given under Section 6(c) for purposes of indemnification. 

  
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 The Company and the Agent agree that it would not be just and equitable if contribution
pursuant to this Section 6(e) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in this
Section 6(e). 
 Notwithstanding the provisions of this Section 6(e), the Agent shall
not be required to contribute any amount in excess of the Selling Commission received by the Agent in connection with the offering contemplated hereby. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 6(e), each officer and employee of the Agent and each person, if any,
who controls the Agent within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as the Agent, and each director of the Company, each officer of the Company who signed the Registration Statement, and
each person, if any, who controls the Company within the meaning of the Securities Act and the Exchange Act shall have the same rights to contribution as the Company. 

Section 7. TERMINATION & SURVIVAL 

(a) Term. Subject to the provisions of this Section 7, the term of this Agreement shall continue from the date
of this Agreement until the end of the Agency Period, unless earlier terminated by the parties to this Agreement pursuant to this Section 7. 

(b) Termination; Survival Following Termination. 

(i) Either party may terminate this Agreement prior to the end of the Agency Period, by giving written notice as required by this Agreement,
upon ten (10) Trading Days’ notice to the other party; provided that, (A) if the Company terminates this Agreement after the Agent confirms to the Company any sale of Shares, the Company shall remain obligated to comply with
Section 3(b)(v) with respect to such Shares and (B) Section 2, Section 3(d), Section 6, Section 7 and
Section 8 shall survive termination of this Agreement. If termination shall occur prior to the Settlement Date for any sale of Shares, such sale shall nevertheless settle in accordance with the terms of this Agreement. 

(ii) In addition to the survival provision of Section 7(b)(i), the respective indemnities, agreements,
representations, warranties and other statements of the Company, of its officers and of the Agent set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of the Agent
or the Company or any of its or their partners, officers or directors or any controlling person, as the case may be, and, anything herein to the contrary notwithstanding, will survive delivery of and payment for the Shares sold hereunder and any
termination of this Agreement. 

  
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 Section 8. MISCELLANEOUS 

(a) Press Releases and Disclosure. The Company may issue a press release describing the material terms of the transactions contemplated
hereby as soon as practicable following the date of this Agreement, and may file with the Commission a Current Report on Form 8 K, with this Agreement attached as an exhibit thereto, describing the material terms of the transactions contemplated
hereby, and the Company shall consult with the Agent prior to making such disclosures, and the parties hereto shall use all commercially reasonable efforts, acting in good faith, to agree upon a text for such disclosures that is reasonably
satisfactory to all parties hereto. No party hereto shall issue thereafter any press release or like public statement (including, without limitation, any disclosure required in reports filed with the Commission pursuant to the Exchange Act) related
to this Agreement or any of the transactions contemplated hereby without the prior written approval of the other party hereto, except as may be necessary or appropriate in the reasonable opinion of the party seeking to make disclosure to comply with
the requirements of applicable law or stock exchange rules. If any such press release or like public statement is so required, the party making such disclosure shall consult with the other party prior to making such disclosure, and the parties shall
use all commercially reasonable efforts, acting in good faith, to agree upon a text for such disclosure that is reasonably satisfactory to all parties hereto. 

(b) No Advisory or Fiduciary Relationship. The Company acknowledges and agrees that (i) the transactions contemplated by this
Agreement, including the determination of any fees, are arm’s-length commercial transactions between the Company and the Agent, (ii) when acting as a principal under this Agreement, the Agent is and
has been acting solely as a principal is not the agent or fiduciary of the Company, or its stockholders, creditors, employees or any other party, (iii) the Agent has not assumed nor will assume an advisory or fiduciary responsibility in favor
of the Company with respect to the transactions contemplated hereby or the process leading thereto (irrespective of whether the Agent has advised or is currently advising the Company on other matters) and the Agent does not have any obligation to
the Company with respect to the transactions contemplated hereby except the obligations expressly set forth in this Agreement, (iv) the Agent and its affiliates may be engaged in a broad range of transactions that involve interests that differ
from those of the Company, and (v) the Agent has not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated hereby and the Company has consulted its own legal, accounting, regulatory and tax
advisors to the extent it deemed appropriate. 
 (c) Research Analyst Independence. The Company acknowledges that the Agent’s
research analysts and research departments are required to and should be independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and as such the Agent’s research analysts may
hold views and make statements or investment recommendations and/or publish research reports with respect to the Company or the offering that differ from the views of their respective investment banking divisions. The Company understands that the
Agent is a full service securities firm and as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities
of the companies that may be the subject of the transactions contemplated by this Agreement. 
 (d) Notices. All communications
hereunder shall be in writing and shall be mailed, hand delivered or telecopied and confirmed to the parties hereto as follows: 

  
 34 

 If to the Agent: 

Jefferies LLC 
 520 Madison Avenue

 New York, NY 10022 

Facsimile: (646) 619-4437 

Attention: General Counsel 
 with
a copy (which shall not constitute notice) to: 
 Cooley LLP 

55 Hudson Yards 
 New York, NY
10001 
 Attention: Daniel I. Goldberg, Esq. 

Facsimile: (212) 479-6275 

If to the Company: 
 Merus N.V.

 Yalelaan 62 3584 CH 

Utrecht, the Netherlands 

Attention: General Counsel 
 with
a copy (which shall not constitute notice) to: 
 Latham & Watkins LLP 

200 Clarendon Street 
 Boston,
Massachusetts 02116 
 Attention: Peter N. Handrinos, Esq. 

Facsimile: 617-948-6001 

Any party hereto may change the address for receipt of communications by giving written notice to the others in accordance with this
Section 8(d). 
 (e) Successors. This Agreement will inure to the benefit of and be binding upon the parties
hereto, and to the benefit of the employees, officers and directors and controlling persons referred to in Section 6, and in each case their respective successors, and no other person will have any right or obligation
hereunder. The term “successors” shall not include any purchaser of the Shares as such from the Agent merely by reason of such purchase. 

(f) Partial Unenforceability. The invalidity or unenforceability of any Article, Section, paragraph or provision of this Agreement shall
not affect the validity or enforceability of any other Article, Section, paragraph or provision hereof. If any Article, Section, paragraph or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be
deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable. 

  
 35 

 (g) Governing Law Provisions; Consent to Jurisdiction; Appointment of Agent for Service;
Currency Provisions. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York applicable to agreements made and to be performed in such state. Any legal suit, action or proceeding arising
out of or based upon this Agreement or the transactions contemplated hereby (“Related Proceedings”) may be instituted in the Specified Courts, and each party irrevocably submits to the exclusive jurisdiction (except for proceedings
instituted in regard to the enforcement of a judgment of any such court, as to which such jurisdiction is non-exclusive (a “Related Judgment”)) of such courts in any such suit, action or
proceeding. Service of any process, summons, notice or document by mail to such party’s address set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court. The parties irrevocably
and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such suit, action or
other proceeding brought in any such court has been brought in an inconvenient forum. The Company and each other party not located in the United States has irrevocably appointed Merus U.S. Inc., which currently maintains an office at 139 Main
Street, Suite 302, Cambridge, Massachusetts 02142, United States of America, as its agent to receive service of process or other legal summons for purposes of any such suit, action or proceeding that may be instituted in any state or federal court
in the Borough of Manhattan in the City of New York, United States of America. 
 With respect to any Related Proceeding, each party
irrevocably waives, to the fullest extent permitted by applicable law, all immunity (whether on the basis of sovereignty or otherwise) from jurisdiction, service of process, attachment (both before and after judgment) and execution to which it might
otherwise be entitled in the Specified Courts, and with respect to any Related Judgment, each party waives any such immunity in the Specified Courts or any other court of competent jurisdiction, and will not raise or claim or cause to be pleaded any
such immunity at or in respect of any such Related Proceeding or Related Judgment, including, without limitation, any immunity pursuant to the United States Foreign Sovereign Immunities Act of 1976, as amended. 

The obligations of the Company pursuant to this Agreement in respect of any sum due to the Agent shall, notwithstanding any judgment in a
currency other than United States dollars, not be discharged until the first business day, following receipt by the Agent of any sum adjudged to be so due in such other currency, on which the Agent may in accordance with normal banking procedures
purchase United States dollars with such other currency. If the United States dollars so purchased are less than the sum originally due to the Agent in United States dollars hereunder, the Company agrees as a separate obligation and notwithstanding
any such judgment, to indemnify the Agent against such loss. If the United States dollars so purchased are greater than the sum originally due to the Agent hereunder, the Agent agrees to pay to the Company an amount equal to the excess of the
dollars so purchased over the sum originally due to the Agent hereunder. 
 All payments made by the Company under this Agreement shall be
made free and clear of any withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature (including any amounts that result from the payment of fees, compensation or
reimbursement of costs contemplated by this Agreement) imposed or levied by or on behalf of the Netherlands or by any department, agency or other political subdivision or any taxing authority thereof or therein, and all interest, penalties or
similar liabilities with respect thereto (collectively, “Dutch Taxes”), unless such deduction or withholding is required by law. If any Dutch Taxes are required by law to be deducted or withheld by the Company in connection with
such payment or repurchase, the Company will increase the amount 

  
 36 

 
to be paid to the Agent so that the full amount of such payment is received by the Agent, provided that the Company will not be required to pay any such additional amounts to the extent that the
obligation to withhold or deduct any amounts arises as a result of any present or former connection between the Agent and the relevant jurisdiction other than any such connection arising solely as a result of the transaction described in this
Agreement. 
 (h) General Provisions. This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes
all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. This Agreement may be executed in two or more counterparts, each one of which shall be an original, with
the same effect as if the signatures thereto and hereto were upon the same instrument. Any signature to this Agreement may be delivered by facsimile, electronic mail (including portable document format (PDF) file) or any electronic signature
complying with the U.S. federal ESIGN Act of 2000 or the New York Electronic Signature and Records Act or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective
for all purposes to the fullest extent permitted by applicable law. This Agreement may not be amended or modified unless in writing by all of the parties hereto, and no condition herein (express or implied) may be waived unless waived in writing by
each party whom the condition is meant to benefit. The Article and Section headings herein are for the convenience of the parties only and shall not affect the construction or interpretation of this Agreement. 

[Signature Page Immediately Follows] 

  
 37 

 If the foregoing is in accordance with your understanding of our agreement, kindly sign and
return to the Company the enclosed copies hereof, whereupon this instrument, along with all counterparts hereof, shall become a binding agreement in accordance with its terms 

 

			
	 Very truly yours,

	
	 MERUS N.V.

		
	By:	 	 /s/ Sven A. Lundberg
                    

		 	 Name: Sven (Bill) Ante Lundberg, M.D.

		 	 Title: President, Chief Executive Officer and Principal Financial Officer

 The foregoing Agreement is hereby confirmed and accepted by the Agent in New York, New York as of the
date first above written. 
  

			
	JEFFERIES LLC
		
	By:	 	 /s/ Matthew
Kim                

		 	Name: Matthew Kim
		 	Title: Managing Director

 EXHIBIT A 

ISSUANCE NOTICE 
 [Date] 

Jefferies LLC 
 520 Madison Avenue 

New York, New York 10022 
 Attn: [__________] 

Reference is made to the Open Market Sale AgreementSM between Merus N.V. (the “Company”)
and Jefferies LLC (the “Agent”) dated as of August 6, 2020. The Company confirms that all conditions to the delivery of this Issuance Notice are satisfied as of the date hereof. 

Date of Delivery of Issuance Notice (determined pursuant to Section 3(b)(i)): 

                          
           
 Issuance Amount (equal to the total Sales Price for such Shares): 

 

			
		  	$                                      
                                         
                                     
		
	Number of days in selling period:	  	  

		
	First date of selling period:	  	  

		
	Last date of selling period:	  	  

		
	Settlement Date(s) if other than standard T+2 settlement:	  	  

 Floor Price Limitation (in no event less than $1.00 without the prior written consent of the Agent, which consent may be
withheld in the Agent’s sole discretion, provided that the Floor Price per Share shall in no event be less than the nominal value thereof): $ ____ per share 
  

			
	 Comments:
	 	  

 

			
		 	  

		
	By:	 	  

		 	Name:
		 	Title:

 Schedule A 

Notice Parties 
 The Company 

Sven (Bill) Ante Lundberg (Chief Executive Officer, President and Principal Financial Officer) 

Peter B. Silverman (General Counsel and Head of Utrecht) 

The Agent 
 Donald Lynaugh 

Michael Magarro

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