Document:

Exhibit 10.19

	
  

  	
  Execution
  version Subscription Agreement
  between Chiesi Farmaceutici S.p.A., as the Investor and uniQure B.V., as the
  Company 

  

 

	
  

  	
  SUBSCRIPTION AGREEMENT THIS
  SUBSCRIPTION AGREEMENT is made on 29 April 2013 BETWEEN: 1 Chiesi Farmaceutici S.p.A., a
  company organized under the laws of Italy, with its offices at Via Palermo,
  26/A, 43122 Parma, Italy (the “Investor”); and 2 uniQure B.V., a private company with limited liability
  incorporated and existing under the laws of the Netherlands, having with its
  corporate seat at Amsterdam, the Netherlands and its registered address at
  Meibergdreef 61, 1105 BA Amsterdam Zuidoost, the Netherlands and registered
  with the trade register of the Chamber of Commerce for Amsterdam with
  registration number 54385229 (the “Company”). The Investor and the Company,
  hereinafter jointly referred to as the “Parties” and each of them
  individually as a “Party”. WHEREAS: (A) The investor and uniQure biopharma
  B.V. (a wholly-owned subsidiary of the Company) intend to enter into
  (i) a commercialisation agreement for the sale of Glybera® in Europe and
  certain other additional specified territories (the ‘Commercialisation
  Agreement”), and (ii) a co-development and license agreement in respect
  of a Hemophilia B gene therapy programme for certain European and other
  additional specified territories (the “Co- Development and License
  Agreement”). (B) Subject to the terms and conditions of this Agreement, the
  Parties have agreed that on Closing Date the Investor will subscribe for such
  number of new class C ordinary shares, with a nominal value of €0.01 each, in
  the capital of the Company as set out opposite the Investor’s name in
  Schedule 1 (the “Investor Shares”) for a subscription price of €2.52431 per
  Investor Share (the “Subscription Price”). (C) Immediately following the
  Closing, the Investor Shares will represent not less than 8.75% of the share
  capital of the Company, including dilution arising from existing warrants and
  share options. (D) Before Closing, the Company shall obtain approval by the
  Company’s shareholders meeting, in which it is resolved (i) to amend the
  Company’s articles of association, (ii) to issue the Investor Shares to
  the Investor against the Subscription Price per Investor Share on the terms
  as set forth in this Agreement, and (iii) to exclude the pre-emptive
  rights of the existing shareholders of the Company in relation to such share
  issuance. AGREE AS FOLLOWS: 1 Interpretation
  1.1 Unless explicitly stated otherwise, the following terms shall have the
  following meaning (and grammatical variations of such terms shall have
  corresponding meanings) in this Agreement: “Agreement” means this
  subscription agreement including the recitals and the Schedules thereto;

  

 

	
  

  	
  “Closing Date”
  means the date on which the Closing occurs, which shall be on the third
  business day following the date of this Agreement or such later date that the
  Company shall reasonably determine, and in any event not later than 30
  June 2013; “Closing” means the consummation of the transactions set out
  in clause 2 in accordance with clause 4; “Company” as defined above; “Company
  Warranties” means the representations and warranties made by the Company to
  the Investor contained in Schedule 2; “Encumbrance” means any right of
  pledge, mortgage, usufruct, retention of title or other security interest
  whatsoever and any arrest, charge, attachment, option or lien or any similar
  concept that limits free and unrestricted title and/or use, under any
  applicable law; “Investor” as defined above; “Investor Warranties” means the
  representations and warranties made by the Investor to the Company contained
  in Schedule 3; “Investor Shares” has the meaning ascribed to it in recital
  (B); “Notary” means Mr P.H.N. Quist or his substitute, civil law notary at
  the offices of Stibbe N.V. in Amsterdam, The Netherlands; “Notary’s Account”
  has the meaning ascribed to it in clause 4.2; “Parties” as defined above;
  “Schedule” means a schedule to this Agreement; “Share Issue Deed” means the
  notarial share issue deed to be executed in connection with the effectuation
  of the issuance of the Investor Shares; “Shares” means class A, class B or
  class C ordinary shares in the capital of the Company with a nominal value of
  €0.01 each, outstanding from time to time; and “Subscription Price” has the
  meaning ascribed to it in recital (B). 1.2 In this Agreement, a reference to:
  1.2.1 singular words shall include the plural and vice versa and words in a particular gender shall include all
  genders, unless the context requires otherwise; 1.2.2 the word “include” or
  “including” are used to indicate that the matters listed are not a complete
  enumeration of all matters covered, unless the contrary is specifically
  stated; 1.2.3 the words “hereof”, “herein”, “hereto” and “hereunder” and
  words of similar import shall refer to this Agreement as a whole and not to
  any particular provision thereof; 1.2.4 a clause or a schedule is a reference
  to a clause or schedule of the actual agreement, or, if specifically
  mentioned, to a clause to the Investor Warranties or the Company Warranties;
  and

  

 

	
  

  	
  1.2.5 a person
  includes a reference to a body corporate, association or partnership. L.  4 1.3 
  In this Agreement, clause headings are inserted for convenience
  purposes only. They shall not affect the construction or interpretation of
  this Agreement. 1.4  In case of
  conflict between or inconsistency of the provisions of the actual agreement
  and the contents of the Schedules, the provisions of the actual agreement
  shall prevail. 1.5  The English
  language used in this Agreement intends to describe Dutch legal concepts only
  and the consequences of the use of this language in English law or any other
  law shall be disregarded. In case of conflict between Dutch legal concepts
  mentioned between brackets and/or in italics in this Agreement and the
  English translation thereof as used in this Agreement. the Dutch text, and
  its meaning thereof under Dutch law, will prevail. 2  Subscription
  and Issue 2.1  Subject to the
  terms and conditions of this Agreement, and in reliance on the Company
  Warranties, the Investor hereby agrees to subscribe for the Investor Shares
  on the Closing Date against payment of the Subscription Price per Investor
  Share in accordance with clause 4. 2.2 
  Subject to the terms and conditions of this Agreement, and in reliance
  on the Investor Warranties, the Company hereby agrees to issue the Investor
  Shares subscribed for by the Investor on the Closing Date against receipt of
  the aggregate Subscription Price for such Investor Shares in accordance with
  clause 4. 3  Conditions Precedent The obligations of (a) the Investor to
  subscribe for the Investor Shares in accordance with clause 2.1 above, and
  (b) of the Company to issue the Investor Shares in accordance with
  clause 2.2 above, shall each be subject to the following conditions precedent
  (“opschortende voorwaarden”) (the
  “Conditions Precedent”):
  (a)  the Investor and uniQure biopharma
  B.V. having entered into the Commercialization Agreement and such agreement
  having become unconditional in all respects; and (b)  the Investor and uniQure biopharma B.V.
  having entered into the Co- Development and License Agreement and such
  agreement having become unconditional in all respects. 4  Closing
  4.1  Upon fulfilment, or waiver, of the
  Conditions Precedent, Closing shall
  take place on the Closing Date at the offices of the Notary, or at such other
  place the Parties may agree. 4.2  No
  later than two business days prior to the Closing Date, the Investor shall
  pay the aggregate Subscription Price for the Investor Shares it has
  subscribed for, to be paid in full, without any deductions or set-off, by
  wire transfer and in immediately available funds to the trust account of the
  office of the Notary, bank account number 69.64.62.672 in the name of Stibbe
  Derdengelden Notariaat with ING Bank
  N.V.(IBAN: NL79 INGB 0696 4626
  72 and BIC INGBNL2A (the “Notary’s Account”). 4.3  At Closing, after having received the
  confirmation from the Notary that the Subscription Price for the Investor
  Shares that the Investor has subscribed for has been paid in full

  

 

	
  

  	
  without any
  deductions or set-off in immediately available funds on the Notary’s Account,
  the Investor and the Company shall execute the Share Issue Deed in order to
  effectuate the issuance of the Investor Shares.   Warranties
  5.1  The Company represents and warrants to the Investor that each of
  the Company Warranties is true and correct on the date hereof and shall be
  true and correct on the Closing Date. 5.2 
  The Investor represents and warrants to the Company that in respect of
  the Investor each of the Investor Warranties is true and correct on the date
  hereof and shall be true and correct on the Closing Date. 5.3  In the event of a breach of any of the
  Company Warranties or the Investor Warranties, the defaulting Party shall pay
  an amount necessary to compensate the damages of the other Party to whom the
  warranties are given, which shall not include any consequential loss suffered
  by such Party. 5.4  The Parties
  understand and acknowledge that in relation to the subscription no prospectus
  shall be prepared nor made available, and that the Investor Shares are
  unlisted securities which shall not, at this time, be listed on any
  recognised investment exchange. 6  Confidentiality Each Party
  undertakes not to disclose the existence of this Agreement or to divulge any
  part of its contents to any third party, other than as a necessary result of
  the exercise of any rights under this Agreement or if obliged to do so by
  applicable securities or other law or competent regulatory authorities,
  provided, however, that the Company may make a public announcement regarding
  the transactions contemplated by this Agreement in a form to be agreed with
  the Investor, such agreement not to be unreasonably withheld. 7  Binding
  effect; assignment 7.1  All the
  terms, provisions, representations, warranties, covenants and conditions of
  this Agreement shall only be binding upon and inure to the benefit of and be
  enforceable by the Parties hereto after this Agreement has been signed by all
  Parties. 7.2  Except as expressly set
  out otherwise, this Agreement and any rights and obligations of the Investor
  hereto cannot be assigned or delegated by the Investor to a third party
  without the prior written consent of the Company. 8  Dissolution
  and partial invalidity 8.1  Each
  of the Parties hereby waives the right, and each of the Parties accepts the
  same, to cancel (opzeggen), to
  dissolve or bring an action to dissolve this Agreement (ontbinding) and/or to annul or bring
  an action to annul this Agreement (vernietiging)
  or alter this Agreement on the basis of unforeseen circumstances (onvoorziene omstandigheden) or
  suspend (opschorten) any of
  the obligations assumed hereunder as from the moment of its execution.
  8.2  In the event that one or more
  clauses of this Agreement or of the Schedules would appear to be non-binding,
  the other clauses of this Agreement and of the Schedules will continue to be
  effective. The Parties are obliged to replace the non-binding clauses with
  other

  

 

	
  

  	
  clauses that
  are binding, in such a way that the new clauses differ as little as possible
  from the non-binding clauses, taking into account the object and the purpose
  of this Agreement. 9  Entire agreement This Agreement
  contains all arrangements which the Parties have made on the subject hereof
  and thereof. They shall take the place of all other (previous) arrangements
  and agreements, which any of the Parties have made or have entered into on
  the subject hereof and thereof. 10  Expenses Each of the Parties hereto
  shall pay its own expenses incurred or to be incurred in connection with this
  Agreement. 11  Notices 11.1 As long as the Investor does not give notice to the
  Company of any other address, all announcements or notices by the Company to
  the Investor will be done in writing or by telefax (but in the case of a
  telefax immediately confirmed in writing) to the Investor’s address mentioned
  in Schedule 1. 11.2 All announcements or notices by the Investor to the
  Company will be done in writing or by telefax (but in the case of a telefax
  immediately confirmed in writing) to: uniQure B.V. Attn: the Executive Board
  P.O. Box 22506 1100 DA Amsterdam The Netherlands Per fax: +31 20 566
  9272 12  Governing law and jurisdiction 12.1 This Agreement and any non-contractual
  obligations arising there from or connected with it shall be governed by, and
  construed in accordance with, the laws of the Netherlands and the courts of
  Amsterdam, the Netherlands shall have exclusive jurisdiction in respect of
  any disputes relating to it. 12.2 This Agreement may be executed in any
  number of counterparts and each of the executed counterparts, when duly
  exchanged or delivered, shall be deemed to be an original, but taken
  together, they shall constitute one instrument. Thus executed on the day and
  year first above written. [signature
  page to follow]

  

 

	
  

  	
  /s/ Jorn Aldag
  Name: Jorn Aldag Title: Executive Director 
  /s/ Mr. Ugo Di Francesco Name: Mr. Ugo Di Francesco Titl CEO
  /s/ Mr. Alberto Chiesi Name: Mr. Alberto Chiesi Title: President Chiesi Farmaceutici S.p.A. Title:
  Executive Director Chiesi
  Farmaceutici S.p.A. /s/ Piers Morgan Name: Piers Morgan Title:
  Executive Director  uniQure B.V.uniQure B.V. J. Prensting
  VP, Business Development

  

 

	
  

  	
  Investor  Number of Investor
  Shares Aggregate Subscription Price Chiesi
  Farmaceutici S.p.A. 5,546,070 € 14,000,000 
  Unless the Investor gives notice to the Company of another address in
  accordance with clause 11 of the Agreement, all announcements or notices to
  the Investor shall be done in accordance with clause 11 of the Agreement to
  the following address: Chiesi Farmaceutici S.p.A. Attn: CEO Via Palermo,
  26/A, 43122 Parma Italy Per fax: +39 0521 774468

  

 

	
  

  	
  SCHEDULE 2 — 1.COMPANY WARRANTIES The Company has been duly incorporated and is validly existing
  as a private company with limited liability under the laws of the Netherlands
  and has all requisite power to carry on its business as presently conducted.
  2  The Company has not been dissolved
  and no resolution to dissolve the Company has been adopted. The Company has
  not been granted a moratorium of payment or been declared bankrupt. 3  The Company has full power and authority
  (corporate or otherwise) to enter into, execute, deliver and carry out the
  terms of the Agreement and to incur its obligations provided for herein, all
  of which have been duly authorised by all necessary corporate action and is
  not in violation of its articles of association or governing documents.
  4  No consent, authorisation or
  approval of, filing with, notice to. or exemption by, any person or any
  governmental authority is required to authorise or is required in connection
  with the execution, delivery and performance by the Company of the Agreement,
  or is required as a condition to the validity or enforceability of the
  Agreement. 5  The Agreement constitutes
  legal and binding obligations for the Company, enforceable in accordance with
  its terms, except as such enforceability may be limited by applicable
  bankruptcy, insolvency, reorganisation or other similar laws affecting the
  enforcement of the creditors’ rights generally or by general principles of
  equity. 6  The Investor Shares are duly
  authorised and, when issued and paid for in accordance with the Agreement,
  (i) the investor Shares will be duly and validly issued, fully paid and
  nonassessable, (ii) the Investor Shares will form a new class of
  ordinary shares, which shall have the same dividend and voting rights as all
  of the other Shares (iii) issuance of the Investor Shares will not be
  subject to pre-emptive rights, (iv) the Investor will acquire full
  ownership of the Investor Shares, free and clear of any Encumbrance, and
  (v) immediately following the Closing, the Investor Shares will
  represent not less than 8.75% of the share capital of the Company, including
  dilution arising from existing warrants and share options.

  

 

	
  

  	
  SCHEDULE 3 — INVESTOR WARRANTIES 1  The Investor has been duly incorporated and
  is validly existing as a company under the laws of Italy. 2  The Investor has not been dissolved and no
  resolution to dissolve the Investor has been adopted. The Investor has not
  been granted a moratorium of payment or been declared bankrupt. 3  The Investor has full power and authority
  (corporate or otherwise) to enter into, execute, deliver and carry out the
  terms of the Agreement and to incur its obligations provided for herein, all
  of which have been duly authorised by all necessary corporate action and is
  not in violation of its articles of association or governing documents.
  4  Except as specifically set forth in
  the Agreement, no consent, authorisation or approval of, filing with, notice
  to, or exemption by, any person or any governmental authority is required to
  authorise or is required in connection with the execution, delivery and
  performance by the Investor of the Agreement, or is required as a condition
  to the validity or enforceability of the Agreement. 5  The Agreement constitutes legal and binding
  obligations for the Investor, enforceable in accordance with its terms,
  except as such enforceability may be limited by applicable bankruptcy,
  insolvency, reorganisation or other similar laws affecting the enforcement of
  the creditors’ rights generally or by general principles of equity. 6  The Investor is not a person located in the
  United States and is eligible to participate in an “offshore transaction”, as
  defined in Regulation S under the US Securities Act of 1933. as amended (the
  “Securities Act”), conducted in accordance with Regulation S under the
  Securities Act and the Investor Shares were not offered to it by means of
  “directed selling efforts” as defined in Regulation S promulgated under the
  Securities Act. 7  The Investor is a
  qualified investor in the meaning of Directive 2003/71/EC of the European
  Parliament and of the European Council of 4 November 2003, as amended by
  Directive 2010/73/EU. 8  The Investor
  understands that the Investor Shares are being offered in a transaction not
  involving any (public) offering in the United States within the meaning of
  the Securities Act and that the Investor Shares are not being and will not be
  registered under the Securities Act or under any securities laws of any state
  or other jurisdiction of the United States and may not be offered, sold,
  resold, taken up, exercised, renounced, transferred or delivered, directly or
  indirectly, within the United States except pursuant to an applicable
  exemption from the registration requirements of the Securities Act and in
  compliance with any applicable securities laws of any state or other
  jurisdiction of the United States. 9 
  The Investor understands that nothing in the Agreement or any other
  information presented to the Investor in connection with the subscription and
  sale of the Investor Shares constitutes legal, tax or investment advice.
  10  The Investor understands that the
  Investor Shares will be “restricted securities” within the meaning of
  Rule 144(a)(3) under the Securities Act and it agrees that for so
  long as such securities are “restricted securities” (as so defined), they may
  not be deposited into any unrestricted depositary facility established or
  maintained by any depositary bank.

  

 

	
  

  	
  11  As long as the Investor Shares are
  “restricted securities” within the meaning of Rule 144(a)(3) under the
  Securities Act, the Investor will not reoffer, resell, pledge or otherwise
  transfer the Investor Shares, except in an offshore transaction in accordance
  with Rule 903 or Rule 904 of Regulation S under the Securities Act
  (which, for the avoidance of doubt, includes a sale over Euronext Amsterdam)
  or some other available exemption from the registration requirements of the
  Securities Act and in accordance with any applicable securities laws of any
  state or other jurisdiction of the United States.Exhibit 10.20

 

uniQure 2012 STOCK OPTION PLAN

 

This stock option plan (the “Plan”) sets forth the rules on the basis of which options can be granted to employees of uniQure B.V. (“uniQure”) to acquire shares in the capital of uniQure. The rationale is that these employees are expected to contribute to the future growth and success of uniQure. This Plan may be amended from time to time.

 

Employees have no contractual right to participate in the Plan, which will be at the sole discretion of the Board. The level of any participation will be set by the Board, having reference to the Supervisory Board of the Company.

 

The purpose of the Plan is to incentivise and reward employees in the performance of their roles, to align their interests with those of the Company in respect of sustainable value growth, to secure their services and to provide security in the event of a future change in control.

 

Article 1 - Definitions

 

In this Plan, except where inconsistent with the subject or context, words and expressions below shall have the following meanings:

 

	
Board
    	
 
    	
The Company’s board of management (het bestuur).
    
	
 
    	
 
    	
 
    
	
Company
    	
 
    	
uniQure B.V.
    
	
 
    	
 
    	
 
    
	
Control
    	
 
    	
Directly or indirectly holding or controlling 50% or   more of the Shares in the outstanding capital of the Company, or being able   to exercise or otherwise direct 50% or more of the votes in the general   meeting of the Company.
    
	
 
    	
 
    	
 
    
	
Member of the Group
    	
 
    	
The Company, its   subsidiaries from time to time, and any other company which is associated   with the Company and is designated by the Board as a Member of the Group.
    
	
 
    	
 
    	
 
    
	
Date of Grant
    	
 
    	
The date on which the   Company grants, or is deemed to have granted, one or more Options to a   Participant in accordance with the provisions of this Plan.
    
	
 
    	
 
    	
 
    
	
Depositary Receipt
    	
 
    	
A Depositary Receipt   for one B ordinary share in the Company.
    
	
 
    	
 
    	
 
    
	
Economic Value
    	
 
    	
The value of a   Depositary Receipt which shall be determined as being equal to the price of   uniQure ordinary shares B based on the pre-money value attributed to such   shares at the most recent previous financing round.
    
	
 
    	
 
    	
 
    
	
Eligible Employee
    	
 
    	
Means any person who   is an employee of a Member of the Group and who is nominated by the Board to   participate in the Plan.
    
	
 
    	
 
    	
 
    
	
Grant
    	
 
    	
The grant of one or   more Options to a Participant in accordance with the provisions of this Plan.
    

 

 

	
Grant Letter
    	
 
    	
The letter on the   format attached hereto as Schedule I evidencing the grant of Options   subject to the terms and conditions of this Plan, indicating the number of   Depositary Receipts that may be acquired, the Option Exercise Price, the Date   of the Grant, and a copy of the latest version of this Plan.
    
	
 
    	
 
    	
 
    
	
Option Exercise Price
    	
 
    	
The amount which will   have to be paid for the acquisition of a Depositary Receipt upon the exercise   of the Option, calculated in accordance with the provisions in this Plan.
    
	
 
    	
 
    	
 
    
	
Option
    	
 
    	
The right to acquire   one Depositary Receipt in the Company for the Option Exercise Price during the   Option Period, in accordance with the provisions of this Plan.
    
	
 
    	
 
    	
 
    
	
Option Period
    	
 
    	
The period specified   in Article 3.
    
	
 
    	
 
    	
 
    
	
Participant
    	
 
    	
An Eligible Employee   to whom an Option has been granted.
    
	
 
    	
 
    	
 
    
	
Plan
    	
 
    	
The Plan in its   present form or as from time to time amended in accordance with the   provisions hereof.
    
	
 
    	
 
    	
 
    
	
Supervisory Board
    	
 
    	
The Company’s board   of supervisory directors (raad van   commissarissen)
    

 

Article 2 - Grant of Options

 

2.1                Subject to the terms and conditions set forth in this Plan the Board may, after having received authorisation on its proposal thereto from the Supervisory Board, decide that the Company shall grant a number of Options to any Eligible Employee.

 

2.2                Options may be granted:

 

(i)             at a date within the first month of employment of the Eligible Employee with a Member of the Group;

 

(ii)          at a date within four weeks after publication of the annual account by the Company;

 

(iii)       at any other event to be specified by the Board.

 

2.3                The Option Exercise Price shall be the Economic Value at the Date of Grant.

 

2.4                The granting of Options will be at the discretion of the Board in accordance with section 2.1, and will not, in itself, give the Participant any right to acquire further Options.

 

2.5               Options will be granted by means of a Grant Letter. The Options will only be considered as granted and accepted if the Participant has returned a copy of the Grant Letter within 30 days to the Company, bearing the Participant’s signature evidencing his/her acceptance of the Options granted under the terms and conditions of this Plan.

 

 

2.6                If the Option is not accepted in accordance with Article 2.5, the Option will be deemed to be cancelled and shall cease to exist.

 

Article 3 - Option Period

 

3.1                The Option Period commences at the Date of Grant and will last ten years, unless otherwise provided in this Plan.

 

3.2                Options that have not been exercised in accordance with Article 4 will lapse automatically after expiration of the Option Period.

 

Article 4 - Vesting and exercise of the Option

 

4.1                The Options granted shall be exercisable if and insofar the Options are vested and the conditions of Article 4.4 are fulfilled. Vesting will occur according to the following exercise schedule:

 

(a)         At the first anniversary of the Grant of the Options: 1/3 of the Options initially granted vest.

 

(b)         Following the first anniversary of the date of grant, the remaining options (representing 2/3 of the grant) shall vest pro rata on a straight line basis over the second and third years following the date of grant.

 

4.2                In addition to Article 4.1, vesting of the Options will occur on the moment a person (or a group of persons acting in concert) obtains Control of the Company.

 

4.3                The Board may in its sole and absolute discretion deviate from the aforementioned exercise schedule, though only to the benefit of the Participant.

 

4.4                Options are exercised by means of:

 

·        a written exercise statement to that effect by the Participant on the format attached hereto as Schedule 2, addressed to the Company; and

 

·        payment of the Option Exercise Price by the Participant to the Company.

 

The exercise statement must mention the Date(s) of Grant and the number of Options exercised.

 

4.5                The exercise statement shall be signed by the Participant and be accompanied by the payment of the aggregate Option Exercise Price into a bank account of the Company mentioned on the exercise statement.

 

4.6                Any wage tax, income tax or social security premiums due in respect of the Grant of the Options under this Plan including but not limited to, the exercise of the Options and the sale of the Depositary Receipts derived from such exercise, will be for the account of the Participant.

 

 

4.7                Any Option exercised, shall cease to exist as from the moment the exercise statement referred to in Article 4.5 of this Plan, and payment of the Option Exercise Price have been received by the Company.

 

Article 5 - Issue of Shares

 

5.1                Within 15 days after receipt of the exercise statement mentioned in Article 4.5 by the Company and provided that the Option Exercise Price due has been received by the Company, the Company shall issue or transfer the Shares to the Participant, and the Participant shall accept the number of Shares indicated on the exercise statement.

 

5.2                All costs connected with the abovementioned issue or transfer of Depositary Receipts to the Participant shall be borne by the Company.

 

Article 6 - Adjustments

 

6.1                In case of a dilution (verwatering) of the Share capital of the Company, for instance as a result of the issuance of Shares charged against any reserve of the Company, the Option Exercise Price and/or the number of Options granted may be adjusted or corrected accordingly by the Board in such way (including retrospective adjustments) as the Board considers appropriate. The same applies to any consolidation or share split.

 

6.2                a. There shall be an acceleration of vesting, and all outstanding options shall be deemed to have vested as at such date in case of (i) a change of Control when such a change of Control first occurs or, (ii) if earlier, at the date that the stockholders of the Company approve an agreement to merge or otherwise dispose of the Company or (substantially all of) its business to another party, as a result of which the other party would exercise control; or (iii) at the date of a decision by the Supervisory Board of the Company to list the Company on a Recognised Investment Exchange.

 

b. In case all or the majority of Shares in the capital of the Company are being acquired by another legal entity through a reorganisation or acquisition, the Company may determine that upon completion of such reorganisation or acquisition, the Options shall instead bear the right to acquire shares in the capital of that legal entity according to a ratio to be determined by the Board in its sole discretion. This ratio will be based on the fair market value of the shares involved in the reorganisation or acquisition.

 

6.3                Notwithstanding the above, the Board can determine in its sole discretion that amendments will be made to this Plan to reasonably provide for any changes in the circumstances other than those mentioned in this article 6, including but not limited to exchange of Shares with another company and restructuring of the share capital of the Company.

 

 

Article 7 - Restrictions

 

7.1                By signing the Grant Letter, the Participant accepts and shall comply in full with all obligations arising out of the Plan.

 

7.2                If and to the extent that a Participant fails to comply in a timely manner with any obligation arising out of the Plan, the signed Grant Letter irrevocably authorises the Company to execute any actions, deeds and the like and to act on behalf of the Participant to ensure compliance with all of the obligations described above. The Company shall not exercise this authority for the purpose of transferring Shares unless and until the Option Exercise Price due has been deposited.

 

Article 8 - Termination of employment

 

8.1                Unless otherwise decided by the Board, the Option shall lapse in the event the Participant’s employment with the Company is terminated for cause. The Option will lapse on the date of such termination, or notice of such termination has been given.

 

8.2                In the event the Participant’s employment with the Company terminates for any reason other than as set out in 8.1 above, the Participant, or his heirs in the case of death, shall be entitled to exercise the Options, only to the extent vested, for a period of six months after the date of employment termination.

 

8.3                Unvested Options automatically lapse at the date of employment termination.

 

Article 9 - Other conditions

 

9.1                The Options may not be transferred, pledged or encumbered.

 

9.2                The Board may, at its discretion, make adjustments, modifications or alternative arrangements to this Plan, provided that it shall make a reasonable effort to procure that such adjustments, modifications or alternative arrangements to this Plan are not to the (material) detriment of the Participant.

 

9.3                The Plan will not be considered as part of any employment agreement or other agreement in force between the Participant and the Company or a Member of the Group and does not grant the Participant any rights towards the Company or a Member of the Group other than the rights which have been laid down in the Plan and the Grant Letter. The Grant of Options does not qualify as an employment condition.

 

9.4                If the Company grants an Option which is inconsistent with the Plan, the Option will be limited and will take effect from the Date of Grant on a basis consistent with the Plan.

 

 

Article 10 - Cash alternative

 

10.1         The Board may, in its sole discretion, determine not to procure the transfer or issue of Depositary Receipts to a Participant who exercises his Option, but instead to pay him a cash amount equal to the amount by which the Economic Value of the Depositary Receipts in respect of which the Option is exercised on the Option exercise date exceeds the Option Exercise Price.

 

Article 11 - Regulation of Conduct

 

11.1         The Company shall adapt the Plan according to the applicable rules of conduct on securities ownership and transactions by Participants applicable at such time, and any Participant receiving Depositary Receipts pursuant to an exercise of Options shall abide by the Company’s rules of conduct (including but not limited to the Internal Code on Inside Information), together with relevant regulations and legislation, with regard to any future disposals of such Depositary Receipts. The Participant is obliged to observe any and all applicable rules under Dutch law with regard to insider trading and market abuse, if applicable to the Participant.

 

Article 12 - Dispute rules and applicable law

 

12.1         This Option Plan shall be governed by the laws of the Netherlands.

 

12.2         All disputes arising in connection with this Plan shall be exclusively submitted to the jurisdiction of the competent court in Amsterdam, The Netherlands.

 

 

uniQure

 

SCHEDULE 1: GRANT LETTER

 

GRANT LETTER

 

This Grant Letter is made on the [·] day of [··], [····].

 

BY AND BETWEEN:

 

1.              [·], residing at [·], hereinafter referred to as “the Participant”;

 

and

 

2.              uniQure B.V. (uniQure), a private limited liability company incorporated in the Netherlands having its official seat in Amsterdam, the Netherlands, hereinafter referred to as “the Company”;

 

Together hereinafter referred to as “Parties”; 

 

WHEREAS:

 

·                  The Company has implemented the uniQure 2012 Stock Option Plan (hereinafter referred to as “the Plan”).

 

·                  The Company hereby wishes to offer the Participant certain Options as set out herein, pursuant to Article 2 of the Plan, under the terms and conditions of the Plan.

 

THE PARTIES HERETO AGREE AS FOLLOWS: 

 

Definitions and interpretation

 

Article 1

 

Capitalised terms used and not otherwise defined in this Grant Letter shall have the meanings given thereto in the Plan. The terms and conditions of the Plan are applicable to this Grant Letter, and are deemed to be incorporated in this Grant Letter by reference. By signing this Grant Letter, the Participant accepts the terms and conditions of the Plan. A copy of the Plan is attached hereto.

 

Where the provisions of this Grant Letter deviate from or are in conflict with the provisions  and/or purpose of the Plan, the provisions of the Plan shall prevail, save in respect of references to “Eligible Employee” and or “employee” which shall be deemed to include individuals holding office as STAK Board members, and references in Article 8 of the Plan shall be interpreted with respect to holding such office.

 

 

Grant of Options

 

Article 2

 

Subject to the terms and conditions of the Plan and this Grant Letter, the Company hereby grants to the Participant [ · ] Options.

 

Option Period

 

Article 3

 

The Date of Grant of the Options is [·].

 

Option Exercise Price

 

Article 4

 

The Option Exercise Price is hereby established at [·] per Depositary Receipt, in accordance with section 2.3 of the Plan.

 

Exercise

 

Article 5

 

The Options can only be exercised if and to the extent the Options have vested, and are not expired or lapsed, all in accordance with Article 4 of the Plan, and subject to the other terms and conditions of the Plan.

 

Non transferability

 

Article 6

 

The Options granted to the Participant under this Grant Letter can not be transferred, pledged or encumbered in any way, either in full or in part. Breach of this article will cause the Option to lapse forthwith.

 

Taxes, social security premiums

 

Article 7.a.

 

Any wage or personal or corporate income tax, or social security premiums due in connection with the Options, including but not limited to any wage tax, income tax or social security premiums due in connection with the grant, the exercise and the holding of the Options and the sale of the Depositary Receipts derived from exercise of the Options, will be for the account of the Participant.

 

Article 7.b.

 

If the Option is not exercised, any tax and/or social security premiums paid will not be refunded or compensated for.

 

 

Adjustments

 

Article 8

 

In case of any adjustment made by the Company with respect to the Options and/or the Plan the Company shall notify the Participant of the adjustments and its consequences to the Options in writing at least 10 days in advance.

 

Governing law

 

Article 9.a.

 

The Grant Letter shall be governed by the laws of the Netherlands.

 

Article 9.b.

 

All disputes arising in connection with the Grant Letter shall be exclusively submitted to the jurisdiction of the competent court in Amsterdam, the Netherlands.

 

Acceptance

 

Article 10

 

The Participant hereby declares to accept the Options granted to him including the conditions stipulated in the Grant Letter. This Grant Letter can be used as a Power of Attorney in accordance with article 7.2 of the Plan.

 

 

Duly signed in [·], on [·].

 

 

	
 
    	
 
    	
 
    
	
uniQure   B.V.
    	
 
    	
Participant
    
	
Name:
    	
 
    	
Name
    

 

 

SCHEDULE 2: NOTICE OF EXERCISE (“NOTICE”)

 

To: uniQure B.V.

 

Exercise statement in accordance with Article 4.4 of the Plan.

 

1.              Pursuant to the Grant on 5 April 2012 to the Optionholder,

 

2.              the Participant hereby exercises                                      Options.

 

3.              The Option Exercise Price is € 0.61 [amount payable per Depositary Receipt]

 

4.              and the Optionholder hereby agrees to pay an aggregate amount of €                                          , on receipt of which the Company undertakes to issue or transfer the resulting number of Depositary Receipts, subject to the terms and conditions of the Plan.

 

Definitions used in the uniQure 2012 Stock Option Plan shall apply in this Notice.

 

Signed:

Name:

Date:

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