Document:

mrus-ex101_52.htm

Exhibit 10.1

Merus N.V.

 

Non-Executive Director Compensation Program

 

The non-executive directors (the “Non-Executive Directors” and each, a “Non-Executive Director”) of Merus N.V. (the “Company”) shall receive cash and equity compensation as set forth in this Non-Executive Director Compensation Program (this “Program”). The compensation described in this Program shall be paid or be made, as applicable, automatically and without further action of the Board of Directors (the “Board”) or the general meeting of shareholders (the “General Meeting”) of the Company, to each Non-Executive Director who is entitled to receive such cash or equity compensation, unless such Non-Executive Director declines the receipt of such cash or equity compensation by written notice to the Company. This Program shall remain in effect until it is revised or rescinded by further action taken by the Board at the recommendation of the Compensation Committee. This Program may be amended, modified or terminated at any time by action taken by the Board at the recommendation of the Compensation Committee. Except as otherwise provided in this Program with respect to Observers (as defined below), the terms and conditions of this Program shall supersede any prior cash and/or equity compensation arrangements for service as a Non-Executive Director (or as a supervisory director) between the Company and any of its Non-Executive Directors.

I.Cash Compensation

A.Annual Retainers. Each Non-Executive Director shall receive an annual retainer of $38,245 for service on the Board. 

B. Additional Annual Retainers. In addition, each Non-Executive Director shall receive the following annual retainers:

1. Chairperson of the Board. A Non-Executive Director serving as Chairperson of the Board shall receive an additional annual retainer of $53,045 for such service.

2. Audit Committee. A Non-Executive Director serving as Chairperson of the Audit Committee shall receive an additional annual retainer of $16,391 for such service. A Non-Executive Director serving as a member other than the Chairperson of the Audit Committee shall receive an additional annual retainer of $8,195 for such service.

3.Compensation Committee. A Non-Executive Director serving as Chairperson of the Compensation Committee shall receive an additional annual retainer of $13,792 for such service. A Non-Executive Director serving as a member other than the Chairperson of the Compensation Committee shall receive an additional annual retainer of $5,464 for such service.

4. Nomination and Corporate Governance Committee. A Non-Executive Director serving as Chairperson of the Nomination and Corporate Governance Committee shall receive an additional annual retainer of $13,792 for such service. A Non-Executive Director serving as a member other than the Chairperson of the Nomination and Corporate Governance Committee shall receive an additional annual retainer of $4,098 for such service. 

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5. Research and Development Committee. A Non-Executive Director serving as Chairperson of the Research and Development Committee shall receive an additional annual retainer of $13,792 for such service. A Non-Executive Director serving as a member other than the Chairperson of the Research and Development Committee shall receive an additional annual retainer of $5,464 for such service.

 

C.Payment of Retainers. The annual retainers described in Sections I(A) and I(B) shall be earned on a quarterly basis based on a calendar quarter and shall be paid in cash by the Company in arrears not later than the fifteenth day following the end of each calendar quarter. In the event a Non-Executive Director does not serve as a Non-Executive Director, or in the applicable positions described in Section I(B), for an entire calendar quarter, the retainer paid to such Non-Executive Director shall be prorated for the portion of such calendar quarter actually served as a Non-Executive Director, or in such position, as applicable. 

 

D.Annual Increase. Each annual retainer described in Sections I(A) and I(B) shall, without further action taken by the Board or the General Meeting, automatically increase on the first day of each calendar year by an amount equal to 3% of the value of such annual retainer in effect as of the end of the immediately preceding calendar year. 

 

E.Observers. Unless the Board decides otherwise, the date of service as an observer on the Board (an “Observer”) commences pursuant to, and as from the effective date of, a written services agreement entered into between such Observer and the Company shall be considered the effective date of commencing service as a Non-Executive Director for purposes of Section I.

 

II.Equity Compensation 

Non-Executive Directors shall be eligible to be granted the equity awards described below. The awards described below shall be granted under and shall be subject to the terms and provisions of the Company’s 2016 Incentive Award Plan or any other applicable Company equity incentive plan then-maintained by the Company (the “Equity Plan”), shall be granted by the Board, and subject to such award or other agreements as approved by the Board. Subject to Section II(G), all applicable terms of the Equity Plan apply to this Program as if fully set forth herein, and all grants of stock options hereby are subject in all respects to the terms of the Equity Plan and the applicable award agreement. 

	

	
A.Initial Awards. Each Non-Executive Director who is initially appointed to the Board shall be eligible to receive an option to purchase the number of common shares of the Company having an aggregate Grant Date Fair Value (as defined below) of $218,545, with any partial shares that result being rounded down to the nearest whole share. The awards described in this Section II(A) shall be referred to as “Initial Awards.” No Non-Executive Director shall be granted more than one Initial Award. “Grant Date Fair Value” shall mean the value of the option as of the date of grant, which value shall be determined using a Black-Scholes option pricing model and the valuation assumptions used by the Company in accounting for options as of such date; provided, that the fair market value of the common shares of the Company used in such calculation shall be based on the average trading price of the common shares of the Company over the preceding thirty day period. Unless otherwise determined by the Board, options to purchase 

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common shares granted to an Observer while serving, or upon commencing service, as an Observer shall be considered an Initial Award under this Program. 

	

	
B.Subsequent Awards. A Non-Executive Director who (i) has been serving as a Non-Executive Director or Observer for at least six months and (ii) will continue to serve as a Non-Executive Director immediately following any annual General Meeting held following his or her initial appointment as a Non-Executive Director, is eligible to be granted, at the occasion of or as soon as practically possible following each such annual General Meeting an option to purchase the number of common shares of the Company having an aggregate Grant Date Fair Value of $109,273, with any partial shares that result being rounded down to the nearest whole share. The awards described in this Section II(B) shall be referred to as “Subsequent Awards.” 

 

 

D.Terms of Awards Granted to Non-Executive Directors

	

	
1. Exercise Price. The per share exercise price of each option granted to a Non-Executive Director shall equal the Fair Market Value (as defined in the Equity Plan) of a common share of the Company on the date the option is granted. 

	

	
2.Vesting. Each Initial Award shall vest and become exercisable as to 33% of the shares subject to such Initial Award on the first anniversary of the date of grant and in 24 substantially equal monthly installments thereafter, such that the Initial Award shall be fully vested on the third anniversary of the date of grant, subject to the Non-Executive Director continuing in service as a Non-Executive Director (or an Observer) through each such vesting date. Each Subsequent Award shall vest and become exercisable in 12 substantially equal monthly installments following the date of grant, such that the Subsequent Award shall be fully vested on the first anniversary of the date of grant, subject to the Non-Executive Director continuing in service on the Board as a Non-Executive Director (or an Observer) through each such vesting date. Unless the Board decides otherwise, any portion of an Initial Award or Subsequent Award which is unvested or unexercisable at the time of a Non-Executive Director’s termination of service on the Board shall be immediately forfeited upon such termination of service and shall not thereafter become vested and exercisable. All Initial Awards and Subsequent Awards shall vest in full immediately prior to the occurrence of a Change in Control (as defined in the Equity Plan), to the extent outstanding at such time. 

3.Term. The maximum term of each Initial Award and each Subsequent Award granted hereunder shall be ten (10) years from the date the option is granted. 

	

	
E. Annual Increase; Award Limit. The Grant Date Fair Value of each Initial Award and Subsequent Award described in this Program shall, subject to approval by the Board, increase on the first day of each calendar year by an amount equal to 3% of the Grant Date Fair Value applicable to Initial Awards and Subsequent Awards in effect as of the end of the immediately preceding calendar year; provided, that, in no event shall the number of shares awarded pursuant to (i) an Initial Award exceed 17,000 common shares of the Company and (ii) a Subsequent Award exceed 8,500 common shares of the Company, in each case, subject to adjustment as provided in the Equity Plan.

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F.Tax deductions. To the extent required to comply with applicable tax laws, the Company shall be allowed to make necessary deductions on any compensation payable under this Program, including (without limitation) for purposes of any payroll tax or income tax. 

G.Prevailing terms. In the event of any inconsistency between the terms of the Equity Plan and this Program, the terms of this Program shall prevail. Notwithstanding anything in this Program to the contrary, the terms of an Initial Award granted to an Observer shall be subject to the terms of the award agreement pursuant to which such Initial Award is granted.

 

 

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4mrus-ex102_51.htm

Final – Execution CopyExhibit 10.2

SETTLEMENT AGREEMENT

 

THE UNDERSIGNED

 

	
1.
	
Merus N.V., a public limited liability company (in Dutch: naamloze vennootschap), incorporated under the laws of the Netherlands, having its statutory seat at Utrecht, the Netherlands, registered with the Dutch Trade Register with number 30189136 (the Company); 

 

and

	
2.
	
Mr. Mark Throsby, born in Adelaide on 22 March 1967, residing Bredeweg 40-2 Amsterdam, 1098 BS (“Mr. Throsby”);

 

each a Party and together, collectively, the Parties.

 

WHEREAS

 

 

	
A.
	
Mr. Throsby entered into an Employment Agreement with the Company on 1 October 2008 (dated 19 July 2008), and an Additional Employment Agreement with the Company dated 10 March 2010 (collectively, the Employment Agreement).

 

	
B.
	
The Company has taken the initiative to come to a termination of the Employment Agreement. This initiative is not based on urgent grounds within the meaning of article 7:678 of the Dutch Civil Code (in Dutch: Burgerlijk Wetboek) (DCC).

 

	
C.
	
The Company and Mr. Throsby have agreed to the termination of the Employment Agreement by mutual consent (in Dutch: wederzijds goedvinden). 

 

	
D.
	
In view of the above, the Parties have entered into discussions on the terms and conditions of an amicable settlement on the termination of the Employment Agreement as well as any other issues there may be and wish to lay down the settlement in this settlement agreement (this Agreement).

	
E.
	
Mr. Throsby has obtained legal advice from a lawyer on the content of this Agreement and the consequences thereof.

	
F.
	
By means of this Agreement - which is considered to be a settlement agreement within the meaning of article 7:900 et seq. of the Dutch Civil Code (the DCC) - the Parties wish to record and lay down what they exhaustively and comprehensively have established and agreed in respect of the termination of the Employment Agreement, with a view to end and prevent any uncertainty or dispute between them as to what applies between them by law, whereby the Parties waive any and all claims and agreements against each other, which might exist or might have existed.

 

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HAVE AGREED AS FOLLOWS

 

	
1.
	
Termination of Employment Agreement

The Employment Agreement shall terminate with mutual consent (in Dutch: eindigt met wederzijds goedvinden) with effect on July 31, 2020 (the Termination Date). 

	
2.
	
Duties 

	
2.1.
	
Mr. Throsby shall continue to perform his duties as directed by the Chief Executive Officer primarily in the effort to develop therapies for the COVID-19 pandemic and in evaluating, pursuing and promoting licensing and collaboration opportunities concerning the Company’s or third party company’s technology, preclinical and clinical assets to the best of his abilities in a loyal, diligent and professional manner until the Termination Date, or as otherwise instructed by the Company. In addition, Mr. Throsby shall be available to, if so requested, assist the Company concerning a proper handover of tasks and knowledge.

 

	
2.2.
	
Mr. Throsby resigns as Chief Scientific Officer and from any and all other functions he holds on behalf of the Company and its affiliated companies effective as of the Termination Date.

 

	
3.
	
Compensation 

 

	
3.1.
	
Until the Termination Date, Mr. Throsby shall be paid his regular salary, including standard benefits. 

 

	
3.2.
	
As a compensation for the termination of the Employment Agreement, including the termination of all functions Mr. Throsby holds on behalf of the Company and its affiliated companies, the Company shall pay Mr. Throsby an amount equal to EUR 269913.26 gross (“Severance Payment”) constituting a total amount of eight months’ severance and amortized bonus of four months based on the 2019 bonus award, and inclusive of holiday allowance.

 

	
3.3.
	
The compensation referred to in clause 3.2 shall be paid, under withholding of the required wage tax and social premiums (if any), one (1) month after the Termination Date, by wire transfer to the salary account of Mr. Throsby as known to the Company. 

 

	
3.4.
	
The Company shall draw up a final statement of indebtedness (in Dutch: eindafrekening) in connection with the termination of the Employment Agreement. The final statement shall include Mr. Throsby's accrued pro rata holiday allowance and the balance of outstanding holidays at the Termination Date, which shall be paid out.

 

	
3.5.
	
Mr. Throsby acknowledges that the payments and benefits set forth in clause 3.2 of this Agreement represent settlement in full of all payments and benefits owed to Mr. Throsby by the Company in connection with the termination of Mr. Throsby’s employment with the 

 

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Company and Mr. Throsby shall not be entitled to any additional notice period or continued payment of his base salary for whatever reason, including, but not limited to any possible entitlement to a transitional remuneration (in Dutch: transitievergoeding) as defined in article 7:673 of the Dutch Civil Code which is considered to be covered in the Severance Payment. Mr. Throsby shall receive no other wages, bonus, severance or any other payments or benefits from Merus following the Termination Date. 

 

	
3.6.
	
Subject to Mr. Throsby’s continued compliance with the terms and conditions of this Agreement, including clause 5, Mr. Throsby’s unvested equity awards granted to him under the applicable equity-based long-term incentive plan of the Company (LTIP) will continue to vest under the LTIP until October 31, 2020 as if Mr. Throsby had continued in full time service with the Company through such date and will be further dealt with and settled according to the terms and conditions of the relevant applicable LTIP scheme. In no event shall Mr. Throsby be eligible to vest in any portion of the LTIP following
October 31, 2020. In addition, the post-termination exercise period of Mr. Throsby’s options to purchase common shares of the Company as set out in the relevant applicable LTIP will not commence until December 31, 2020, and shall expire on March 31, 2021.

   

	
3.7.
	
For the avoidance of doubt, the Parties acknowledge that Mr. Throsby shall not be entitled to any other benefits, compensation, incentive plans or other type of payments, than those explicitly mentioned and provided for in this Agreement. As of the Termination Date, Mr. Throsby is no longer entitled to and shall not receive any salary (including benefits) anymore.

 

	
4.
	
Insurances & pension

	
4.1.
	
At the Termination Date, all insurances and/or schemes in which Mr. Throsby participates under his Employment Agreement shall terminate and cease to be effective, with the exception of the run-off period of any applicable liability insurance taken out by the Company for the benefit of its officers.

 

	
4.2.
	
Mr. Throsby's pension will be settled in accordance with the rules of the pension scheme and pension legislation.

	
5.
	
Restrictive Covenants

 

	
5.1.
	
The applicable confidentiality clause as referred to in clause 12 of the Employment Agreement, the relationship clause as referred to in clause 13 of the Employment Agreement and the rights and obligations with respect to intellectual property as referred to in the Additional Employment Agreement including the penalty clauses stated therein will remain in full force, also after the Termination Date.

 

	
5.2.
	
Clause 14 (prohibition on secondary employment) of the Employment Agreement will remain in force until the Termination Date.

 

 

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5.3.
	
Mr. Throsby shall observe confidentiality with respect to all information, know-how and data relating to the Company and its affiliates that is confidential and shall not use any of such information, know-how and data. 

 

	
5.4.
	
Mr. Throsby confirms that he has no intellectual property rights related to the business of the Company and its affiliates.

 

	
5.5.
	
In consideration for the portion of the consideration provided under this Agreement to which Mr. Throsby is not otherwise entitled, and in order to protect the value of any confidential information of the Company to which Mr. Throsby was provided access during his employment with the Company, Mr. Throsby agrees that, from the date hereof and during the 12 (twelve) month period following the Termination Date, Mr. Throsby will not, directly or indirectly, on Mr. Throsby's own behalf or for the benefit of any other individual or entity: (a) operate, conduct, engage in or own (except as the holder of not more than 1% of the outstanding stock of a publicly-held company), or prepare to operate, conduct, engage in or own any business or enterprise that develops, manufactures, markets, licenses, sells or otherwise provides, or is preparing to develop, manufacture, market, license, sell or otherwise provide any product or service that relates to bispecific, trispecific or other multispecific antibody therapeutics and competes with any product or service developed, manufactured, marketed, licensed, sold or otherwise provided, or planned to be developed, manufactured, marketed, licensed, sold or otherwise provided, by the Company or any of its subsidiaries while Mr. Throsby was providing services to the Company (the Competing Business) or (b) participate in, render services to, or assist any individual or entity that engages in a Competing Business in any capacity (whether as an employee, manager, consultant, Mr. Throsby, officer, contractor, or otherwise) (A) which involve the same or similar types of services Mr. Throsby performed for the Company at any time during the last two years of his services to or engagement with the Company or (B) in which Mr. Throsby could reasonably be expected to use or disclose proprietary information of the Company or any of its subsidiaries, in each case (a) and (b) limited to each city, county, state, territory and country in which (x) Mr. Throsby provided services or had a material presence or influence at any time during the last two years of Mr. Throsby's services to or engagement with the Company or (y) the Company or any of its subsidiaries is engaged in or has plans to engage in the Competing Business as of the date hereof.  

 

	
5.6.
	
From the date hereof and during the 12 (twelve) month period following the Termination Date (the Nonsolicitation Restricted Period), Mr. Throsby will not, directly or indirectly, on Mr. Throsby's own behalf or for the benefit of any other individual or entity: (i) solicit, encourage, induce or attempt to induce or assist others to solicit, encourage, induce or attempt to induce any employees, consultants or independent contractors of the Company or any of its subsidiaries to terminate their employment or other engagement with the Company or any of its subsidiaries; (ii) hire, or recruit or attempt to hire, or engage or attempt to engage as an independent contractor, any person who was employed or otherwise engaged by the Company or any of its subsidiaries at any time during the term of Mr. Throsby's employment with the Company; provided, that this clause (ii) shall not apply to the recruitment or hiring or other 

 

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engagement of any individual whose employment or other engagement with the Company or any of its subsidiaries has been terminated for a period of six months or longer; (iii) solicit, divert or take away, or attempt to divert or take away, the business of any customer or client of the Company or any of its subsidiaries (served by the Company or any of its subsidiaries during the 12-month period prior to the termination of Mr. Throsby's services to the Company); or (iv) cause or encourage any vendor or supplier to reduce or cease doing business with the Company or any of its subsidiaries. Without limiting the Company's ability to seek other remedies available in law or equity, if Mr. Throsby violates any of the provisions of this clause 5.6, the Nonsolicitation Restricted Period shall be extended by one day for each day that Mr. Throsby is in violation of such provisions, up to a maximum extension equal to the length of the Nonsolicitation Restricted Period, so as to give the Company the full benefit of the bargained-for length of forbearance.

 

	
5.7.
	
If any provision of clause under this clause 5 shall be determined to be unenforceable by any court of competent jurisdiction or arbitrator by reason of its extending for too great a period of time or over too large a geographic area or over too great a range of activities, it shall be interpreted to extend only over the maximum period of time, geographic area or range of activities as to which it may be enforceable.

 

	
6.
	
Communication; references

	
6.1.
	
In view of external statements to be made regarding Mr. Throsby's departure, the Company will issue a public statement regarding Mr. Throsby’s departure, within the content as laid down in Annex I. 

 

	
6.2.
	
It is intended that any internal statements to be made by the Company regarding Mr. Throsby's departure will have materially the same contents as set forth in Annex I, except as otherwise required by applicable law or regulation.

	
6.3.
	
Mr. Throsby shall observe absolute confidentiality in respect of third parties regarding the contents of this Agreement, unless he is required to disclose information on the grounds of applicable statutory or regulatory provisions. In that case, Mr. Throsby shall consult the Company about such disclosure in advance.  

 

	
6.4.
	
The Parties shall not make negative comments on each other and shall refrain from (co-operating with) any publication or communication made in the public domain with respect to each other; provided, that, the Company's obligations in this regard shall be limited to disparaging statements by officers and directors of the Company and nothing in this clause shall preclude the Company (including its officers and directors) and/or Mr. Throsby from making truthful statements that are reasonably necessary to comply with applicable law, regulation or legal process, or to defend or enforce the Company's or Mr. Throsby’s rights under this Agreement as applicable.

 

	
6.5.
	
Mr. S. Lundberg will act as contact person with regard to any references to be given about the 

 

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person and performance of Mr. Throsby.

 

	
7.
	
Return company property; right to access records

	
7.1.
	
By no later than the Termination Date, Mr. Throsby shall return to the Company or a person to be designated by the Company, in clean and good condition all records and property belonging to the Company, including credit cards, access passes, emails, notes and (copies of) any data related to the business of the Company and/or any other group companies or affiliates, including any data on Mr. Throsby’s personal computer and/or other electronic devices used by and/or in the possession of Mr. Throsby.

	
7.2.
	
Mr. Throsby shall not keep any copies of such data as referred to in clause 7.1 of this Agreement, with the exception of documents related to the Employment Agreement.

	
8.
	
No issues 

 

Mr. Throsby declares that he is not aware of any acts or circumstances that are unknown to the Company and its shareholders and could have a materially adverse effect on the Company and/or its affiliates or its business. 

 

	
9.
	
Discharge  

 

	
9.1.
	
Save for the rights and obligation that arise from this Agreement, the Parties grant each other full and final discharge (in Dutch: finale kwijting) with respect to the Employment Agreement as well as the termination thereof; provided, that, nothing in this Agreement is intended to waive or release Mr. Throsby’s continuing rights (to the extent existing as of the date of this Agreement) to indemnification in accordance with any applicable individual indemnity agreement as in effect on the date of this Agreement. 

	
9.2.
	
The Parties recognise and confirm that save for the arrangements laid down in this Agreement, no other agreements, claims and/or arrangements exist anymore, at least that any such agreements, claims and/or arrangements will be waived and nullified by this Agreement, which means to regulate and cover all possible arrangements between the Parties, with a view to pursue a termination of the Employment Agreement exhaustively.

	
10.
	
Rescission

 

To the extent permitted by law, the Parties hereby waive their rights under articles 6:265 to 6:272 inclusive of the DCC to rescind (in Dutch: ontbinden), or demand in legal proceedings the rescission (in Dutch: ontbinding) of this Agreement on the grounds of breach (in Dutch: toerekenbare tekortkoming) or error (in Dutch: dwaling).

 

	
11.
	
Partial invalidity  

 

 

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In the event that a clause of this Agreement is invalid, illegal, not binding, or unenforceable (either in whole or in part), the remainder of the Agreement shall continue to be effective to the extent that, in view of this Agreement's substance and purpose, such remainder is not inextricably related to and therefore in severable from the invalid, illegal, not binding or unenforceable provision. The Parties shall make every effort to reach agreement on a new respective clause which differs as little as possible from the invalid, illegal, not binding or unenforceable clause, taking into account the substance and purpose of this Agreement.

 

	
12.
	
Settlement agreement 

 

This Agreement is considered to be a settlement agreement (in Dutch: vaststellingsovereen-komst) within the meaning of article 7:900 of the Dutch Civil Code. 

	
13.
	
Legal costs

	
13.1.
	
The Company agrees to reimburse the legal costs incurred by Mr. Throsby in connection with entering into this Agreement up to a maximum of EUR 2,500 (net), including office costs and including VAT.

	
13.2.
	
Mr. Throsby should submit the invoice paid by him for legal assistance to the Company as an expense statement, before the Termination Date, after which the Company shall pay the amount stated to Mr. Throsby up to the maximum referred to in clause 13.1 by transferring it to Mr. Throsby's salary account as known to the Company.

 

	
14.
	
Entire Agreement 

 

	
14.1.
	
This Agreement embodies the entire agreement and understanding of the Parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral or written, relative to said subject matter. 

 

	
14.2.
	
This Agreement may only be amended in writing and such amendment signed by each of the Parties.  

 

	
15.
	
Governing law and competent court

 

	
15.1.
	
This Agreement shall be governed by and construed in accordance with the laws of the Netherlands.

 

	
15.2.
	
Any dispute in connection with this Agreement shall finally be settled before the competent court of Amsterdam, the Netherlands.

 

Pursuant to article 7:670b section 2 DCC Mr. Throsby has the right to rescind (in Dutch: ontbinden) this agreement without giving reasons (in Dutch: zonder opgaaf van redenen) by means of a written statement to that effect addressed to the Company, within 14 (fourteen) days after the date of this 

 

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agreement.

 

This Agreement is dated April 16, 2020 and may be executed in any number of counterparts, each of which will be deemed an original and all of which together shall constitute one and the same instrument.

 

Thus agreed, 

 

 

 

on behalf of Merus N.V.

 

 

 

	
/s/ S A Lundberg 
	

	
name: 
	
S A Lundberg

	
title: 
	
CEO

 

 

 

 

Mr. M. Throsby

 

 

 

	
/s/ M Throsby
	

 

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Annex I

 

 

On April 15, 2020, Mark Throsby resigned as the Executive Vice President and Chief Scientific Officer of Merus N.V. (the “Company”) to pursue other opportunities with an effective date of July 31, 2020. Mr. Throsby has agreed to remain with the Company during this transition period to facilitate a handover of tasks and knowledge.  Mr. Throsby has overseen research at the Company for eleven years, and has made significant contributions to establishing and growing the Company’s Biclonics® and TriclonicsTM platforms for the generation of multispecific antibodies, and to the research and development the Company’s pipeline of pre-clinical and clinical innovative therapeutic antibody candidates.  The Company is grateful for his work, both to date and as planned through the transition period. In connection with his departure, Mr. Throsby has entered into a Settlement Agreement with the Company, pursuant to which Mr. Throsby will be entitled to receive a severance payment equal to 8 months of his annual salary and amortized bonus. Further, subject to Mr. Throsby’s continued compliance with the terms and conditions of the Settlement Agreement Mr. Throsby’s unvested equity awards granted to him under the applicable equity-based long-term incentive plan of the Company will continue to vest until October 31, 2020 as if Mr. Throsby had continued in full time service with the Company through such date.

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