[Form 4] Merus N.V. Insider Trading Activity

Insider Trade Summary

Exercise and Sale: 25,000 shares ($889K approx. pre-tax spread)

Exercise and Sale 3 txns

Insider Silverman Peter B.

Role COO & GC

Sold 25,000 shs ($1.50M)

Approx. gross sale proceeds $1.50M

Approx. exercise cost $611K

Approx. pre-tax spread $889K

Type	Security	Shares	Price	Value
Exercise	Share Option (right to buy)	25,000	$0.00	$0.00
Exercise	Common Shares	25,000	$24.43	$611K
Sale	Common Shares	25,000	$60.00	$1.50M

Holdings After Transaction: Share Option (right to buy) — 50,000 contracts (Direct); Common Shares — 0 shares (Direct)

Footnotes (5)

1. F1. These transactions were effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on March 20, 2025.
2. F2. Represents the exercise price of the options originally granted on February 16, 2021.
3. F3. Amount represents the weighted average price of shares sold, which ranged from $60.00 to $60.07. Details of individual transactions are available upon request.
4. F4. The options are fully vested and exercisable.
5. F5. Number of derivative securities beneficially owned following the reported transaction is in reference to the number of options that remain outstanding of those originally granted on February 16, 2021.

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Accepted by SEC EDGAR 07/18/2025 - 04:05 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Silverman Peter B.

(Last) (First) (Middle)

C/O MERUS N.V.

UPPSALALAAN 17

(Street)

UTRECHT P7 3584 CT

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Merus N.V. [ MRUS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	COO & GC

3. Date of Earliest Transaction (Month/Day/Year)
07/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	07/17/2025		M(1)		25,000	A	$24.43(2)	25,000	D
Common Shares	07/17/2025		S(1)		25,000	D	$60(3)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Share Option (right to buy)	$24.43	07/17/2025		M(1)			25,000	(4)	02/16/2031	Common Shares	25,000	$0	50,000(5)	D

Explanation of Responses:

1. These transactions were effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on March 20, 2025.

2. Represents the exercise price of the options originally granted on February 16, 2021.

3. Amount represents the weighted average price of shares sold, which ranged from $60.00 to $60.07. Details of individual transactions are available upon request.

4. The options are fully vested and exercisable.

5. Number of derivative securities beneficially owned following the reported transaction is in reference to the number of options that remain outstanding of those originally granted on February 16, 2021.

	/s/ Peter Silverman as attorney-in-fact	07/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.