Company: IPHYF
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001598599-25-000042
Chunk: 265

Company: Innate Pharma SA
Filing Date: 2025-04-30
Form: 20-F
Item: Item 10
Chunk 265
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 of the ordinary shares or ADSs in their particular circumstances.

As indicated below, this summary is subject to the discussion below of the U. S. federal income tax rules applicable to a “passive foreign investment company” (PFIC).

In general, and taking into account the earlier assumptions, for U. S. federal income tax purposes, a U. S. holder holding ADSs will be treated as the owner of the ordinary shares represented by the ADSs. Exchanges of ordinary shares for ADSs, and ADSs for ordinary shares, generally will not be subject to U. S. federal income tax.

Distributions. Subject to the discussion under “ - Passive Foreign Investment Company Considerations,” below, the gross amount of any distribution (including any amounts withheld in respect of foreign tax) actually or constructively received by a U. S. holder with respect to the ordinary shares or ADSs will generally be taxable to the U. S. holder as a dividend to the extent of the U. S. holder’s pro rata share of the current or accumulated earnings and profits as determined under U. S. federal income tax principles. Distributions in excess of earnings and profits will generally be non-taxable to the U. S. holder to the extent of, and will be applied against and reduce, the U. S. holder’s adjusted tax basis in the ordinary shares or ADSs. Distributions in excess of earnings and profits and such adjusted tax basis will generally be taxable to the U. S. holder as either long-term or short-term capital gain depending upon whether the U. S. holder has held the ordinary shares or ADSs for more than one year as of the time such distribution is received. However, since the Company does not calculate its earnings and profits under U. S. federal income tax principles, it is expected that any distribution will be reported as a dividend, even if that distribution would otherwise be treated as a non-taxable return of capital or as capital gain under the rules described above. Non-corporate U. S. holders may qualify for the preferential rates of taxation with respect to dividends on the ordinary shares or ADSs applicable to long-term capital gains (i. e., gains from the sale of capital assets held for more than one year), or qualified dividend income if the Company is a

“qualified foreign corporation” and certain other requirements are met. A non-U. S. corporation (other than a corporation that is a PFIC for the taxable year in which the dividend is paid or the