EX-10.6





 EXHIBIT 10.6 

 

DYNACURE S.A. 

2021 EMPLOYEE SHARE PURCHASE PLAN 


ARTICLE I. 
 PURPOSE

 The purpose of this Plan is to assist Eligible Service Providers of the Company and its Designated Subsidiaries in acquiring a share
ownership interest in the Company. 
 The Plan consists of two components: (i) the Section 423 Component and (ii) the Non-Section 423 Component. The Section 423 Component is intended to qualify as an “employee stock purchase plan” under Section 423 of the Code and shall be administered, interpreted and construed
in a manner consistent with the requirements of Section 423 of the Code. The Non-Section 423 Component authorizes the grant of rights which need not qualify as rights granted pursuant to an “employee
stock purchase plan” under Section 423 of the Code. Rights granted under the Non-Section 423 Component shall be granted pursuant to separate Offerings containing such
sub-plans, appendices, rules or procedures as may be adopted by the Administrator and designed to achieve tax, securities laws or other objectives for Eligible Service Providers and Designated Subsidiaries but
shall not be intended to qualify as an “employee stock purchase plan” under Section 423 of the Code. Except as otherwise determined by the Administrator or provided herein, the Non-Section 423
Component will operate and be administered in the same manner as the Section 423 Component. Offerings intended to be made under the Non-Section 423 Component will be designated as such by the
Administrator at or prior to the time of such Offering. 
 For purposes of this Plan, the Administrator may designate separate Offerings under the Plan in
which Eligible Service Providers will participate. The terms of these Offerings need not be identical, even if the dates of the applicable Offering Period(s) in each such Offering are identical, provided that the terms of participation are the same
within each separate Offering under the Section 423 Component (as determined under Section 423 of the Code). Solely by way of example and without limiting the foregoing, the Company could, but shall not be required to, provide for
simultaneous Offerings under the Section 423 Component and the Non-Section 423 Component of the Plan. 

On June 28, 2021, the Company’s shareholders are expected to authorize the Board to establish the Plan and to issue Shares in the
form of ADSs, subject to the terms and conditions of the Plan, for up to 18 months from such date (the “Shareholders Authorization”). Each year, the Board intends to propose that the Company’s shareholders either renew,
extend, upsize or downsize the Shareholders Authorization. Therefore, all provisions of this Plan are subject to any amendments made by the Board or the Company’s shareholders at the annual shareholders’ meeting. 

ARTICLE II. 
 DEFINITIONS
AND CONSTRUCTION 
 Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context
clearly indicates otherwise. 
 2.1 “Administrator” means the Board. The Board conducts the general administration of
the Plan, as provided in Article XI, and may not delegate its power to serve as Administrator of the Plan. 
 2.2
“ADS” means one Share in the form of an American Depositary Share. Each ADS represents one Share. 
  












 2.3 “Agent” means the brokerage firm, bank or other financial
institution, entity or person(s), if any, engaged, retained, appointed or authorized to act as the agent of the Company or an Employee with regard to the Plan. 

2.4 “Applicable Law” means the requirements relating to the administration of equity incentive plans under
French law (including the French Commercial Code), U.S. federal and state securities, tax and other applicable laws, rules and regulations, the applicable rules of any stock exchange or quotation system on which ADSs are listed or quoted and the
applicable laws and rules of any other country or other jurisdiction where rights under this Plan are granted or governed. 
 2.5
“Board” means the Board of Directors of the Company. 
 2.6 “Code” means the U.S. Internal
Revenue Code of 1986, as amended, and the regulations issued thereunder. 
 2.7 “Committee” means a committee of one
or more members of the Board. One or more Committees may be appointed by the Board to provide recommendations to the Board with respect to the Plan. Until and unless the Board determines otherwise, the Compensation Committee of the Board is deemed
appointed by the Board to provide recommendations with respect to the Plan, provided, however, that this appointment shall not be considered to be a delegation by the Board of its powers to administer the Plan. 

2.8 “Company” means Dynacure S.A., a French public limited company, or any successor. 

2.9 “Compensation” of an Eligible Service Provider means, unless otherwise determined by the Administrator, the gross
base compensation, wages or payments received by such Eligible Service Provider as compensation for services to the Company or any Designated Subsidiary, excluding overtime payments, sales commissions, incentive compensation, bonuses, expense
reimbursements, income received in connection with any compensatory equity awards, fringe benefits and other special payments. 
 2.10
“Consultant” means any person, including, without limitation, any advisor, engaged by the Company or a Parent or Designated Subsidiary of the Company to render services to such entity if: (i) the consultant
or advisor renders bona fide services to the Company; (ii) the services rendered by the consultant or advisor are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly
promote or maintain a market for the Company’s securities; and (iii) the consultant or advisor is a natural person, or such other advisor or consultant as is approved by the Administrator. 

2.11 “Designated Subsidiary” means any Subsidiary designated by the Administrator in accordance with
Section 11.2(b), such designation to specify whether such participation is in the Section 423 Component or Non-Section 423 Component. A Designated Subsidiary may participate in either the
Section 423 Component or Non-Section 423 Component, but not both; provided that a Subsidiary that, for U.S. tax purposes, is disregarded from the Company or any Subsidiary that participates in the
Section 423 Component shall automatically constitute a Designated Subsidiary that participates in the Section 423 Component. 

2.12 “Effective Date” means the Pricing Date, provided that the Board has adopted the Plan prior to or on
such date. 

  
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 2.13 “Eligible Service Provider” means: 

(a) an Employee or, with respect to the Non-Section 423 Component only, a Consultant, in each case, who
does not, immediately after any rights under this Plan are granted, own (directly or through attribution) shares possessing 5% or more of the total combined voting power or value of all classes of shares and other securities of the Company, a Parent
or a Subsidiary (as determined under Section 423(b)(3) of the Code). For purposes of the foregoing, the rules of Section 424(d) of the Code with regard to the attribution of stock ownership shall apply in determining the share ownership of
an individual, and ADSs that an Employee or Consultant may purchase under outstanding options shall be treated as shares owned by the Employee or Consultant. 

(b) Notwithstanding the foregoing, the Administrator may provide in an Offering Document that an Employee shall not be eligible to participate
in an Offering Period under the Section 423 Component if: (i) such Employee is a highly compensated employee within the meaning of Section 423(b)(4)(D) of the Code; (ii) such Employee has not met a service requirement designated
by the Administrator pursuant to Section 423(b)(4)(A) of the Code (which service requirement may not exceed two years); (iii) such Employee’s customary employment is for twenty hours per week or less; (iv) such Employee’s
customary employment is for less than five months in any calendar year; and/or (v) such Employee is a citizen or resident of a non-U.S. jurisdiction and the grant of a right to purchase ADSs under the
Plan to such Employee would be prohibited under the laws of such non-U.S. jurisdiction or the grant of a right to purchase ADSs under the Plan to such Employee in compliance with the laws of such non-U.S. jurisdiction would cause the Plan to violate the requirements of Section 423 of the Code, as determined by the Administrator in its sole discretion; provided, further, that any exclusion
in clauses (i), (ii), (iii), (iv) or (v) shall be applied in an identical manner under each Offering Period to all Employees, in accordance with Treasury Regulation Section 1.423-2(e). For the
avoidance of doubt, Consultants shall not be eligible to participate in the Section 423 Component. 
 (c) Further notwithstanding the
foregoing, with respect to the Non-Section 423 Component, the first sentence in this definition shall apply in determining who is an “Eligible Service Provider,” except (i) the Administrator may
limit eligibility further within the Company or a Designated Subsidiary so as to only designate some Employees or Consultants of the Company or a Designated Subsidiary as Eligible Service Providers and (ii) to the extent the restrictions in the
first sentence in this definition are not consistent with applicable local laws, the applicable local laws shall control. 
 2.14
“Employee” means any individual who renders services to the Company or any Designated Subsidiary in the status of an employee and, with respect to the Section 423 Component, a person who is an employee within the meaning
of Section 3401(c) of the Code. For purposes of an individual’s participation in, or other rights under the Plan, all determinations by the Company shall be final, binding and conclusive, notwithstanding that any court of law or
governmental agency subsequently makes a contrary determination. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on sick leave or other leave of absence approved by the Company or
Designated Subsidiary and meeting the requirements of Treasury Regulation Section 1.421-1(h)(2). For purposes of the Section 423 Component, where the period of leave exceeds three (3) months and
the individual’s right to reemployment is not guaranteed either by statute or by contract, the employment relationship shall be deemed to have terminated on the first day immediately following such three (3)-month period. 

2.15 “Enrollment Date” means the first Trading Day of each Offering Period. 

2.16 “Fair Market Value” means, as of any date, the value of ADSs determined as follows: (i) if the ADSs are
listed on any established stock exchange, its Fair Market Value will be the closing sales price for such ADSs as quoted on such exchange for such date, or if no sale occurred on such date, the last day preceding such date during which a sale
occurred, as reported in The Wall Street Journal or another 

  
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source the Administrator deems reliable; (ii) if the ADSs are not traded on a stock exchange but are quoted on a national market or other quotation system, the closing sales price on such
date, or if no sales occurred on such date, then on the last date preceding such date during which a sale occurred, as reported in The Wall Street Journal or another source the Administrator deems reliable; or (iii) without an established
market for the ADSs, the Administrator will determine the Fair Market Value in its discretion. 
 2.17 “Non-Section 423 Component” means those Offerings under the Plan, together with the sub-plans, appendices, rules or procedures, if any, adopted by the
Administrator as a part of this Plan, in each case, pursuant to which rights to purchase ADSs during an Offering Period may be granted to Eligible Service Providers that need not satisfy the requirements for rights to purchase ADSs granted pursuant
to an “employee stock purchase plan” that are set forth under Section 423 of the Code. 
 2.18
“Offering” means an offer under the Plan of a right to purchase ADSs that may be exercised during an Offering Period as further described in Article IV hereof. Unless otherwise specified by the Administrator, each Offering to
the Eligible Service Providers of the Company or a Designated Subsidiary shall be deemed a separate Offering, even if the dates and other terms of the applicable Offering Periods of each such Offering are identical, and the provisions of the Plan
will separately apply to each Offering. To the extent permitted by Treas. Reg. § 1.423-2(a)(1), the terms of each separate Offering under the Section 423 Component need not be identical, provided
that the terms of the Section 423 Component and an Offering thereunder together satisfy Treas. Reg. § 1.423-2(a)(2) and (a)(3). 

2.19 “Offering Document” has the meaning given to such term in Section 4.1. 

2.20 “Offering Period” has the meaning given to such term in Section 4.1. 

2.21 “Parent” means any corporation, other than the Company, in an unbroken chain of corporations ending with the
Company if, at the time of the determination, each of the corporations other than the Company owns shares possessing 50% or more of the total combined voting power of all classes of shares in one of the other corporations in such chain. 

2.22 “Participant” means any Eligible Service Provider who has executed a subscription agreement and been granted
rights to purchase ADSs pursuant to the Plan. 
 2.23 “Payday” means the regular and recurring established day for
payment of Compensation to an Employee of the Company or any Designated Subsidiary. 
 2.24 “Plan” means this
2021 Employee Share Purchase Plan, including both the Section 423 Component and Non-Section 423 Component and any other sub-plans or appendices hereto, as amended
from time to time. 
 2.25 “Pricing Date” means the date upon which the Company’s Registration Statement
on Form F-1 filed with the Securities and Exchange Commission relating to the underwritten public offering of ADSs becomes effective. 

2.26 “Purchase Date” means the last Trading Day of each Offering Period or such other date as determined by the
Administrator and set forth in the Offering Document. 

  
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 2.27 “Purchase Price” means the purchase price designated by the
Administrator in the applicable Offering Document (which purchase price, for purposes of the Section 423 Component, shall not be less than 85% of the Fair Market Value of an ADS on the Enrollment Date or on the Purchase Date, whichever is
lower); provided, however, that, in the event no purchase price is designated by the Administrator in the applicable Offering Document, the purchase price for the Offering Periods covered by such Offering Document shall be 85% of the
Fair Market Value of an ADS on the Enrollment Date or on the Purchase Date, whichever is lower; provided, further, that the Purchase Price may be adjusted by the Administrator pursuant to Article VIII and shall not be less than
the nominal value of a Share. 
 2.28 “Section 423 Component” means those Offerings
under the Plan, together with the sub-plans, appendices, rules or procedures, if any, adopted by the Administrator as a part of this Plan, in each case, pursuant to which rights to purchase ADSs during an
Offering Period may be granted to Eligible Service Providers that are intended to satisfy the requirements for rights to purchase ADSs granted pursuant to an “employee stock purchase plan” that are set forth under Section 423 of the
Code. 
 2.29 “Securities Act” means the U.S. Securities Act of 1933, as amended. 

2.30 “Share” means an ordinary share of the Company. 

2.31 “Subsidiary” means any corporation, other than the Company, in an unbroken chain of corporations beginning with
the Company if, at the time of the determination, each of the corporations other than the last corporation in an unbroken chain owns shares possessing 50% or more of the total combined voting power of all classes of shares in one of the other
corporations in such chain (subject to Article L225-180 of the French Code of Commerce); provided, however, that a limited liability company or partnership may be treated as a Subsidiary to the extent
either (a) such entity is treated as a disregarded entity under Treasury Regulation Section 301.7701-3(a) by reason of the Company or any other Subsidiary that is a corporation being the sole owner
of such entity, or (b) such entity elects to be classified as a corporation under Treasury Regulation Section 301.7701-3(a) and such entity would otherwise qualify as a Subsidiary. In addition, with
respect to the Non-Section 423 Component, Subsidiary shall include any corporate or non-corporate entity in which the Company has a direct or indirect equity interest or
significant business relationship. 
 2.32 “Trading Day” means a day on which national stock exchanges in the United
States are open for trading. 
 2.33 “Treas. Reg.” means U.S. Department of the Treasury regulations. 

ARTICLE III. 
 AMERICAN
DEPOSITARY SHARES SUBJECT TO THE PLAN 
 3.1 Number of ADSs. Subject to Article VIII, the aggregate number of ADSs that may
be issued pursuant to rights granted under the Plan shall be equal to 15% of the share capital of the Company on the date of the Shareholders Authorization. The number of ADSs available for issuance under this Plan may be increased once each
calendar year by the number of ADSs determined by the Company’s shareholders. If any right granted under the Plan shall for any reason terminate without having been exercised, the ADSs not purchased under such right shall again become available
for issuance under the Plan. 
 3.2 ADSs Distributed. Any ADSs distributed pursuant to the Plan may consist, in whole or in part, of
authorized and unissued ADSs or ADSs purchased on the open market. 

  
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 ARTICLE IV. 

OFFERING PERIODS; OFFERING DOCUMENTS; PURCHASE DATES 

4.1 Offering Periods. The Administrator may from time to time grant or provide for the grant of rights to purchase ADSs under the Plan
to Eligible Service Providers during one or more periods (each, an “Offering Period”) selected by the Administrator. The terms and conditions applicable to each Offering Period shall be set forth in an “Offering
Document” adopted by the Administrator, which Offering Document shall be in such form and shall contain such terms and conditions as the Administrator shall deem appropriate and shall be incorporated by reference into and made part of
the Plan and shall be attached hereto as part of the Plan. The provisions of separate Offerings or Offering Periods under the Plan need not be identical. 

4.2 Offering Documents. Each Offering Document with respect to an Offering Period shall specify (through incorporation of the provisions
of this Plan by reference or otherwise): 
 (a) the length of the Offering Period, which period shall not exceed twenty-seven months (subject
to renewal of the Shareholders Authorization); 
 (b) the maximum number of ADSs that may be purchased by any Eligible Service Provider
during such Offering Period, which, in the absence of a contrary designation by the Administrator, shall be 25,000 ADSs; and 
 (c) such
other provisions as the Administrator determines are appropriate, subject to the Plan. 
 ARTICLE V. 

ELIGIBILITY AND PARTICIPATION 

5.1 Eligibility. Any Eligible Service Provider who shall be employed or engaged by the Company or a Designated Subsidiary on a given
Enrollment Date for an Offering Period shall be eligible to participate in the Plan during such Offering Period, subject to the requirements of this Article V and, for the Section 423 Component, the limitations imposed by
Section 423(b) of the Code. 
 5.2 Enrollment in Plan. 

(a) Except as otherwise set forth in an Offering Document or determined by the Administrator, an Eligible Service Provider may become a
Participant in the Plan for an Offering Period by delivering a subscription agreement to the Company by such time prior to the Enrollment Date for such Offering Period (or such other date specified in the Offering Document) designated by the
Administrator and in such form as the Company provides. 
 (b) Each subscription agreement shall designate a fixed amount of such Eligible
Service Provider’s after-tax Compensation to be withheld by the Company or the Designated Subsidiary employing or engaging such Eligible Service Provider on each Payday during the Offering Period as
payroll deductions under the Plan. The amount of Compensation designated by an Eligible Service Provider as payroll deductions may not be less than 1% or more than the maximum percentage specified by the Administrator in the applicable Offering
Document (which percentage shall be 25% in the absence of any such designation) of the Compensation paid to such Eligible Service Provider on each Payday during the Offering Period. The payroll deductions made for each Participant shall be on an after-tax basis and, to the extent permitted by Applicable Law, shall be credited to an account for such Participant under the Plan and shall be deposited with the general funds of the Company. 

  
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 (c) A Participant may increase or decrease the amount of Compensation designated in his or
her subscription agreement, subject to the limits of this Section 5.2, or may suspend his or her payroll deductions, at any time during an Offering Period; provided, however, that the Administrator may limit the number of changes
a Participant may make to his or her payroll deduction elections during each Offering Period in the applicable Offering Document (and in the absence of any specific designation by the Administrator, a Participant shall be allowed to decrease (but
not increase) his or her payroll deduction elections one time during each Offering Period). Any such change or suspension of payroll deductions shall be effective with the first full payroll period following five business days after the
Company’s receipt of the new subscription agreement (or such shorter or longer period as may be specified by the Administrator in the applicable Offering Document). In the event a Participant suspends his or her payroll deductions, such
Participant’s cumulative payroll deductions prior to the suspension shall remain in his or her account and shall be applied to the purchase of ADSs on the next occurring Purchase Date and shall not be paid to such Participant unless he or she
withdraws from participation in the Plan pursuant to Article VII. A Participant who suspends his or her payroll deductions will not be permitted to resume such payroll deductions until the next Offering Period and may do so only by delivering
to the Company a new subscription agreement. 
 (d) Except as otherwise set forth in an Offering Document or determined by the Administrator,
a Participant may participate in the Plan only by means of payroll deduction and may not make contributions by lump sum payment for any Offering Period. 

5.3 Payroll Deductions. Except as otherwise provided in the applicable Offering Document, payroll deductions for a Participant shall
commence on the first Payday following the Enrollment Date and shall end on the last Payday in the Offering Period to which the Participant’s authorization is applicable, unless sooner terminated by the Participant as provided in
Article VII or suspended by the Participant or the Administrator as provided in Section 5.2 and Section 5.6, respectively. Notwithstanding any other provisions of the Plan to the contrary, in
non-U.S. jurisdictions where participation in the Plan through payroll deductions is prohibited, or, with respect to the Non-Section 423 Component, the Eligible Service
Provider does not receive Compensation through payroll, the Administrator may provide that an Eligible Service Provider may elect to participate through contributions to the Participant’s account under the Plan in a form acceptable to the
Administrator in lieu of or in addition to payroll deductions; provided, however, that, for any Offering under the Section 423 Component, the Administrator shall take into consideration any limitations under Section 423 of the Code when
applying an alternative method of contribution. 
 5.4 Effect of Enrollment. A Participant’s completion of a subscription
agreement will enroll such Participant in the Plan for each subsequent Offering Period on the terms contained therein until the Participant either submits a new subscription agreement, withdraws from participation under the Plan as provided in
Article VII or otherwise becomes ineligible to participate in the Plan. 
 5.5 Limitation on Purchase of ADSs. An Eligible
Service Provider may be granted rights under the Section 423 Component only if such rights, together with any other rights granted to such Eligible Service Provider under “employee stock purchase plans” of the Company, any Parent or
any Subsidiary, as specified by Section 423(b)(8) of the Code, do not permit such employee’s rights to purchase shares of the Company or any Parent or Subsidiary to accrue at a rate that exceeds $25,000 of the fair market value of such
shares (determined as of the first day of the Offering Period during which such rights are granted) for each calendar year in which such rights are outstanding at any time. This limitation shall be applied in accordance with Section 423(b)(8)
of the Code. 

  
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 5.6 Suspension of Payroll Deductions. Notwithstanding the foregoing, to the extent
necessary to comply with Section 423(b)(8) of the Code and Section 5.5 (with respect to the Section 423 Component) or the other limitations set forth in this Plan, a Participant’s payroll deductions may be suspended by the
Administrator at any time during an Offering Period. The balance of the amount credited to the account of each Participant that has not been applied to the purchase of ADSs by reason of Section 423(b)(8) of the Code, Section 5.5 or the
other limitations set forth in this Plan shall be paid to such Participant in one lump sum in cash as soon as reasonably practicable after the Purchase Date. 

5.7 Non-U.S. Employees. In order to facilitate participation in the Plan, the Administrator may
provide for such special terms applicable to Participants who are citizens or residents of France or any other non-U.S. jurisdiction, or who are employed or engaged by a Designated Subsidiary in France or any other jurisdiction outside of the United
States, as the Administrator may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. Except as permitted by Section 423 of the Code, with respect to the Section 423 Component, such special terms
may not be more favorable than the terms of rights granted under the Section 423 Component to Eligible Service Providers who are residents of the United States. Such special terms may be set forth in an addendum to the Plan in the form of an
appendix or sub-plan (which appendix or sub-plan may be designed to govern Offerings under the Section 423 Component or the
Non-Section 423 Component, as determined by the Administrator). To the extent that the terms and conditions set forth in an appendix or sub-plan conflict with any
provisions of the Plan, the provisions of the appendix or sub-plan shall govern. The adoption of any such appendix or sub-plan shall be pursuant to Section 11.2(g).
Without limiting the foregoing, the Administrator is specifically authorized to adopt rules and procedures, with respect to Participants who are non-U.S. nationals or employed or engaged in France or other non-U.S. jurisdictions, regarding the exclusion of particular Subsidiaries from participation in the Plan, eligibility to participate, the definition of Compensation, handling of payroll deductions or other
contributions by Participants, payment of interest, conversion of local currency, data privacy security, payroll tax, withholding procedures, establishment of bank or trust accounts to hold payroll deductions or contributions. 

5.8 Leave of Absence. During leaves of absence approved by the Company meeting the requirements of Treasury Regulation Section 1.421-1(h)(2) under the Code, a Participant may continue participation in the Plan by making cash payments to the Company on his or her normal Payday equal to the Participant’s authorized payroll
deduction. 
 ARTICLE VI. 

GRANT AND EXERCISE OF RIGHTS 

6.1 Grant of Rights. On the Enrollment Date of each Offering Period, each Eligible Service Provider participating in such Offering
Period shall be granted a right to purchase the maximum number of ADSs specified under Section 4.2, subject to the limits in Section 5.5, and shall have the right to buy, on each Purchase Date during such Offering Period (at the applicable
Purchase Price), such number of whole ADSs as is determined by dividing (a) such Participant’s payroll deductions accumulated prior to such Purchase Date and retained in the Participant’s account as of the Purchase Date, by
(b) the applicable Purchase Price (rounded down to the nearest ADS). The right shall expire on the earliest of: (x) the last Purchase Date of the Offering Period, (y) the last day of the Offering Period, and (z) the date on which
the Participant withdraws in accordance with Section 7.1 or Section 7.3. 

  
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 6.2 Exercise of Rights. On each Purchase Date, each Participant’s accumulated
payroll deductions and any other additional payments specifically provided for in the applicable Offering Document will be applied to the purchase of whole ADSs, up to the maximum number of ADSs permitted pursuant to the terms of the Plan and the
applicable Offering Document, at the Purchase Price. No fractional ADSs shall be issued upon the exercise of rights granted under the Plan, unless the Offering Document specifically provides otherwise. Any cash in lieu of fractional ADSs remaining
after the purchase of whole ADSs upon exercise of a purchase right will be credited to a Participant’s account and carried forward and applied toward the purchase of whole ADSs for the next following Offering Period. ADSs issued pursuant to the
Plan may be evidenced in such manner as the Administrator may determine and may be issued in certificated form or issued pursuant to book-entry procedures. 

6.3 Pro Rata Allocation of ADSs. If the Administrator determines that, on a given Purchase Date, the number of ADSs with respect to
which rights are to be exercised may exceed (a) the number of ADSs that were available for issuance under the Plan on the Enrollment Date of the applicable Offering Period, or (b) the number of ADSs available for issuance under the Plan on
such Purchase Date, the Administrator may in its sole discretion provide that the Company shall make a pro rata allocation of the ADSs available for purchase on such Enrollment Date or Purchase Date, as applicable, in as uniform a manner as shall be
practicable and as it shall determine in its sole discretion to be equitable among all Participants for whom rights to purchase ADSs are to be exercised pursuant to this Article VI on such Purchase Date, and shall either (i) continue all
Offering Periods then in effect, or (ii) terminate any or all Offering Periods then in effect pursuant to Article IX. The Company may make pro rata allocation of the ADSs available on the Enrollment Date of any applicable Offering Period
pursuant to the preceding sentence, notwithstanding any authorization of additional ADSs for issuance under the Plan by the Company’s shareholders subsequent to such Enrollment Date. The balance of the amount credited to the account of each
Participant that has not been applied to the purchase of ADSs shall be paid to such Participant in one lump sum in cash as soon as reasonably practicable after the Purchase Date or such earlier date as determined by the Administrator. 

6.4 Withholding. At the time a Participant’s rights under the Plan are exercised, in whole or in part, or at the time some or all
of the ADSs issued under the Plan is disposed of, the Participant must make adequate provision for the Company’s federal, state, or other tax withholding obligations, if any, that arise upon the exercise of the right or the disposition of the
ADSs. At any time, the Company may, but shall not be obligated to, withhold from the Participant’s compensation or ADSs received pursuant to the Plan the amount necessary for the Company to meet applicable withholding obligations, including any
withholding required to make available to the Company any tax deductions or benefits attributable to sale or early disposition of ADSs by the Participant. 

6.5 Conditions to Issuance of 6.6 ADSs. The Company shall not be required to issue or deliver any certificate or certificates
for, or make any book entries evidencing, ADSs purchased upon the exercise of rights under the Plan prior to fulfillment of all of the following conditions: (a) the admission of such ADSs to listing on all stock exchanges, if any, on which the
ADSs are then listed; (b) the completion of any registration or other qualification of such ADSs under any state or federal law or under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory
body, that the Administrator shall, in its absolute discretion, deem necessary or advisable; (c) the obtaining of any approval or other clearance from any state or federal governmental agency that the Administrator shall, in its absolute
discretion, determine to be necessary or advisable; (d) the payment to the Company of all amounts that it is required to withhold under federal, state or local law upon exercise of the rights, if any; and (e) the lapse of such reasonable
period of time following the exercise of the rights as the Administrator may from time to time establish for reasons of administrative convenience. 

  
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 ARTICLE VII. 

WITHDRAWAL; CESSATION OF ELIGIBILITY 

7.1 Withdrawal. A Participant may withdraw all but not less than all of the payroll deductions credited to his or her account and not
yet used to exercise his or her rights under the Plan at any time by giving written notice to the Company in a form acceptable to the Company no later than two weeks prior to the end of the Offering Period (or such shorter or longer period as may be
specified by the Administrator in the applicable Offering Document). All of the Participant’s payroll deductions credited to his or her account during an Offering Period shall be paid to such Participant as soon as reasonably practicable after
receipt of notice of withdrawal and such Participant’s rights for the Offering Period shall be automatically terminated, and no further payroll deductions for the purchase of ADSs shall be made for such Offering Period. If a Participant
withdraws from an Offering Period, payroll deductions shall not resume at the beginning of the next Offering Period unless the Participant timely delivers to the Company a new subscription agreement. 

7.2 Future Participation. A Participant’s withdrawal from an Offering Period shall not have any effect upon his or her eligibility
to participate in any similar plan that may hereafter be adopted by the Company or a Designated Subsidiary or in subsequent Offering Periods that commence after the termination of the Offering Period from which the Participant withdraws. 

7.3 Cessation of Eligibility. Upon a Participant’s ceasing to be an Eligible Service Provider for any reason, he or she shall be
deemed to have elected to withdraw from the Plan pursuant to this Article VII and the payroll deductions credited to such Participant’s account during the Offering Period shall be paid to such Participant or, in the case of his or her
death, to the person or persons entitled thereto under Section 12.4, as soon as reasonably practicable, and such Participant’s rights for the Offering Period shall be automatically terminated. If a Participant transfers employment from the
Company or any Designated Subsidiary participating in the Section 423 Component to any Designated Subsidiary participating in the Non-Section 423 Component, such transfer shall not be treated as a
termination of employment or service, but the Participant shall immediately cease to participate in the Section 423 Component; however, any contributions made for the Offering Period in which such transfer occurs shall be transferred to the Non-Section 423 Component, and such Participant shall immediately join the then-current Offering under the Non-Section 423 Component upon the same terms and conditions in
effect for the Participant’s participation in the Section 423 Component, except for such modifications otherwise applicable for Participants in such Offering. A Participant who transfers employment or service from any Designated Subsidiary
participating in the Non-Section 423 Component to the Company or any Designated Subsidiary participating in the Section 423 Component shall not be treated as terminating the Participant’s employment
or service and shall remain a Participant in the Non-Section 423 Component until the earlier of (i) the end of the current Offering Period under the Non-Section 423
Component or (ii) the Enrollment Date of the first Offering Period in which the Participant is eligible to participate following such transfer. Notwithstanding the foregoing, the Administrator may establish different rules to govern transfers
of employment or service between entities participating in the Section 423 Component and the Non-Section 423 Component, consistent with the applicable requirements of Section 423 of the Code. 

  
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 ARTICLE VIII. 

ADJUSTMENTS UPON CHANGES IN SHARES 

8.1 Changes in Capitalization. Subject to Section 8.3, in the event that the Administrator determines that any dividend or other
distribution (whether in the form of cash, ADSs, Shares, other securities, or other property), listing of securities on an exchange, change in control, reorganization, merger, amalgamation, consolidation, combination, repurchase, redemption,
recapitalization, liquidation, dissolution, or sale, transfer, exchange or other disposition of all or substantially all of the assets of the Company, or sale or exchange of ADSs, Shares or other securities of the Company, issuance of warrants or
other rights to purchase ADSs, Shares or other securities of the Company, or other increase or decrease in the number of Shares or ADSs effected without receipt of consideration by the Company, or other similar corporate transaction or event, as
determined by the Administrator, affects the ADSs such that an adjustment is determined by the Administrator to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended by the Company to be made
available under the Plan or with respect to any outstanding purchase rights under the Plan, the Administrator shall make appropriate, equitable and proportionate adjustments, if any, to reflect such change with respect to (a) the aggregate
number and type of shares (or other securities or property) that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Section 3.1 and the limitations established in each Offering Document pursuant to
Section 4.2 on the maximum number of ADSs that may be purchased); (b) the class(es) and number of ADSs and price per ADS subject to outstanding rights; and (c) the Purchase Price with respect to any outstanding rights. 

8.2 Other Adjustments. Subject to Section 8.3, in the event of any transaction or event described in Section 8.1 or any
unusual or nonrecurring transactions or events affecting the Company, any affiliate of the Company, or the financial statements of the Company or any affiliate, or of changes in Applicable Law or accounting principles, the Administrator, in its
discretion, and on such terms and conditions as it deems appropriate, is hereby authorized to take any one or more of the following actions whenever the Administrator determines that such action is appropriate in order to prevent the dilution or
enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to any right under the Plan, to facilitate such transactions or events or to give effect to such changes in laws, regulations or
principles: 
 (a) To provide for either (i) termination of any outstanding right in exchange for an amount of cash, if any, equal to
the amount that would have been obtained upon the exercise of such right had such right been currently exercisable or (ii) the replacement of such outstanding right with other rights or property selected by the Administrator in its sole
discretion; 
 (b) To provide that the outstanding rights under the Plan shall be assumed by the successor or survivor corporation, or a
parent or subsidiary thereof, or shall be substituted for by similar rights covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and prices;

 (c) To make adjustments in the number and type of shares (or other securities or property) subject to outstanding rights under the Plan
and/or in the terms and conditions of outstanding rights and rights that may be granted in the future; 
 (d) To provide that
Participants’ accumulated payroll deductions may be used to purchase ADSs prior to the next occurring Purchase Date on such date as the Administrator determines in its sole discretion and the Participants’ rights under the ongoing Offering
Period(s) shall be terminated; and 
 (e) To provide that all outstanding rights shall terminate without being exercised. 

8.3 No Adjustment Under Certain Circumstances. Unless determined otherwise by the Administrator, no adjustment or action described in
this Article VIII or in any other provision of the Plan shall be authorized to the extent that such adjustment or action would cause the Section 423 Component of the Plan to fail to satisfy the requirements of Section 423 of the Code.


  
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 8.4 No Other Rights. Except as expressly provided in the Plan, no Participant shall
have any rights by reason of any subdivision or consolidation of shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution, liquidation, merger, or consolidation of the Company
or any other corporation. Except as expressly provided in the Plan or pursuant to action of the Administrator under the Plan, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and no
adjustment by reason thereof shall be made with respect to, the number of ADSs subject to outstanding rights under the Plan or the Purchase Price with respect to any outstanding rights. 

ARTICLE IX. 
 AMENDMENT,
MODIFICATION AND TERMINATION 
 9.1 Amendment, Modification and Termination. The Administrator may amend, suspend or terminate
the Plan at any time and from time to time; provided, however, that approval of the Company’s shareholders shall be required for any amendment of the Plan for which shareholder approval is required by Applicable Law or
under any resolution adopted by the Company’s shareholders with respect to the Plan, including any amendment to: (a) increase the aggregate number, or change the type, of shares that may be sold pursuant to rights under the Plan under
Section 3.1 (other than an adjustment as provided by Article VIII) or (b) change the corporations or classes of corporations whose employees and service providers may be granted rights under the Plan. 

9.2 Certain Changes to Plan. Without shareholder consent and without regard to whether any Participant rights may be considered to have
been adversely affected (and, with respect to the Section 423 Component of the Plan, after taking into account Section 423 of the Code), the Administrator shall be entitled to change or terminate the Offering Periods, limit the frequency
and/or number of changes in the amount withheld from Compensation during an Offering Period, establish the exchange ratio applicable to amounts withheld in a currency other than euros or U.S. dollars, permit payroll withholding in excess of the
amount designated by a Participant in order to adjust for delays or mistakes in the Company’s processing of payroll withholding elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure
that amounts applied toward the purchase of ADSs for each Participant properly correspond with amounts withheld from the Participant’s Compensation, and establish such other limitations or procedures as the Administrator determines in its sole
discretion to be advisable that are consistent with the Plan. 
 9.3 Payments Upon Termination of Plan. Upon termination of the Plan,
the balance in each Participant’s Plan account shall be refunded as soon as practicable after such termination, without any interest thereon, or the Offering Period may be shortened so that the purchase of ADSs occurs prior to the termination
of the Plan. 
 ARTICLE X. 

TERM OF PLAN 
 The Plan
shall become effective on the Effective Date. The effectiveness of the Section 423 Component of the Plan shall be subject to approval of the Plan by the Company’s shareholders within twelve months following the date the Plan is first
approved by the Board. No right may be granted under the Section 423 Component of the Plan prior to such shareholder approval. The Plan shall remain in effect until terminated under Section 9.1. No rights may be granted under the Plan
during any period of suspension of the Plan or after termination of the Plan. 

  
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 ARTICLE XI. 

ADMINISTRATION 
 11.1
Administrator. The Administrator of the Plan shall be the Board. The Board may appoint one or more Committees to provide recommendations to the Board with respect to the Plan, and, until and unless the Board determines otherwise, the
Compensation Committee of the Board is deemed appointed by the Board to provide recommendations with respect to the Plan. No appointment to provide recommendations to the Board shall be considered to be a delegation by the Board of its powers to
administer the Plan. However, the Administrator may delegate administrative tasks under the Plan to the services of an Agent or Employees to assist in the administration of the Plan, including establishing and maintaining an individual securities
account under the Plan for each Participant. 
 11.2 Authority of Administrator. The Administrator shall have the power, subject to,
and within the limitations of, the express provisions of the Plan: 
 (a) To determine when and how rights to purchase ADSs shall be granted
and the provisions of each offering of such rights (which need not be identical). 
 (b) To designate from time to time which Subsidiaries of
the Company shall be Designated Subsidiaries, which designation may be made without the approval of the shareholders of the Company. 
 (c)
To impose a mandatory holding period pursuant to which Employees may not dispose of or transfer ADSs purchased under the Plan for a period of time determined by the Administrator in its discretion. 

(d) To construe and interpret the Plan and rights granted under it, and to establish, amend and revoke rules and regulations for its
administration. The Administrator, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the extent it shall deem necessary or expedient to make the Plan fully effective. 

(e) To amend, suspend or terminate the Plan as provided in Article IX. 

(f) Generally, to exercise such powers and to perform such acts as the Administrator deems necessary or expedient to promote the best interests
of the Company and its Subsidiaries and to carry out the intent that the Plan be treated as an “employee stock purchase plan” within the meaning of Section 423 of the Code for the Section 423 Component. 

(g) The Administrator may adopt sub-plans applicable to particular Designated Subsidiaries or
locations, which sub-plans may be designed to be outside the scope of Section 423 of the Code. The rules of such sub-plans may take precedence over other provisions
of this Plan, with the exception of Section 3.1 hereof, but unless otherwise superseded by the terms of such sub-plan, the provisions of this Plan shall govern the operation of such sub-plan. 

11.3 Decisions Binding. The Administrator’s interpretation of the Plan, any rights granted pursuant to the Plan, any subscription
agreement and all decisions and determinations by the Administrator with respect to the Plan are final, binding, and conclusive on all parties. 

  
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 ARTICLE XII. 

MISCELLANEOUS 
 12.1
Restriction upon Assignment. A right granted under the Plan shall not be transferable other than by will or the applicable laws of descent and distribution, and is exercisable during the Participant’s lifetime only by the
Participant. Except as provided in Section 12.4 hereof, a right under the Plan may not be exercised to any extent except by the Participant. The Company shall not recognize and shall be under no duty to recognize any assignment or alienation of
the Participant’s interest in the Plan, the Participant’s rights under the Plan or any rights thereunder. 
 12.2 Rights as
12.3 Holder. With respect to ADSs subject to a right granted under the Plan, a Participant shall not be deemed to be a holder of, and the Participant shall not have any of the rights or privileges of a holder with respect to, such ADSs
until such ADSs have been issued to the Participant or his or her nominee following exercise of the Participant’s rights under the Plan. No adjustments shall be made for dividends (ordinary or extraordinary, whether in cash securities, or other
property) or distribution or other rights for which the record date occurs prior to the date of such issuance, except as otherwise expressly provided herein or as determined by the Administrator. 

12.4 Interest. No interest shall accrue on the payroll deductions or contributions of a Participant under the Plan. 

12.5 Designation of Beneficiary. 

(a) Subject to Applicable Law, a Participant may, in the manner determined by the Administrator, file a written designation of a beneficiary
who is to receive any ADSs and/or cash, if any, from the Participant’s account under the Plan in the event of such Participant’s death subsequent to a Purchase Date on which the Participant’s rights are exercised but prior to delivery
to such Participant of such ADSs and cash. In addition, subject to Applicable Law, a Participant may file a written designation of a beneficiary who is to receive any cash from the Participant’s account under the Plan in the event of such
Participant’s death prior to exercise of the Participant’s rights under the Plan. If the Participant is married and resides in a community property state, a designation of a person other than the Participant’s spouse as his or her
beneficiary shall not be effective without the prior written consent of the Participant’s spouse. 
 (b) Such designation of beneficiary
may be changed by the Participant at any time by written notice to the Company. In the event of the death of a Participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such Participant’s
death, the Company shall deliver such ADSs and/or cash to the executor or administrator of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion,
may deliver such ADSs and/or cash to the spouse or to any one or more dependents or relatives of the Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 

12.6 Notices. All notices or other communications by a Participant to the Company under or in connection with the Plan shall be deemed
to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

12.7 Equal Rights and Privileges. Subject to Section 5.7, all Eligible Service Providers will have equal rights and privileges
under the Section 423 Component so that the Section 423 Component of this Plan qualifies as an “employee stock purchase plan” within the meaning of Section 423 of the Code. Subject to Section 5.7, any provision of the
Section 423 Component that is inconsistent with Section 423 of the Code will, without further act or amendment by the Company or the Administrator, be reformed to comply with the equal rights and privileges requirement of Section 423
of the Code. Eligible Service Providers participating in the Non-Section 423 Component need not have the same rights and privileges as other Eligible Service Providers participating in the Non-Section 423 Component or as Eligible Service Providers participating in the Section 423 Component. 

  
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 12.8 Use of Funds. All payroll deductions received or held by the Company under the
Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such payroll deductions. 

12.9 Reports. Statements of account shall be given to Participants at least annually, which statements shall set forth the amounts of
payroll deductions, the Purchase Price, the number of ADSs purchased and the remaining cash balance, if any. 
 12.10 No Employment
Rights. Nothing in the Plan shall be construed to give any person (including any Eligible Service Provider or Participant) the right to remain in the employ or service of the Company or any Parent or Subsidiary or affect the right of the Company
or any Parent or Subsidiary to terminate the employment or service of any person (including any Eligible Service Provider or Participant) at any time, with or without cause. 

12.11 Notice of Disposition of ADSs. Each Participant shall give prompt notice to the Company of any disposition or other transfer of
any ADSs purchased upon exercise of a right under the Section 423 Component of the Plan if such disposition or transfer is made: (a) within two years from the Enrollment Date of the Offering Period in which the ADSs were purchased or
(b) within one year after the Purchase Date on which such ADSs were purchased. Such notice shall specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other
consideration, by the Participant in such disposition or other transfer. 
 12.12 Governing Law. The Plan and any agreements hereunder
shall be administered, interpreted and enforced in accordance with the laws of the State of Delaware, disregarding any choice of law principles requiring the application of a jurisdiction’s laws other than those of the State of Delaware. 

12.13 Electronic Forms. To the extent permitted by Applicable Law and in the discretion of the Administrator, an Eligible Service
Provider may submit any form or notice as set forth herein by means of an electronic form approved by the Administrator. Before the commencement of an Offering Period, the Administrator shall prescribe the time limits within which any such
electronic form shall be submitted to the Administrator with respect to such Offering Period in order to be a valid election. 
 * * * * *


  
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