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Exhibit 4.3    
    


 
  BUSINESS OBJECTS S.A.
  1995 INTERNATIONAL EMPLOYEE STOCK PURCHASE PLAN,
  AS OF May 15, 2003    
    


        The following constitute the provisions of the 1995 International Employee Stock Purchase Plan of Business Objects S.A, as amended pursuant to the extraordinary
general meetings of shareholders of June 13, 1996, June 19, 1997, June 18, 1998, May 4, 1999, June 5, 2000, June 12, 2001, June 5, 2002, and
May 15, 2003. 


1.     PURPOSE.  


        The purpose of the Plan is to provide employees of the Company and its Designated Subsidiaries with an opportunity to purchase Shares of the Company through
accumulated payroll deductions. It is the intention of the Company to have the Plan qualify as an "Employee Stock Purchase Plan" under Section 423 of the Internal Revenue Code of 1986, as
amended. The provisions of the Plan, accordingly, shall be construed so as to extend and limit participation in a manner consistent with the requirements of that section of the Code. 


2.     DEFINITIONS.  



        (A)  "ADR"
shall mean an American Depositary Receipt evidencing American Depositary Shares corresponding to Shares. 


        (B)  "ADS"
shall mean an American Depositary Share corresponding to Shares 


        (C)  "Board"
shall mean the Board of Directors of Business Objects S.A. 


        (D)  "Code"
shall mean the Internal Revenue Code of 1986, as amended. 


        (E)  "Company"
shall mean Business Objects S.A., a corporation organized under the laws of the Republic of France. 


        (F)  "Compensation"
shall mean all base straight time gross earnings and sales commissions, exclusive of payments for overtime, shift premium, incentive compensation,
incentive payments, bonuses and other compensation. 


        (G)  "Custodian"
shall mean Banque Paribas, or any successor or successors thereto. 


        (H)  "Depositary"
shall mean the Bank of New York, or any successor or successors thereto. 


        (I)   "Designated
Subsidiaries" shall mean the Subsidiaries which have been designated by the Board from time to time in its sole discretion as eligible to participate in the
Plan. 


        (J)   "Employee"
shall mean any individual who is an Employee of the Company or a Designated Subsidiary for tax purposes. 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 a Designated Subsidiary. Where the period of leave exceeds
90 days and the individual's right to reemployment is not guaranteed either by statute or by contract, the employment relationship will be deemed to have terminated on the 91st
day of such leave. 


        (K)  "Enrollment
Date" shall mean the first day of each Offering Period. 


        (L)  "Exercise
Date" shall mean the last day of each Offering Period. 


        (M) "Fair
Market Value" means, as of any date, the closing sale price in euros for one Share (or the closing bid, if no sales were registered) as quoted on the Premier
Marché of Euronext Paris S.A.. as reported in La Tribune, or such other source as the Board deems reliable, on the last 



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Trading
Day prior to the first day of the Offering Period, or on the last Trading Day of the Offering Period. 


        (N)  "Offering
Period" shall mean a period of approximately six (6) months, commencing on the first Trading Day on or after April 1 and terminating on the last
Trading Day in the period ending the following September 30, or commencing on the first Trading Day on or after October 1 and terminating on the last Trading Day in the period ending the
following March 31, at the beginning of which an option may be granted and at the end of which an option may be exercised pursuant to the Plan. The duration of Offering Periods may be changed
pursuant to Section 4 of this Plan. 


        (O)  "Plan"
shall mean this 1995 International Employee Stock Purchase Plan. 


        (P)   "Purchase
Price" shall mean an amount no less than 85% of the Fair Market Value of a Share on the last Trading Day prior to the Enrollment Date or to 85% of the Fair
Market Value of a Share on the Exercise Date, whichever is lower. For countries with currencies denominated in other than the Euro (or tied to the Euro), the local currency equivalent of the Purchase
price will be determined using the actual conversion rate from local currency into Euro on the date the funds are transferred to the Business Objects S.A. Employee Benefits Trust. This date may or may
not be the exercise date. 


        (Q)  "Shares"
shall mean ordinary shares with a nominal value of €0.10, of the Company. 


        (E)  "Reserves"
shall mean the maximum number of Shares, which have been authorized for issuance under the Plan pursuant to Section 12 hereof. 



        (F)  "Subsidiary"
shall mean a corporation, domestic or foreign, of which not less than 50% of the voting rights are held by the Company or a Subsidiary, whether or not such
corporation now exists or is hereafter organized or acquired by the Company or a Subsidiary. 


        (G)  "Trading
Day" shall mean a day on which national stock exchanges and the National Association of Securities Dealers Automated Quotation (NASDAQ) System are open for
trading. 


        (H)  "Trust"
shall mean the trust created by the Business Objects S.A. Employee Benefits Trust Agreement, attached hereto as Exhibit C. 


        (I)   "Trustee"
shall mean the trustee or trustees of the Trust. 




3.     ELIGIBILITY.  



        (A)  Any
Employee (as defined in Section 2(J), who shall be employed by the Company or a Designated Subsidiary on a given Enrollment Date shall be eligible to
participate in the Plan. 


        (B)  Any
provisions of the Plan to the contrary notwithstanding, no Employee shall be granted an option under the Plan (i) to the extent, immediately after the grant,
such Employee (or any other person whose stock would be attributed to such Employee pursuant to Section 424(d) of the Code) would own capital stock of the Company and/or hold outstanding
options to purchase such stock possessing five percent (5%) or more of the total combined voting power or value of all classes of the capital stock of the Company or of any Subsidiary, or
(ii) to the extent his or her rights to purchase stock under all employee stock purchase plans of the Company and its Subsidiaries would accrue at a rate which exceeds Twenty-Five
Thousand Dollars ($25,000) worth of stock (determined with reference to the fair market value of the Shares at the time such option is granted) for each calendar year in which such option is
outstanding at any time. 



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4.     OFFERING PERIODS.  


        The Plan shall be implemented by consecutive Offering Periods with a new Offering Period commencing on the first Trading Day on or after April 1 and
October 1 each year, or on such other date as the Board shall determine, and continuing thereafter until terminated in accordance with Section 19 hereof. The Board shall have the power
to change the duration of Offering Periods (including the commencement dates thereof) with respect to future offerings without shareholder approval if such change is announced at least fifteen
(15) days prior to the scheduled beginning of the first Offering Period to be affected thereafter. 


5.     PARTICIPATION.  



        (A)  An
eligible Employee may become a participant in the Plan by completing a subscription agreement authorizing payroll deductions in the form of Exhibit A to this
Plan and filing it with the Company's or a Designated Subsidiary's payroll office prior to the applicable Enrollment Date. 


        (B)  Payroll
deductions for a participant shall commence on the first payroll following the Enrollment Date and shall end on the last payroll in the Offering Period to which
such authorization is applicable, unless sooner terminated by the participant as provided in Section 10 hereof. 




6.     PAYROLL DEDUCTIONS.  



        (A)  At
the time a participant files his or her subscription agreement, he or she shall elect to have payroll deductions made on each pay day during the Offering Period in an
amount, together with amounts contributed under the Company's Plan d'Epargne d'Entreprise (the "Employee Savings Plan"), of no less than 1% and not to exceed ten percent (10%) of the Compensation
which he or she receives on each pay day during the Offering Period. 


        (B)  All
payroll deductions made for a participant shall be credited to his or her account under the Plan and will be withheld in whole percentages only. After the last
payday in an Offering Period such payroll deductions shall be transferred to the Trust as soon as practicable. Funds may be advanced by a Designated Subsidiary to the Trust, or by the Trust to the
Company, as necessary or convenient under any applicable law or regulation. A participant may not make any additional payments into his or her account, either with the Company, a Designated
Subsidiary, or the Trust. 


        (C)  A
participant may discontinue his or her participation in the Plan as provided in Section 10 hereof, or may increase or decrease the rate of his or her payroll
deductions during the Offering Period by filing with the Company or a Designated Subsidiary a new subscription agreement authorizing a change in payroll deduction rate. The Board or board of directors
of a Subsidiary, as the case may be, may, in its discretion, limit the number of participation rate changes during any Offering Period. The change in rate shall be effective with the first full
payroll period following five (5) business days after the Company's or Designated Subsidiary's receipt of the new subscription agreement unless the Company or Designated Subsidiary elects to
process a given change in participation more quickly. A participant's subscription agreement shall remain in effect for successive Offering Periods unless terminated as provided in Section 10
hereof. 


        (D)  Notwithstanding
the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 3(b) hereof, a participant's payroll
deductions may be decreased to 0%. Payroll deductions shall recommence at the rate provided in such participant's subscription agreement at the beginning of the first Offering Period which is
scheduled to end in the following calendar year, unless terminated by the participant as provided in Section 10 hereof. 



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        (E)  At
the time the option is exercised, in whole or in part, or at the time some or all of the Company's Shares issued under the Plan is disposed of, the participant must
make adequate provision for the Company's or Designated Subsidiary's federal, state, or other tax withholding obligations, if any, which arise upon the exercise of the option or the disposition of the
Shares. At any time, the Company or Designated Subsidiary may, if required by the laws of the country of residence of the participant, withhold from the participant's compensation the amount necessary
for the Company or Designated Subsidiary to meet applicable withholding obligations, including any withholding required to make available to the Company or Designated Subsidiary any tax deductions or
benefits attributable to sale or early disposition of Shares by the Employee. 




7.     GRANT OF OPTION.  


        On the Enrollment Date of each Offering Period, each eligible Employee participating in such Offering Period shall be granted an option to purchase on the
Exercise Date of such Offering Period (at the applicable Purchase Price) up to a number of Shares (in the form of ADSs) determined by dividing such Employee's payroll deductions accumulated and
transferred to the Trust on or prior to such Exercise Date by the applicable Purchase Price; provided that in no event shall an Employee be permitted to purchase during each Offering Period more than
500 Shares, subject to adjustment as provided in Section 18 hereof; and provided further, that such purchase shall be subject to the limitations set forth in Sections 3(b) and 12 hereof.
Exercise of the option shall occur as provided in Section 8 hereof, unless the participant has withdrawn pursuant to Section 10 hereof, and shall expire on the last day of the Offering
Period. 


8.     EXERCISE OF OPTION  


        With respect to each Exercise Date, the Company shall issue Shares to the Trust in accordance with Section 1.3 of the Trust, sufficient to meet its
obligations to participating Employees under the Plan. Unless a participant withdraws from the Plan as provided in Section 10 hereof, notice of exercise of his or her option shall be deemed to
have been given by the participant and his or her option for the purchase of Shares (in the form of ADSs) shall be exercised automatically by the Trustee on the Exercise Date, and the maximum number
of full shares subject to such option shall be purchased for such participant by the Trustee at the applicable Purchase Price with the accumulated payroll
deductions in his or her account with the Trust, and transferred to the Custodian to be deposited by the Custodian with the Depositary as ADSs; provided, however, no Shares shall be purchased which
would result in the Employee receiving a fractional ADS; any payroll deductions accumulated in a participant's account which are not sufficient to purchase a full ADS shall be retained in the
participant's account for use in the subsequent Offering Period, subject to earlier withdrawal by the participant as provided in Section 10 hereof. Any other monies left over in a participant's
account (whether due to withdrawal by the participant from the Plan pursuant to Section 10, termination of the Plan in accordance with Section 19, or otherwise) after the Exercise Date
shall be returned to the participant. During a participant's lifetime, a participant's option to purchase ADSs hereunder is exercisable only by him or her. 


9.     DELIVERY  


        As promptly as practicable after each Exercise Date on which a purchase of Shares occurs, the Trustee shall arrange the delivery of ADSs to the Depositary by the
Custodian representing the Shares purchased upon exercise of options by the Trustee for the participating Employees. 


10.   WITHDRAWAL; TERMINATION OF EMPLOYMENT  



        (A)  A
participant may withdraw all but not less than all the payroll deductions credited to his or her account with the Company or Designated Subsidiary at any time prior to
the transfer of 



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funds
made pursuant to Section 6(b) by giving written notice to the Company or Designated Subsidiary in the form of Exhibit B to this Plan. All of the participant's payroll deductions
credited to his or her account will be paid to such participant promptly after receipt of notice of withdrawal and such participant's option for the Offering Period will be automatically terminated,
and no further payroll deductions for the purchase of ADSs will be made during the Offering Period. If a participant withdraws from an Offering Period, payroll deductions will not resume at the
beginning of the succeeding Offering Period unless the participant delivers to the Company or Designated Subsidiary a new subscription agreement. 



        (B)  Upon
a participant's ceasing to be an Employee (as defined in Section 2(J) hereof) for any reason, he or she will be deemed to have elected to withdraw from the
Plan and the payroll deductions credited to such participant's account during the Offering Period but not yet used to exercise the option will be returned to such participant or, in the case of his or
her death, to the person or persons entitled thereto under Section 14 hereof, and such participant's option will be automatically terminated; provided, however, that any payroll deductions held
by the Trust in an individual account for an
Employee shall be subject to the terms of such Trust. The preceding sentence notwithstanding, a participant who receives payment in lieu of notice of termination of employment shall be treated as
continuing to be an Employee for the participant's customary number of hours per week of employment during the period in which the participant is subject to such payment in lieu of notice. 


        (C)  A
participant's withdrawal from an Offering Period will not have any effect upon his or her eligibility to participate in any similar plan which may hereafter be adopted
by the Company or a Designated Subsidiary or in succeeding Offering Periods which commence after the termination of the Offering Period from which the participant withdraws. 




11.   INTEREST  


        No interest shall accrue on the payroll deductions of a participant in the Plan. 


12.   SHARES  



        (A)  The
maximum number of Shares authorized for issuance under the Plan shall be 365,481 Shares, subject to adjustment upon changes in capitalization of the Company as
provided in Section 18 hereof. Capital increases to meet the Company's obligations under the Plan shall be determined and approved at extraordinary shareholders' meeting to be held at the same
time as the annual shareholders' meetings of the Company, as necessary. 


        (B)  The
Board shall, subject to shareholders authorization, from time to time reserve and issue to the Trust a number of Shares sufficient to meet its obligations under the
current Offering Period of the Plan. If on a given Exercise Date the number of shares with respect to which options are to be exercised exceeds the number of Shares then available under the Plan, the
Company shall distribute all of the Shares remaining available for purchase under the Plan to the Trust, which shall make a pro rata allocation to the participating Employees. 



        (C)  The
participant will have no interest or voting rights in shares covered by his or her option until such option has been exercised. 


        (D)  ADSs
to be delivered to a participant under the Plan will be registered in the name of the participant or in the name of the participant and his or her spouse, or in
street name to be deposited with a broker. 



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13.   ADMINISTRATION  



        The Plan shall be administered by the Board (or a committee thereof) or the board of directors of a participating Subsidiary (or a committee thereof), as the case
may be. Such board or committee shall have full and exclusive discretionary authority to construe, interpret and apply the terms of the Plan, to determine eligibility and to adjudicate all disputed
claims filed under the Plan with respect to any Employee of such Company or Subsidiary; provided, however, that any such construction, interpretation, application, determination and/or adjudication
shall be subject to any terms, constructions, conditions, provisions, interpretations, determinations, adjudications, or decisions as may be adopted or made by the Board from time to time. Every
finding, decision and determination made by the Board or its committee shall, to the full extent permitted by law, be final and binding upon all parties. 


14.   DESIGNATION OF BENEFICIARY  



        (A)  A
participant, except for a participant who is an Employee of Business Objects (U.K) Ltd., may file a written designation of a beneficiary who is to
receive any ADSs and cash, if any, from the participant's account under the Plan in the event of such participant's death subsequent to an Exercise Date on which the option is exercised but prior to
delivery to such participant of such ADSs and cash. In addition, 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 option. If a participant is married and the designated beneficiary is not the spouse, spousal consent shall be required for
such designation to be effective. 


        (B)  Such
designation of beneficiary may be changed by the participant at any time by written notice. 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 cause such ADSs and/or cash to be delivered 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 cause such ADSs and/or cash to be
delivered 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. 




15.   TRANSFERABILITY  


        Neither payroll deductions credited to a participant's account nor any rights with regard to the exercise of an option or to receive ADSs under the Plan may be
assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution or as provided in Section 14 hereof) by the participant. Any such
attempt at assignment, transfer, pledge or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw funds from an Offering Period in accordance
with Section 10 hereof. 


16.   USE OF FUNDS  


        All payroll deductions received or held by the Company or Subsidiary under the Plan for its Employees may be used by the Company or such Subsidiary, as the case
may be, for any corporate purpose, and the Company or Subsidiary shall not be obligated to segregate such payroll deductions. Notwithstanding the preceding sentence, all payroll deductions transferred
to and held by the Trust shall be used solely by the Trust as specified in the Trust agreement attached hereto as Exhibit C. 


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17.   REPORTS  


        Individual accounts will be maintained for each participating Employee by the Company or the Designated Subsidiary as well as the Trust. Statements of account
will be given to participating Employees at least annually, which statements will set forth the amounts of payroll deductions, the Purchase Price, the number of ADSs purchased and the remaining cash
balance, if any, for the period covered by such statement. 


18.   ADJUSTMENTS UPON CHANGES IN CAPITALIZATION  



        (A)  Changes
in Capitalization. Subject to any required action by the shareholders of the Company, the Reserves shall be proportionately adjusted for any increase or decrease
in the number of issued Shares resulting from a stock split, reverse stock split, combination or reclassification of the Shares, or any
other increase or decrease in the number of Shares effected without receipt of consideration by the Company; provided, however, that conversion of any convertible securities of the Company shall not
be deemed to have been "effected without receipt of consideration". Such adjustment shall be made by the Board, whose determination in that respect shall be final, binding and conclusive. Except as
expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof
shall be made with respect to, the number or price of shares subject to an option. 


        (B)  Dissolution
or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Offering Period and the Plan will terminate immediately prior to
the consummation of such proposed action and any and all accumulated payroll deductions will be returned to the participating Employees in accordance with Section 19(a), unless otherwise
provided by the Board. 


        (C)  Merger
or Asset Sale. In the event of a proposed sale of all or substantially all of the assets of the Company, or the merger of the Company with or into another
corporation, each option under the Plan shall be assumed or an equivalent option shall be substituted by such successor corporation or a parent or subsidiary of such successor corporation, unless the
Board determines, in the exercise of its sole discretion and in lieu of such assumption or substitution, to shorten the Offering Period then in progress by setting a new Exercise Date (the "New
Exercise Date") or to cancel each outstanding right to purchase and refund all sums collected from participants during the Offering Period then in progress. If the Board shortens the Offering Period
then in progress in lieu of assumption or substitution in the event of a merger or sale of assets, the Board shall notify each participant in writing, at least ten (10) business days prior to
the New Exercise Date, that the Exercise Date for his option has been changed to the New Exercise Date and that his option will be exercised automatically on the New Exercise Date, unless prior to
such date he has withdrawn from the Offering Period as provided in Section 10 hereof. For purposes of this paragraph, an option granted under the Plan shall be deemed to be assumed if,
following the sale of assets or merger, the option confers the right to purchase, for each share of option stock subject to the option immediately prior to the sale of assets or merger, the
consideration (whether stock, cash or other securities or property) received in the sale of assets or merger by holders of common stock for each Share held on the effective date of the transaction
(and if such holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration
received in the sale of assets or merger was not solely common stock of the successor corporation or its parent (as defined in Section 424(e) of the Code), the Board may, with the consent of
the successor corporation, provide for the consideration to be received upon exercise of the option to be solely common stock of the successor corporation or its parent equal in fair market value to
the per share consideration received by holders of Shares and the sale of assets or merger. The Board may, if it so determines in the exercise of its sole discretion, also make provision for adjusting
the 



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Reserves
in the event the Company effects one or more reorganizations, recapitalization, rights offerings or other increases or reductions of shares of its outstanding common stock, and in the event
of the Company being consolidated with or merged into any other corporation. 




19.   AMENDMENT OR TERMINATION  



        (A)  The
Board, but not the board of directors of a Subsidiary, may at any time and for any reason terminate or amend the Plan. Except as provided in Section 18
hereof, no such termination can affect options previously granted, provided that an Offering Period may be terminated by the Board on any Exercise Date if the Board determines that the termination of
the Plan is in the best interests of the Company and its shareholders. In the event that an Offering Period is terminated (or the Plan is terminated during an Offering Period), any and all accumulated
payroll deductions shall be returned to the participating Employees. Except as provided in Section 18 hereof, no amendment may make any change in any option theretofore granted which adversely
affects the rights of any participant. To the extent necessary to comply with Rule 16b-3 or under Section 423 of the Code (or any successor rule or provision or any other
applicable law or regulation), the Company shall obtain shareholder approval in such a manner and to such a degree as required. 


        (B)  Without
shareholder consent and without regard to whether any participant rights may be considered to have been "adversely affected," the Board (or its committee) shall
be entitled to change the Offering Periods, limit the frequency and/or number of changes in the amount withheld during an Offering Period, establish the exchange ratio applicable to amounts withheld
in a currency other than 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 or Designated
Subsidiary's processing of properly completed withholding elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied
toward the purchase of Shares for each participant properly correspond with amounts withheld from the participant's Compensation, and establish such other limitations or procedures as the Board (or
its committee) determines in its sole discretion advisable which are consistent with the Plan. 




20.   NOTICES.  


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


21.   CONDITIONS UPON ISSUANCE.  


        Neither Shares nor ADSs or ADRs shall be issued with respect to an option unless the exercise of such option and the issuance and delivery of such ADSs or ADRs
pursuant thereto, as well as the issuance of shares from the Company to the Trust and the transfer of shares from the Trust to the Custodian, shall comply with all applicable provisions of law,
domestic or foreign, including, without limitation, the
Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, French Law No. 66-537 of July 24,
1966 relating to commercial companies, and the requirements of any stock exchange upon which the Shares or ADSs may then be listed, and shall be further subject to the approval of counsel for the
Company with respect to such compliance. 


        As
a condition to the exercise of an option, the Company or Trustee may require the person exercising such option to represent and warrant at the time of any such exercise that the ADSs
are being purchased only for investment and without any present intention to sell or distribute such ADSs 


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if,
in the opinion of counsel for the Company, such a representation is required by any of the aforementioned applicable provisions of law. 



22.   TERM OF PLAN  


        The Plan shall become effective upon the earlier to occur of its adoption by the Board of Directors or its approval by the shareholders of the Company. It shall
continue in effect for a term of ten (10) years unless sooner terminated under Section 19 hereof. 


23.   GOVERNING LAW AND JURISDICTION  


        This Plan shall be governed by and construed in accordance with the laws of the State of California, except for that body of law pertaining to conflicts of laws. 


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Exhibit A-1    
    


BUSINESS OBJECTS S.A.

1995 INTERNATIONAL EMPLOYEE STOCK PURCHASE PLAN

PARTICIPATION AGREEMENT  



	        Original Application	 	Original Enrollment Date:
	        Change in Payroll Deduction Rate	 	Change Notice Date:





        1.                                
                     hereby
elects to participate in the Business Objects S.A. 1995 International Employee Stock Purchase Plan (the "International Employee Stock Purchase
Plan"). 


        2.     I
hereby authorize the Company or any Designated Subsidiary of which I am an Employee to make payroll deductions from each paycheck in the amount of        % of my
Compensation on each payday (together with amounts contributed under the Company's Employee Savings Plan, no less than 1% and not to exceed 10% during the Offering Period in accordance with the
International Employee Stock Purchase Plan. Please note that only whole percentages are permitted.) 


        3.     I
understand that said payroll deductions shall be accumulated in order to exercise the option(s) granted to me pursuant to the International Employee Stock Purchase Plan
and to purchase ADSs representing Shares at the applicable Purchase Price determined in accordance with the International Employee Stock Purchase Plan. I understand that if I do not elect to withdraw
from an Offering Period, any accumulated payroll deductions will be used by the Trustee to automatically exercise my option. 



        4.     I
have received a copy of the complete International Employee Stock Purchase Plan. I understand that my participation in the International Employee Stock Purchase Plan is
in all respects subject to the terms of the Plan. I understand that the grant of the option by the Company under this Participation Agreement may be subject to obtaining shareholder approval of the
International Employee Stock Purchase Plan, any Exhibit thereto and/or any amendment thereto. 


        5.     ADSs
purchased for me under the Employee Stock Purchase Plan should be issued in the name of (Employee Only):            



        6.     I
understand that, notwithstanding any other provision of this Participation Agreement or the International Employee Stock Purchase Plan: 



        (A)  neither
the International Employee Stock Purchase Plan nor this Participation Agreement shall form any part of any contract of employment between the Company or any
Designated Subsidiary and any Employees of any such company, and it shall not confer on any participant any legal or equitable rights (other than those constituting the Options themselves) against the
Company or any Designated Subsidiary, directly or indirectly, or give rise to any cause of action in law or in equity against the Company or any subsidiary; 



        (B)  the
benefits to participants under the Plan shall not form any part of their wages, pay or remuneration or count as wages, pay or remuneration for pension fund or other
purposes except if applicable for tax purposes 


        (C)  in
no circumstances shall any Employee on ceasing to hold his or her office or employment by virtue of which he or she is or may be eligible to participate in the
International Employee Stock Purchase Plan be entitled to any compensation for any loss of any right or benefit or prospective right or benefit under the Plan, which he might otherwise have enjoyed,
whether such compensation is claimed by way of damages for wrongful dismissal or other breach of contract or by way of compensation for loss of office or otherwise." 



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        (D)  the
Company expressly retains the right to terminate the International Employee Stock Purchase Plan at any time and that I will have no right to continue to receive
option grants under the International Employee Stock Purchase Plan in such event. 




        7.     I
understand that I may be subject to taxation as a result of my participation under the International Employee Stock Purchase Plan. I understand that although the basis
for taxation may be calculated based upon the fair market value of the Shares at the exercise date, the Shares may/will not be deposited into my broker account on that day for at least 5 business days
subsequent to the exercise date. I therefore understand that there may be a loss of value between the exercise date and the date Shares are deposited into my broker account., I have consulted any tax
advisors in connection with my participation under the International Employee Stock Purchase Plan that I deem advisable, and have not relied on the Company for tax advice. 



        8.     I
understand that investment purchasing in Shares purchased under the International Stock Purchase Plan is not a risk free investment and is subject to a risk of loss in
whole or part. 


        9.     I
hereby agree to be bound by the terms of the International Employee Stock Purchase Plan. The effectiveness of this Participation Agreement is dependent upon my
eligibility to participate in the International Employee Stock Purchase Plan.


         10.   I hereby agree to permit (i) the Company or a Company agent to transfer my tax identification, address and other necessary personal information to a broker
selected by the Company for the purpose of opening an International Employee Stock Purchase Plan related brokerage account in my name and ii) a broker selected by company to open said account.
I consent to the transfer of the aforementioned personal information to any country as required by Company to administer the International Employee Stock Purchase Plan including, without limitation,
the United States.  


        I UNDERSTAND THAT THIS PARTICIPATION AGREEMENT SHALL REMAIN IN EFFECT THROUGHOUT SUCCESSIVE OFFERING PERIODS UNLESS I TERMINATE MY
PARTICIPATION AS EVIDENCED BY ME SUBMITTING A NEW PARTICIPATION AGREEMENT WITH THIS SO INDICATED.  



	Employee's Taxpayer

Identification Number (SS#):	    
	 	 
	

Employer:	

    
	
 	

 
	

Employee's Address:	

    
	
 	

 
	

    
 Signature of Employee	

 	
 	

 





Date:
                                         
        


11






  



 
 

Exhibit B    
    


BUSINESS OBJECTS S.A.

1995 INTERNATIONAL EMPLOYEE STOCK PURCHASE PLAN

NOTICE OF WITHDRAWAL  


        The undersigned participant in the Offering Period of the Business Objects S.A. 1995 International Employee Stock Purchase Plan which began
on            
(the "Enrollment Date") hereby notifies the Company or Designated Subsidiary that he or she hereby withdraws from the Offering Period. He or she hereby directs the Company or Designated Subsidiary to
pay to the undersigned as promptly as practicable all the payroll deductions credited to his or her account with the Company or Designated Subsidiary with respect to such Offering Period. The
undersigned understands and agrees that his or her Option for such Offering Period will be automatically terminated. The undersigned understands further that no further payroll deductions will be made
for the purchase of ADSs in the current Offering Period and the undersigned shall be eligible to participate in succeeding Offering Periods only by delivering to the Company or Designated Subsidiary a
new Participation Agreement. 


        Name
and Address of Participant: 


                                        
                                   
 


                                        
                                   



                                        
                                   



                                        
                                   



        Signature:



                                        
                                   
 


        Date:
                                     


12








  



Exhibit C  


BUSINESS OBJECTS S.A.

1995 INTERNATIONAL EMPLOYEE STOCK PURCHASE PLAN

EMPLOYEE BENEFITS TRUST AGREEMENT  


        This Declaration of Trust and Trust Agreement (the "Trust") is made and entered into this    th day of August, 1999 by and between Business Objects
S.A., a corporation organized under the laws of the Republic of France (the "Company") and the 1995 International Employee Stock Purchase Plan (the "Trustee"), in favor of each of the participating
employees of Business Objects S.A. or any of its subsidiaries (the "Employees"). 


 
 

RECITALS:    
    


        A.    The
shareholders of the Company formally authorized the Plan on June 21, 1995 the International Employee Stock Purchase Plan (the "Plan"), pursuant to which the
Employees will receive options to purchase American Depositary Shares of the Company ("ADSs"), corresponding to shares of common stock of the Company ("Common Stock"). 


        B.    On
June 21, 1995, the shareholders of the Company also approved the establishment of this Trust as a fiscal intermediary and paying agent to facilitate
implementation of the Plan. 


        NOW, THEREFORE, the Company and the Trustee agree as follows: 


 
 

ARTICLE I
  CREATION AND FUNDING OF TRUST    
    


        I.1    Creation of Trust.    Company hereby appoints the Trustee, and irrevocably grants, assigns, transfers, conveys
and delivers to the Trustee, and the Trustee hereby accepts, any and all property as specified in Section 1.2, in trust for the use and purposes hereinafter stated, and the Trustee agrees to
and does hereby accept the foregoing property subject to such Trust. 



        I.2    Initial Funding.    Concurrently with the execution of this Trust, the Company is conveying to the Trust
twenty-five (25) dollars. 


        I.3    Contributions of the Company.    From time to time, the Company shall issue Common Stock (to be transferred by
the Trustee to Banque Paribas (the "Custodian") which will deposit such shares with the Bank of New York (the "Depositary") as American Depositary Shares ("ADSs") and to be delivered to participating
Employees by the Depositary in the form of ADRs or to a broker in the form of ADSs) and/or cash to the Trust in such amounts and at such times as required for the Company to fulfill its obligations
under the Plan and this Trust. Such Common Stock or cash, when contributed to the Trust, shall be used and applied by the Trustee in accordance with the terms of this Trust. 


        I.4    Contributions of Payroll Deductions.    From time to time, as required by and in accordance with the terms of
the Plan, the Company and/or any of its subsidiaries (the "Subsidiaries") shall contribute to the Trust the accumulated payroll deductions of the Employees to be applied towards the exercise of
options held by such Employees. 


 
 

ARTICLE II
  EMPLOYEE ACCOUNTS    
    


        II.1    Individual Accounts.    The Trustee shall establish and maintain on its books a separate account for each
participating Employee. All contributions of payroll deductions pursuant to Section 1.4 by the Company shall be allocated to individual accounts within the Trust on the basis of each Employee's
accumulated payroll deduction for the relevant offering period under the Plan. 


13





 

        II.2    Application of Funds in Individual Accounts.    The cash contributed to the individual accounts shall be
applied to exercise the options of the Employees in accordance with the terms of the Plan. 


 
 

ARTICLE III
  DISTRIBUTIONS    
    


        III.1    Distributions of Stock to Employees.    The Trustee shall as soon as practicable after the Exercise Date,
exercise the options of each Employee in accordance with the terms of the plan and distribute to the Custodian shares of Common Stock which shall be deposited by the Custodian with the Depositary as
ADSs, and the Depositary shall deliver ADRs to each Employee, or ADSs to such Employee's broker, representing the shares of Common Stock that have been exercised in his or her favor by the Trustee. 



        III.2    Distributions of Payroll Deductions to the Company.    Concurrently with the distribution of shares (in the
form of ADSs) to the Custodian, or at any time prior to such date, the Trustee shall distribute the payroll deductions contributed pursuant to Section 1.4 to the Company. 


 
 

ARTICLE IV
  NAME, DURATION AND TERMINATION OF TRUST    
    



        IV.1    Name.    This Trust shall be known as the "Business Objects S.A. Employee Benefits Trust." 


        IV.2    Nature.    This trust shall be a grantor trust within the meaning of the Internal Revenue Code of 1986, as
amended, and shall be subject to the claims of the Company's general creditors, to the extent that the assets of the Trust would be otherwise so subject. 


        IV.3    Duration.    This Trust shall be revocable and may be revoked by the Company at any time. Unless sooner
revoked, it shall terminate at the earlier of: (a) ten (10) years from the effective date of the Plan, or (b) upon the termination of the Plan. 


        IV.4    Distributions by Trustee on Termination.    Upon termination of the Trust, the Trustee shall distribute or
apply any cash contributed pursuant to Section 1.3 to the Company, and any cash contributed pursuant to Section 1.4 in the individual accounts to the appropriate Employees; provided,
however, that the Trustee may, but only on the advice of counsel, retain a reasonable sum for payment of or to provide for all known claims against and expenses of the Trust and the Trustee, but only
from contributions made pursuant to Section 1.3. 


 
 

ARTICLE V
  PURPOSE OF TRUST AND LIMITATIONS OF TRUSTEE    
    


        The sole purpose of this Trust is for use in the administration of the Plan. The Trust shall not be nor have the power to be an organization having as a purpose
the carrying on of any trade or business. This Trust Agreement is not intended to create and shall not be interpreted as creating an association, partnership, joint venture or any other entity formed
to conduct trade or business. 


 
 

ARTICLE VI
  POWERS OF THE TRUSTEE    
    


        VI.1    General Powers.    In addition to such powers as may from time to time be granted to the Trustee, the Trustee
may take all such actions and is hereby granted such powers as may appear necessary or proper to comply with the laws of the appropriate jurisdictions and to effectuate and carry out the terms and
purposes of the Trust. The Trustee shall hold legal and equitable title to all assets at any time constituting a part of the Trust and shall hold such assets in Trust to be administered and disposed
of by the Trustee pursuant to the terms of this Trust Agreement for the benefit of the Employees or the Company as the case may be. 


14





 

        VI.2    Specific Powers Exercisable by Trustee.    The Trustee shall have the following specific powers, and the
enumeration of such powers shall not be considered in any way to limit or control the power of the Trustee to act as specifically authorized in any other section or provision of this Trust Agreement: 



        (A)  To
sell or otherwise dispose of any of the Trust Assets in exchange for the fair market value thereof. 


        (B)  To
prosecute or defend litigation (in the name of the Trust, the beneficiaries, or otherwise) and to pay, discharge or otherwise satisfy claims, liabilities, and
expenses and to pay all expenses incurred in connection therewith, to carry such insurance, as the Trustee shall determine, to protect the Trust and the Trustee from liability. 



        (C)  To
invest any cash not yet available for distribution in accordance with the terms of this Trust in demand and time deposits in banks or savings institutions, short term
certificates of deposit, Treasury bills, or money market account instruments. Any interest earned from such investments shall be applied towards payment of the Trustee's compensation (determined
pursuant to Section 9.1) or other expenses of the Trust. Notwithstanding the preceding sentence, if such interest is in excess of the amount required to compensate the Trustee or to pay any
other expenses of the Trust, such excess shall be distributed to the Company. 


        (D)  While
serving as Trustee to engage legal counsel for the benefit of the Trustee. The Company, however, shall be obligated to pay the fees and expenses of such counsel.
In addition, the Trustee may engage such other consultants as the Trustee shall see fit to assist in the administration of the Trust, and such consultant's fees shall also be the obligation of the
Company. 



 
 

ARTICLE VII
  AMENDMENT OF TRUST    
    


        This Agreement may be amended at any time and to any extent by a written instrument executed by the Trustee and the Company. 


 
 

ARTICLE VIII
  ACCEPTANCE BY TRUSTEE    
    


        VIII.1    Acceptance of Appointment.    The Trustee hereby accepts its appointment made in this Trust subject to the
conditions enumerated below and agrees to act as Trustee pursuant to the terms hereof. 



        (A)  The
Trustee shall in no case or event be liable for any damage caused by the exercise of its discretion as authorized in this Trust in any particular manner, or for any
other reason, except gross negligence or willful misconduct, nor shall the Trustee be liable or responsible for forgeries or false personation. The Trustee shall not be liable for honest mistakes of
judgment or for losses or liabilities due to such honest mistakes of judgment. 


        (B)  If
any controversy arises between the parties hereto or with any third person with respect to the subject matter of the Trust or its terms or conditions, the Trustee
shall not be required to determine the same or take any action in the premises, but may await the settlement of any such controversy by final appropriate legal proceedings or otherwise as the Trustee
may reasonably require. 


        (C)  The
Trustee may utilize or be reimbursed only from the trust assets contributed pursuant to Section 1.3 (to the extent that it is not directly paid by the
Company) with respect to all liabilities and expenses (including amounts paid in satisfaction of judgments, in compromise, or as attorneys' fees and expenses) reasonably incurred by the Trustee in
connection with the defense or disposition of any action, suit or other proceeding in which the Trustee may be involved or with 



15





 




which
the Trustee may be threatened by reason of its being or having been a Trustee pursuant to this Trust Agreement, except with respect to any matter as to which the Trustee shall have been
adjudicated to have acted in bad faith or with willful misfeasance, reckless disregard of its duties or gross negligence. 


        (D)  Notwithstanding
any other provision of this Trust, the Trustee's responsibility for payment of or provision for any claims against or liabilities or expenses of the
Trust or the Trustee shall be limited to the property and assets in the Trust and shall be dischargeable only therefrom. 



 
 

ARTICLE IX
  TRUSTEE'S EXPENSES    
    


        9.1    Trustee Compensation.    The Trustee shall be entitled to such reasonable compensation for its services as
shall be agreed upon in writing by the Company and the Trustee. To the extent the compensation and expenses of the Trustee are not paid directly by the Company, they shall be paid by the Trust
pursuant to Section 6.2(c) or out of assets contributed pursuant to Section 1.3, or a combination thereof. Notwithstanding the preceding two sentences or any other provision of this
Trust, if the Trustee is an Employee he or she shall receive no additional compensation for service as Trustee. 


 
 

ARTICLE X
  RESIGNATION AND REMOVAL OF TRUSTEE    
    


        X.1    Trustee Resignation.    The Trustee shall have the right to resign at any time upon fifteen (15) days
written notice to the Company. Upon such resignation, the Company shall appoint a successor Trustee. 


        X.2    Removal of Trustee.    A Trustee may be removed and its duties terminated at any time, and its successor
appointed, by the Company. 


 
 

ARTICLE XI
  GOVERNING LAW    
    


        The Trust has been accepted by the Trustee and will be administered in the State of California, and its validity, construction and all rights hereunder, and the
validity and construction of this Trust shall be governed by the laws of that State. 


        All
matters affecting the title, ownership and transferability of any security, whether created or held hereunder, shall be governed by all applicable federal, state, foreign securities
laws. 


 
 

ARTICLE XII
  SEVERABILITY    
    


        In the event any provision of this Trust or the application thereof to any person or circumstance shall be finally determined to be invalid or unenforceable to
any extent, the remainder of this Trust, or the application of such provision to persons or circumstances other than those as to which it is determined to be invalid or unenforceable, shall not be
affected thereby, and each provision of this Trust shall be valid and enforced to the fullest extent permitted by law. 


 
 

ARTICLE XIII
  COUNTERPARTS    
    


        This Trust may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same
instrument. 


16





 



        IN WITNESS WHEREOF, the Company and the Trustee have executed this Trust on the day and year hereinabove first written. 



	"Company"	 	Business Objects S.A., a corporation organized under the laws of the Republic of France
	

 	
 	

By:	

Bernard Liautaud

President and Chief Executive Officer
	

"Trustee"	
 	

Great Lakes Strategies (1), a corporation organized under the laws of

	

 	
 	

By:	


	

 	
 	

 	






17









QuickLinks



Exhibit 4.3


BUSINESS OBJECTS S.A. 1995 INTERNATIONAL EMPLOYEE STOCK PURCHASE PLAN, AS OF May 15, 2003



Exhibit A-1


Exhibit B


RECITALS

ARTICLE I CREATION AND FUNDING OF TRUST

ARTICLE II EMPLOYEE ACCOUNTS

ARTICLE III DISTRIBUTIONS

ARTICLE IV NAME, DURATION AND TERMINATION OF TRUST

ARTICLE V PURPOSE OF TRUST AND LIMITATIONS OF TRUSTEE

ARTICLE VI POWERS OF THE TRUSTEE

ARTICLE VII AMENDMENT OF TRUST

ARTICLE VIII ACCEPTANCE BY TRUSTEE

ARTICLE IX TRUSTEE'S EXPENSES

ARTICLE X RESIGNATION AND REMOVAL OF TRUSTEE

ARTICLE XI GOVERNING LAW

ARTICLE XII SEVERABILITY

ARTICLE XIII COUNTERPARTS