# EDGAR Filing Document

**Accession Number:** 0001041934
**File Stem:** 0001171843-25-006195
**Filing Date:** 2025-9
**Character Count:** 155485
**Document Hash:** f78073f9c9c4f5c4ed51439b78d8daf0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-006195.hdr.sgml**: 20250930

**ACCESSION NUMBER**: 0001171843-25-006195

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20250930

**DATE AS OF CHANGE**: 20250930

**EFFECTIVENESS DATE**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EDAP TMS SA
- **CENTRAL INDEX KEY:** 0001041934
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290632
- **FILM NUMBER:** 251361359

**BUSINESS ADDRESS:**
- **STREET 1:** PARC D'ACTIVITES LA POUDRETTE LAMARTINE
- **STREET 2:** 4 RUE DU DAUPHINE
- **CITY:** 69120 VAULX EN VELIN
- **STATE:** I0
- **ZIP:** 69120
- **BUSINESS PHONE:** 33672643508

**MAIL ADDRESS:**
- **STREET 1:** PARC D'ACTIVITES LA POUDRETTE LAMARTINE
- **STREET 2:** 4 RUE DU DAUPHINE
- **CITY:** 69120 VAULX EN VELIN
- **STATE:** I0
- **ZIP:** 69120

**As filed with the Securities and Exchange Commission on September 30, 2025**

Registration No. 333-_________

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

 ****

**EDAP TMS S.A.**

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **France** | **Not applicable** |
| **(State or other jurisdiction of incorporation**<br> **or organization)** | **(I.R.S. employer**<br> **identification No.)** |
| **France**<br> (State or other jurisdiction<br> of incorporation or organization) | <br> **Not Applicable**<br> (I.R.S. Employer Identification No.) |

---

**Parc d'Activités la Poudrette-Lamartine**

**4/6, rue du Dauphiné**

**69120 Vaulx-en-Velin, France**

(Address of Principal Executive Offices) (Zip Code)

**EDAP TMS S.A.**

**2025-2 Restricted Stock Unit (Free Share) Plan**

**2025 Share Subscription Option Plan**

(Full title of the plan)

**EDAP Technomed Inc.**

**5321 Industrial Oaks Blvd, Suite 110** 

**Austin, TX 78735, USA**

**Tel: +1 (512) 832 7956**

(Name, address, including zip code, and telephone number, including area code, of agent for service)

Copies to:

---

| | | |
|:---|:---|:---|
| **Blandine Confort**<br> **EDAP TMS S.A.**<br> **4/6, rue du Dauphiné**<br> **69120 Vaulx-en-Velin, France**<br> **+33 (0) 4 72 15 31 50**<br>| **Linda Hesse**<br> **JONES DAY**<br> **2 rue Saint-Florentin**<br> **75001 Paris, France**<br> **+33(0) 1 56 59 38 72** | **Jeremy Cleveland**<br> **JONES DAY**<br> **1755 Embarcadero Road**<br> **Palo Alto, California 94303**<br> **(650) 739-3939** |

---

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☒ <br> Non-accelerated filer ☐ Smaller reporting company ☐ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

The documents containing the employee benefit plans information and other information required by Part I of Form S-8 will be included in documents sent or given to participants in the Plans as specified by Rule 428 under the Securities Act. In accordance with Rule 428 under the Securities Act and the requirements of Part I of Form S-8, such documents are not being filed with the Securities and Exchange Commission (the "***Commission***") either as a part of this registration statement on Form S-8 (this "***Registration Statement***") or as a prospectus or prospectus supplement pursuant to Rule 424 under the Securities Act. The Registrant will maintain a file of such documents in accordance with the provisions of Rule 428 under the Securities Act. Upon request, the Registrant will furnish to the Commission or its staff a copy or copies of all of the documents included in such file.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.** 

The following documents, which are on file with the Securities and Exchange Commission (the "Commission"), are incorporated in this Registration Statement by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Annual Report on Form 20-F for the fiscal year ended December 31, 2024, filed on [March 27, 2025](https://www.sec.gov/Archives/edgar/data/1041934/000155837025003828/edap-20241231x20f.htm) (Commission File No. 000-29374), (the "  ***2024 Form 20-F*** ");

(b) The Registrant's Reports on Form 6-K furnished to the Commission on [May 15, 2025](https://www.sec.gov/Archives/edgar/data/1041934/000117184325003206/f6k_051525.htm) and [August 28, 2025](https://www.sec.gov/Archives/edgar/data/1041934/000117184325005622/f6k_082825.htm) ; and

(c) The description of the Registrant's ordinary shares, nominal value €0.13 per share, set forth under "Memorandum and Articles of Association" in Item 10, the description of the Registrant's American Depositary Shares set forth under "American Depositary Shares" in Item 12 of the Registrant's 2024 Form 20-F and the description of securities registered under Section 12 of the Exchange Act in Exhibit 2.3 of the 2024 Form 20-F.

To the extent designated therein, certain current reports of the Registrant on Form 6-K and all documents filed, but not furnished, by the Registrant with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act subsequent to the date of this Registration Statement and prior to the filing of a post-effective amendment that indicates that all securities offered have been sold or that deregisters all securities then remaining unsold, will be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents. Any statement contained in any document incorporated or deemed to be incorporated by reference herein will be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded will not be deemed, except as modified or superseded, to constitute a part of this Registration Statement.

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

Under French law, provisions of by-laws that limit the liability of directors and officers are prohibited. However, French law allows *sociétés anonymes* to contract for and maintain liability insurance against civil liabilities incurred by any of their directors and officers involved in a third-party action, provided that they acted in good faith and within their capacities as directors or officers of the company. Criminal liability cannot be indemnified under French law, whether directly by the company or through liability insurance. Such rules apply to executive and supervisory board members.

As of the date hereof, we have purchased liability insurance for our directors and officers, including insurance against liabilities under the Securities Act of 1933, as amended, and this coverage is subject to annual renegotiation. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to the Registrant's directors, officers and controlling persons, the Registrant has been advised that, in the opinion of the Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.

**Item 7. Exemption from Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

---

| | |
|:---|:---|
| <u>Exhibit Number</u> | <u>Description</u> |
| [4.1](https://www.sec.gov/Archives/edgar/data/1041934/000155837025003828/edap-20241231xex1d1.htm) | [By-laws (*statuts*) of EDAP TMS S.A. (English translation) as amended as of December 19, 2024 (Incorporated herein by reference to Exhibit 1.1 of EDAP TMS S.A.'s Annual Report on Form 20-F for the year ended December 31, 2024 filed March 27, 2025, SEC File Number 000-29374)](https://www.sec.gov/Archives/edgar/data/1041934/000155837025003828/edap-20241231xex1d1.htm) |
| [4.2\*](exh_42.htm) | [EDAP TMS S.A. 2025-2 Restricted Stock Unit (Free Share) Plan](exh_42.htm) |
| [4.3\*](exh_43.htm) | [EDAP TMS S.A. 2025 Share Subscription Option Plan](exh_43.htm) |
| [5.1\*](exh_51.htm) | [Opinion of Blandine Confort, Legal Affairs Director of the Registrant](exh_51.htm) |
| [23.1\*](exh_231.htm) | [Consent of KPMG S.A.](exh_231.htm) |
| [23.2\*](exh_51.htm) | [Consent of Blandine Confort (included in Exhibit 5.1)](exh_51.htm) |
| [24.1\*](#poa) | [Power of Attorney (included in the signature pages herein)](#poa) |
| [107\*](exh_107.htm) | [Filing Fee Table](exh_107.htm) |
| \*Filed herewith |  |

---

**Item 9. Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of a prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;

*provided, however*, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Los Altos, United States of America, on September 30, 2025.

---

| | |
|:---|:---|
| **EDAP TMS S.A.** | **EDAP TMS S.A.** |
| By: | /s/ Ryan Rhodes |
|  | Ryan Rhodes |
|  | Chief Executive Officer and Director<br>|

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS that each person whose signature appears below severally constitutes and appoints Ryan Rhodes and Ken Mobeck, and each of them singly, as his/her true and lawful attorneys, with full power to any of them, and to each of them singly, to sign for him/her and in his/her names in the capacities indicated below any and all pre-effective and post-effective amendments to this Registration Statement on Form S-8, under the Securities Act of 1933, as amended, in connection with the registration under the Securities Act of 1933, as amended, of equity securities of EDAP TMS S.A., and to file or cause to be filed the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as each of them might or could do in person, and hereby ratifying and confirming all that said attorneys, and each of them, or their substitute or substitutes, shall do or cause to be done by virtue of this Power of Attorney.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the date indicated.

---

| | |
|:---|:---|
| Date: September 30, 2025 | /s/ Ryan Rhodes |
|  | Ryan Rhodes |
|  | Chief Executive Officer (Principal Executive<br> Officer) and Director<br>|
| Date: September 30, 2025 | s/ Ken Mobeck |
|  | Ken Mobeck |
|  | Chief Financial Officer (Principal Financial Officer)<br>|
| Date: September 30, 2025 | /s/ François Dietsch |
|  | François Dietsch |
|  | Chief Accounting Officer (Principal Accounting Officer)<br>|
| Date: September 30, 2025 | /s/ Lance Willsey |
|  | Lance Willsey |
|  | Chairman of the Board of Directors<br>|
| Date: September 30, 2025 | /s/ Frances Schulz |
|  | Fran Schulz |
|  | Director<br>|
| Date: September 30, 2025 | /s/ Josh Levine |
|  | Josh Levine |
|  | Director<br>|
| Date: September 30, 2025 | /s/ Glen French |
|  | Glen French |
|  | Director<br>|

---

**AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement on Form S-8 has been signed by the undersigned as the duly authorized representative in the United States of EDAP TMS S.A. in the City of Los Altos, United States of America, on September 30, 2025.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>/s/ Ryan Rhodes |
| &nbsp;&nbsp;Ryan Rhodes |
| &nbsp;&nbsp; Chief Executive Officer and Director<br> EDAP Technomed Inc. |

---

## Exhibit 4.2

**Exhibit 4.2**

**EDAP TMS S.A.**

**2025-2 RESTRICTED STOCK UNIT (FREE SHARE) PLAN**

Adopted by the Board of Directors on September 30, 2025

**TABLE OF CONTENTS**

1. Implementation of the Restricted Stock
Unit (Free Share) Plan 3

2. Definitions 3

3. Purpose 5

4. Beneficiaries: Eligible Employees 5

5. Notice of the Allocation of the RSUs 5

6. Vesting Period 6

7. Holding Period 8

8. Characteristics of the RSUs 8

9. Delivery and holding of the RSUs 8

10. Shares subject to plan; individual limitations 9

11. Intermediary operations 9

12. Adjustment 9

13. Amendment to the 2025 RSU (Free Share)
Plan 10

14. Tax and social rules 10

15. Miscellaneous 10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Implementation of the Restricted Stock Unit (Free Share) Plan** 

Pursuant to the authorization on June 27, 2025 by the shareholders of EDAP, a French *société anonyme* whose registered office is located at Parc d'Activité de La Poudrette Lamartine, 4, rue du Dauphiné, 69120 Vaulx-en-Velin, France and whose identification number is 316 488 204 R.C.S. Lyon (hereafter referred to as the "**Company**"), on September 30, 2025, the Board of Directors adopted this 2025-2 restricted stock unit (free share) plan (hereinafter, and as it may be amended from time to time in accordance with the provisions hereof, the "**2025-2 RSU (Free Share) Plan**"), stating the conditions and criteria for the allocation of restricted stock units ("**RSUs**"), (which are known as *actions gratuites*, or free shares, under French law), for the benefit of employees or certain categories of such employees, and/or corporate officers who meet the conditions set forth by Article L. 225-197-1 II of the French Commercial Code, of the Company or any company in which the Company holds, directly or indirectly, 10% or more of the share capital and voting rights at the date of allocation of said shares. The 2025-2 RSU (Free Share) Plan provides for the allocation of up to a total of 600,000 RSUs of the Company to the benefit of eligible employees and officers. In addition to any other powers set forth in the 2025-2 RSU (Free Share) Plan and subject to the provisions of the 2025-2 RSU (Free Share) Plan, the Board of Directors shall have the full and final power and authority, in its discretion, to determine the terms, conditions and restrictions applicable to each Allocation and any RSUs acquired pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Definitions** 

Under the present 2025-2 RSU (Free Share) Plan, the following terms and expressions starting with a capital letter shall have the following meaning and may be used indifferently in the singular or in the plural form:

---

| | |
|:---|:---|
| **"Acquisition Date"** | refers to the date when the RSUs have been definitively acquired by the relevant Beneficiary;<br>|
| **"Agreed Leave"** | refers to any leave of absence of more than three months having received a prior approval from the Company or requiring no prior approval under U.S. laws. Agreed Leaves shall include leaves for illnesses, military leave, and any other personal leave or conditions about which the employee has advance knowledge. Agreed Leave shall not include any absence considered as effective working time, such as maternity leave, of whatever duration, which shall not automatically result in a termination of the employment relationship between the Beneficiary and the Company or the Group.<br>|
| **"Allocation"** | refers to the decision of the Board of Directors to allocate RSUs to a given Beneficiary or Beneficiaries. This Allocation constitutes a right to be granted RSUs at the end of the Vesting Period subject to compliance with the conditions and criteria set forth by the present 2025-2 RSU (Free Share) Plan;<br>|
| **"Allocation Date"** | refers to the date when the Board of Directors decided to allocate RSUs under the 2025-2 RSU (Free Share) Plan to a given Beneficiary or Beneficiaries;<br>|
| **"Allocation Letter"** | refers to the notice, substantially in the form set forth in Exhibit 1 for Beneficiaries residing in France or in Exhibit 2 for U.S. Beneficiaries, which informs a given Beneficiary of the Allocation of RSUs, as stated in Article 5 of the 2025-2 RSU (Free Share) Plan; |

---

---

| | |
|:---|:---|
| **"Beneficiaries"** | refers to the person(s) for whose benefit the Board of Directors decided an Allocation of RSUs as well as, as the case may be, his or her heirs;<br>|
| **"Board of Directors"** | refers to the Company's board of directors;<br>|
| **"Bylaws"** | refers to the Company's bylaws in force at the date referred to;<br>|
| **"Change in Control"** | refers to a merger of the Company into another corporation as a result of which the shareholders holding, together, more than 50% of the share capital and voting rights of the Company immediately before the completion of such merger will not hold, together, more than 50% of the share capital and voting rights of the surviving company or a sale or any other transfer by one or several shareholders, acting alone or in concert, of the Company to one or several third parties of a number of shares resulting in a transfer of more than fifty per cent (50%) of the shares of the Company to said third parties;<br>|
| **"Disability"** | refers to (i) for French Beneficiaries, the disability of a Beneficiary corresponding to the second or third of the categories provided by Article L. 341-4 of the French Social Security Code, or (ii) for U.S. Beneficiaries, disability as defined under the U.S. Internal Revenue Code Section 409A(a)(2)(C);<br>|
| **"RSUs"** | refers to the restricted stock units, or *actions gratuites*, which will be allocated to a Beneficiary in accordance with the 2025-2 RSU (Free Share) Plan, and issued or which will be issued by the Company (and reflected in its current share capital) as of the applicable Acquisition Date;<br>|
| **"Group"** | refers to the Company and to all the companies and groups affiliated to the Company within in the meaning of Article L. 225-197-2 of the French Commercial Code;<br>|
| **"Holding Period"** | refers to the period, if any, starting on the Acquisition Date, during which a Beneficiary may not transfer or pledge his or her RSUs, by any means, or convert them into the bearer form; it being specified that the total duration of both the Vesting Period and the Holding Period may in no event be less than two years as from the Allocation Date pursuant to applicable French law;<br>|
| **"Presence"** | refers to the presence of the Beneficiary in his or her capacity as employee and/or corporate officer of the Company or of any of the companies of the Group;<br>|
| **"Regulated Market"** | refers to a regulated market in the meaning of Article L. 421-1 of the French monetary and financial code (*Code monétaire et financier*) the list of which is established and up-dated by the French Minister in charge of the economy upon proposal from the AMF. It is noted that this list does not include the Nasdaq Stock Market on the date of adoption of the 2025-2 RSU (Free Share) Plan by the Board of Directors;<br>|
| **"Trading Day"** | refers to the days on which the Nasdaq Stock Market is open for trading other than days when trading ends prior to the usual closing hour; |

---

---

| | |
|:---|:---|
| **"U.S. Beneficiaries"** | has the meaning ascribed to it in Section III of the Appendix attached hereto.<br>|
| **"Vesting Period"** | refers to the minimum one-year period starting on the Allocation Date and ending on the Acquisition Date, being specified that the Board of Directors may decide to extend this period for all or part of the RSUs and/or provide for vesting in tranches during such period, as stated in the corresponding Allocation Letter;<br>|
| **"Working Day"** | refers to any day on which legal business can be conducted within the Company, i.e., every Monday, Tuesday, Wednesday, Thursday and Friday, as long as it is not a public holiday. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Purpose** 

The 2025-2 RSU (Free Share) Plan sets forth the conditions and criteria for the allocation of RSUs under the 2025-2 RSU (Free Share) Plan, pursuant to Articles L. 225-197-1 *et seq.* of the French Commercial Code and to the authorization granted by the shareholders' meeting of the Company dated June 27, 2025.

The purposes of the 2025-2 RSU (Free Share) Plan are:

- to attract and retain the best available personnel for positions of substantial responsibility;

- to provide additional incentive to Beneficiaries; and

- to promote the success of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Beneficiaries: Eligible Employees** 

Pursuant to the authorization of the shareholders' general meeting dated June 27, 2025, the Board of Directors of the Company will approve the list of Beneficiaries among eligible employees and corporate officers of the Group, together with the indication of the number of RSUs allocated to each of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Notice of the Allocation of the RSUs** 

The notice of the Allocation of RSUs to each Beneficiary shall be made pursuant to an Allocation Letter made available to the Beneficiary together with a copy of the present 2025-2 RSU (Free Share) Plan, indicating the number of RSUs allocated to the Beneficiary, the Vesting Period and the Holding Period, if any, and any specific terms and conditions of the RSUs determined by the Board of Directors not provided in the 2025-2 RSU (Free Share) Plan, if any.

The Beneficiary shall acknowledge receipt of the Allocation documentation comprised of the Allocation Letter and of the 2025-2 RSU (Free Share) Plan by accepting online his or her documentation by means of the tool made available by the Company and by sending signed copies of the Allocation Letter within three months from the date of notification by the Company of the availability online of the Allocation documentation, the documents being deemed to be received on the date of the electronic delivery, in the absence of which the Allocation shall be null and void for this Beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Vesting Period** 

**6.1. Principle**

(a) The RSUs allocated under the 2025-2 RSU (Free Share) Plan shall be definitively acquired by the Beneficiaries on the Acquisition Date at the end of the Vesting Period subject to, unless decided otherwise by the Board of Directors as set forth in Article 6.1(b), the continued Presence of the Beneficiary during the Vesting Period, in the absence of which he or she will not be entitled to acquire RSUs on the date when this condition is no longer met, being specified that the Board of Directors is entitled to release a given Beneficiary from their continued Presence condition set forth above with respect to all or part of the RSUs granted.

Should the Beneficiary be at the same time an employee and an officer of the same company or of two companies of the Group, the loss of one of these capacities shall not result in the loss of the right to acquire the RSUs allocated under the 2025-2 RSU (Free Share) Plan at the end of the Vesting Period.

Pursuant to Article L. 225-197-3 of the French Commercial Code, the Beneficiaries hold a claim against the Company which is personal and may not be transferred until the end of the Vesting Period.

During the Vesting Period, the Beneficiaries will not own the RSUs and will not be shareholders of the Company. As a consequence, they will not hold any rights attached to the ordinary shares of the Company.

(b) In addition to any other powers set forth in the 2025-2 RSU (Free Share) Plan and subject to the provisions of the 2025-2 RSU (Free Share) Plan, the Board of Directors shall have the full and final power and authority, in its discretion, to determine the terms, conditions and restrictions applicable to each Allocation and any RSUs acquired pursuant thereto. Further, the Board of Directors shall have the full and final power and authority, in its discretion, to determine whether, to what extent, and under what circumstances an Allocation may be settled, cancelled, forfeited, exchanged, or surrendered.

Notwithstanding Articles 6.4, 6.5, and 6.6 of the 2025-2 RSU (Free Share) Plan, the Board of Directors shall not accelerate or shorten the minimum Vesting Period of one year. For clarity, there shall be no automatic acceleration of vesting with respect to an Allocation under the present 2025-2 RSU (Free Share) Plan solely based on a Change in Control of the Company except as set forth in Article 6.7.

**6.2 Internal mobility**

In the event of transfer or temporary assignment of the Beneficiary within a company of the Group, which involves (a) the termination of the initial employment agreement and the entering into of a new employment agreement or of a position as officer, and/or (b) a resignation of the Beneficiary from his or her position as officer and the acceptance of a new position of officer or the entering into of a new employment agreement in one of such companies, the Beneficiary shall retain his or her right to be allocated RSUs at the end of the Vesting Period.

**6.3 Agreed Leave of Absence Exceeding Three Months**

In the event a Beneficiary is on an Agreed Leave, such Beneficiary's Allocation(s) shall (a) stop vesting on the first day of the quarter immediately following the quarter during which the Agreed Leave begins; and (b) resume vesting on the first day of the quarter immediately following the quarter in which the Agreed Leave ends. As a result of any Agreed Leave, the Vesting Period for the applicable Allocation(s) shall be extended in accordance with this Article 6.3.

**6.4 Disability**

In the event of Disability before the end of the Vesting Period, the RSUs shall be definitively acquired by the Beneficiary on the date of Disability.

**6.5 Death**

In the event of the death of the Beneficiary during the Vesting Period, the RSUs shall be definitively acquired at the date of the request of allocation made by his or her beneficiaries in the framework of the inheritance, in which case no Holding Period will apply.

The request for allocation of the RSUs shall be made within six months from the date of death in compliance with Article L. 225-197-3 of the French Commercial Code.

**6.6 Retirement**

In the event of the retirement of a Beneficiary during the Vesting Period, the Board of Directors of the Company may decide to waive the continued Presence condition set forth in Article 6.1(a).

**6.7 Change in Control**

(a) As an exception to the foregoing and unless otherwise provided by the Board of Directors at the time of occurrence of a Change in Control or as set forth in the relevant Allocation Letter, in the event of a Change in Control, the following rules shall apply :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>For Beneficiaries other than U.S. Beneficiaries</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) If the completion date of the Change in Control occurs less than one year after the Allocation Date, all unvested RSUs held by a Beneficiary shall be deemed null and void effective immediately prior to the completion of the Change in Control but subject to effective completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) If the completion date of the Change in Control occurs (x) on or after the first anniversary and (y) before the second anniversary of the Allocation Date, the Acquisition Date of all then unvested RSUs held by a Beneficiary shall be accelerated so that all his/her unvested RSUs shall become definitively acquired immediately prior to the completion of the Change in Control; <u>provided</u> that all such vested RSUs shall be subject to a Holding Period starting from the completion date of the Change in Control until second anniversary of their Allocation Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) If the completion date of the Change in Control occurs on or after the second anniversary of the Allocation Date, the Acquisition Date of all then unvested RSUs held by a Beneficiary shall be accelerated so that all his/her unvested RSUs shall become definitively acquired immediately prior to the completion of the Change in Control;

<u>provided</u> that, with respect to paragraphs (i)(B) and (i)(C) above, unless otherwise provided by the Board of Directors, the continued Presence condition set forth in Article 6.1(a) shall be satisfied on the relevant accelerated Acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>For U.S. Beneficiaries</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) If the completion date of the Change in Control occurs less than one year after the Allocation Date, all unvested RSUs held by a Beneficiary shall be deemed null and void effective immediately prior to the completion of the Change in Control but subject to effective completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) If the completion date of the Change in Control occurs (x) on or after the first anniversary and (y) before the second anniversary of the Allocation Date, the Acquisition Date of all then unvested RSUs held by a Beneficiary shall be accelerated so that all his/her unvested RSUs shall become definitively acquired on the second anniversary of the Allocation Date and no subsequent Holding Period shall apply; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) If the completion date of the Change in Control occurs on or after the second anniversary of the Allocation Date, the Acquisition Date of all then unvested RSUs held by a Beneficiary shall be accelerated so that all his/her unvested RSUs shall become definitively acquired immediately prior to the completion of the Change in Control;

<u>provided</u> that, with respect to paragraphs (ii)(B) and (ii)(C) above, unless otherwise provided by the Board of Directors, the continued Presence condition set forth in Article 6.1(a) shall be satisfied on the relevant accelerated Acquisition.

(b) The obligations of the Company under the 2025-2 RSU (Free Share) Plan shall be binding upon any successor corporation or organization resulting from the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Holding Period** 

**7.1 Principle**

(a) During the Holding Period, if any, the Beneficiaries concerned will be the owner of the RSUs allocated under the 2025-2 RSU (Free Share) Plan and will be shareholders of the Company. As a consequence, they will benefit from all the rights attached to the capacity of shareholder of the Company.

However, the RSUs shall not be available during the Holding Period (if any) and the Beneficiaries may not transfer or pledge the RSUs, by any means, or convert them into the bearer form.

(b) At the end of the Holding Period (if any), the RSUs will be fully available, subject to the provisions of the following paragraph.

At the end of the Holding Period, if any, the RSUs allocated under the 2025-2 RSU (Free Share) Plan may not be transferred (i) if a "black-out" period is in effect pursuant to the Company's Insider Trading Policy, as in effect at such time, or (ii) otherwise in contravention of any applicable laws or regulations, or trading rules or restrictions of any exchange on which the Company's shares are listed at such time.

**7.2 Specific situations**

Notwithstanding the provisions of the second paragraph of Article 7.1(a) above, the RSUs allocated to the Beneficiaries referred to in Article 6.4 above or to the beneficiaries of the deceased Beneficiary referred to in Article 6.5 above may be freely transferred as from the date of their final allocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Characteristics of the RSUs** 

The RSUs definitively acquired shall be, at the Company's choice, new ordinary shares to be issued by the Company or existing shares acquired by the Company.

As from the Acquisition Date, the RSUs shall be subject to all the provisions of the Bylaws. They shall be assimilated to existing ordinary shares of the Company and shall benefit from the same rights as from the Acquisition Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Delivery and holding of the RSUs** 

At the end of the Vesting Period (or, if vesting occurs in tranches, within ten days following the applicable Acquisition Date), the Company shall deliver to the Beneficiary the RSUs allocated under the 2025-2 RSU (Free Share) Plan provided that the conditions and criteria for such allocation provided by Articles 5 and 6 above are met.

If the Acquisition Date is not a Working Day, the delivery of the RSUs shall be completed the first Working Day following the end of the Vesting Period.

The RSUs that may be acquired under the 2025-2 RSU (Free Share) Plan will be held, during the Holding Period, if any, in nominative form (*nominatif pur*) in an individual account opened in the name of the relevant Beneficiary at UPTEVIA with a legend stating that they cannot be transferred. If the provisions of Article 7.1(b) above are applicable at the end of the Holding Period (or the end of the Vesting Period if there is no Holding Period), the RSUs shall remain in nominative form (*nominatif pur*) at UPTEVIA until such time as they are transferred to make sure that the restrictions set forth in Article 7.1(b) above are complied with.

In the event that, as a consequence of the Allocation of RSUs under the 2025-2 RSU (Free Share) Plan, the Company or any of the companies of the Group shall be compelled to pay taxes, social costs or any other social security taxes or contributions on behalf of the Beneficiary, the Company retains the right to postpone or to forbid the delivery of the RSUs on the Acquisition Date until the relevant Beneficiary has paid to the Company or to the relevant company of the Group the amount corresponding to these taxes, social costs, or social security taxes or contributions.

Without prejudice to the above, 10% of the RSUs allocated to the Chairman of the Board (*Président du Conseil d'administration*), the Chief Executive Officer (*Directeur Général*), and other deputy executive officers (*Directeurs Généraux Délégués*) of the Company or of an Affiliated Company having its registered office in France, must be held in registered form and must not be sold, leased or converted to bearer shares until the mandate as executive officer is over.

The amount of RSUs to be held shall be determined by taking into account all the shares already held pursuant to the requirements of the previous free share plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Shares subject to plan; individual limitations** 

**10.1 Shares Available for Issuance**.

The 2025-2 RSU (Free Share) Plan provides for the allocation of up to a total of 600,000 RSUs of the Company to the benefit of eligible employees and officers of the Group.

In the event that an Allocation, or any part thereof, for any reason is terminated or canceled without having been definitively acquired by its Beneficiary, or has otherwise not vested, the unacquired portion of RSUs relating to such Allocation shall, provided the 2025-2 RSU (Free Share) Plan is still in force, again be available for future allocation pursuant to the 2025-2 RSU (Free Share) Plan. Notwithstanding any provision of the 2025-2 RSU (Free Share) Plan or the Appendix thereunder to the contrary, RSUs withheld or reacquired by the Company in satisfaction of tax withholding obligations with respect to a Beneficiary shall not again be available for issuance under the 2025-2 RSU (Free Share) Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Intermediary operations** 

Subject to Article 6.7, in the event of exchange without equalization payment in cash (*soulte*) resulting from a merger or spin-off completed during the Vesting Period or the Holding Period (if any), the remainder of such period(s) shall apply to the rights to receive free shares of the Company or free shares of the surviving entity received by the Beneficiary in exchange for his rights to receive RSUs.

The same shall apply in the event of exchange resulting from a public tender offer, a stock split or reverse stock split completed in compliance with applicable regulations during the Holding Period, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Adjustment** 

Should the Company, during the Vesting Period, undergo an amortization, reduce its share capital, change the allocation of its profits, allocate free shares to all the shareholders, capitalize reserves, profits or issuance premiums, allocate reserves or issue equity securities or give a right to the allocation of equity securities, including a preferential subscription right reserved to the shareholders or any other corporate transaction or event having an effect similar to any of the foregoing, the maximum number of RSUs allocated under the 2025-2 RSU (Free Share) Plan may be adjusted in order to take into account said operation by application, *mutatis mutandis*, of the terms of adjustment provided by the law for the beneficiaries of stock options.

Each Beneficiary shall be informed of the practical terms of the adjustment and of its consequences on the Allocation of RSUs he or she benefited from, it being specified that the free shares of the Company allocated pursuant to this adjustment shall be governed by the present 2025-2 RSU (Free Share) Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Amendment** **to the 2025-2 RSU (Free Share) Plan** 

**13.1 Principle**

The present 2025-2 RSU (Free Share) Plan may be amended by the Board of Directors, provided that any such amendment may be subject to shareholder approval to the extent required in order to comply with applicable law or the rules of the Nasdaq Stock Market applicable to foreign private issuers, such as EDAP TMS, and shall be in accordance with applicable law; in any event, any negative vote by shareholders on any amendment will not affect the validity of any previously allocated RSUs. Any such amendment shall be subject to the written consent of the Beneficiaries if it results in a decrease in the rights of said Beneficiaries.

The new provisions shall apply to the Beneficiaries of the RSUs during the Vesting Period on the date of the decision to amend the 2025-2 RSU (Free Share) Plan made by the Board of Directors, or the written consent of the Beneficiary, if required.

**13.2 Notice of the amendments**

The affected Beneficiaries shall be notified of an amendment to the 2025-2 RSU (Free Share) Plan, by any reasonable means, including by electronic delivery, internal mail, by simple letter or, with acknowledgement of receipt, by fax or by e-mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Tax** **and social rules** 

The Beneficiary shall bear all taxes and mandatory costs which he or she must bear pursuant to the applicable law in relation to the allocation of RSUs, on the due date of said taxes or costs.

Each Beneficiary shall verify and carry out, as the case may be, the declaratory obligations he or she must comply with in relation to the allocation of the RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Miscellaneous** 

**15.1 Rights in relation to the capacity of employee**

No provisions of the present 2025-2 RSU (Free Share) Plan shall be construed as granting to the Beneficiary a right to have his or her employment agreement with the Company or any of the companies of the Group maintained, or limiting the right of the Company or any of the companies of the Group to terminate or amend the terms and conditions of the employment agreement of the Beneficiary.

**15.2 Rights in relation to future free share plans**

The fact that a person may benefit from the 2025-2 RSU (Free Share) Plan does not imply that he or she shall benefit from any other plan that may be implemented thereafter.

**15.3 Applicable law - Jurisdiction**

The present 2025-2 RSU (Free Share) Plan is subject to French law. Any dispute relating to its validity, its interpretation or its performance shall be decided by the competent courts of the French Republic.

**15.4 Additional Provisions Applicable to Beneficiaries**

Section I of the attached Appendix only applies to Beneficiaries located outside of France, Section II applies to all Beneficiaries, including those located in France and Section III applies to U.S. Beneficiaries.

**APPENDIX**

***ADDITIONAL TERMS AND CONDITIONS***

Capitalized terms used but not defined in this Appendix shall have the same meanings assigned to them in the 2025-2 RSU (Free Share) Plan.

***I - TERMS AND CONDITIONS WHICH APPLY TO Beneficiaries residing outside of France***

This Section I contains additional terms and conditions that, unless as provided otherwise, will apply to the Beneficiary if he or she resides outside of France.

***NOTIFICATIONS***

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This Section I also includes information regarding exchange control and certain other issues of which the Beneficiary should be aware with respect to his or her participation in the 2025-2 RSU (Free Share) Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of de date of approval of the 2025-2 RSU (Free Share) Plan. Such laws are often complex and change frequently. **The Company therefore strongly recommends that the Beneficiary not rely on the information in this Section I as the only source of information relating to the consequences of his or her participation in the 2025-2 RSU (Free Share) Plan because such information may be outdated when the Beneficiary vests in the RSUs and/or sells any RSUs issued pursuant to the award.**

***GENERAL PROVISIONS***

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<u>Taxes</u>. Regardless of any action the Company or the Beneficiaries' employer (the "Employer") takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding ("Tax-Related Items"), the Beneficiary acknowledges that the ultimate liability for all Tax-Related Items legally due by the Beneficiary is and remains the Beneficiary's responsibility and that the Company and/or the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Free Share grant, including the grant, vesting of the RSUs, the subsequent sale of RSUs acquired pursuant to such vesting and the receipt of any dividends; and (b) do not commit to structure the terms of the grant or any aspect of the RSUs to reduce or eliminate the Beneficiary's liability for Tax-Related Items.

Prior to the time when the RSUs are considered taxable, the Beneficiary will pay or make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all withholding obligations of the Company and/or the Employer, if any. In this regard, **the Beneficiary authorizes the Company and/or the Employer to withhold all applicable Tax-Related Items legally payable by the Beneficiary from the Beneficiary's compensation paid to the Beneficiary by the Company and/or Employer or from proceeds of the sale of RSUs.** Alternatively, or in addition, if permissible under local law, the Company may (a) sell or arrange for the sale of RSUs that the Beneficiary acquires to meet the withholding obligation for Tax-Related Items and/or (b) withhold in RSUs, provided that the Company only withholds the amount of RSUs necessary to satisfy the minimum withholding amount. Finally, the Beneficiary will pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold as a result of the Beneficiary's participation in the 2025-2 RSU (Free Share) Plan or the Beneficiary's acquisition of RSUs that cannot be satisfied by the means previously described. The Company may refuse to honor the vesting and refuse to deliver the RSUs if the Beneficiary fails to comply with Beneficiary's obligations in connection with the Tax-Related Items as described in this section.

<u>Nature of Grant</u>. In accepting the grant, the Beneficiary acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the 2025-2 RSU (Free Share) Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the 2025-2 RSU (Free Share) Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the grant of the RSUs is voluntary and occasional and does not create any contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted repeatedly in the past;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all decisions with respect to future grants, if any, will be at the sole discretion of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Beneficiary's participation in the 2025-2 RSU (Free Share) Plan shall not create a right to further employment with the Employer and shall not interfere with the ability of the Employer to terminate the Beneficiary's employment relationship at any time with or without cause unless otherwise required under local law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Beneficiary is voluntarily participating in the 2025-2 RSU (Free Share) Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the RSUs are an extraordinary item that do not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and which is outside the scope of Beneficiary's employment contract, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the RSUs are not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long service awards, pension or retirement benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company or the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) in the event that the Beneficiary is not an employee of the Company, the grant will not be interpreted to form an employment agreement or relationship with the Company; and furthermore, the grant will not be interpreted to form an employment agreement with the Employer or any subsidiary or affiliate of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the future value of the underlying RSUs is unknown and cannot be predicted with certainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) if the Beneficiary obtains RSUs, the value of those RSUs may increase or decrease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) in consideration of the grant, no claim or entitlement to compensation or damages shall arise from termination of the award of RSUs or diminution in value of the award resulting from termination of the Beneficiary's employment with the Company or the Employer (for any reason whatsoever) and the Beneficiary irrevocably releases the Company and the Employer from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by signing the 2025-2 RSU (Free Share) Plan, the Beneficiary shall be deemed irrevocably to have waived the Beneficiary's entitlement to pursue such claim; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) unless otherwise decided by the Board of Directors, in the event of termination of Beneficiary's employment during the Vesting Period, the Beneficiary's right to vest in the RSUs under the 2025-2 RSU (Free Share) Plan, if any, will terminate effective as of the date that the Beneficiary is no longer actively employed and will not be extended by any notice period mandated under the local law (*e.g.,* active employment would not include a period of "garden leave" or similar period pursuant to local law).

***II - TERMS AND CONDITIONS WHICH APPLY TO ALL Beneficiaries***

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The provisions in this Section II "Data Privacy" apply to all Beneficiaries, including those residing in France.

***Data Privacy***

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Beneficiary is informed of the processing of his/her personal data by the Company who acts as the data controller and who Beneficiary may contact by mail or email at:

&nbsp;&nbsp;&nbsp;&nbsp;· EDAP TMS

Parc d'Activité de La Poudrette Lamartine

4, rue du Dauphiné, 69120 Vaulx-en-Velin

France

&nbsp;&nbsp;&nbsp;&nbsp;· dpo@edap-tms.com

The Company has appointed a data protection officer ("DPO"), who may be contacted by email at: dpo@edap-tms.com

The Company processes the personal data of the Beneficiary for the following purposes:

the exclusive purpose of implementing, administering and managing the Beneficiary's participation in the 2025-2 RSU (Free Share) Plan. The legal basis for the processing of personal data by the Company is the performance of the Allocation Letter and the 2025-2 RSU (Free Share) Plan entered into between the Company and the Beneficiary.

- complying with all with all Company's corporate and tax legal obligations. The legal basis justifying this processing is the Company's legal obligations relating to the performance of the Allocation Letter and the 2025-2 RSU (Free Share) Plan;

responding to the Beneficiary's requests to exercise his/her rights in relation to his/her personal data, including carrying out the necessary checks to ensure that such requests comes from the Beneficiary. The legal basis for this processing is the compliance with the Company's legal obligation to answer the Beneficiary's personal data requests;

- defending its interests in the event of litigation, including preservation of evidence for the purposes of possible legal proceedings. The legal basis for this processing is the legitimate interest of the Company to organize its defense and defend or assert its rights;

managing operations to reorganize the Company's capital and activities, including mergers and acquisitions, takeovers, partial sales of business lines, capital increases and reductions. The legal basis for this processing is the legitimate interest of the Company to reorganize its capital and activities according to the needs of its development.

The Beneficiary understands that the Company processes personal information about the Beneficiary, including, but not limited to, the Beneficiary's name, home address and telephone number, nationality, job title, any shares or directorships held in the Company, details of all awards or any other entitlement to RSUs awarded, canceled, exercised, vested, unvested or outstanding in the Beneficiary's favor ("**Data**"). The recipients of the Data are duly authorized personnel of the Company who have access to the Data in connection with the performance of the 2025-2 RSU (Free Share) Plan, any service providers and consultants acting on their behalf in the processing of the Data, as well as banks and regulatory, administrative or judicial authorities within the scope of their respective missions.

The Beneficiary understands that, in the framework of the processing of the Data by the Company as described herein, such Data may be transferred outside of the European Economic Area and that it is possible that the recipients' country (United States) may have different data privacy laws and protections than the Beneficiary's country. To the extent necessary, the Company will implement appropriate safeguards for such data transfers. The Beneficiary may request detailed information on and a copy of such safeguards, as the case may be, by contacting the Company's DPO. The Beneficiary understands that Data will be held only as long as is necessary to implement, administer and manage the Beneficiary's participation in the 2025-2 RSU (Free Share) Plan, without prejudice of the legal obligations applicable to the Company in respect of Data retention, as the case may be.

The Beneficiary understands that the Beneficiary may, at any time, and subject to applicable legal and regulatory provisions, contact the Company to exercise his/her rights data protection rights:

Right to access the Data: the Beneficiary is entitled to obtain confirmation from the Company as to whether any personal data concerning the Beneficiary is processed by the Company. This includes the right to access such personal data, to obtain a copy of it free of charge (except for repetitive or excessive requests), unless otherwise provided by the applicable data protection laws, and to be provided with a description of the main features of the processing implemented in relation to his/her personal data (including, the purposes of such processing, categories of personal data processed, recipients or categories of recipients of personal data, the envisaged retention period or, if not possible, the criteria used to determine it);

- Right to rectify the Data: the Beneficiary has the right to obtain from the Company without undue delay the rectification of inaccurate, incomplete or outdated personal data concerning the Beneficiary;

- Right to erase the Data: the Beneficiary has the right to obtain from the Company without undue delay the erasure of his/her personal data under certain conditions. The Company may refuse the erasure of personal data under certain conditions;

Right to limit the processing of the Data: the Beneficiary has the right to limit the processing of his/her personal data under certain conditions. When the Beneficiary has obtained from the Company a restriction of processing of his/her personal data, the Beneficiary will be informed by the Company prior to lifting of such limitation;

Right to object to the processing of the Data: As a general matter, the Beneficiary has the right to object, at any time and on legitimate grounds relating to the Beneficiary's particular situation, to the processing of his/her personal data. Provided that such objection is justified, the Company will no longer process the personal data concerned unless it can demonstrate compelling legitimate grounds for the processing which override the Beneficiary's interests;

Right to request the portability of the Data: Where the processing is carried out by automated means, the Beneficiary can request from the Company: (i) to communicate to the Beneficiary the personal data that the Beneficiary shared with the Company, in a structured, commonly used and machine-readable format, in order to be able to further transmit such personal data to another data controller; or (ii) to directly transmit such personal data to such other data controller, if technically feasible.

The Beneficiary understands, however, that the processing of his/her Data is necessary for the performance of the Plan and that if the Beneficiary does not provide his/her Data, this may affect the Beneficiary's ability to participate in the 2025-2 RSU (Free Share) Plan. For more information on the consequences of a potential request for erasure or objection that the Beneficiary may contemplate, the Beneficiary understands that the Company may contact the Company and its DPO.. The Beneficiary also has the right to provide the Company with specific instructions for the processing of his/her Data after his/her death. Finally, the Beneficiary has the right to lodge a complaint with a supervisory authority in relation to the processing of his/her Data, e.g. the Commission Nationale de l'Informatique et des Libertés (CNIL) for France.

<u>Electronic Delivery</u>. The Company may, in its sole discretion, decide to deliver any documents related to the 2025-2 RSU (Free Share) Plan or future awards that may be granted under the 2025-2 RSU (Free Share) Plan by electronic means or to request the Beneficiary's consent to participate in the 2025-2 RSU (Free Share) Plan by electronic means. The Beneficiary hereby consents to receive such documents by electronic delivery and, if requested, to agree to participate in the 2025-2 RSU (Free Share) Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

<u>Severability</u>. The provisions of this 2025-2 RSU (Free Share) Plan are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

***III - SPECIFIC PROVISIONS FOR BENEFICIARIES WHO ARE TAX RESIDENTS OF, OR SUBJECT TO TAX IN, THE UNITED STATES ("U.S. Beneficiaries")***

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<u>Securities Representations.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The U.S. Beneficiary acknowledges that the RSUs are securities, the issuance by the Company of which requires compliance with federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The U.S. Beneficiary acknowledges that these securities are made available to the U.S. Beneficiary only on the condition that the U.S. Beneficiary makes the representations contained in this section to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The U.S. Beneficiary has made a reasonable investigation of the affairs of the Company sufficient to be well informed as to the rights and the value of these securities.

<u>Section 409A of the Code and Payment Timing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>General</u>. The intent of the parties is that payments and benefits under the 2025-2 RSU (Free Share) Plan comply with, or be exempt from, Section 409A of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>") to the extent subject thereto, and, accordingly, to the maximum extent permitted, the 2025-2 RSU (Free Share) Plan and the Allocation Letters thereunder shall be interpreted, construed and administered consistent with that intent. Any reference to Section 409A of the Code in this Appendix will also include any regulations or any other formal guidance promulgated with respect to such section by the U.S. Department of the Treasury or the Internal Revenue Service. If any of the terms and conditions of the 2025-2 RSU (Free Share) Plan or any Allocation Letter contravenes any regulations or guidance under Section 409A of the Code or could cause any granted award to be subject to taxes, interest or penalties under Section 409A of the Code, the Company may, in its sole discretion and without the U.S. Beneficiary's consent, modify the 2025-2 RSU (Free Share) Plan or grant documents to: (a) comply with, or avoid being subject to Section 409A of the Code, (b) avoid the incurrence of additional taxes, interest or penalties under Section 409A of the Code, and (c) maintain, to the maximum extent practicable, the original intent of the applicable term, condition or provision without contravening the provisions of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Disability</u>. Notwithstanding anything to the contrary contained in Article 6.4 of the 2025-2 RSU (Free Share) Plan, the RSUs shall be delivered no later than the 30<sup>th</sup> day following the date on which the Disability is incurred by the U.S. Beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Death</u>. Notwithstanding anything to the contrary contained in Article 6.5 of the 2025-2 RSU (Free Share) Plan, the RSUs shall be delivered no later than the 15<sup>th</sup> day of the third month after the date of the U.S. Beneficiary's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Retirement</u>. Article 6.6 of the 2025-2 RSU (Free Share) Plan does not apply to U.S. Beneficiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Change in Control</u>. Notwithstanding anything to the contrary contained in Article 6.7 of the 2025-2 RSU (Free Share) Plan, if RSUs are definitively acquired on a Change in Control (i.e., issued to you) and the RSUs are deemed to be nonqualified deferred compensation under Section 409A of the Code, such Shares may only be acquired upon such Change in Control if it qualifies as a permissible date of distribution under Section 409A(a)(2)(A) of the Code and the regulations thereunder, and if such Change in Control does not qualify as a permissible date of distribution, the RSUs shall be issued when they otherwise would have been issued as though such Change in Control had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Separation from Service</u>. Notwithstanding anything contained herein to the contrary, to the extent required to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, the U.S. Beneficiary shall not be considered to have separated from service with the Company for purposes of this 2025-2 RSU (Free Share) Plan and no payment or benefit shall be due to the U.S. Beneficiary under the 2025-2 RSU (Free Share) Plan and the Allocation Letters thereunder on account of a separation from service until the Beneficiary would be considered to have incurred a "separation from service" from the Company within the meaning of Section 409A of the Code. Any payments or benefits described in the 2025-2 RSU (Free Share) Plan and the Allocation Letters thereunder that are due within the "short-term deferral period" as defined in Section 409A of the Code shall not be treated as deferred compensation unless applicable law requires otherwise. Notwithstanding anything to the contrary in the 2025-2 RSU (Free Share) Plan and the Allocation Letters thereunder, to the extent that any amounts are payable upon a "separation from service" (as determined in accordance with Section 409A of the Code), the U.S. Beneficiary is a "specified employee" (within the meaning of Section 409A of the Code), and such payment is a "deferral of compensation" (as defined for purposes of Section 409A of the Code), such payment, under this 2025-2 RSU (Free Share) Plan or any other agreement of the Company, shall be made on the first business day of the seventh month after the date of such separation from service (or death, if earlier). Each payment under the 2025-2 RSU (Free Share) Plan shall considered a separate payment for purposes of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>No Tax Guarantee</u>. The Company makes no representation that any or all of the payments described in the 2025-2 RSU (Free Share) Plan and the Allocation Letters thereunder will be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to any such payment. The U.S. Beneficiary shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A. Furthermore, the Company makes no representation as to the tax status of the 2025-2 RSU (Free Share) Plan to the U.S. Beneficiary who should seek his or her own tax advice.

**Exhibit 1**

**Form of Allocation Letter to Beneficiaries Residing in France**

[Beneficiary Name and Address] <br> [Date]

**<u>[Letter delivered by electronic delivery/ Letter with acknowledgment of receipt requested]</u>**

[Name of Beneficiary],

We have the pleasure to inform you that, pursuant to the authorization granted by the shareholders' meeting held on June 27, 2025, the board of directors of EDAP TMS (the "**Company**"), during its meeting held on [ ] (the "**Allocation Date**"), allocated to you free shares of the Company (the "**Allocation**"), under the terms and conditions provided for in Articles L. 225-197-1 to L. 225-197-5 of the French Commercial Code, in the 2025-2 RSU (Free Share) Plan of the Company (the "**2025-2 RSU (Free Share) Plan**") and specific conditions set forth in this Allocation Letter, according to the deliberation of the Board of Directors during its meeting held on [ ], 2025. Capitalized terms that are used but not defined herein shall have the meaning ascribed to such terms in the 2025-2 RSU (Free Share) Plan.

The Board of Directors allocated to you [ ] free ordinary shares of the Company (the "**Free Shares**"), with a par value of EUR 0.13 each.

The periods (named "**Vesting Periods**") at the end of which a portion of the Allocation will become effective and final (i.e., the Free Shares will be issued to you and be your property) shall be set, and your Free Share shall vest on a 48-month period, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 1/2 of your Free Shares shall become definitively acquired on **<u>the second anniversary</u>** of the Allocation Date (the "**First Acquisition Date**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 1/8<sup>th</sup> of your Free Shares shall become definitively acquired upon expiration of each 6 month-period that elapses after the First Acquisition Date so that all of the Free Shares shall be definitively acquired four years following the Allocation Date (subject to any continuous Presence condition);

<u>provided</u> that, for each above tranche, the total number of Free Shares that will vest on the relevant Acquisition Date shall be rounded down to the nearest whole number; and

<u>provided</u> that your continued Presence condition set forth in Article 6.1(a) of the 2025-2 RSU (Free Share) Plan shall be satisfied on each applicable Acquisition Date.

In the event of your Disability before the end of any Vesting Period, all your then unvested Free Shares shall be definitively acquired on the date of your Disability. In the event of your death during any Vesting Period, your then unvested Free Shares shall be definitively acquired subject to a request of allocation being made by your beneficiaries in the framework of the inheritance. The request for allocation of the Free Shares shall be made within six (6) months from the date of your death in compliance with Article L. 225-197-3 of the French Commercial Code.

The Vesting Period being at least equal to two years from the Allocation Date, the Free Shares will, in principle, not be subject to a Holding Period, subject to the provisions of the 2025-2 RSU (Free Share) Plan.

The detailed terms of such Allocation (including possible acceleration of your Vesting Periods in case of Change in Control) are further described in the 2025-2 RSU (Free Share) Plan, a copy of which is attached hereto. The 2025-2 RSU (Free Share) Plan is hereby incorporated by reference and made a part hereof, and the Free Shares granted herein shall be subject to all terms and conditions of the 2025-2 RSU (Free Share) Plan.

In the event of any conflict between the provisions of this Allocation Letter and the provisions of the 2025-2 RSU (Free Share) Plan, the provisions of the 2025-2 RSU (Free Share) Plan shall govern.

We thank you for accepting the 2025 Free Share Allocation Plan and this Allocation Letter no later than [ ], failing which the above allocation will be null and void. Yours sincerely,

__________________________________

[__•__]

<u>Reserved to the Beneficiary</u>:

[Mr./Ms.] ______________________________________declares having perused this Allocation Letter (including the 2025-2 RSU (Free Share) Plan appended thereto) and accepting its terms.

On _________________________

Signature: _____________________________

**Exhibit 2**

**Form of Allocation Letter to U.S. Beneficiaries**

[Beneficiary Name and Address] <br> [Date]

**<u>[Letter delivered by electronic delivery/ Letter with acknowledgment of receipt requested]</u>**

[Name of Beneficiary],

We have the pleasure to inform you that, pursuant to the authorization granted by the shareholders' meeting held on June 27, 2025, the board of directors of EDAP TMS (the "**Company**"), during its meeting held on [ ] (the "**Allocation Date**"), allocated to you restricted stock units, or *actions gratuites* or free shares*,* of the Company (the "**Allocation**"), under the terms and conditions provided for in Articles L. 225-197-1 to L. 225-197-5 of the French Commercial Code, in the 2025-2 RSU (Free Share) Plan of the Company (the "**2025-2 RSU (Free Share) Plan**") and specific conditions set forth in this Allocation Letter, according to the deliberation of the Board of Directors during its meeting held on [ ], 2025. Capitalized terms that are used but not defined herein shall have the meaning ascribed to such terms in the 2025-2 RSU (Free Share) Plan.

The Board of Directors allocated to you [ ] Restricted Stock Units ("**RSUs**") (*actions gratuites* with a par value of EUR 0.13 each).

The periods (named "**Vesting Periods**"), at the end of which a portion of the Allocation will become effective and final (i.e., the RSUs will be issued to you and be your property), shall be set, and your RSUs shall vest, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 1/2 of your RSUs shall become definitively acquired on **<u>the second anniversary</u>** of the Allocation Date (the "**First Acquisition Date**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 1/8 of your RSUs shall become definitively acquired upon expiration of each 6 month-period that elapses after the First Acquisition Date so that all of the RSUs shall be definitively acquired three years following the Allocation Date (subject to any continuous Presence condition);

<u>provided</u> that, for each tranche of RSUs, the total number of RSUs that will vest on the relevant Acquisition Date shall be rounded down to the nearest whole number; and

<u>provided</u> that your continued Presence condition set forth in Article 6.1(a) shall be satisfied on each applicable Acquisition Date.

In the event of your Disability before the end of any Vesting Period, all your then unvested RSUs shall be definitively acquired on the date of your Disability. In the event of your death during any Vesting Period, your then unvested RSUs shall be definitively acquired subject to a request of allocation being made by your beneficiaries in the framework of the inheritance. The request for allocation of the RSUs shall be made no later than the 15<sup>th</sup> day of the third month.

The Vesting Period being at least equal to two years from the Allocation Date, the Free Shares will, in principle, not be subject to a Holding Period, subject to the provisions of the 2025-2 RSU (Free Share) Plan.

The detailed terms of such Allocation (including possible acceleration of your Vesting Periods in case of Change in Control) are further described in the 2025-2 RSU (Free Share) Plan, a copy of which is attached hereto. The 2025-2 RSU (Free Share) Plan is hereby incorporated by reference and made a part hereof, and the RSUs granted herein shall be subject to all terms and conditions of the 2025-2 RSU (Free Share) Plan.

In the event of any conflict between the provisions of this Allocation Letter and the provisions of the 2025-2 RSU (Free Share) Plan, the provisions of the 2025-2 RSU (Free Share) Plan shall govern.

We thank you for accepting the 2025 Free Share Allocation Plan and this Allocation Letter no later than [ ], failing which the above allocation will be null and void. Yours sincerely,

__________________________________

[__•__]

<u>Reserved to the Beneficiary</u>:

[Mr./Ms.] ______________________________________declares having perused this Allocation Letter (including the 2025-2 RSU (Free Share) Plan appended thereto) and accepting its terms.

On _________________________

Signature: _____________________________

## Exhibit 4.3

**Exhibit 4.3**

 Share Subscription Option Plan– September 2025

 

*This is a free translation from the French language and is supplied solely for information purposes. Only the original version in French language has legal force.*

#### EDAP TMS
A French société anonyme

Capital of [4,889,299.48] Euros

Headquarters: Parc d'Activité de La Poudrette Lamartine,

4, rue du Dauphiné, 69120 Vaulx-en-Velin

France

316 488 204 RCS Lyon

#### (the " Company")

#### 2025 SHARE SUBSCRIPTION OPTION PLAN
**Ordinary and Extraordinary Assembly Meeting June 27, 2025**

**Board of Directors: September 30, 2025**

1. <u>GENERAL</u> 

In accordance with the authorization granted by the ordinary and extraordinary general shareholders' meeting of June 27, 2025 (the "**Shareholders Authorization**"), the board of directors (*conseil d'administration*) (the "**Board of Directors**") decided on **September 30, 2025**, in compliance with the provisions of Articles L. 225-177 et seq. of the French Commercial Code:

- to determine the terms and conditions of the share subscription option plan (hereinafter the "**2025 SO Plan**" or the "**Plan**") as set out below, and

- to grant, on one or several occasions, in aggregate, up to two million (2,000,000) options to subscribe to a maximum of two million (2,000,000) ordinary shares of the Company, with a nominal value of €0.13 each, to some employees and/or officers of the Company as well as employees of the affiliates of the Company (within the meaning of Article L. 225-180 of the French Commercial Code and, with respect to U.S. employees,as determined in accordance with definitions in Section 424(f) and Section 3401(c) of the United States Internal Revenue Code of 1986, as amended) (hereafter, the "**Affiliates**").

The authorization granted by the shareholders on June 27, 2025 is valid until August 27, 2028 unless terminated earlier.

2. <u>PURPOSES OF THE 2025 SO PLAN</u> 

We wish to motivate and reward EDAP's teams who will be entirely dedicated to successfully perform our U.S. as well as our worldwide business goals. To this end, the Board of Directors wishes to implement a stock option program under the Plan in favor of EDAP's group employees and Company Chief Executive Officer contributing to this project.

The purposes of the Plan are:

- to attract and retain the best available personnel for positions of substantial responsibility;

- to provide additional incentive to Beneficiaries (as such term is defined herein); and

- to promote the success of the Company's business.

Options (as such term is defined below) granted under the Plan to U.S. Beneficiaries (as such term is defined below) are intended to be non-statutory stock options ("**NSOs**") and shall not be treated as "incentive stock options" within the meaning of that term under Section 422 of the U.S. Internal Revenue Code of 1986, as amended from time to time, or any successor provision thereto (the "**U.S. Code**").

3. <u>SHARES SUBJECT TO THE PLAN AND NUMBER OF OPTIONS TO SUBSCRIBE FOR SHARES</u> 

Subject to the provisions of Article L. 225-181 of the French Commercial Code and, for U.S. Beneficiaries (as defined below), Sections 409A, 422 and 424 of the U.S. Code, pursuant to the Shareholders Authorization, the maximum aggregate number of ordinary shares which may be optioned and issued to all Beneficiaries is equal to **2,000,000** (the "**Shares**"); provided that the maximum number of NSOs which may be optioned and issued to U.S. Beneficiaries is 2,000,000.

Should the Options expire or become unexercisable for any reason without having been exercised in full, the unsubscribed Shares which were subject thereto shall, unless the Plan shall have been terminated prior to August 27, 2028, become available again for any future grant under the Plan to be made in accordance with the Shareholders Authorization.

Notwithstanding any provisions in the Plan to the contrary, the total number of Options granted but not yet exercised may not give right to subscribe a number of shares exceeding one third of the share capital of the Company.

4. <u>BENEFICIARIES</u> 

The Chairman of the Board of Directors (*Président du Conseil d'administration*), the Chief Executive Officer (*Directeur Général*) and other deputy executive officers (*directeurs généraux délégués*) of the Company, as well as any individual employed by the Company or by any of its Affiliates, under the terms and conditions of an employment contract, are eligible to receive Options to the extent otherwise legally eligible to receive Options under the Plan and in the Shareholders Authorization (the "**Beneficiaries**").

Subject to the provisions of the French Commercial Code, the Shareholders Authorization, the Plan and, for U.S. Beneficiaries, the U.S. Code, the Board of Directors shall have the authority, in its discretion, to determine the Beneficiaries to whom Options may be granted hereunder.

The list of Beneficiaries, with the exact number of Options allocated to each of them will be set by the Board of Directors. Beneficiaries who are U.S. tax residents are referred to herein as the "**U.S. Beneficiaries**" and Beneficiaries who are French tax residents are referred to herein as the "**French Beneficiaries.**"

Notwithstanding any provisions in the Plan to the contrary, Options may not be granted to Beneficiaries owning more than ten percent (10%) of the Company's share capital except as permitted under Article L. 225-185 of the French Commercial Code.

5. <u>DATE OF GRANT AND TERM OF THE PLAN</u> 

The date of grant of an Option shall be, for all purposes, the date on which the Board of Directors decides to grant such Option (the "**Date of Grant**").

No Option may be granted less than twenty (20) trading sessions after the detachment of a coupon entitling the holder to a dividend or a capital increase.

The Plan shall be effective as of September 30, 2025, and Options may be granted by the Board of Directors until August 27, 2028, unless terminated earlier. The Plan shall continue in effect until the date of termination of the last Options in force, unless terminated earlier pursuant to Article 13 hereof.

The Company and each Beneficiary shall enter into an Option agreement evidencing the terms and conditions of an individual Options grant (the "**Option Agreement**") substantially in the form attached as <u>Appendix 1</u> hereto. Such Option Agreements shall be subject to the terms and conditions of the Plan. A written notice evidencing the main terms and conditions of an individual Options grant is part of the Option Agreement (the "**Notice of Grant**").

The grant will be definitive upon the Date of Grant provided that the Option Agreement and the Notice of Grant have been duly executed by the Beneficiary and returned to the Company within three months following receipt of such documents by the Beneficiary.

6. <u>OPTION EXERCISE PRICE</u> 

The per Share subscription price for the Shares to be issued pursuant to exercise of an Option (the "**Subscription Price**") shall be determined by the Board of Directors on the Date of Grant on the basis of the fair market value as determined below.

The fair market value of one Share as provided in the Shareholders Authorization is deemed to be the closing sales price of one EDAP American Depositary Share listed on the NASDAQ stock market on the day prior to the Date of Grant (if such date is not a trading day, on the last market trading day prior to the Date of Grant); provided that the Subscription Price shall in no case be less than ninety-five per cent (95%) of the average closing sales price of the EDAP American Depositary Shares listed on the NASDAQ stock market calculated on the basis of the last twenty (20) market trading sessions preceding the Date of Grant.

In the case of an **NSO** granted to any U.S. Beneficiary, the Subscription Price shall not be less than one hundred per cent (100%) of the fair market value per share on the Date of Grant determined as follows (a) if the shares are listed or quoted for trading on an exchange, the value will be deemed to be the closing or last offer price, as applicable, of the shares on the principal exchange upon which such securities are traded or quoted on the date prior to the Date of Grant, provided, if such date is not a trading day, on the last market trading day prior to such date; and (b) if the shares are not listed or quoted for trading on an exchange, the fair market value of the shares as determined by the Board of Directors, consistent with the requirements of Article L. 225-177 of the French Commercial Code and Section 409A of the U.S. Code.

Notwithstanding the forgoing, in accordance with applicable French and U.S. law, each Option granted to each Beneficiary, whether a U.S. Beneficiary or a French Beneficiary, gives the right to subscribe to one Share at a Subscription Price corresponding to the greater of: (a) 100% of the fair market value per share on the Date of Grant determined in accordance with the paragraphs directly above in this Article 6 and (b) ninety five per cent (95%) of the average closing sales price of the EDAP American Depositary Shares listed on the NASDAQ stock market calculated on the basis of the last twenty (20) market trading sessions preceding the Date of Grant.

New Shares issued upon exercise must be fully paid-up at subscription.

The Subscription Price associated with a particular grant of an Option may not be modified for the duration of the Option; provided, however, that the number of Shares under option as well as their Subscription Price may be adjusted, in the event that the Company implements one of the transactions set out in Article L. 225-181 paragraph 2 of the French Commercial Code, and, for U.S. Beneficiaries, such adjustment is permitted by, and occurs in accordance with, Sections 409A, 422 and 424 of the U.S. Code, as applicable, in each case subject to the Shareholders Authorization and Article 10 below.

7. <u>CONDITIONS PRECEDENT FOR EXERCISE OF THE OPTIONS/CONDITIONS UPON ISSUANCE OF SHARES</u> 

**7.1 PRESENCE IN THE COMPANY**

7.1.1 Principle

The Options shall be null and void and may not be exercised by the Beneficiary, without the Company having to proceed with any formalities, in the case the Beneficiary ceases all functions with the Company or its Affiliates, as an employee or a company officer, for any reason whatsoever save for death or Disability (a "**Termination**"), for more than three (3) months following the relevant Termination Date (as defined below).

For the purpose of the Plan, "**Termination Date**" shall mean, depending upon the case, the date the Beneficiary's resignation letter is sent or delivered, the date the Beneficiary's dismissal letter is sent or the date of his removal as a company officer. A Termination does not include (i) leaves of absence which receive a prior approval from the Company or (ii) transfers between locations of the Company or between the Company or any Affiliates or the contrary or also from an Affiliate to another Affiliate. Such leaves of absence shall include leaves of more than three (3) months for illnesses or conditions about which the employee has advance knowledge, military leave, or any other personal leave. For purposes of U.S. Beneficiaries and NSOs, no such leave may exceed ninety (90) days unless reemployment upon expiration of such leave is guaranteed by statute, contract or Company policies.

Upon Termination (other than upon the Beneficiary's death or Termination due to Disability), the Beneficiary may exercise his Options within a three (3) month period, as specified in the Notice of Grant, and only for the part of the Options that the Beneficiary was entitled to exercise at the Termination Date (but in no event later than the expiration of the term of such Options as set forth in Article 8.3 below and the Notice of Grant). If, at Termination, the Beneficiary is not entitled to exercise his Options, the Shares covered by the unexercisable portion of Options shall become available again for any future grant in accordance with Article 3. If, after Termination, the Beneficiary does not exercise all of his Options within the time specified in the Notice of Grant, the Options shall terminate, and the Shares covered by such Options shall become available again for any future grant in accordance with Article 3.

7.1.2 Exceptions

As an exception to the provisions of Article 7.1.1, in case of death of the Beneficiary, his heirs may exercise the Options within six (6) months as from such death (but in no event later than the expiration of the term of the Option set forth in Article 8.3 below), provided the relevant Beneficiary was authorized to exercise his Options at the time of his death and within the limits of Options allocated and exercisable. If after the death of the Beneficiary, his heirs do not exercise the Options within the six (6) month period or the Options expiration date, then the Options shall be null and void and the Shares covered by such Options shall become available again for any future grant in accordance with Article 3.

As an exception to the provisions of Article 7.1.1, in the event that the Beneficiary's office term or employment relationship is terminated owing to Disability, as such term is defined below, the Beneficiary may exercise his Options at any time within six (6) months from the date of such Termination (but in no event later than the expiration of the term of the Option set forth in Article 8.3 below), but only to the extent that these Options are exercisable at the time of Termination. If, at the Termination Date, the Beneficiary is not entitled to exercise all of his Options, the Shares covered by the unexercised portion of Options shall become available again for any future grant in accordance with Article 3. If after Termination, the Beneficiary does not exercise all of the Beneficiary's Options within the time specified herein, the Options shall terminate, and the Shares covered by such Options shall become available again for any future grant in accordance with Article 3.

Similarly, the provisions of Article 7.1.1 are not applicable in the event that the Beneficiary decides to retire or his employer decides to pension him as defined in Article L. 1237-5 of the French Labor Code.

For the purposes of this Article 7.1.2 of the Plan:

"**Disability**" means disability as determined in categories 2 and 3 under Article L. 341-4 of the French Social Security Code and subject to the fulfillment of related conditions, and, for U.S. Beneficiaries, as defined under Section 22(e)(3) of the U.S. Code.

8. <u>TERMS AND CONDITIONS OF EXERCISE OF THE OPTIONS</u> 

**8.1 EXERCISE RIGHT SUSPENSION**

The Board of Directors may suspend the right to exercise the Options for a maximum duration of three (3) months in case transactions mentioned in Article L. 225-149-1, al. 1 of the French Commercial Code are carried out.

Beneficiaries will be informed of such suspension period in accordance with Article R. 225-133 of the French Commercial Code.

In the event that the term of the Options expires or terminates during the suspension period, the term of the Options may be postponed until one (1) more month following the suspension period. For U.S. Beneficiaries, the term of the option cannot exceed 10 years, regardless of suspension.

**8.2 SCHEDULE FOR EXERCISING OF THE OPTIONS** 

8.2.1 Principle

The Options shall become exercisable pursuant to the vesting terms as approved by the Board of Directors on the Date of Grant and set out in **<u>the Notice of Grant and Option Agreement of each relevant Beneficiary</u>**; provided that, in any case, no Option shall be exercisable after the expiration of its ten (10)-year term as set forth in Article 8.3 below and the applicable Notice of Grant and Option Agreement.

Subject to the vesting schedule set forth in the applicable Notice of Grant and Option Agreement, if the Beneficiary fails to exercise the Options in whole or in part by the end of their ten (10)-year term, such Options will lapse automatically upon the expiration date of such term.

8.2.2. Exceptions

By way of exception, the provisions of Article 8.2.1 shall not apply in the case any of the following operations is implemented (to the extent the applicable Option Agreement does not address the vesting treatment that will occur in connection with any such operations):

a) a tender offer, within the meaning of Article L. 433-1 of the French Monetary and Financial Code, relating
to the shares of the Company or, as long as the shares of the Company are listed on the National Association of Securities Dealers Automated
Quotation (NASDAQ), any similar operation carried out according to the NASDAQ regulations;

b) an exchange offer, within the meaning of Article L. 433-1 of the French Monetary and Financial Code, relating
to the shares of the Company or, as long as the shares of the Company are listed on the NASDAQ, any similar operation carried out according
to the NASDAQ regulations;

c) a cash tender and exchange offer relating in part to a cash tender offer and in part to an exchange offer
or, as long as the shares of the Company are listed on the NASDAQ, any similar operation carried out according to the NASDAQ regulations;

d) a buyout offer within the meaning of Article L. 433-4 of the French Monetary and Financial Code, relating
to the shares of the Company or, as long as the shares of the Company are listed on the National Association of Securities Dealers Automated
Quotation (NASDAQ), any similar operation carried out according to the NASDAQ regulations; or

e) in the event of a merger of the Company into another corporation or of the sale by one or several shareholders,
acting alone or in concert, of the Company to one or several third parties of a number of shares resulting in a transfer of more than
fifty per cent (50%) of the shares of the Company to said third parties (a "**Change in Control** "). Notwithstanding the
foregoing, a Change in Control must also constitute a "change in control event," as defined in Treasury Regulation §1.409A-3(i)(5)
with respect to any compensation or benefit that is subject to Section 409A of the U.S. Code.

In the cases mentioned in clauses a) through d) above, unless otherwise resolved by the Board of Directors at the time of occurrence of the relevant event, any Options that remain unvested as of the date of such event shall become immediately exercisable and the Beneficiaries shall be entitled to exercise all of their unexercised Options in one or several times as from the date of delivery of the initial offer (tender offer, exchange offer, cash tender and exchange offer and similar operations on the NASDAQ) to the relevant authority until the end of the expiration of the term of the Options.

In the case of a Change in Control as mentioned in clause e) above, unless otherwise decided by the Board of Directors at the time of the relevant Change in Control, all of the Options that remain unexercisable as of immediately prior to the completion of the Change in Control shall become exercisable immediately prior to the completion of the Change in Control. Such fully exercisable Options shall then be subject to the terms set forth in Article 10.2.

Moreover, as exceptions to the exercise schedule provided in the applicable Notice of Grant, (a) if an employment agreement entered into between the Company (or an Affiliate) and the Beneficiary provides for special vesting treatment upon a Covered Termination (as such term is defined in such employment agreement), the Options shall become exercisable as to the number of Options that would otherwise have become exercisable within the twelve month period immediately following the Covered Termination in accordance with the exercise schedule provided in the Notice of Grant as if the Beneficiary had remained in continuous service with the Company or an Affiliate during such period and (b) in case of death of the Beneficiary, the Beneficiary's heirs may exercise the Options within a period of six (6) months as from the death of the Beneficiary, pursuant to Article 7.1.2.

8.3. TIME LIMIT FOR THE EXERCISE OF THE OPTIONS

In any case, the Options shall be exercised by the Beneficiary before the end of a period of ten (10) years as from the Date of Grant (or, in the case of the death of the Beneficiary or Termination due to the Beneficiary's Disability that occurs prior to the end of such 10-year period, six (6) months from the death or Termination due to Disability of the Beneficiary in accordance with French law and the Plan), and for the sake of clarity, with respect to a US Beneficiary, the ten (10) year term may not be exceeded, including in the case of early exercise in the event of death or disability of the Beneficiary.

**8.4. TERMS OF EXERCISE OF THE OPTIONS**

(i) The Options may only be exercised if all the conditions provided under Articles 7 and 8 of the Plan are satisfied on the date of exercise of the Options.

(ii) For purposes of exercise of the Option, the Company has elected for an electronic system established and maintained by a third-party provider. On the date of the Plan, the Company has designated Banque Transatlantique as third-party provider. Accordingly, in order to exercise his/her Options, a Beneficiary shall connect to and instruct his/her exercise via the electronic platform of Banque Transatlantique (or the relevant third-party provider, as applicable); provided that the relevant Options shall be deemed exercised upon and subject to receipt by the Company of the aggregate corresponding Subscription Price of the shares of the Company to be subscribed upon exercise of the relevant Options as directed by Banque Transatlantique (or the relevant third-party provider, as applicable).

(iii) Furthermore, in the event that the sale of Shares under this Plan is not registered under the U.S. Securities Act but an exemption is available which requires an investment representation or other representation, the Beneficiary shall represent and agree at the time of exercise that the Shares being acquired upon exercising this Option are being acquired for investment, and not with a view to the sale or distribution thereof, and shall make such other representations as are deemed necessary or appropriate by the Company and its counsel.

(iv) The Beneficiary will have the ownership and the enjoyment of the Shares on the date of exercise of the Options.

(v) As the Company is listed on the NASDAQ market, the Beneficiary will be responsible for converting the newly issued ordinary shares of the Company into American Depositary Shares (ADSs) upon exercise of his Options.

9. <u>CONDITIONS OF HOLDING AND SALE OF THE SHARES</u> 

**9.1. U.S. SECURITIES LAW RESTRICTIONS**

The Shares to be issued from exercised Options have been registered under the U.S. Securities Act and may be offered or sold in the United States or to U.S. persons as defined under Rule 902 of the U.S. Securities Act.

Notwithstanding any other provision of the Plan or any agreement entered into by the Company pursuant to the Plan, the Company shall not be obligated, and shall have no liability for failure, to register, issue or deliver any Shares under the Plan unless such issuance or delivery would comply with applicable U.S. state and Federal laws, including securities laws, and the U.S. Code, with such compliance determined by the Company in consultation with its legal counsel.

Regardless of whether the offering and sale of shares under this Plan have been registered under the U.S. Securities Act or have been registered or qualified under the securities laws of any U.S. state, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of such shares (including the placement of appropriate legends on stock certificates or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the U.S. Securities Act, the securities laws of any state or any other law.

**9.2 EXECUTIVE OFFICERS OF THE COMPANY**

Without prejudice to the above, 10% of the Shares subscribed following the exercise of Options by the Chairman of the Board (*Président du Conseil d'administration*), the Chief Executive Officer (*Directeur Général*), and other deputy executive officers (*Directeurs Généraux Délégués*) of the Company, must be held in registered form and must not be sold, leased or converted to bearer shares until the mandate as executive officer is over.

The amount of Shares to be held shall be determined by taking into account all the shares already held pursuant to the requirements of the previous plans.

10. <u>PROTECTION OF THE INTERESTS OF THE BENEFICIARY</u> 

**10.1 GENERAL PROVISIONS**

In the event of the carrying out by the Company of any of the financial operations pursuant to Article L. 225-181 of the French Commercial Code as follows:

- amortization or decrease of the share capital,

- modification to the allocation of profits,

- distribution of free shares,

- capitalization of reserves, profits, issuance premiums,

- the issuance of shares or securities giving right to shares to be subscribed for in cash or by set-off of existing indebtedness offered exclusively to the shareholders,

the Company shall take the required measures to protect the interest of the Beneficiaries in the conditions set forth in Article L. 228-99 of the French Commercial Code.

The adjustment will be made in accordance with the provisions of Article R. 228.91 of the French Commercial Code.

**10.2 ABSORPTION OF THE COMPANY**

10.2.1 Transfer of the commitments to the Beneficiary(ies) of the contributions

In the case of a Change in Control or the Company is otherwise absorbed by another company, merges with one or several other companies to form a new company or split off, the company(ies) that benefit(s) from the contributions could substitute itself for the Company with respect to its duties toward the Beneficiary. In this case, the number and the price of the shares under option shall be determined either by applying the exchange ratio used for the operation, or by applying other terms and conditions defined by the parties to the operation. For U.S. Beneficiaries, this will be determined, as applicable, in accordance with Sections 422, 424 and 409A of the U.S. Code.

10.2.2 Absence of transfer of the commitments to the Beneficiary(ies) of the contributions

In the case the company(ies) that benefit(s) from the contributions decide(s) not to substitute itself for the Company with respect to its duties toward the Beneficiary, the Options may be exercised by the Beneficiary within the period notified to him by the Board of Directors by registered letter with acknowledgement of receipt or letter with discharge. Failing that, the Options will terminate. For U.S. Beneficiaries, this will be determined in accordance with Sections 422, 424 and 409A of the U.S. Code.

11. <u>REMOVAL FROM LISTING</u> 

The shares of the Company no longer being listed on the NASDAQ market or listed on another exchange shall not challenge the rights and obligations of the Beneficiaries as they are provided herein.

12. <u>UNAVAILABILITY AND NON-TRANSFERABILITY OF THE OPTIONS</u> 

Pursuant to Article L. 225-183, paragraph 2 of the French Commercial Code, until the Option has been exercised by the Beneficiary, the corresponding rights are not transferable.

An Option may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner other than by will or by laws of descent or distribution and may be exercised, during the lifetime of the Beneficiary, only by the Beneficiary.

However, as it is provided in Article 7.1.2 hereof, in case of death of the Beneficiary, his heirs may exercise the Options within a period of six (6) months as from the death of the Beneficiary.

13. <u>AMENDMENT AND TERMINATION OF THE PLAN</u> 

(a) Amendment and Termination

Subject to Article 13(b) hereof, the Board of Directors may at any time amend, alter, suspend or terminate the Plan to the extent permitted by applicable French or, with respect to U.S. Beneficiaries, U.S. laws.

(b) Effect of amendment and termination

No amendment, alteration, suspension or termination of the Plan shall impair the rights of any Beneficiary, unless mutually agreed otherwise between the Beneficiary and the Board of Directors, which agreement must be in writing and signed by the Beneficiary and the Company.

14. <u>LIABILITY OF THE COMPANY</u> 

14.1. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by any counsel to the Company to be necessary to the lawful issuance or sale of any shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such shares as to which such requisite authority shall not have been obtained.

14.2. The Company and its Affiliates may not be held responsible in any way if the Beneficiary for any reason not attributable to the Company or its Affiliates was not able to exercise the Options or subscribe the Shares.

14.3 Each Beneficiary understands that the Beneficiary may suffer adverse tax consequences as a result of the subscription or disposition of the Beneficiary's Shares, for which the Company and its Affiliates shall not be held responsible. In this respect, each Beneficiary undertakes that it is not relying on the Company for any tax advice.

15. <u>INDEPENDENCE OF THE CLAUSES</u> 

If any provision hereof is held prohibited or void, at any time, by a competent authority or judicial body, this shall not challenge the remaining provisions that shall be considered as independent and as having been written or rewritten, depending upon the case, without this prohibited or void provision.

&nbsp;&nbsp;&nbsp;&nbsp;16. <u>INTERPRETATION</u> 

It is intended that Options granted under the Plan shall qualify for the favorable tax and social security charges treatment applicable to Options granted under Sections L. 225-177 to L. 225-186 of the French Commercial Code, the French Tax Code and the French Social Security Code as amended and, for U.S. Beneficiaries, it is intended that the Options will be NSOs and **will not** qualify as incentive stock options under the U.S. Code.

The terms of the Plan shall be interpreted accordingly and in accordance with the relevant provisions set forth by French tax and social security laws (in particular, Sections 80 quaterdecies of the French Tax Code), as well as the French tax and social security administrations and the relevant guidelines released by the French tax and social insurance authorities and subject to the fulfilment of legal, tax and reporting obligations.

17. <u>APPLICABLE LAW AND COMPETENT TRIBUNALS</u> 

This Plan shall be governed by and construed in accordance with the laws of France.

The tribunals located within the jurisdiction of the Court of Appeal of Lyon shall be exclusively competent to determine any claim or dispute arising in connection herewith.

**APPENDIX 1**

**FORM OF OPTION AGREEMENT**

**EDAP – TMS**

A French *société anonyme*

Registered office: 4 rue du Dauphiné Parc d'Activité la Poudrette Lamartine

69120 Vaulx-en-Velin

France

316 488 204 R.C.S Lyon

(the "**Company**")

#### SHARE SUBSCRIPTION OPTION AGREEMENT
**SECTION I**

**NOTICE OF STOCK OPTION GRANT**

Name and address of Beneficiary: Mr(s). ____________

Address: __________________________________________________________________________

In accordance with the authorization granted by the ordinary and extraordinary general shareholders' meeting of June 27, 2025, the Board of Directors decided on _____________, to determine the terms and conditions of the share subscription options and the related plan (hereinafter referred to as the "**Plan**").

In accordance with the Plan, we inform you that the Board of Directors decided to grant you a certain number of share subscription options, each giving right to the subscription of one ordinary share of the Company in accordance with the provisions of the Plan and of this agreement (including the Notice of Grant) (hereinafter referred to as the "**Option Agreement**").

The Options are governed by Articles L. 225-177 et seq. of the French Commercial Code. In addition, Options granted under the Plan to U.S. Beneficiaries are intended to be non-statutory stock options ("**NSO**s" or "**Non-Statutory Stock Options**") and shall not be treated as "incentive stock options" within the meaning of that term under Section 422 of the U.S. Internal Revenue Code of 1986, as amended from time to time, or any successor provision thereto (the "**U.S. Code**").

Options do not constitute an item of the Beneficiary's employment contract, officer mandate or remuneration.

Unless otherwise defined herein, the capitalized terms used but not defined herein shall have the meaning ascribed to them in the Plan.

***The Company has elected for an electronic system (the "System") established and maintained by a third-party provider (the "Third-Party Provider") to manage the Plan online. On the date of the Plan, the Company has designated Banque Transatlantique (hereinafter "BT") as Third Party Provided; provided that, at any time during the Plan, the Company may decide, in its sole discretion, to elect another Third-Party Provider. To the extent you accept and sign this Option Agreement (including the Notice of Grant), you also consent to participate in the Plan by electronic means (i.e. via the System) and all the administrative steps related to your Options must be made via the System.***

***The grant of Options will be definitive upon the Date of Grant provided that this Option Agreement (including the Notice of Grant) has been duly executed by you via AdobeSign or DocuSign within three (3) months following receipt of such document. Please read carefully this Option Agreement (including this Notice of Grant) and then sign them to confirm your approval.***

 **

**<u>Date of Grant</u>:** __________________

**<u>Subscription Price per Share:</u>** [___] Euros

**<u>Total Number of Shares Granted:</u> [xx]**

**<u>Total Subscription Price:</u> [xx] Euros**

**<u>Type of Options:</u>** Stock Options for French Beneficiaries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Statutory Stock Options for US Beneficiaries

**<u>Duration/Expiration Date of Options:</u>** 10 years, i.e., until _______________________________________

 **

***We draw your attention on the fact that, should you be the Chairman of the Board of Directors (Président du Conseil d'administration), the Chief Executive Officer (Directeur Général), or any of the other executive officers (Directeurs Généraux Délégués) of the Company, then ten percent (10%) of the Shares you subscribed following the exercise of Options must be held in registered form and must not be sold, leased or converted to bearer shares until your mandate as chairman or executive officer is over. The amount of Shares to be held shall be determined by taking into account all the shares already held pursuant to the requirements of the previous plans.***

 

**<u>Validity of the Options:</u>** The Options will be valid as of the Date of Grant specified above.

**<u>Schedule for exercising of the Options:</u>**

Unless otherwise determined or adapted by the Board of Directors and subject to the vesting provisions set forth in the Plan, the Options will become exercisable on a 36-months period, in accordance with the following vesting schedule subject to the condition precedent that the Beneficiary shall have previously returned to the Company the documents referred to under Article 3.1 of your Option Agreement duly signed:

one-sixth of the Options, at the expiration of a period of six (6) months as from the Date of Grant of the Options by the Board of Directors (the "**6 Month Anniversary**"); and

- with respect to the remaining five-sixths of the Options, one-thirtieth (1/30<sup>th</sup>) of the Options, each at the expiration of successive one (1) month periods as from the 6 Month Anniversary; and

- at the latest within ten (10) years as from the Date of Grant, i.e., on [__•__] 2035.

The number of Options that may be exercised pursuant to the above vesting schedule will always be rounded down to the nearest full number.

**<u>Termination of the Option Agreement:</u>**

Upon Termination, the Beneficiary may exercise their Options within a three (3) month period following the Termination Date, and only for the part of the Options that the Beneficiary was entitled to exercise at the Termination Date (but in no event later than the expiration of the term of such Options as set forth above). If, at the Termination Date , the Beneficiary is not entitled to exercise all of their Options, or if, after the Termination Date , the Beneficiary does not exercise all of their exercisable Options within the three (3) month period specified above, the Options shall expire and the unsubscribed Shares that were subject thereto shall become available for future grant under the Plan.

By the Beneficiary's signature and the signature of the Company's representative below, the Beneficiary and the Company agree that these Options are granted under and governed by the terms and conditions of the Plan and the Option Agreement. The Beneficiary has reviewed the Plan and this Option Agreement (including the Notice of Grant) in its entirety. The Beneficiary has had the opportunity to be advised on the legal and fiscal aspects prior to executing the Option Agreement and fully understands the terms and conditions of the Plan. The Beneficiary expressly hereby agrees to accept as binding, conclusive and final all decisions and interpretations of the Board of Directors upon any questions relating to the Plan and the Option Agreement. The Beneficiary further agrees to notify the Company of any change in the Beneficiary's residence address indicated below.

**<u>Electronic Signature</u>:**

In accordance with Articles 1366 and 1367 of the French Civil Code, this Notice of Grant has been signed electronically by the Company and the Beneficiary. The Company and the Beneficiary acknowledge and agree that electronic signatures via AdobeSign or DocuSign, which is compliant with EU eIDAS Regulation (EU) 910/2014, were used for the execution of this Notice of Grant by such signatories. The Beneficiary acknowledges that he/she has received all the information required for the electronic signature of this Notice of Grant and that he/she has signed this Notice of Grant electronically in full knowledge of the technology used and its terms and conditions, and consequently waives any claim and/or legal action challenging the reliability of this electronic signature system and/or its intention to enter into this Notice of Grant. Furthermore, in accordance with the provisions of Article 1375 of the French Civil Code, the obligation to deliver an original copy to each signatory hereto is not necessary as proof of the commitments and obligations of each of them to this Notice of Grant. The delivery of an electronic copy of this Notice of Grant directly by AdobeSign or DocuSign to the Company and the Beneficiary shall constitute sufficient and irrefutable proof of the commitments and obligations of each of them to this Notice of Grant.

---

| | |
|:---|:---|
| **For EDAP TMS** | **The Beneficiary** |
| Mr. Ryan Rhodes | Name of Beneficiary: ____________________________ |
| Chief Executive Officer: | Address of Beneficiary: ____________________________ |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;____________________________ |
| Signature: ________________________ | Signature: ________________________ |
| Date: ________________________ | Date: ________________________ |

---

**EDAP – TMS**

A French *société anonyme*

Registered office: 4 rue du Dauphiné Parc d'Activité la Poudrette Lamartine

69120 Vaulx-en-Velin

France

316 488 204 R.C.S Lyon

(the "**Company**")

**SECTION II**

**1. <u>GRANT OF OPTIONS</u>**

The Board of Directors hereby grants to the Beneficiary named in the Notice of Grant (hereinafter the "**Beneficiary**"), a total number of [xx] subscription options (hereinafter the "**Options**") to subscribe the number of Shares, as set forth in the Beneficiary's Notice of Grant in Section I of this Option Agreement, at the exercise price set forth in the Beneficiary's Notice of Grant (hereinafter the "**Subscription Price**"), subject to the terms and conditions of the Plan and this Option Agreement.

In consideration for this grant, the Beneficiary undertakes to comply with the terms and conditions relating to the exercise of the Options and holding and sale conditions of the Shares to be issued upon exercise of the Options, and all other terms set forth in this Option Agreement (including the Notice of Grant) and the Plan.

In the event of a conflict between the terms and conditions of the Plan and the terms and conditions of the Option Agreement, the terms and conditions of the Plan shall prevail.

Options granted under the Plan to U.S. Beneficiaries are intended to be non-statutory stock options ("**NSO**s" or "**Non-Statutory Stock Options**") and shall not be treated as "incentive stock options" within the meaning of that term under Section 422 of the U.S. Internal Revenue Code of 1986, as amended from time to time, or any successor provision thereto (the "**U.S. Code**").

Options are valid as from the Date of Grant.

In the event of any tax liability (except the employer's contribution which is referenced in Article L. 137-13 of the French Social Security Code) arising from the grant of the Options, the liability to pay such taxes shall be that of the Beneficiary alone. The Beneficiary shall enter into such agreements of indemnity and execute any and all documents as the Company may specify for this purpose, if so required on the Date of Grant or at any other time at the discretion of the Company, on such terms and conditions as the Company may deem appropriate for recovery of the tax due, from the Beneficiary.

2. <u>SHARE SUBSCRIPTION PRICE</u>

Each Option gives right, subject to the satisfaction of the conditions provided herein (including the Notice of Grant) and the Plan (including, but not limited to, the conditions set forth in Article 7 of the Plan), to the subscription of one Share at a Subscription Price set forth by the Board of Directors on the Date of Grant and pursuant to the provisions of Article 6 of the Plan.

The Shares issued upon exercise of the Options must be fully paid-up at subscription.

The Subscription Price may not be modified for the duration of the Plan. However, the number of Shares under option as well as their Subscription Price may be adjusted, in the event that the Company implements one of the transactions set out in Article L. 225-181 paragraph 2 of the French Commercial Code, and, for U.S. Beneficiaries, in accordance with Sections 409A, 422 and 424 of the U.S. Code, as applicable.

**3. <u>EXERCISE OF THE OPTIONS</u>**

**3.1. RIGHT TO EXERCISE THE OPTIONS**

The Options can be exercised during their term in accordance with the schedule for exercise of the Options as set forth in the Notice of Grant and in accordance with the applicable provisions of the Plan, in particular Article 7 (*Conditions precedent for exercise of the Options/Conditions upon issuance of the Shares*) and Article 8 (*Terms and conditions of exercise of the Options*) and Article 10 (*Protection of the interests of the Beneficiary*) of the Plan, and in accordance with the provisions of this Option Agreement, subject to the condition precedent that the Beneficiary shall have previously executed this Option Agreement and the Notice of Grant within one month following their receipt.

In case of the Beneficiary's Termination, including due to death or Disability, the exercise of the Options will be governed by the applicable provisions of the Plan and in accordance with the applicable provisions of this Option Agreement.

3.2 TERMS AND CONDITIONS OF EXERCISE OF THE OPTIONS

(i) The Options may only be exercised if all the conditions provided under Articles 7 and 8 of the Plan are satisfied on the date of exercise of the Options.

(ii) For purposes of exercise of the Option, the Company has elected for an electronic system established and maintained by a third-party provider. On the date of the Plan the Company has designated Banque Transatlantique as third-party provider. Accordingly, in order to exercise his/her Options, a Beneficiary shall connect to and instruct his/her exercise via the electronic platform of Banque Transatlantique (or the relevant third-party provider, as applicable); provided that the relevant Options shall be deemed exercised upon and subject to receipt by the Company of the aggregate corresponding Subscription Price of the shares of the Company to be subscribed upon exercise of the relevant Options as directed by Banque Transatlantique (or the relevant third-party provider, as applicable).

Upon exercise of the Options, the Shares issued in favor of the Beneficiary shall be assimilated with all other Shares of the Company and shall give rights to dividends for the fiscal year during which the Options are exercised.

(iii) In accordance with the provisions of the Plan, the Beneficiary will have the ownership and the enjoyment of the Shares on the date of exercise of the Options.

(iv) In accordance with the provisions of the Plan, as the Company is listed on the NASDAQ market, the Beneficiary will be responsible for converting the newly issued ordinary shares of the Company into American Depositary Shares (ADSs) upon exercise of his Options.

**4. <u>METHODS OF PAYMENT</u>**

Payment of the aggregate Subscription Price shall be made either by wire transfer or bank check payable to the Company in an amount equal to the total Subscription Price.

***In the event where the exercise of the Options would lead the Company to be liable for the payment of any fees, taxes, charges and/or amount of any nature whatsoever, in place of the Beneficiary, such Options shall be deemed duly exercised once the full payment of the subscription price of the Shares to be issued pursuant to the exercise of such Options is made by the Beneficiary accompanied by either the receipt stating the payment by the Beneficiary of any such fee, tax or charge, as above described that would otherwise be paid by the Company upon exercise of the Option, in place of the Beneficiary or, the full payment, under the same conditions, of any amount due upon the exercise of the Options to be borne by the Company.***

***The Company and its Affiliates may not be held responsible in any way if the Beneficiary for any reason not attributable to the Company or its Affiliates was not able to exercise the Option or purchase the Shares. The payment for the subscription of the Shares shall be made by the Beneficiary under the Beneficiary's own responsibility according to terms and conditions of the Plan and of this Option Agreement.***

 ****

**5. <u>HOLDING AND SALE CONDITIONS OF THE SHARES</u>**

Conditions of holding and sale of the Shares are set forth in Article 9 of the Plan.

6. <u>REMOVAL FROM LISTING</u>

The shares of the Company no longer being listed on the NASDAQ market or listed on another exchange shall not challenge the rights and obligations of the Beneficiaries as they are provided herein.

7. <u>NON-TRANSFERABILITY OF THE OPTIONS</u>

Pursuant to Article L 225-183, paragraph 2 of the French Commercial Code, until the Option has been exercised by the Beneficiary, the corresponding rights are not transferable. An Option may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner other than by will or by laws of descent or distribution and may be exercised, during the lifetime of the Beneficiary, only by the Beneficiary.

However, as it is provided in Article 7.1.2 of the Plan, in case of death of the Beneficiary, their heirs may exercise the Options within a period of six (6) months as from the death of the Beneficiary.

**8. <u>TERM OF THE OPTIONS</u>**

Subject to the applicable provisions provided by the Plan, the Options may only be exercised within the term set out in the Notice of Grant, in accordance with the provisions of the Plan and in accordance with the terms and conditions of this Option Agreement.

 ****

9. <u>ENTIRE AGREEMENT – GOVERNING LAW</u>

The Plan is incorporated herein by reference. The Plan and this Option Agreement (including the Notice of Grant) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Beneficiary with respect to the subject matter hereof. In accordance with Article 13 of the Plan, the Board of Directors may at any time amend, alter, suspend, or terminate the Plan to the extent permitted by applicable French or U.S. laws. The Plan and this Option Agreement may not be modified adversely to the Beneficiary's interest except by means of a written agreement signed by the Company and the Beneficiary. This agreement is governed by the laws of France.

Any claim or dispute arising under the Plan or this Option Agreement shall be subject to the exclusive jurisdiction of the court competent for the place of the registered office of the Company, i.e., the Court of Appeal of Lyon.

**10. <u>TAX OBLIGATIONS</u>**

Regardless of any action the Company or the Beneficiary's employer (the "**Employer**") takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding ("**Tax-Related Items**"), the Beneficiary acknowledges that the ultimate liability for all Tax-Related Items legally due by the Beneficiary is and remains the Beneficiary's responsibility and that the Company and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Options grant, including the grant, vesting or exercise of the Options, the subsequent sale of shares of common stock acquired pursuant to such exercise and the receipt of any dividends; and (2) do not commit to structure the terms of the grant or any aspect of the Options to reduce or eliminate the Beneficiary's liability for Tax-Related Items.

Prior to exercise of the Options, the Beneficiary will pay or make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all withholding obligations of the Company and/or the Employer, if any. In this regard, the Beneficiary authorizes the Company and/or the Employer to withhold all applicable Tax-Related Items legally payable by the Beneficiary from the Beneficiary's compensation paid to the Beneficiary by the Company and/or Employer or from proceeds of the sale of Shares. Alternatively, or in addition, if permissible under local law, the Company may sell or arrange for the sale of Shares that the Beneficiary acquires to meet the withholding obligation for Tax-Related Items. Finally, the Beneficiary will pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold as a result of the Beneficiary's participation in the Plan or the Beneficiary's purchase of Shares that cannot be satisfied by the means previously described. The Company may refuse to honor the exercise and refuse to deliver the Shares issuable upon exercise of the Options if the Beneficiary fails to comply with the Beneficiary's obligations in connection with the Tax-Related Items as described in this section.

**11. <u>NATURE OF THE GRANT</u>**

In accepting the grant, the Beneficiary acknowledges that:

(a) the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the Plan and this Agreement;

(b) the grant of the Options is voluntary and occasional and does not create any contractual or other right to receive future grants of options, or benefits in place of options, even if options have been granted repeatedly in the past;

(c) all decisions with respect to future option grants, if any, will be at the sole discretion of the Company;

(d) the Beneficiary's participation in the Plan shall not create a right to further employment with the employer and shall not interfere with the ability of the Employer to terminate the Beneficiary's employment relationship at any time with or without cause;

(e) the Beneficiary is voluntarily participating in the Plan;

(f) the Options are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and which is outside the scope of the Beneficiary's employment contract, if any;

(g) the Options are not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long service awards, pension or retirement benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company or the Employer;

(h) the Options granted will not be interpreted to form an employment contract with the Company, the Employer or any subsidiary or affiliate of the Company;

(i) the future value of the underlying Shares is unknown and cannot be predicted with certainty;

(j) if the underlying Shares do not increase in value, the Options will have no value;

(k) if the Beneficiary exercises the Beneficiary's Options and obtains Shares, the value of those Shares acquired upon exercise may increase or decrease in value, even below the exercise price;

(l) in consideration of the grant of the Options, no claim or entitlement to compensation or damages shall arise from termination of the Options or diminution in value of the Options or Shares subscribed through exercise of the Options resulting from termination of the Beneficiary's employment the Company or the Employer (for any reason whatsoever) and the Beneficiary irrevocably releases the Company and the Employer from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by signing this Agreement, the Beneficiary shall be deemed irrevocably to have waived the Beneficiary's entitlement to pursue such claim; and

(m) in the event of termination of the Beneficiary's employment or office, the Beneficiary's right to receive the Options and vest in the Options under the Plan, if any, will terminate effective as of the date that the Beneficiary receives notice of termination regardless of when such termination is effective; furthermore, in the event of termination of employment or office, the Beneficiary's right to exercise the Options after termination of employment or office, if any, will be measured by the date on which the Beneficiary receives notice of termination; the Company shall have the exclusive discretion to determine when the Beneficiary is no longer actively employed or an officer for purposes of the Beneficiary's Options grant. In addition, any period of notice or compensation in lieu of such notice, that is given or ought to have been given under any contract, statute, common law or civil law shall be excluded.

12. <u>DATA PRIVACY</u>

In compliance with the General Data Protection Regulation n°2016/679 ("**GDPR**"), effective since May 25, 2018, and the law of 6 January 1978 on Information Technology and Freedoms, as modified, the Beneficiary is informed of the processing of his/her personal data by the Company who acts as the data controller:

EDAP TMS

Parc d'Activité de La Poudrette Lamartine

4, rue du Dauphiné, 69120 Vaulx-en-Velin

France

dpo@edap-tms.com

The Company processes the personal data of the Beneficiary for:

- the exclusive purpose of implementing, administering and managing the Beneficiary's participation in the Plan. The legal basis for the processing of personal data by the Company is the performance of the Option Agreement entered into between the Company and the Beneficiary.

- complying with all Company's corporate and tax legal obligations. The legal basis justifying this processing is the Company's legal obligations relating to the performance of the Option Agreement and the Plan;

- defending its interests in the event of litigation, including preservation of evidence for the purposes of possible legal proceedings. The legal basis for this processing is the legitimate interest of the Company to organize its defense and defend or assert its rights;

responding to the Beneficiary's requests to exercise his/her rights in relation to his/her personal data, including carrying out the necessary checks to ensure that such requests comes from the Beneficiary. The legal basis for this processing is the compliance with the Company's legal obligation to answer the Beneficiary's personal data requests;

managing operations to reorganize the company's capital and activities, including mergers and acquisitions, takeovers, partial sales of business lines, capital increases and reductions. The legal basis for this processing is the Company's legitimate interest to reorganize its capital and activities according to the needs of its development.

The Beneficiary understands that the Company processes personal information about the Beneficiary, including, but not limited to, the Beneficiary's name, home address and telephone number, nationality, job title, details of all options or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in the Beneficiary's favor ("**Data**"). This Data may be obtained indirectly by the Company from the Beneficiary through its designated Third-Party Provider (i.e., Banque Transatlantique as at the date of the Plan).

The recipients of the Data are duly authorized personnel of the Company and its subsidiaries or affiliates who have access to the Data in connection with the performance of the Options Agreement, any service providers and consultants acting on their behalf in the processing of the Data, as well as regulatory, administrative or judicial authorities within the scope of their respective missions.

The Beneficiary understands that, in the framework of the processing of the Data by the Company as described herein, such Data may be transferred outside of the European Economic Area and that it is possible that the recipients' country (the United States) may have different data privacy laws and protections than the Beneficiary's country. To the extent necessary, the Company will implement appropriate safeguards for such data transfers. The Beneficiary may request detailed information on such safeguards, as the case may be, by sending an email to dpo@edap-tms.com.

The Beneficiary understands that Data will be held only as long as is necessary to implement, administer and manage the Beneficiary's participation in the Plan, without prejudice of the legal obligations applicable to the Company in respect of Data retention, as the case may be.

The Beneficiary may, at any time, and subject to applicable legal and regulatory provisions, contact the Company to exercise his/her data protection rights:

**Right to access the Data**: the Beneficiary is entitled to obtain confirmation from the Company as to whether any personal data concerning the Beneficiary is processed by the Company. This includes the right to access such personal data, to obtain a copy of it free of charge (except for repetitive or excessive requests), unless otherwise provided by the applicable data protection laws, and to be provided with a description of the main features of the processing implemented in relation to his/her personal data (including, the purposes of such processing, categories of personal data processed, recipients or categories of recipients of personal data, the envisaged retention period or, if not possible, the criteria used to determine it).

**Right to rectify the Data**: the Beneficiary has the right to obtain from the Company without undue delay the rectification of inaccurate, incomplete or outdated personal data concerning the Beneficiary.

**Right to erase the Data**: the Beneficiary has the right to obtain from the Company without undue delay the erasure of his/her personal data under certain conditions. The Company may refuse the erasure of personal data under certain conditions.

**Right to limit the processing of the Data**: the Beneficiary has the right to limit the processing of his/her personal data under certain conditions. When the Beneficiary has obtained from the Company a restriction of processing of his/her personal data, the Beneficiary will be informed by the Company prior to lifting of such limitation.

**Right to object to the processing of the Data:** As a general matter, the Beneficiary has the right to object, at any time and on legitimate grounds relating to the Beneficiary's particular situation, to the processing of his/her personal data. Provided that such objection is justified, the Company will no longer process the personal data concerned unless it can demonstrate compelling legitimate grounds for the processing which override the Beneficiary's interests.

**Right to request the portability of the Data:** Where the processing is carried out by automated means, the Beneficiary can request from the Company: (i) to communicate to the Beneficiary the personal data that the Beneficiary shared with the Company, in a structured, commonly used and machine-readable format, in order to be able to further transmit such personal data to another data controller; or (ii) to directly transmit such personal data to such other data controller, if technically feasible.

The Beneficiary understands, however, that the processing of his/her Data is necessary for the performance of the Plan and that if the Beneficiary does not provide his/her Data, this may affect the Beneficiary's ability to participate in the Plan.

For more information on the consequences of a potential request for erasure or objection that the Beneficiary may contemplate, the Beneficiary understands that the Beneficiary may contact the Company.

The Beneficiary also has the right to provide the Company with specific instructions for the processing of his/her Data after his/her death.

Finally, the Beneficiary has the right to lodge a complaint with a supervisory authority in relation to the processing of his/her Data, e.g. the Commission Nationale de l'Informatique et des Libertés (CNIL) for France.

**13. <u>ELECTRONIC DELIVERY</u>**

The Company may, in its sole discretion, decide to deliver any documents related to the Options and participation in the Plan by electronic means or to request the Beneficiary's consent to participate in the Plan by electronic means. The Beneficiary hereby consents to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

**14. <u>SEVERABILITY</u>**

The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

**<u>Electronic Signature</u>:**

In accordance with Articles 1366 and 1367 of the French Civil Code, this Option Agreement has been signed electronically by the Company and the Beneficiary. The Company and the Beneficiary acknowledge and agree that electronic signatures via AdobeSign or DocuSign, which is compliant with EU eIDAS Regulation (EU) 910/2014, were used for the execution of this Option Agreement by such signatories. The Beneficiary acknowledges that he/she has received all the information required for the electronic signature of this Option Agreement and that he/she has signed this Option Agreement electronically in full knowledge of the technology used and its terms and conditions, and consequently waives any claim and/or legal action challenging the reliability of this electronic signature system and/or its intention to enter into this Option Agreement. Furthermore, in accordance with the provisions of Article 1375 of the French Civil Code, the obligation to deliver an original copy to each signatory hereto is not necessary as proof of the commitments and obligations of each of them to this Option Agreement. The delivery of an electronic copy of this Option Agreement directly by AdobeSign or DocuSign to the Company and the Beneficiary shall constitute sufficient and irrefutable proof of the commitments and obligations of each of them to this Option Agreement.

---

| | |
|:---|:---|
| **On behalf of EDAP TMS** | **The Beneficiary** |
| Mr. Ryan Rhodes | Name of Beneficiary: ____________________________ |
| Chief Executive Officer |  |
| Signature: ________________________ | Signature: ________________________ |
| Date: ________________________ | Date: ________________________ |

---

## Exhibit 5.1

**Exhibit 5.1**

EDAP TMS SA

4 rue du Dauphiné

69120 Vaulx-en-Velin,

France

Vaulx-en-Velin, September 30, 2025

Securities and Exchange Commission

450 Fifth Street, N.W.

Washington, D.C. 20549

Re: <u>2025-2 Restricted Stock Unit (Free Share) Plan</u> <u>2025 Share Subscription Option Plan</u>

Ladies and Gentlemen:

I am the Legal Affairs Officer of EDAP TMS SA (the "Company"), a company incorporated in France. In that capacity, I have acted as counsel for the Company in connection with the 2025-2 Restricted Stock Unit (Free Share) Plan (the "2025-2 Restricted Stock Unit (Free Share) Plan") and the 2025 Share Subscription Option Plan (the "2025 Share Subscription Option Plan"). In that regard, the Company is filing a registration statement on Form S-8 to register the following number of ordinary shares of the Company, par value €0.13 per share issuable to employees of the Company and direct and indirect subsidiaries of the Company: 600,000 shares under the 2025-2 Restricted Stock Unit (Free Share) Plan and 2,000,000 shares under the 2025 Share Subscription Option Plan (the "Shares"). This opinion is limited to the laws of France and is provided to you solely for your benefit as a supporting document for the Shares.

In furnishing this opinion, I or lawyers under my supervision have examined such documents, corporate records and other agreements, instruments or opinions as I have deemed necessary for purposes of this opinion. In this examination, I have assumed the genuineness of all signatures, the authenticity of all documents submitted to me as original documents and the conformity to original documents of all documents submitted to me as copies. On the basis of the foregoing, I am of the opinion that the Shares have been duly authorized and, when issued in accordance with the 2025-2 Restricted Stock Unit (Free Share) Plan and the 2025 Share Subscription Option Plan, will be validly issued, fully-paid and non-assessable.

I do not purport to be an expert on the laws of any jurisdiction other than the laws of France, and I express no opinion herein as to the effect of any other laws.

I hereby consent to the filing of this opinion as Exhibit 5.1 to the Registration Statement on Form S-8 that the Company is filing with the United States Securities and Exchange Commission with respect to the Shares. By giving my consent, I do not thereby admit that I am within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations promulgated thereunder.

Very truly yours,

---

| |
|:---|
| <u>/s/ Blandine Confort</u> |
| Name: Blandine Confort |
| Title: Legal Affairs Officer |

---

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

The Board of Directors,

We consent to the use of our reports dated March 27, 2025, with respect to the consolidated financial statements of EDAP TMS S.A. and subsidiaries, and the effectiveness of internal control over financial reporting, incorporated herein by reference.

Lyon, France

September 30, 2025

KPMG S.A.

Stéphane Gabriel Devin

Partner

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EDAP TMS SA**  |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Ordinary Shares, EUR0.13 nominal value per share, reserved for issuance upon the acquisition of shares issuable under the 2025 Restricted Stock Unit (Free Share) Plan | Other | 600000 | $2.50 | $1500000.00 | 0.0001531 | $229.65 |
| 2 | Equity | Ordinary Shares, EUR0.13 nominal value per share, reserved for issuance upon the exercise of stock options issuable under the 2025 Share Subscription Option Plan | Other | 2000000 | $2.50 | $5000000.00 | 0.0001531 | $765.50 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $6500000.00  |  | $995.15  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $995.15  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> (1) The Ordinary Shares being registered under this registration statement may be represented by the Registrant's American Depositary Shares. Each American Depositary Share represents one Ordinary Share. American Depositary Shares issuable upon deposit of the Ordinary Shares registered hereby were registered pursuant to a separate Registration Statement on Form F-6EF (File No. 333-176843). (2) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the 'Securities Act'), this Registration Statement shall also cover such additional Ordinary Shares, EUR0.13 nominal value per share, of the Registrant, as may become issuable pursuant to the anti-dilution provisions of the 2025-2 Restricted Stock Unit (Free Share) Plan and of the 2025 Share Subscription Option Plan described herein or upon a share split, share dividend or similar transaction as provided in the 2025 Restricted Stock Unit (Free Share) Plan and in the 2025 Share Subscription Option Plan. (3) Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(c) and Rule 457(h) of the Securities Act based upon the price of $2.50 per ADS, which was the average of the high and low prices of the ADS as reported on NASDAQ for September 24, 2025, which date is within five business days prior to the filing of this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup> (1) The Ordinary Shares being registered under this registration statement may be represented by the Registrant's American Depositary Shares. Each American Depositary Share represents one Ordinary Share. American Depositary Shares issuable upon deposit of the Ordinary Shares registered hereby were registered pursuant to a separate Registration Statement on Form F-6EF (File No. 333-176843). (2) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the 'Securities Act'), this Registration Statement shall also cover such additional Ordinary Shares, EUR0.13 nominal value per share, of the Registrant, as may become issuable pursuant to the anti-dilution provisions of the 2025-2 Restricted Stock Unit (Free Share) Plan and of the 2025 Share Subscription Option Plan described herein or upon a share split, share dividend or similar transaction as provided in the 2025 Restricted Stock Unit (Free Share) Plan and in the 2025 Share Subscription Option Plan. (3) Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(c) and Rule 457(h) of the Securities Act based upon the price of $2.50 per ADS, which was the average of the high and low prices of the ADS as reported on NASDAQ for September 24, 2025, which date is within five business days prior to the filing of this Registration Statement.

---

| | |
|:---|:---|
| | |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---