# EDGAR Filing Document

**Accession Number:** 0001383395
**File Stem:** 0001628280-25-035102
**Filing Date:** 2025-7
**Character Count:** 1720941
**Document Hash:** 6f852532cfd132249232e6997d8ee19d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-035102.hdr.sgml**: 20250716

**ACCESSION NUMBER**: 0001628280-25-035102

**CONFORMED SUBMISSION TYPE**: F-3

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20250716

**DATE AS OF CHANGE**: 20250716

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SEQUANS COMMUNICATIONS
- **CENTRAL INDEX KEY:** 0001383395
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** I0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288708
- **FILM NUMBER:** 251127922

**BUSINESS ADDRESS:**
- **STREET 1:** 15-55 BLVD CHARLES DE GAULLE
- **STREET 2:** LES PORTES DE LA DEFENSE
- **CITY:** COLOMBES
- **STATE:** I0
- **ZIP:** 92700
- **BUSINESS PHONE:** 33170721600

**MAIL ADDRESS:**
- **STREET 1:** 15-55 BLVD CHARLES DE GAULLE
- **STREET 2:** LES PORTES DE LA DEFENSE
- **CITY:** COLOMBES
- **STATE:** I0
- **ZIP:** 92700

**As filed with the Securities and Exchange Commission on July 16, 2025**

**Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM F-3**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**SEQUANS COMMUNICATIONS S.A.**

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

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| | |
|:---|:---|
| **French Republic** | **Not Applicable** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |

---

**Forest, 15-55 boulevard Charles de Gaulle**

**92700 Colombes, France** 

**Telephone: +33 1 70 72 16 00** 

(Address and telephone number of Registrant's principal executive offices)

**GKL Corporate/Search, Inc.**

**One Capitol Mall, Suite 660**

**Sacramento, California 95814**

**Telephone: +1 916 442 7652**

(Name, address, and telephone number of agent for service)

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| | |
|:---|:---|
| **Copies to:** | **Copies to:** |
| **Steven E. Siesser<br>Brooke A. Gillar<br>Daniel L. Forman <br>Lowenstein Sandler LLP<br>1251 Avenue of the Americas<br>New York, NY 10020<br>(212) 262-6700** | **Mark Richardson**<br>**Véronique Gédéon**<br>**Archers A.A.R.P.I.**<br>**28 rue Dumont d'Urville**<br>**75116 Paris, France**<br>**+33 (0)1 45 02 07 07** |

---

**Approximate date of commencement of proposed sale to the public:** From time to time after the effective date of this registration statement.

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ☐

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a registration statement pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☐

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

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**The information in this prospectus is not complete and may be changed. We may not sell these securities or accept any offer to buy these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**SUBJECT TO COMPLETION, DATED JULY 16, 2025**

**PROSPECTUS**

![sequanslogoa.jpg](sequanslogoa.jpg)

**SEQUANS COMMUNICATIONS S.A.**

**Up to 1,350,000,030 Ordinary Shares represented by 135,000,003 American Depositary Shares or pre-funded warrants in lieu thereof, issuable upon the conversion of Secured Convertible Debentures**

**270,000,000 Ordinary Shares represented by 27,000,000 American Depositary Shares as Interest ADSs**

**202,499,980 Ordinary Shares represented by 20,249,998 American Depositary Shares, or pre-funded warrants in lieu thereof, issuable upon the exercise of Common Warrants**

This prospectus relates to the proposed resale or other disposition by the Selling Securityholders identified in the "Selling Securityholders" section of this prospectus, or any of their transferees or other successors-in-interest, of up to 1,822,500,010 of our ordinary shares represented by up to 182,250,001 American Depositary Shares, or ADSs, consisting of: (i) up to 1,350,000,030 ordinary shares represented by 135,000,003 ADSs (such ADSs, the "Conversion Shares"), or pre-funded warrants (the "Pre-Funded Warrants") in lieu thereof, issuable upon the conversion of secured convertible debentures held by the Selling Stockholders (the "Secured Convertible Debentures"), (ii) 270,000,000 ordinary shares represented by 27,00,000 ADSs as "Interest ADSs" (as defined in the Secured Convertible Debentures), and (iii) 202,499,980 ordinary shares represented by 20,249,998 American Depositary Shares (such ADSs, the "Warrant Shares"), or Pre-Funded Warrants in lieu thereof, issuable upon the exercise of common warrants (the "Warrants"). The Conversion Shares, ADSs underlying the Pre-Funded Warrants (the "Pre-Funded Warrant Shares"), Interest ADSs and Warrant Shares are being registered pursuant to the requirements of that certain Registration Rights Agreement, dated as of July 7, 2025, by and between us and certain of the Selling Securityholders (the "Debenture Registration Rights Agreement") to permit the Selling Securityholders to sell ADSs representing the ordinary shares from time to time in the public market.

We are not selling any ADSs or ordinary shares under this prospectus, and we will not receive any proceeds from the sales or other dispositions of the ordinary shares (or ADSs representing such shares) held by the Selling Securityholders.

The Selling Securityholders or their respective pledgees, assignees or successors-in-interest may offer and sell or otherwise dispose of the ordinary shares (or ADSs representing such shares) described in this prospectus from time to time through public or private transactions at prevailing market prices, at prices related to prevailing market prices or at privately negotiated prices. The Selling Securityholders will bear all commissions and discounts, if any, attributable to the sales of ordinary shares (or ADSs representing such shares). We will bear all other costs, expenses and fees in connection with the registration of the shares. See "Plan of Distribution" beginning on page <u>[51](#i70ea11590f454062b5d0cc761f7cb784_354)</u> for more information about how the Selling Securityholders may sell or dispose of their ordinary shares (or ADSs representing such shares).

Our ordinary shares, in the form of ADSs are listed on the New York Stock Exchange, or NYSE, under the symbol "SQNS." Each ADS will represent ten ordinary shares, nominal value €0.01 per share. On July 15, 2025, the last reported sale price of our shares on the NYSE was $4.72 per ADS.

**Investing in our ordinary shares or ADSs involves a high degree of risk. Before deciding whether to invest in our ordinary shares or the ADSs, you should consider carefully the risks and uncertainties incorporated by reference under the heading "<u>[Risk Factors](#i70ea11590f454062b5d0cc761f7cb784_244)</u>" beginning on page <u>[9](#i70ea11590f454062b5d0cc761f7cb784_244)</u> of this prospectus and under similar headings in the other documents that are filed after the date hereof and incorporated by reference into this prospectus.**

**Owning our securities may subject you to tax consequences both in France and in the United States. This prospectus and any applicable prospectus supplement may not describe these consequences fully. You should read the tax discussion in this prospectus and any applicable prospectus supplement. In addition, your ability to enforce civil liberties under U.S. federal securities law may be affected adversely by the fact that we are incorporated under the laws of France, many of our officers and directors and experts named in this prospectus are residents of France or elsewhere outside the United States, and a portion of our assets and the assets of such persons are located outside the United States. See "Enforcement of Civil Liabilities."**

**Neither the United States Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or the accuracy of this prospectus. Any representation to the contrary is a criminal offense.**

The date of this prospectus is , 2025.

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| | **Page** |
| <u>[About This Prospectus](#i70ea11590f454062b5d0cc761f7cb784_81)</u> | <u>[1](#i70ea11590f454062b5d0cc761f7cb784_81)</u> |
| <u>[Information Regarding Forward-Looking Statements](#i70ea11590f454062b5d0cc761f7cb784_185)</u> | <u>[2](#i70ea11590f454062b5d0cc761f7cb784_185)</u> |
| <u>[Prospectus Summary](#i70ea11590f454062b5d0cc761f7cb784_197)</u> | <u>[4](#i70ea11590f454062b5d0cc761f7cb784_197)</u> |
| <u>[Our Company](#i70ea11590f454062b5d0cc761f7cb784_228)</u> | <u>[8](#i70ea11590f454062b5d0cc761f7cb784_228)</u> |
| <u>[Risk Factors](#i70ea11590f454062b5d0cc761f7cb784_244)</u> | <u>[9](#i70ea11590f454062b5d0cc761f7cb784_244)</u> |
| <u>[Use of Proceeds](#i70ea11590f454062b5d0cc761f7cb784_257)</u> | <u>[27](#i70ea11590f454062b5d0cc761f7cb784_257)</u> |
| <u>[Capitalization](#i70ea11590f454062b5d0cc761f7cb784_270)</u> | <u>[28](#i70ea11590f454062b5d0cc761f7cb784_270)</u> |
| <u>[The Debenture Private Placement](#i70ea11590f454062b5d0cc761f7cb784_282)</u> | <u>[29](#i70ea11590f454062b5d0cc761f7cb784_282)</u> |
| <u>[Description of Share Capital](#i70ea11590f454062b5d0cc761f7cb784_294)</u> | <u>[30](#i70ea11590f454062b5d0cc761f7cb784_294)</u> |
| <u>[Description of American Depositary Shares](#i70ea11590f454062b5d0cc761f7cb784_306)</u> | <u>[37](#i70ea11590f454062b5d0cc761f7cb784_306)</u> |
| <u>[Certain Income Tax Considerations](#i70ea11590f454062b5d0cc761f7cb784_318)</u> | <u>[41](#i70ea11590f454062b5d0cc761f7cb784_318)</u> |
| <u>[Enforcement of Civil Liabilities](#i70ea11590f454062b5d0cc761f7cb784_330)</u> | <u>[48](#i70ea11590f454062b5d0cc761f7cb784_330)</u> |
| <u>[Selling Securityholders](#i70ea11590f454062b5d0cc761f7cb784_342)</u> | <u>[49](#i70ea11590f454062b5d0cc761f7cb784_342)</u> |
| <u>[Plan of Distribution](#i70ea11590f454062b5d0cc761f7cb784_354)</u> | <u>[51](#i70ea11590f454062b5d0cc761f7cb784_354)</u> |
| <u>[Expenses Related to Registration](#i70ea11590f454062b5d0cc761f7cb784_366)</u> | <u>[54](#i70ea11590f454062b5d0cc761f7cb784_366)</u> |
| <u>[Legal Matters](#i70ea11590f454062b5d0cc761f7cb784_378)</u> | <u>[55](#i70ea11590f454062b5d0cc761f7cb784_378)</u> |
| <u>[Experts](#i70ea11590f454062b5d0cc761f7cb784_390)</u> | <u>[55](#i70ea11590f454062b5d0cc761f7cb784_390)</u> |
| <u>[Incorporation of Documents by Reference](#i70ea11590f454062b5d0cc761f7cb784_402)</u> | <u>[55](#i70ea11590f454062b5d0cc761f7cb784_402)</u> |
| <u>[Where You Can Find More Information About Us](#i70ea11590f454062b5d0cc761f7cb784_414)</u> | <u>[55](#i70ea11590f454062b5d0cc761f7cb784_414)</u> |

---

i

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**ABOUT THIS PROSPECTUS**

This prospectus relates to the proposed resale or other disposition of up to 1,822,500,010 of our ordinary shares, which may be represented by up to 182,250,001 American Depositary Shares, or ADSs, by the Selling Securityholders. The Secured Convertible Debentures in the aggregate principal amount of $189 million, convertible into the Conversion Shares and/or the Pre-Funded Warrants, and the Warrants were issued by our company to the Selling Securityholders on July 7, 2025, pursuant to the Secured Convertible Debenture Purchase Agreement, dated as of June 22, 2025, by and among us, the Collateral Agent defined therein, and the purchasers set forth therein (the "Debenture Purchase Agreement"). The Selling Securityholders acquired the Secured Convertible Debentures and Warrants from us in private placements pursuant to the Debenture Purchase Agreement. The Conversion Shares, Pre-Funded Warrant Shares, Interest ADSs and Warrant Shares are being registered pursuant to the requirements of the Debenture Registration Rights Agreement to permit the Selling Securityholders to sell ADSs representing the ordinary shares from time to time in the public market.

We are not selling any securities under this prospectus and will not receive any of the proceeds from the sale of shares. This prospectus, together with applicable prospectus supplements and the documents incorporated by reference in this prospectus and any prospectus supplements, includes all material information relating to this offering. Please carefully read both this prospectus and any prospectus supplement together with additional information described below under "Risk Factors," "Where You Can Find More Information About Us" and "Incorporation of Documents by Reference."

We have not authorized anyone to give any information or to make any representation other than those contained or incorporated by reference in this prospectus. You must not rely upon any information or representation not contained or incorporated by reference in this prospectus (as supplemented or amended). The Selling Securityholders are offering to sell, and seeking offers to buy, ordinary shares (or ADSs representing such shares) only in jurisdictions where it is lawful to do so. This prospectus does not constitute an offer to sell or the solicitation of an offer to buy any ordinary shares (or ADSs representing such shares) other than the registered shares to which they relate, nor does this prospectus constitute an offer to sell or the solicitation of an offer to buy shares in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.

The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of securities described in this prospectus. You should assume that the information appearing in this prospectus or any prospectus supplement, as well as information we have previously filed with the SEC and incorporated by reference, is accurate as of the date on the front of those documents only. Our business, financial condition, results of operations and prospects may have changed since those dates.

In this prospectus, except where the context otherwise requires and for purposes of this prospectus only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "we," "us," "our company," "the Company," "the registrant," "our," "SQNS" and similar phrases refer to Sequans Communications S.A. and its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Selling Securityholders" refers to each of the entities set forth in the table in the "Selling Securityholders" section herein, collectively with any of their respective transferees or other successors-in-interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "shares" refer to our ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all references to the "Euro" or "€" are to the euro currency of the European Union and references to "U.S. dollars," "dollars" or "$" are to Unites States dollars; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discrepancies in any table between the amounts identified as total amounts and the sum of the amounts listed therein are due to rounding.

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**INFORMATION REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus, any prospectus supplement, and the documents incorporated herein by reference, may contain projections and forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that are based on our management's beliefs and assumptions and on information currently available to our management. All statements other than present and historical facts and conditions contained in this prospectus, any prospectus supplement, and the documents incorporated herein by reference, including statements regarding our future results of operations and financial positions, business strategy, financing plans, including our ability to issue additional equity or debt to finance our continued operations, our ability to enter into new strategic agreements, the exploration of strategic options, expectations for Massive IoT sales, the impact of inventory in our customers' supply chain on customer demand, our ability to convert our pipeline to revenue, our ability to maintain the NYSE listing of our ADS, and our objectives for future operations, are forward looking statements. These statements are only predictions and reflect our current beliefs and expectations with respect to future events and are based on assumptions and subject to risk and uncertainties and subject to change at any time. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Actual events or results may differ materially from those contained in the projections or forward-looking statements. Some of the factors that could cause actual results to differ materially from the forward-looking statements contained herein include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to enter into a strategic transaction or secure financing necessary to continue to operate our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully implement our Bitcoin treasury strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the contraction or lack of growth of markets in which we compete and in which our products are sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unexpected increases in our expenses resulting from inflationary pressures and rising interest rates, including manufacturing and operating expenses and interest expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to adjust spending quickly enough to offset any unexpected revenue shortfall;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delays or cancellations in spending by our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unexpected average selling price reductions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the significant fluctuation to which our quarterly revenue and operating results are subject due to cyclicality in the wireless communications industry and transitions to new process technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to anticipate the future market demands and future needs of our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to achieve new design wins or for design wins to result in shipments of our products at levels and in the timeframes we currently expect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to enter into and execute on strategic alliances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to meet performance milestones under strategic license agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of component shortages, suppliers' lack of production capacity, natural disasters or pandemics on our sourcing operations and supply chain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of the Ukraine-Russia conflict on our independent contractors located in Ukraine and the Israeli-Hamas conflict on our employees located in Israel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to raise debt and equity financing; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors detailed in documents we file from time to time with the Securities and Exchange Commission.

In some cases, you can identify forward-looking statements by terms such as "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," "would" as well as similar expressions. Forward-looking statements reflect our current views with respect to future events, are based on assumptions and are subject to risks, uncertainties and other important factors. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. We cannot assure you that our plans, intentions or expectations will be achieved. Our actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained in this prospectus, any prospectus supplement and the documents incorporated herein by reference. Given these risks, uncertainties and other important factors, you should not place undue reliance on these forward-looking statements. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth in this prospectus, any prospectus supplement and the documents incorporated herein by reference. Also, these forward-looking statements represent our estimates and assumptions only as of the date such forward-looking statements are made. Except as required by law, we assume no obligation to update any forward-looking statements publicly, whether as a result of new information, future events or otherwise.

Readers are also urged to carefully review and consider the various disclosures made by us which attempt to advise interested parties of the factors which affect our business, including without limitation the disclosures made under the caption "Risk Factors" in this prospectus, any accompanying prospectus supplement and in our Annual Report on Form 20-F for the year ended December 31, 2024 filed with the SEC, or Form 20-F, and our other submissions to the SEC, including any Form 6-K submissions furnished by us.

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**PROSPECTUS SUMMARY**

*This summary highlights certain information about us, this offering and selected information contained elsewhere in this prospectus. This summary is not complete and does not contain all of the information that you should consider before deciding whether to invest in the securities covered by this prospectus. This summary is qualified in its entirety by the more detailed information included in or incorporated by reference into this prospectus and any applicable prospectus supplement. For a more complete understanding of the Company and our securities, we encourage you to read in their entirety and consider carefully the more detailed information in this prospectus and any related prospectus supplement, including the documents referred to in "Where You Can Find More Information About Us" and "Incorporation of Documents by Reference," before making an investment decision. Some of the statements in this prospectus constitute, and certain statements in any prospectus supplement or the documents incorporated by reference herein and therein may be, forward-looking statements that involve assumptions, risks and uncertainties as further described in "Information Regarding Forward-Looking Statements."*

**Overview**

***IoT Semiconductor Business Overview***

We are a fabless designer, developer and supplier of 5G/4G semiconductors and modules fully optimized the Internet-of-Things (IoT), to provide global connectivity solutions for large scale AI applications, such as smart mobility and logistics, smart cities, e-health and wellness, and smart homes, to name few. Our cellular IoT technology must be extremely optimized in power consumption and cost to enable massive deployment. Our product portfolio is composed of chips, or integrated circuits (IC) of baseband processors and radio frequency (RF) transceivers, as well as modules that incorporate these chips along with radio front end subsystem, and rich software that includes advanced modem and signal processing code as well as protocol stack and higher-layer applications. We also provide advanced services and technology licensing that allows us to expand our addressable markets and further monetize our R&D investment.

**Recent Developments**

***Bitcoin Treasury Strategy***

On June 23, 2025, we announced the establishment of our Bitcoin treasury. We view Bitcoin holdings as long-term holdings and intend to strategically accumulate Bitcoin as a primary treasury reserve asset*.* Our strategy includes acquiring and holding Bitcoin using cash from our operations, and from time to time, subject to market conditions, issuing equity or debt securities or engaging in other capital raising transactions with the objective of using the proceeds to purchase Bitcoin. To support the implementation of this strategy, we expect to build strong partnerships with premier Bitcoin financial services platform and institutional services providers, leveraging their expertise to ensure secure execution, robust governance, and market transparency.

As of July 14, 2025 we hold 1,053 Bitcoins acquired for approximately $120 million at an average price inclusive of fees of approximately $113,893 per Bitcoin. In accordance with IFRS 38 Intangible Assets, we expect to account the investment in Bitcoin as an intangible asset, with the investment being marked to market at each balance sheet date. Under IFRS, reductions in value below historical cost and gains in value up the historical cost are recorded in the statement of profit and loss. Gains in value above historical cost are recorded in "other comprehensive income" and are not reflected in the statement of profit and loss.

We believe our combination of strategic Bitcoin reserve and focus on the semiconductor technological innovation positions us to offer a unique opportunity for potential long-term value creation.

Our Bitcoin treasury strategy exposes us to various risks. For more information regarding risks related to our Bitcoin strategy, see the section titled "Risk Factors – Risks Related to Our Bitcoin Strategy and Holdings".

***Issuance of Equity and Convertible Debt in Private Placements***

On June 22, 2025, we entered into a Securities Purchase Agreement (the "Equity Purchase Agreement," and together with the Debenture Purchase Agreement, the "Purchase Agreements") with certain institutional and

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accredited investors (the "Equity Purchasers"), pursuant to which we agreed to issue to the Equity Purchasers in a private placement (the "Equity Private Placement") an aggregate of (a) (i) 1,171,987,620 ordinary shares of the Company, represented by 117,198,762 ADSs and (ii) Pre-Funded Warrants to purchase up to an aggregate of 222,458,520 Pre-Funded Warrant Shares and (b) Warrants to purchase up to an aggregate of 209,166,800 Warrant Shares or Pre-Funded Warrants in lieu thereof at the option of the holder of the Warrant, at a combined purchase price of $1.40 per ADS and Warrant, the equivalent of $0.14 per ordinary share and Warrant at the current ratio, or $1.39 per Pre-Funded Warrant and Warrant.

In addition, on June 22, 2025, we also entered into the Debenture Purchase Agreement with certain institutional and accredited investors (the "Debenture Purchasers"), pursuant to which we agreed to issue to the Debenture Purchasers in a private placement (the "Debenture Private Placement" and, together with the Equity Private Placement, the "Private Placements") (a) Secured Convertible Debentures in the aggregate principal amount of $189 million and (b) Warrants to purchase up to an aggregate of 20,249,998 Warrant Shares.

The Private Placements were carried out, without shareholders' preferential subscription rights, through reserved offerings to specific categories of investors, pursuant to the fifteenth resolution of the Company's combined general meeting of shareholders held on June 30, 2025 (the "Shareholder Approval") and in accordance with Article L. 225-138 of the French Commercial Code.

The Pre-Funded Warrants are exercisable commencing upon issuance thereof at the Equity Closing or Debenture Closing (each, as defined below), as applicable, through the lifetime of the Company at a nominal exercise price of €0.01 per ordinary share represented by the Pre-Funded Warrant Shares, subject to adjustment as provided therein. The Warrants are exercisable commencing upon issuance thereof at the Equity Closing or Debenture Closing, as applicable, for a period of 90 days and may be exercised for (i) ordinary shares represented by the Warrant Shares, at an exercise price equal to $1.40 for each Warrant or (ii) Pre-Funded Warrants, at an exercise price equal to $1.40 minus €0.01 for each Warrant.

A holder (together with its affiliates) may not exercise or convert, as applicable, any portion of the Pre-Funded Warrants, the Warrants or the Secured Convertible Debentures to the extent that the holder would own more than 4.99% (or, solely with respect to the Pre-Funded Warrants and the Warrants, at the holder's option upon issuance, 9.99%) of the Company's outstanding ordinary shares immediately after exercise or conversion, as applicable. However, upon at least 61 days' prior notice from the holder to the Company, a holder with a 4.99% ownership blocker may increase the amount of ownership of outstanding ordinary shares after exercising or converting, as applicable, the holder's Pre-Funded Warrant, Warrant or Secured Convertible Debenture, as applicable, up to 9.99% of the number of the Company's ordinary shares outstanding immediately after giving effect to the exercise or conversion, as applicable, as such percentage ownership is determined in accordance with the terms of such Pre-Funded Warrant, the Warrant or the Secured Convertible Debenture, as applicable.

The Secured Convertible Debentures are convertible into (i) the Conversion Shares or (ii) Pre-Funded Warrants at the option of a Debenture Purchaser at any time at a conversion price of $2.10 per ADS, subject to adjustment as provided therein. (a) From and after the first anniversary date of the date the Secured Convertible Debentures are issued at the Debenture Closing (the "Issuance Date") until, but not including, the second anniversary date of the Issuance Date, interest shall accrue on the outstanding principal balance of the Secured Convertible Debentures at an annual rate equal to 6.0%, and (b) from and after the second anniversary date of the Issuance Date, interest shall accrue on the outstanding principal balance of the Secured Convertible Debentures at an annual rate equal to 8.0%.

The maturity date of the Secured Convertible Debentures will be the date that is the first business day on or after 36 months from the Issuance Date. Beginning on and including (a) the 12-month anniversary of the Issuance Date, in the event that the market price of Company's ADSs equals or exceeds 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) out of any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides a redemption notice to the holder of the Secured Convertible Debentures (and provided that certain equity conditions are satisfied on each trading day of such 30 consecutive trading day period), or (b) the 16-month anniversary of the Issuance Date, in the event that the market price of Company's ADSs has been equal to or less than 40% of the conversion price then in effect for the 10 consecutive trading day period ending on, and including, the trading day immediately

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preceding the date on which the Company provides a redemption notice to the holder of the Secured Convertible Debentures, the Company shall have the right, but not the obligation, to redeem the Secured Convertible Debentures, (x) in the case of an optional redemption pursuant to clause (a), at an amount equal to the outstanding principal balance being redeemed by the Company, plus all accrued and unpaid interest in respect of such principal balance to, but not including, the date of redemption, plus a payment premium in respect of such principal balance and accrued and unpaid interest equal to (i) 3.0% for payments made within 12 months of the date of the Secured Convertible Debentures and (ii) 5.0% for payments made from and after 12 months of the date of the Secured Convertible Debentures (the "Payment Premium"), and (y) in the case of an optional redemption pursuant to clause (b), at an amount equal to the sum of (A) the product of (i) the outstanding principal balance being redeemed by the Company multiplied by (ii) 108% plus (B) the Payment Premium with respect to all accrued and unpaid interest in respect of such principal balance to, but not including, such date of redemption. A Debenture Purchaser shall have the right to elect to convert all or any portion of the outstanding principal balance being redeemed by the Company (and accrued and unpaid interest thereon) until the business day immediately preceding the applicable date of redemption.

A Debenture Purchaser also has the right to require the Company to repurchase for cash all or any portion of the principal of such Debenture Purchaser's Secured Convertible Debenture in the event of a Fundamental Change (as defined in the Secured Convertible Debentures) at a repurchase price equal to the outstanding principal balance to be so repurchased, plus all accrued and unpaid interest thereunder as of the date of such repurchase, plus the Payment Premium in respect of such principal balance and accrued and unpaid interest.

The Equity Private Placement closed on July 4, 2025 (the "Equity Closing") and the Debenture Private Placement closed on July 7, 2025 (the "Debenture Closing").

The aggregate gross proceeds from the Private Placements were approximately $376 million. The Company intends to use the net proceeds from the Private Placements for the purchase of Bitcoin and for general corporate purposes associated with purchasing Bitcoin, subject to the security and collateral requirements of the Debenture Private Placement.

The Private Placements are exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"). Pursuant to the terms of the Purchase Agreements, the Company also agreed to enter into the Debenture Registration Rights Agreement with the Debenture Purchasers and a registration rights agreement with the Equity Purchasers (the "Equity Registration Rights Agreement"), respectively, pursuant to which the Company agreed to file registration statements to register the resale of the ADSs, Pre-Funded Warrant Shares, Warrant Shares, and Conversion Shares, as applicable, within seven business days and 15 days, respectively, of the Equity Closing or Debenture Closing, as applicable.

In connection with the Debenture Private Placement, the Company also agreed to forms of documents to be executed upon the occurrence of certain events contemplated under the Debenture Purchase Agreement, including but not limited to, a guaranty and security agreement (the "Security Agreement"). Pursuant to the Security Agreement, all obligations of the Company under the Secured Convertible Debentures will be secured by security interests in certain property of the Company and certain subsidiaries of the Company.

The foregoing descriptions of the Equity Purchase Agreement, Debenture Purchase Agreement, Pre-Funded Warrant, Warrant, Secured Convertible Debentures, Equity Registration Rights Agreement, Debenture Registration Rights Agreement and Security Agreement do not purport to be complete and are subject to, and are qualified in their entirety by reference to, the full text of the forms of Equity Purchase Agreement, Debenture Purchase Agreement, Pre-Funded Warrant, Warrant, Secured Convertible Debentures, Equity Registration Rights Agreement, Debenture Registration Rights Agreement and Security Agreement, which were filed as Exhibits 10.1, 10.2, 4.1, 4.2, 4.3, 10.3, 10.4 and 10.5, respectively, to the Company's Form 6-K/A, filed with the SEC on June 23, 2025, and are incorporated herein by reference.

**Risk Factors** 

Investing in our securities entails a high degree of risk as discussed in the "<u>[Risk Factors](#i70ea11590f454062b5d0cc761f7cb784_244)</u>" section beginning on page <u>[9](#i70ea11590f454062b5d0cc761f7cb784_244)</u> of this prospectus and in the documents incorporated by reference in this prospectus. You should carefully consider such risks before deciding to invest in our securities.

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**THE OFFERING**

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| | |
|:---|:---|
| *Ordinary Shares offered by the Selling Securityholders:* | 1,822,500,010 ordinary shares |
| *ADSs offered by the Selling Securityholders:* | 182,250,001 ADSs |
| *Ordinary Shares outstanding as of July 7, 2025:* | 1,427,163,962 ordinary shares |
| *ADSs outstanding as of July 7, 2025:* | 142,714,545 ADSs |
| *NYSE Symbol:* | Our ordinary shares, in the form of ADSs are listed on the New York Stock Exchange, or NYSE, under the symbol "SQNS". |
| *Use of Proceeds:* | We will not receive any of the proceeds from the sale of ordinary shares (or ADSs representing such shares) in this offering. The Selling Securityholders will receive all of the proceeds from this offering. |

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**OUR COMPANY**

We are a fabless semiconductor company with Bitcoin treasury.

We are a designer, developer and supplier of 5G/4G cellular chips and modules fully optimized the Internet-of-Things (IoT), in support of large scale AI applications, such as smart mobility and logistics, smart cities, e-health and wellness, and smart homes, to name few. Our cellular IoT technology must be extremely optimized in power consumption and cost to enable massive deployment. Our product portfolio is composed of chips, or integrated circuits (IC) of baseband processors and radio frequency (RF) transceivers, as well as modules that incorporate these chips along with radio front end subsystem, and rich software that includes advanced modem and signal processing code as well as protocol stack and higher-layer applications. We also provide advanced services and technology licensing that allows us to expand our addressable markets and further monetize our R&D investment.

On June 23, 2025, we announced the establishment of our Bitcoin treasury. We view Bitcoin holdings as long-term holdings and intend to strategically accumulate Bitcoin as a primary treasury reserve asset. Our strategy includes acquiring and holding Bitcoin using cash from our operations, and from time to time, subject to market conditions, issuing equity or debt securities or engaging in other capital raising transactions with the objective of using the proceeds to purchase Bitcoin. To support the implementation of this strategy, we expect to build strong partnership with premier Bitcoin financial services platform and institutional services providers, leveraging their expertise to ensure secure execution, robust governance, and market transparency.

We were incorporated as a *société anonyme* under the laws of the French Republic on October 7, 2003, for a period of 99 years. We are registered at the Nanterre Commerce and Companies Registry under the number SIREN 450 249 677 RC.S Nanterre. Our principal executive offices are located at Forest, 15-55 boulevard Charles de Gaulle, 92700 Colombes, France, and our telephone number is +33 1 70 72 16 00. Our agent for service of process in the U.S. is GKL Corporate/Search, Inc., One Capitol Mall, Suite 660, Sacramento, California 95814.

Our website is *www.sequans.com*. Information contained on, or that can be accessed through, our website, does not constitute part of this prospectus and inclusions of our website address, in this prospectus are inactive textual references only. The information that can be accessed through our website is not part of this prospectus, and investors should not rely on any such information in deciding whether to purchase our securities.

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**RISK FACTORS**

Investing in our securities involves certain risks. In addition to the risks highlighted below, you should read the risks and uncertainties set forth in the section entitled "Risk Factors" in our most recently filed Form 20-F, as updated by any Form 6-K furnished with the SEC, which are incorporated by reference in this prospectus, and the "Risk Factors" section in any relevant prospectus supplement, before investing in any securities that may be offered pursuant to this prospectus. Additional risks and uncertainties not presently known to us or that we currently consider immaterial may also adversely affect us. If any of those risks occur, our business, financial condition or results of operations could be materially harmed. In such case, the value of our securities could decline.

**Risks Related to Our Bitcoin Strategy and Holdings** 

***Our Bitcoin strategy exposes us to various risks, including risks associated with Bitcoin.***

Our Bitcoin strategy exposes us to various risks, including the following:

*Bitcoin is a highly volatile asset.* Bitcoin is a highly volatile asset that has traded below $50,000 per Bitcoin and above $120,000 per Bitcoin in the past 12 months. The trading price of Bitcoin significantly decreased during prior periods, and such declines may occur again in the future.

*Bitcoin does not inherently pay interest or dividends.* Bitcoin does not inherently pay interest or other periodic returns and we can only generate cash from our Bitcoin holdings if we sell our Bitcoin or implement strategies to create income streams or otherwise generate cash by using our Bitcoin holdings. Even if we pursue any such strategies, we may be unable to create income streams or otherwise generate cash from our Bitcoin holdings, and any such strategies may subject us to additional risks.

*Our Bitcoin holdings may significantly impact our financial results and the market price of our ADSs.* Our Bitcoin holdings are expected to impact our financial results and the market price of our ADSs. Our historical financial statements do not reflect the potential variability in earnings that we may experience in the future relating to our Bitcoin holdings."

*Our assets will be concentrated in Bitcoin.* We expect that a large portion of our assets will be concentrated in our Bitcoin holdings. The concentration of our assets in Bitcoin limits our ability to mitigate risk that could otherwise be achieved by holding a more diversified portfolio of treasury assets.

*We will purchase Bitcoin using primarily proceeds from equity and debt financings.* Our ability to achieve the objectives of our Bitcoin strategy depends in significant part on our ability to obtain equity and debt financing. If we are unable to obtain equity or debt financing on favorable terms or at all, we may not be able to successfully execute on our Bitcoin strategy.

*Our Bitcoin strategy has not been tested under different market conditions.* We have just begun to implement our strategy to acquire Bitcoin. This strategy has not been tested under different market conditions. For example, although we believe Bitcoin, due to its limited supply, has the potential to serve as a hedge against inflation in the long term, the short-term price of Bitcoin declined in recent periods during which the inflation rate increased. If Bitcoin prices were to decline or our Bitcoin strategy otherwise proves unsuccessful, our financial condition, results of operations, and the market price of our ADSs would be materially adversely impacted.

*We will be subject to counterparty risks, including in particular risks relating to our custodians.* Although we expect to implement various measures that are designed to mitigate our counterparty risks, such as storing substantially all of the Bitcoin we own in custody accounts at U.S.-based, institutional-grade custodians and negotiating contractual arrangements intended to establish that our property interest in custodially-held Bitcoin is not subject to claims of our custodians' creditors, applicable insolvency law is not fully developed with respect to the holding of digital assets in custodial accounts. If our custodially-held Bitcoin were nevertheless considered to be the property of our custodians' estates in the event that any such custodians were to enter bankruptcy, receivership or similar insolvency proceedings, we could be treated as a general unsecured creditor of such custodians, inhibiting our ability to exercise ownership rights with respect to such Bitcoin, or delaying or hindering our access to our

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Bitcoin holdings, and this may ultimately result in the loss of the value related to some or all of such Bitcoin, which could have a material adverse effect on our financial condition as well as the market price of our ADSs.

*The broader digital assets industry is subject to counterparty risks, which could adversely impact the adoption rate, price, and use of Bitcoin.* A series of high-profile bankruptcies, closures, liquidations, regulatory enforcement actions and other events relating to companies operating in the digital asset industry in recent years have highlighted the counterparty risks applicable to owning and transacting in digital assets. Although these bankruptcies, closures, liquidations and other events have not resulted in any loss or misappropriation of our Bitcoin, nor have such events adversely impacted our access to our Bitcoin, they have, in the short-term, likely negatively impacted the adoption rate and use of Bitcoin. Additional bankruptcies, closures, liquidations, regulatory enforcement actions or other events involving participants in the digital assets industry in the future may further negatively impact the adoption rate, price, and use of Bitcoin, limit the availability to us of financing collateralized by Bitcoin, or create or expose additional counterparty risks.

*Changes in the accounting standards or our strategy related to our Bitcoin holdings could have significant accounting impacts, including increasing the volatility of our results.* In accordance with IAS 38 *Intangible Assets*, we expect to account the investment in Bitcoin as an intangible asset, with the investment being marked to market at each balance sheet date. Under IFRS, reductions in value below historical cost and gains in value up the historical cost are recorded in the statement of profit and loss. Gains in value above historical cost are recorded in "other comprehensive income" and are not reflected in the statement of profit and loss. This differs from US Generally Accepted Accounting Principles (US GAAP) Accounting Standard Update (ASU) 2023-08 which requires companies to measure their Bitcoin holdings at fair value in the statement of financial position, and to recognize gains and losses from changes in the fair value of Bitcoin in net income each reporting period. Should IFRS accounting standards change in the future to converge with US GAAP, the volatility in the price of Bitcoin could have a material impact on our financial results, increase the volatility of our financial results, and affect the carrying value of our Bitcoin on our balance sheet. These impacts could in turn have a material adverse effect on our financial results and the market price of our ADSs.

*Our Bitcoin strategy subjects us to heightened regulatory scrutiny.* Our Bitcoin strategy exposes us to heightened regulatory scrutiny from the SEC and other agencies. There are increased risks related to anti-money laundering, sanctions compliance, and the potential for regulatory actions if the company inadvertently transacts with illicit actors. Using Bitcoin as collateral and engaging in related financial strategies may trigger additional compliance requirements under money transmission, commodities, and securities laws. Regulatory focus on digital assets has intensified following events like the FTX collapse, which could lead to higher costs or restrictions. Additionally, private institutions may take actions that negatively affect the company due to concerns about its Bitcoin exposure.

*The emergence or growth of other digital assets could have a negative impact on the price of Bitcoin and adversely affect our business.* Our financial condition is particularly exposed to this risk because our assets are concentrated in Bitcoin. Alternative digital assets, such as Ethereum—which has adopted a more energy-efficient validation method—and stablecoins, which are designed to maintain a constant value, are gaining popularity and market share. Additionally, central banks are developing their own digital currencies (CBDCs), which could further compete with or even replace Bitcoin as a medium of exchange or store of value. If these alternatives are perceived as superior or become widely adopted, the demand for Bitcoin could decrease, adversely affecting our business and financial results.

The broader digital assets industry, including the technology associated with digital assets, the rate of adoption and development of, and use cases for, digital assets, market perception of digital assets, and the legal, regulatory, and accounting treatment of digital assets are constantly developing and changing, and there may be additional risks in the future that are not possible to predict.

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***Bitcoin is a highly volatile asset, and fluctuations in the price of Bitcoin are likely to influence our financial results and the market price of our ADSs.***

Bitcoin is a highly volatile asset, and fluctuations in the price of Bitcoin are likely to influence our financial results and the market price of our ADSs. Our financial results and the market price of our ADSs would be adversely affected, and our business and financial condition would be negatively impacted, if the price of Bitcoin decreased substantially (as it has in the past, including during 2022), including as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decreased user and investor confidence in Bitcoin, including due to the various factors described herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment and trading activities, such as (i) trading activities of highly active retail and institutional users, speculators, miners and investors; (ii) actual or expected significant dispositions of Bitcoin by large holders, including the expected liquidation of digital assets seized by governments or associated with entities that have filed for bankruptcy protection, such as the (a) transfers of Bitcoin to claimants following proceedings related to a 2016 hack of Bitfinex, which claims are currently being adjudicated, (b) court-approved sales of 69,370 Bitcoin seized from the Silk Road marketplace by the U.S. Department of Justice; and (iii) actual or perceived manipulation of the spot or derivative markets for Bitcoin or spot Bitcoin exchange-traded products ("ETPs");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negative publicity, media or social media coverage, or sentiment due to events in or relating to, or perception of, Bitcoin or the broader digital assets industry, for example, (i) public perception that Bitcoin can be used as a vehicle to circumvent sanctions, including sanctions imposed on Russia or certain regions related to the ongoing conflict between Russia and Ukraine, or to fund criminal or terrorist activities, such as the purported use of digital assets by Hamas to fund its terrorist attack against Israel in October 2023; (ii) expected or pending civil, criminal, regulatory enforcement or other high profile actions against major participants in the Bitcoin ecosystem; (iii) additional filings for bankruptcy protection or bankruptcy proceedings of major digital asset industry participants, such as the bankruptcy proceeding of FTX Trading and its affiliates; and (iv) the actual or perceived environmental impact of Bitcoin and related activities, including environmental concerns raised by private individuals, governmental and non-governmental organizations, and other actors related to the energy resources consumed in the Bitcoin mining process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in consumer preferences and the perceived value or prospects of Bitcoin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition from other digital assets that exhibit better speed, security, scalability, or energy efficiency, that feature other more favored characteristics, that are backed by governments, including the U.S. government, or reserves of fiat currencies, or that represent ownership or security interests in physical assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a decrease in the price of other digital assets, including stablecoins, or the crash or unavailability of stablecoins that are used as a medium of exchange for Bitcoin purchase and sale transactions, such as the crash of the stablecoin Terra USD in 2022, to the extent the decrease in the price of such other digital assets or the unavailability of such stablecoins may cause a decrease in the price of Bitcoin or adversely affect investor confidence in digital assets generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the identification of Satoshi Nakamoto, the pseudonymous person or persons who developed Bitcoin, or the transfer of substantial amounts of Bitcoin from Bitcoin wallets attributed to Mr. Nakamoto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developments relating to the Bitcoin protocol, including (i) changes to the Bitcoin protocol that impact its security, speed, scalability, usability, or value, such as changes to the cryptographic security protocol underpinning the Bitcoin blockchain, changes to the maximum number of Bitcoin outstanding, changes to the mutability of transactions, changes relating to the size of blockchain blocks, and similar changes, (ii) failures to make upgrades to the Bitcoin protocol to adapt to security, technological, legal or other challenges, and (iii) changes to the Bitcoin protocol that introduce software bugs, security risks or other elements that adversely affect Bitcoin;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disruptions, failures, unavailability, or interruptions in services of trading venues for Bitcoin, such as, for example, the announcement by the digital asset exchange FTX Trading that it would freeze withdrawals and transfers from its accounts and subsequent filing for bankruptcy protection and the SEC enforcement action brought against Binance Holdings Ltd., which was subsequently dismissed on May 29, 2025, which initially sought to freeze all of its assets during the pendency of the enforcement action and resulted in Binance discontinuing all fiat deposits and withdrawals in the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the filing for bankruptcy protection by, liquidation of, or market concerns about the financial viability of digital asset custodians, trading venues, lending platforms, investment funds, or other digital asset industry participants, such as the filing for bankruptcy protection by digital asset trading venues FTX Trading and BlockFi and digital asset lending platforms Celsius Network and Voyager Digital Holdings in 2022, the ordered liquidation of the digital asset investment fund Three Arrows Capital in 2022, the announced liquidation of Silvergate Bank in 2023, the government-mandated closure and sale of Signature Bank in 2023, the placement of Prime Trust, LLC into receivership following a cease-and-desist order issued by the Nevada Department of Business and Industry in 2023, and the exit of Binance from the U.S. market as part of its settlement with the Department of Justice and other federal regulatory agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory, legislative, enforcement and judicial actions that adversely affect the price, ownership, transferability, trading volumes, legality or public perception of Bitcoin, or that adversely affect the operations of or otherwise prevent digital asset custodians, trading venues, lending platforms or other digital assets industry participants from operating in a manner that allows them to continue to deliver services to the digital assets industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• further reductions in mining rewards of Bitcoin, including due to block reward halving events, which are events that occur after a specific period of time (the most recent of which occurred in April 2024) that reduce the block reward earned by "miners" who validate Bitcoin transactions, or increases in the costs associated with Bitcoin mining, including increases in electricity costs and hardware and software used in mining, or new or enhanced regulation or taxation of Bitcoin mining, which could further increase the costs associated with Bitcoin mining, any of which may cause a decline in support for the Bitcoin network;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transaction congestion and fees associated with processing transactions on the Bitcoin network;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• macroeconomic changes, such as changes in the level of interest rates and inflation, fiscal and monetary policies of governments, trade restrictions, and fiat currency devaluations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developments in mathematics or technology, including in digital computing, algebraic geometry and quantum computing, that could result in the cryptography used by the Bitcoin blockchain becoming insecure or ineffective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in national and international economic and political conditions, including, without limitation, federal government policies, trade tariffs and trade disputes, and the adverse impacts attributable to global conflicts, including those between Russia and Ukraine and in the Middle East.

***Our operating results will be dependent on the price of digital assets and Bitcoin. If such price declines, our business, operating results, and financial condition would be adversely affected.***

Any declines in the volume of digital asset transactions, the price of digital assets, or market liquidity for digital assets generally may adversely affect our operating results. As part of our Bitcoin strategy, we will have significant investments in Bitcoin and Bitcoin-related assets. Our operating results will be impacted by the change in value of Bitcoin, and should the Company purchase, sell or trade Bitcoin in the future, by the revenue and profits we may generate from such purchases, sales or trades and the financial contracts linked to Bitcoin. The price of digital assets and associated demand for buying, selling, and trading of digital assets have historically been subject to significant volatility. For instance, in 2017 and 2021, the value of certain digital assets, including Bitcoin, experienced steep increases in value, followed by steep declines in 2018 and 2022. After recovering from the 2018 decline and reaching record highs in December 2021, the value of the total crypto market cap declined by approximately 64% in the twelve months ended December 31, 2022. The collapse of several companies in the digital asset industry such as

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Celsius, Voyager and FTX impacted digital assets prices in 2022 and the majority of 2023. The price and trading volume of any digital asset is subject to significant uncertainty and volatility, and may significantly decline in the future, without recovery. Such uncertainty and volatility depend on a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• market conditions across the cryptoeconomy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in liquidity, volume, and trading activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading activities on digital asset trading platforms worldwide, many of which may be unregulated, and may include manipulative activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment and trading activities of highly active retail and institutional users, speculators, miners, and investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the speed and rate at which cryptocurrency is able to gain adoption as a medium of exchange, utility, store of value, consumptive asset, security instrument, or other financial assets worldwide, if at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decreased user and investor confidence in digital assets and digital asset trading platforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negative publicity and events relating to the cryptoeconomy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unpredictable social media coverage or "trending" of digital assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability for digital assets to meet user and investor demands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the functionality and utility of digital assets and their associated ecosystems and networks, including digital assets designed for use in various applications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consumer preferences and perceived value of digital assets and digital asset markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased competition from other payment services or other digital assets that exhibit better speed, security, scalability, or other characteristics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory (including enforcement) or legislative changes and updates affecting the cryptoeconomy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the characterization of digital assets under the laws of various jurisdictions around the world;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the maintenance, troubleshooting, and development of the blockchain networks underlying digital assets, including by miners, validators, and developers worldwide;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability for cryptocurrency networks to attract and retain miners or validators to secure and confirm transactions accurately and efficiently;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ongoing technological viability and security of digital assets and their associated smart contracts, applications and networks, including vulnerabilities against hacks and scalability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and speed associated with processing digital asset transactions, including on the underlying blockchain networks and on digital asset trading platforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial strength of market participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability and cost of funding and capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the liquidity of digital asset trading platforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interruptions in service from or failures of major digital asset trading platforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• availability of an active derivatives market for various digital assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• availability of banking and payment services to support cryptocurrency-related projects;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• level of interest rates and inflation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monetary policies of governments, trade restrictions, and fiat currency devaluations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• national and international economic and political conditions.

There is no assurance that any digital asset will maintain its value or that there will be meaningful levels of trading activities. For example, in 2022 we witnessed dampened demand for trading digital assets in the wake of industry turmoil. In the event that the price of digital assets or the demand for trading digital assets decline, our business, operating results, and financial condition could be adversely affected.

***Bitcoin and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty.***

Bitcoin and other digital assets are relatively novel and are subject to significant uncertainty, which could adversely impact their price. The application of state and federal securities laws and other laws and regulations to digital assets is unclear in certain respects, and it is possible that regulators in the United States or foreign countries may interpret or apply existing laws and regulations in a manner that adversely affects the price of Bitcoin or the ability of individuals or institutions such as us to own or transfer Bitcoin.

The U.S. federal government, states, regulatory agencies, and foreign countries, including the European Union, may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial actions, that could materially impact the price of Bitcoin or the ability of individuals or institutions such as us to own or transfer Bitcoin. For example, within the past several years:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• President Trump signed an executive order instructing a working group comprised of representatives from key federal agencies to evaluate measures that can be taken to provide regulatory clarity and certainty built on technology-neutral regulations for individuals and firms involved in digital assets, including through well-defined jurisdictional regulatory boundaries, and this working group is required to submit a report with regulatory and legislative proposals on or before July 22, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in January 2025, the SEC announced the formation of a "Crypto Task Force," which was created to provide clarity on the application of the federal securities laws to the crypto asset market and to recommend policy measures with respect to digital asset security status, registration and listing of digital asset-based investment vehicles, and digital asset custody, lending and staking;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in June 2023, the SEC filed complaints against Binance Holdings Ltd. and Coinbase, Inc., and their respective affiliated entities, relating to, among other claims, that each party was operating as an unregistered securities exchange, broker, dealer, and clearing agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in December 2020, the SEC filed a complaint against Ripple Labs, Inc., relating to, among other claims, that Ripple undertook the distribution of unregistered securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in November 2023, the SEC filed a complaint against Payward Inc. and Payward Ventures Inc., together known as Kraken, alleging, among other claims, that Kraken's crypto trading platform was operating as an unregistered securities exchange, broker, dealer, and clearing agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the European Union adopted Markets in Crypto Assets Regulation ("MiCA"), a comprehensive digital asset regulatory framework for the issuance and use of digital assets, like Bitcoin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in June 2023, the United Kingdom adopted and implemented the Financial Services and Markets Act 2023 ("FSMA 2023"), which regulates market activities in "cryptoassets;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in November 2023, Binance Holdings Ltd. and its then chief executive officer reached a settlement with the U.S. Department of Justice, CFTC, the U.S. Department of Treasury's Office of Foreign Asset Control, and the Financial Crimes Enforcement Network to resolve a multi-year investigation by the agencies and a civil

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suit brought by the CFTC, pursuant to which Binance Holdings Ltd. agreed to, among other things, pay $4.3 billion in penalties across the four agencies and to discontinue its operations in the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in China, the People's Bank of China and the National Development and Reform Commission have outlawed cryptocurrency mining and declared all cryptocurrency transactions illegal within the country.

While the complaint against Coinbase, Inc. was dismissed in February 2025, the complaint against Payward Inc. and Payward Ventures Inc. was dismissed with prejudice in March 2025, and the complaint against Binance Holdings Ltd. was dismissed on May 29, 2025, the SEC or other regulatory agencies may initiate similar actions in the future, which could materially impact the price of Bitcoin and our ability to own or transfer Bitcoin. Further, in June of 2025 a federal judge in the Southern District of New York rejected a joint motion by Ripple Labs and the SEC that would have endorsed the $50 million fine to settle a civil lawsuit over the sale of alleged unregistered securities. Similar intervention by the U.S. courts may also materially impact the price of Bitcoin and our ability to own or transfer Bitcoin.

It is not possible to predict whether or when new laws will be enacted that change the legal framework governing digital assets or provide additional authorities to the SEC or other regulators, or whether or when any other federal, state or foreign legislative bodies will take any similar actions. It is also not possible to predict the nature of any such additional laws or authorities, how additional legislation or regulatory oversight might impact the ability of digital asset markets to function, the willingness of financial and other institutions to continue to provide services to the digital assets industry, or how any new laws or regulations, or changes to existing laws or regulations, might impact the value of digital assets generally and Bitcoin specifically. The consequences of any new law or regulation relating to digital assets and digital asset activities could adversely affect the market price of Bitcoin, as well as our ability to hold or transact in Bitcoin, and in turn adversely affect the market price of our ADSs.

Moreover, the risks of engaging in a Bitcoin strategy are relatively novel and have created, and could continue to create, complications due to the lack of experience that third parties have with companies engaging in such a strategy, such as increased costs of director and officer liability insurance or the potential inability to obtain such coverage on acceptable terms in the future.

The growth of the digital assets industry in general, and the use and acceptance of Bitcoin in particular, may also impact the price of Bitcoin and is subject to a high degree of uncertainty. The pace of worldwide growth in the adoption and use of Bitcoin may depend, for instance, on public familiarity with digital assets, ease of buying, accessing or gaining exposure to Bitcoin, institutional demand for Bitcoin as an investment asset, the participation of traditional financial institutions in the digital assets industry, consumer demand for Bitcoin as a store of value or means of payment, and the availability and popularity of alternatives to Bitcoin. Even if growth in Bitcoin adoption occurs in the near or medium-term, there is no assurance that Bitcoin usage will continue to grow over the long-term.

Because Bitcoin has no physical existence beyond the record of transactions on the Bitcoin blockchain, a variety of technical factors related to the Bitcoin blockchain could also impact the price of Bitcoin. For example, malicious attacks by miners, inadequate mining fees to incentivize validating of Bitcoin transactions, hard "forks" of the Bitcoin blockchain into multiple blockchains, airdops, and advances in digital computing, algebraic geometry, and quantum computing could undercut the integrity of the Bitcoin blockchain and negatively affect the price of Bitcoin. In the occurrence of such events, there is a risk that we may not be able to access, claim, or benefit from such assets, or that doing so could expose us to additional risks or liabilities. The liquidity of Bitcoin may also be reduced and damage to the public perception of Bitcoin may occur, if financial institutions were to deny or limit banking services to businesses that hold Bitcoin, provide Bitcoin-related services or accept Bitcoin as payment, which could also decrease the price of Bitcoin. Actions by U.S. banking regulators, such as the issuance in February 2023 by Federal banking agencies of the "Interagency Liquidity Risk Statement," which cautioned banks on contagion risks posed by providing services to digital assets customers, and similar actions, have in the past resulted in or contributed to reductions in access to banking services for Bitcoin-related customers and service providers, or the willingness of traditional financial institution to participate in markets for digital assets. The liquidity of Bitcoin may also be impacted to the extent that changes in applicable laws and regulatory requirements negatively impact the ability of exchanges and trading venues to provide services for Bitcoin and other digital assets.

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***Our historical financial statements do not reflect the potential variability in earnings that we may experience in the future relating to our Bitcoin holdings.***

Because we are only beginning to enact our Bitcoin strategy, our historical financial statements do not reflect the potential variability in earnings that we may experience in the future from holding or selling significant amounts of Bitcoin. The price of Bitcoin has historically been subject to dramatic price fluctuations and is highly volatile.

***The availability of spot ETPs for Bitcoin and other digital assets may adversely affect the market price of our ADSs.***

Although Bitcoin and other digital assets have experienced a surge of investor attention since Bitcoin was invented in 2008, until recently investors in the United States had limited means to gain direct exposure to Bitcoin through traditional investment channels, and instead generally were only able to hold Bitcoin through "hosted" wallets provided by digital asset service providers or through "unhosted" wallets that expose the investor to risks associated with loss or hacking of their private keys. Given the relative novelty of digital assets, general lack of familiarity with the processes needed to hold Bitcoin directly, as well as the potential reluctance of financial planners and advisers to recommend direct Bitcoin holdings to their retail customers because of the manner in which such holdings are custodied, some investors have sought exposure to Bitcoin through investment vehicles that hold Bitcoin and issue shares representing fractional undivided interests in their underlying Bitcoin holdings. These vehicles, which were previously offered only to "accredited investors" on a private placement basis, have in the past traded at substantial premiums to net asset value, possibly due to the relative scarcity of traditional investment vehicles providing investment exposure to Bitcoin.

On January 10, 2024, the SEC approved the listing and trading of spot Bitcoin ETPs, the shares of which can be sold in public offerings and are traded on U.S. national securities exchanges. The approved ETPs commenced trading directly to the public on January 11, 2024, with a trading volume of $4.6 billion on the first trading day. To the extent investors view our ADSs as providing exposure to Bitcoin, it is possible that the value of our ADSs may be influenced by the trading activity and performance of these spot Bitcoin ETPs. Additionally, on May 23, 2024, the SEC approved rule changes permitting the listing and trading of spot ETPs that invest in ether, the main crypto asset supporting the Ethereum blockchain. The approved spot ETPs commenced trading directly to the public on July 23, 2024. The listing and trading of spot ETPs for ether offers investors another alternative to gain exposure to digital assets, which could result in a decline in the trading price of Bitcoin as well as a decline in the value of our ADSs relative to the value of our Bitcoin.

Although we are an operating company, and we believe we offer a different value proposition than a Bitcoin investment vehicle such as a spot Bitcoin ETP, investors may nevertheless view our ADSs as an alternative to an investment in an ETP, and choose to purchase shares of a spot Bitcoin ETP instead of our ADSs. They may do so for a variety of reasons, including if they believe that ETPs offer a "pure play" exposure to Bitcoin that is generally not subject to federal income tax at the entity level as we are, or the other risk factors applicable to an operating business, such as ours. Additionally, unlike spot Bitcoin ETPs, we (i) do not seek for our ADSs to track the value of the underlying Bitcoin we hold before payment of expenses and liabilities, (ii) do not benefit from various exemptions and relief under the Securities Exchange Act of 1934, as amended ("the Exchange Act"), including Regulation M, and other securities laws, which enable ETPs to continuously align the value of their shares to the price of the underlying assets they hold through share creation and redemption, (iii) operate a wholly-owned Delaware limited liability company rather than a statutory trust, and do not operate pursuant to a trust agreement that would require us to pursue one or more stated investment objectives, and (iv) are not required to provide daily transparency as to our Bitcoin holdings or our daily net asset value. Furthermore, recommendations by broker-dealers to buy, hold, or sell complex products and non-traditional ETPs, or an investment strategy involving such products, may be subject to additional or heightened scrutiny that would not be applicable to broker-dealers making recommendations with respect to our securities. Based on how we are viewed in the market relative to ETPs, and other vehicles which offer economic exposure to Bitcoin, such as Bitcoin futures exchange-traded funds ("ETFs"), leveraged Bitcoin futures ETFs, and similar vehicles offered on international exchanges, any premium or discount in our ADSs relative to the value of our Bitcoin holdings may increase or decrease in different market conditions.

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As a result of the foregoing factors, availability of spot ETPs and ETFs for Bitcoin and other digital assets could have a material adverse effect on the market price of our ADSs.

***Our Bitcoin strategy subjects us to enhanced regulatory oversight.***

As noted above, several spot Bitcoin ETPs have received approval from the SEC to list their shares on a U.S. national securities exchange with continuous share creation and redemption at net asset value. Even though we are not, and do not function in the manner of, a spot Bitcoin ETP, it is possible that we nevertheless could face regulatory scrutiny from the SEC or other federal or state agencies due to our Bitcoin holdings.

In addition, there has been increasing focus on the extent to which digital assets can be used to launder the proceeds of illegal activities, fund criminal or terrorist activities, or circumvent sanctions regimes, including those sanctions imposed in response to the ongoing conflict between Russia and Ukraine. While we have implemented and maintain policies and procedures reasonably designed to promote compliance with applicable anti-money laundering and sanctions laws and regulations and take care to only acquire our Bitcoin through entities subject to anti-money laundering regulation and related compliance rules in the United States, if we are found to have purchased any of our Bitcoin from bad actors that have used Bitcoin to launder money or persons subject to sanctions, we may be subject to regulatory proceedings and any further transactions or dealings in Bitcoin by us may be restricted or prohibited.

All of our current Bitcoin holdings serve as collateral securing our outstanding indebtedness pursuant to the Secured Convertible Debentures, and all or a significant portion of our Bitcoin holdings may continue to serve as collateral for such indebtedness in the future. We may also consider pursuing strategies to create income streams or otherwise generate funds using our Bitcoin holdings. These types of Bitcoin-related transactions are the subject of enhanced regulatory oversight. These and any other Bitcoin-related transactions we may enter into, beyond simply acquiring and holding Bitcoin, may subject us to additional regulatory compliance requirements and scrutiny, including under federal and state money services regulations, money transmitter licensing requirements and various commodity and securities laws and regulations.

Additional laws, guidance and policies may be issued by domestic and foreign regulators following the filing for Chapter 11 bankruptcy protection by FTX, one of the world's largest cryptocurrency exchanges, in November 2022. The FTX collapse may have increased regulatory focus on the digital assets industry. Increased enforcement activity and changes in the regulatory environment, including changing interpretations and the implementation of new or varying regulatory requirements by the government or any new legislation affecting Bitcoin, as well as enforcement actions involving or impacting our trading venues, counterparties and custodians, may impose significant costs or significantly limit our ability to hold and transact in Bitcoin.

In addition, private actors that are wary of Bitcoin or the regulatory concerns associated with Bitcoin have in the past taken and may in the future take further actions that may have an adverse effect on our business or the market price of our ADSs. For example, it is possible that a financial institution could restrict customers from buying shares of our ADSs if it were to determine that our ADSs' value is closely tied to the performance of Bitcoin, signaling a reluctance to facilitate exposure to virtual currencies.

***Due to the unregulated nature and lack of transparency surrounding the operations of many Bitcoin trading venues, Bitcoin trading venues may experience greater fraud, security failures or regulatory or operational problems than trading venues for more established asset classes, which may result in a loss of confidence in Bitcoin trading venues and adversely affect the value of our Bitcoin.***

Bitcoin trading venues are relatively new and, in many cases, unregulated. Furthermore, there are many Bitcoin trading venues which do not provide the public with significant information regarding their ownership structure, management teams, corporate practices and regulatory compliance. As a result, the marketplace may lose confidence in Bitcoin trading venues, including prominent exchanges that handle a significant volume of Bitcoin trading and/or are subject to regulatory oversight, in the event one or more Bitcoin trading venues cease or pause for a prolonged period the trading of Bitcoin or other digital assets, or experience fraud, significant volumes of withdrawal, security failures or operational problems.

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In 2019 there were reports claiming that 80-95% of Bitcoin trading volume on trading venues was false or non-economic in nature, with specific focus on unregulated exchanges located outside of the United States. The SEC also alleged as part of its June 5, 2023, complaint against Binance Holdings Ltd. that Binance committed strategic and targeted "wash trading" through its affiliates to artificially inflate the volume of certain digital assets traded on its exchange. The SEC has also brought recent actions against individuals and digital asset market participants alleging that such persons artificially increased trading volumes in certain digital assets through wash trades, or repeated buying and selling of the same assets in fictitious transactions to manipulate their underlying trading price. Such reports and allegations may indicate that the Bitcoin market is significantly smaller than expected and that the United States makes up a significantly larger percentage of the Bitcoin market than is commonly understood. Any actual or perceived wash trading in the Bitcoin market, and any other fraudulent or manipulative acts and practices, could adversely affect the value of our Bitcoin.

Negative perception, a lack of stability in the broader Bitcoin markets and the closure, temporary shutdown or operational disruption of Bitcoin trading venues, lending institutions, institutional investors, institutional miners, custodians, or other major participants in the Bitcoin ecosystem, due to fraud, business failure, cybersecurity events, government-mandated regulation, bankruptcy, or for any other reason, may result in a decline in confidence in Bitcoin and the broader Bitcoin ecosystem and greater volatility in the price of Bitcoin. For example, in 2022, each of Celsius Network, Voyager Digital, Three Arrows Capital, FTX, and BlockFi filed for bankruptcy, following which the market prices of Bitcoin and other digital assets significantly declined. In addition, in June 2023, the SEC announced enforcement actions against Coinbase, Inc., and Binance Holdings Ltd., two providers of large trading venues for digital assets, which similarly was followed by a decrease in the market price of Bitcoin and other digital assets. These were followed in November 2023, by an SEC enforcement action against Payward Inc. and Payward Ventures Inc., together known as Kraken, another large trading venue for digital assets. While the complaint against Coinbase, Inc. was dismissed in February 2025, the complaint against Payward Inc. and Payward Ventures Inc. was dismissed with prejudice in March 2025, and the complaint against Binance Holdings Ltd. was dismissed on May 29, 2025, the SEC or other regulatory agencies may initiate similar actions in the future. As the price of our ADSs is affected by the value of our Bitcoin holdings, the failure of a major participant in the Bitcoin ecosystem could have a material adverse effect on the market price of our ADSs.

***The concentration of our Bitcoin holdings could enhance the risks inherent in our Bitcoin strategy.***

The concentration of our Bitcoin holdings limits the risk mitigation that we could achieve if we were to purchase a more diversified portfolio of treasury assets, and the absence of diversification enhances the risks inherent in our Bitcoin strategy. Any future significant declines in the price of Bitcoin would have, a more pronounced impact on our financial condition than if we used our cash to purchase a more diverse portfolio of assets.

***The emergence or growth of other digital assets, including those with significant private or public sector backing, could have a negative impact on the price of Bitcoin and adversely affect our business.***

As a result of our Bitcoin strategy, our assets are concentrated in our Bitcoin holdings. Accordingly, the emergence or growth of digital assets other than Bitcoin may have a material adverse effect on our financial condition. As of the date of this prospectus, Bitcoin is the largest digital asset by market capitalization. However, there are numerous alternative digital assets and many entities, including consortiums and financial institutions, are researching and investing resources into private or permissioned blockchain platforms or digital assets that do not use proof-of-work mining like the Bitcoin network. For example, in late 2022, the Ethereum network transitioned to a "proof-of-stake" mechanism for validating transactions that requires significantly less computing power than proof-of-work mining. The Ethereum network has completed another major upgrade since then and may undertake additional upgrades in the future. If the mechanisms for validating transactions in Ethereum and other alternative digital assets are perceived as superior to proof-of-work mining, those digital assets could gain market share relative to Bitcoin.

Other alternative digital assets that compete with Bitcoin in certain ways include "stablecoins," which are designed to maintain a constant price because of, for instance, their issuers' promise to hold high-quality liquid assets (such as U.S. dollar deposits and short-term U.S. treasury securities) equal to the total value of stablecoins in

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circulation. Stablecoins have grown rapidly as an alternative to Bitcoin and other digital assets as a medium of exchange and store of value, particularly on digital asset trading platforms. As of March 31, 2025, two of the seven largest digital assets by market capitalization were U.S. dollar-pegged stablecoins.

Additionally, central banks in some countries have started to introduce digital forms of legal tender. For example, China's CBDC project was made available to consumers in January 2022, and governments including the United States, the United Kingdom, the European Union, and Israel have been discussing the potential creation of new CBDCs. Whether or not they incorporate blockchain or similar technology, CBDCs, as legal tender in the issuing jurisdiction, could also compete with, or replace, Bitcoin and other digital assets as a medium of exchange or store of value. As a result, the emergence or growth of these or other digital assets could cause the market price of Bitcoin to decrease, which could have a material adverse effect on our business, prospects, financial condition, and operating results.

***Our Bitcoin holdings will be less liquid than our existing cash and cash equivalents and may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents.***

Historically, the Bitcoin market has been characterized by significant volatility in price, limited liquidity and trading volumes compared to sovereign currencies markets, relative anonymity, a developing regulatory landscape, potential susceptibility to market abuse and manipulation, compliance and internal control failures at exchanges, and various other risks inherent in its entirely electronic, virtual form and decentralized network. During times of market instability, we may not be able to sell our Bitcoin at favorable prices or at all. For example, a number of Bitcoin trading venues temporarily halted deposits and withdrawals in 2022. As a result, our Bitcoin holdings may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents.

Further, Bitcoin we hold with our custodians and transact with our trade execution partners does not enjoy the same protections as are available to cash or securities deposited with or transacted by institutions subject to regulation by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation.

Additionally, we may be unable to enter into term loans or other capital raising transactions collateralized by our unencumbered Bitcoin or otherwise generate funds using our Bitcoin holdings, including in particular during times of market instability or when the price of Bitcoin has declined significantly. If we are unable to sell our Bitcoin, enter into additional capital raising transactions, including capital raising transactions using Bitcoin as collateral, or otherwise generate funds using our Bitcoin holdings, or if we are forced to sell our Bitcoin at a significant loss, in order to meet our working capital requirements, our business and financial condition could be negatively impacted.

***If we or our third-party service providers experience a security breach or cyberattack and unauthorized parties obtain access to our Bitcoin, or if our private keys are lost or destroyed, or other similar circumstances or events occur, we may lose some or all of our Bitcoin and our financial condition and results of operations could be materially adversely affected.***

Substantially all of the Bitcoin we own will be held in custody accounts at one or more institutional-grade digital asset custodians. Further, third-party service providers provide us with material services in connection with the Bitcoin strategy. Security breaches and cyberattacks are of particular concern with respect to our Bitcoin. Bitcoin and other blockchain-based cryptocurrencies and the entities that provide services to participants in the Bitcoin ecosystem have been, and may in the future be, subject to security breaches, cyberattacks, or other malicious activities. For example, in October 2021 it was reported that hackers exploited a flaw in the account recovery process and stole from the accounts of at least 6,000 customers of the Coinbase exchange, although the flaw was subsequently fixed and Coinbase reimbursed affected customers. Similarly, in November 2022, hackers exploited weaknesses in the security architecture of the FTX Trading digital asset exchange and reportedly stole over $400 million in digital assets from customers. A successful security breach or cyberattack could result in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a partial or total loss of our Bitcoin in a manner that may not be covered by insurance or the liability provisions of the custody agreements with the custodians who hold our Bitcoin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• harm to our reputation and brand;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• improper disclosure of data and violations of applicable data privacy and other laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant regulatory scrutiny, investigations, fines, penalties, and other legal, regulatory, contractual and financial exposure.

Further, any actual or perceived data security breach or cybersecurity attack directed at other companies with digital assets or companies that operate digital asset networks, regardless of whether we are directly impacted, could lead to a general loss of confidence in the broader Bitcoin blockchain ecosystem or in the use of the Bitcoin network to conduct financial transactions, which could negatively impact us.

Attacks upon systems across a variety of industries, including industries related to Bitcoin, are increasing in frequency, persistence, and sophistication, and, in many cases, are being conducted by sophisticated, well-funded and organized groups and individuals, including state actors. The techniques used to obtain unauthorized, improper or illegal access to systems and information (including personal data and digital assets), disable or degrade services, or sabotage systems are constantly evolving, may be difficult to detect quickly, and often are not recognized or detected until after they have been launched against a target. These attacks may occur on our systems or those of our third-party service providers or partners. We may experience breaches of our security measures due to human error, malfeasance, insider threats, system errors or vulnerabilities or other irregularities. In particular, unauthorized parties have attempted, and we expect that they will continue to attempt, to gain access to our systems and facilities, as well as those of our partners and third-party service providers, through various means, such as hacking, social engineering, phishing and fraud. In the past, hackers have successfully employed a social engineering attack against one of our service providers and misappropriated our digital assets, although, to date, such events have not been material to our financial condition or operating results. Threats can come from a variety of sources, including criminal hackers, hacktivists, state-sponsored intrusions, industrial espionage, and insiders. In addition, certain types of attacks could harm us even if our systems are left undisturbed. For example, certain threats are designed to remain dormant or undetectable, sometimes for extended periods of time, or until launched against a target and we may not be able to implement adequate preventative measures. Further, there has been an increase in such activities due to the increase in work-from-home arrangements since the onset of the COVID-19 pandemic. The risk of cyberattacks could also be increased by cyberwarfare in connection with geopolitical conflicts, such as the ongoing Russia-Ukraine conflict, or conflicts in the Middle East, including potential proliferation of malware into systems unrelated to such conflicts. Any future breach of our operations or those of others in the Bitcoin industry, including third-party services on which we rely, could materially and adversely affect our business.

***We face risks relating to the use of third-party advisors connection with the execution of our Bitcoin strategy.***

We use third-parties to provide advisory services related to the execution of our Bitcoin strategy. We pay or may pay fees and incentive fees to such third-parties, and may reimburse such third-parties for certain expenses they incur. The fees may be based on a percentage of our net assets and, consequently, such third-parties may have conflicts of interest in connection with decisions that could affect our net assets, such as decisions as to whether and when to make future investments. The departure or termination of, or any misconduct of the third-party advisors, or of a significant number of professionals who act as agents of, or provide support to, the third-party advisors, could have a material adverse effect on our business, financial condition or the results of our operations.

***We face risks relating to the custody of our Bitcoin, including the loss or destruction of private keys required to access our Bitcoin and cyberattacks or other data loss relating to our Bitcoin.***

We hold substantially all of our Bitcoin in custody accounts at a U.S.-based, institutional-grade custodian that has demonstrated records of regulatory compliance and information security, and as we further execute on our strategy, we may expand our holdings to multiple similar custodians. Our custodial services contract does, and any future contracts will, not restrict our ability to reallocate our Bitcoin among our custodians, and our Bitcoin holdings may be concentrated with a single custodian from time to time, such as presently as we negotiate new arrangements. In light of the significant amount of Bitcoin we will hold, we will continually seek to engage additional custodians to achieve a greater degree of diversification in the custody of our Bitcoin as the extent of potential risk of loss is dependent, in part, on the degree of diversification. If there is a decrease in the availability of digital asset custodians that we believe can safely custody our Bitcoin, for example, due to regulatory developments or enforcement actions

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that cause custodians to discontinue or limit their services in the United States, we may need to enter into agreements that are less favorable or take other measures to custody our Bitcoin, and our ability to seek a greater degree of diversification in the use of custodial services would be materially adversely affected.

Any insurance that may cover losses of our Bitcoin holdings will cover only a small fraction of the value of the entirety of our Bitcoin holdings, and there can be no guarantee that such insurance will be maintained as part of the custodial services we have or that such coverage will cover losses with respect to our Bitcoin. Moreover, our use of custodians exposes us to the risk that the Bitcoin our custodians hold on our behalf could be subject to insolvency proceedings and we could be treated as a general unsecured creditor of the custodian, inhibiting our ability to exercise ownership rights with respect to such Bitcoin. Any loss associated with such insolvency proceedings is unlikely to be covered by any insurance coverage we may maintain related to our Bitcoin.

Bitcoin is controllable only by the possessor of both the unique public key and private key(s) relating to the local or online digital wallet in which the Bitcoin is held. While the Bitcoin blockchain ledger requires a public key relating to a digital wallet to be published when used in a transaction, private keys must be safeguarded and kept private in order to prevent a third party from accessing the Bitcoin held in such wallet. To the extent the private key(s) for a digital wallet are lost, destroyed, or otherwise compromised and no backup of the private key(s) is accessible, neither we nor our custodians will be able to access the Bitcoin held in the related digital wallet. Furthermore, we cannot provide assurance that our digital wallets, nor the digital wallets of our custodians held on our behalf, will not be compromised as a result of a cyberattack. The Bitcoin and blockchain ledger, as well as other digital assets and blockchain technologies, have been, and may in the future be, subject to security breaches, cyberattacks, or other malicious activities.

***Regulatory change reclassifying Bitcoin as a security could lead to our classification as an "investment company" under the Investment Company Act of 1940 and could adversely affect the market price of Bitcoin and the market price of our ADSs.***

Under Sections 3(a)(1)(A) and (C) of the Investment Company Act of 1940 (the "Investment Company Act"), a company generally will be deemed to be an "investment company" for purposes of the Investment Company Act if (i) it is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities or (ii) it engages, or proposes to engage, in the business of investing, reinvesting, owning, holding or trading in securities and it owns or proposes to acquire investment securities having a value exceeding 40% of the value of its total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis.

A significant portion of our assets are concentrated in our Bitcoin holdings. While senior SEC officials have stated their view that Bitcoin is not a "security" for purposes of the federal securities laws, a contrary determination by the SEC could lead to our classification as an "investment company" under the Investment Company Act, which would subject us to significant additional regulatory controls that could have a material adverse effect on our ability to execute on our Bitcoin strategy, and our business and operations and may also require us to substantially change the manner in which we conduct our business.

In addition, if Bitcoin is determined to constitute a security for purposes of the federal securities laws, the additional regulatory restrictions imposed by such a determination could adversely affect the market price of Bitcoin and in turn adversely affect the market price of our ADSs.

***Our Bitcoin strategy exposes us to risk of non-performance by counterparties.***

Our Bitcoin strategy exposes us to the risk of non-performance by counterparties, whether contractual or otherwise. Risk of non-performance includes inability or refusal of a counterparty to perform because of a deterioration in the counterparty's financial condition and liquidity or for any other reason. For example, our execution partners, custodians, or other counterparties might fail to perform in accordance with the terms of our agreements with them, which could result in a loss of Bitcoin, a loss of the opportunity to generate funds, or other losses.

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Our primary counterparty risk with respect to our Bitcoin is custodian performance obligations under the various custody arrangements we have entered into. A series of recent high-profile bankruptcies, closures, liquidations, regulatory enforcement actions and other events relating to companies operating in the digital asset industry, including the filings for bankruptcy protection by Three Arrows Capital, Celsius Network, Voyager Digital, FTX Trading and Genesis Global Capital, the closure or liquidation of certain financial institutions that provided lending and other services to the digital assets industry, including Signature Bank and Silvergate Bank, SEC enforcement actions against Coinbase, Inc., Binance Holdings Ltd., and Kraken, the placement of Prime Trust, LLC into receivership following a cease-and-desist order issued by Nevada's Department of Business and Industry, and the filing and subsequent settlement of a civil fraud lawsuit by the New York Attorney General against Genesis Global Capital, its parent company Digital Currency Group, Inc., and former partner Gemini Trust Company have highlighted the perceived and actual counterparty risk applicable to digital asset ownership and trading. Although these bankruptcies, closures and liquidations have not resulted in any loss or misappropriation of our Bitcoin, nor have such events adversely impacted our access to our Bitcoin, legal precedent created in these bankruptcy and other proceedings may increase the risk of future rulings adverse to our interests in the event one or more of our custodians becomes a debtor in a bankruptcy case or is the subject of other liquidation, insolvency or similar proceedings.

While all of our custodians are subject to regulatory regimes intended to protect customers in the event of a custodial bankruptcy, receivership or similar insolvency proceeding, no assurance can be provided that our custodially-held Bitcoin will not become part of the custodian's insolvency estate if one or more of our custodians enters bankruptcy, receivership or similar insolvency proceedings. Additionally, if we pursue any strategies to create income streams or otherwise generate funds using our Bitcoin holdings, we would become subject to additional counterparty risks. Any significant non-performance by counterparties, including in particular the custodians with which we custody substantially all of our Bitcoin, could have a material adverse effect on our business, prospects, financial condition, and operating results.

***We are not subject to legal and regulatory obligations that apply to investment companies such as mutual funds and exchange-traded funds, or to obligations applicable to investment advisers.***

While senior SEC officials have stated their view that Bitcoin is not a "security" for purposes of the federal securities laws, a contrary determination by the SEC could lead to our classification as an "investment company" under the Investment Company Act of 1940, which would subject us to significant additional regulatory controls that could have a material adverse effect on our ability to execute on our Bitcoin strategy, and our business and operations and may also require us to substantially change the manner in which we conduct our business.

Mutual funds, ETFs and their directors and management are subject to extensive regulation as "investment companies" and "investment advisers" under U.S. federal and state law; this regulation is intended for the benefit and protection of investors. At this point in time, we are not subject to, and do not otherwise voluntarily comply with, these laws and regulations. This means, among other things, that the execution of or changes to our Treasury Reserve Policy or our Bitcoin strategy, our use of leverage, the manner in which our Bitcoin is custodied, our ability to engage in transactions with affiliated parties and our operating and investment activities generally are not subject to the extensive legal and regulatory requirements and prohibitions that apply to investment companies and investment advisers. For example, although a significant change to our Treasury Reserve Policy would require the approval of our Board, no shareholder or regulatory approval would be necessary. Consequently, our Board has broad discretion over the investment, leverage and cash management policies it authorizes, whether in respect of our Bitcoin holdings or other activities we may pursue, and has the power to change our current policies, including our strategy of acquiring and holding Bitcoin.

***Our potential loss of foreign private issuer status will increase our regulatory and compliance costs.***

We may lose foreign private issuer status as soon as the beginning of 2027 depending on whether the majority of our assets will be held in the United States. Following the loss of foreign private issuer status, we will no longer be eligible to use the rules designated for foreign private issuers and will be required to comply with the reporting regime that applies to US domestic public companies. The regulatory and compliance costs to us under US securities laws as a US domestic public company will potentially be greater than the costs incurred as a foreign private issuer.

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Among other consequences, once we are not a foreign private issuer, we will be required to file periodic and current reports and registration statements on US domestic public company forms with the SEC, which are generally more detailed and extensive than the forms available to a foreign private issuer and are generally required to be filed within shorter time periods. In addition, we will be required to comply with the proxy requirements applicable to US domestic public companies and will lose the ability to rely on exemptions from corporate governance requirements that are available to foreign private issuers.

**Risks Related to our Secured Convertible Debentures and Potential Future Indebtedness** 

***Our level and terms of indebtedness could adversely affect our ability to raise additional capital to further execute on our Bitcoin strategy, fund other operations, and take advantage of new business opportunities.***

Our indebtedness, whether currently existing or incurred in the future, could have important consequences to us, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our ability to use a substantial portion of our cash flow from operations in other areas of our business, including for acquisition of additional Bitcoin, working capital, developing our products and services, capital expenditures, and other general business activities and investment opportunities in our company, because we must dedicate a substantial portion of these funds to pay interest on and/or service our debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our ability to obtain additional financing in the future for acquisition of additional Bitcoin, working capital, capital expenditures, debt service, acquisitions, execution of our strategy, and other expenses or investments planned by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our flexibility and our ability to capitalize on business opportunities and to react to competitive pressures and adverse changes in government regulation, our business, and our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing our vulnerability to a downturn in our business and to adverse economic and industry conditions generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring us to maintain Bitcoin or liquid assets to cover any repurchase, conversion or collateral requirement of the Secured Convertible Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• placing us at a competitive disadvantage as compared to our competitors that are less leveraged; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our ability, or increasing the costs, to refinance indebtedness.

We may be unable to service our indebtedness, which could cause us to default on our debt obligations and could force us into bankruptcy or liquidation.

Our ability to make scheduled payments on and to refinance our indebtedness (whether currently existing or incurred in the future) depends, and will depend, on and is subject to our financial and operating performance, which is influenced, in part, by general economic, financial, competitive, legislative, regulatory, counterparty business, and other risks that are beyond our control, including the availability of financing in the U.S. banking and capital markets. If our cash flows and capital resources are insufficient to fund our debt service obligations, we may be forced to reduce or delay capital expenditures, sell assets, seek additional capital, or restructure or refinance our indebtedness. We cannot assure you that future borrowings will be available to us in an amount sufficient to enable us to service our indebtedness, to refinance our indebtedness, or to fund our other liquidity needs. Even if refinancing indebtedness is available, any refinancing of our indebtedness could be at higher interest rates and may require us to comply with more onerous covenants that could further restrict our business operations. In addition, our Bitcoin strategy anticipates that we may issue additional debt in future periods to finance additional purchases of Bitcoin, but if we are unable to generate sufficient cash flow to service our debt and make necessary capital expenditures, we may be required to sell Bitcoin. These alternative measures may not be successful and may not permit us to meet our scheduled debt service obligations or our financial covenants, which could cause us to default on our debt obligations. In addition, any failure to make payments of interest and principal on our outstanding

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indebtedness on a timely basis would likely result in a reduction of our credit rating, which could harm our ability to incur additional indebtedness.

Upon the occurrence of an event of default under our indebtedness (whether currently existing or incurred in the future), the holders of the defaulted indebtedness could elect to declare all the funds borrowed to be due and payable, together with accrued and unpaid interest. Any of these events could in turn result in cross-defaults under any other indebtedness. We may not have sufficient funds available to pay the amounts due upon any such default, particularly in the event that there has been a decrease in the market value of our Bitcoin holdings, and we may not be able to raise additional funds to pay such amounts on a timely basis, on terms we find acceptable, or at all. Any financing that we may undertake under such circumstances could result in substantial dilution of our existing stockholders, and in the absence of being able to obtain such financing, we could be forced into bankruptcy or liquidation.

***We may not have the ability to raise the funds necessary to repurchase the Secured Convertible Debentures for cash upon a fundamental change or other event which could necessitate repayment of the Secured Convertible Debentures, including the mandatory repayment of the Secured Convertible Debentures required at maturity, and any future debt may contain limitations on our ability to engage in repurchases of the Secured Convertible Debentures.***

Upon a Fundamental Change as defined in the Secured Convertible Debentures, all holders of the Secured Convertible Debentures will have the right, at each holder's option, to require us to repurchase for cash all or any portion of such holder's Secured Convertible Debenture at a repurchase price equal to the outstanding principal balance to be so repurchased, plus all accrued and unpaid interest thereunder as of the date of such repurchase, plus the Payment Premium as defined in the Secured Convertible Debentures, in respect of such principal balance and accrued and unpaid interest.

In order to obtain sufficient funds to pay the pay cash to repurchase the Secured Convertible Debentures or otherwise repay the Secured Convertible Debentures at maturity, we expect that we may have to refinance the Secured Convertible Debentures or obtain a waiver from the applicable holders of the Secured Convertible Debentures and we may not be able to refinance the Secured Convertible Debentures on reasonable terms, if at all. Absent a waiver from the applicable holders of the Secured Convertible Debentures, our failure to repurchase all validly tendered Secured Convertible Debentures or repay the Secured Convertible Debentures at maturity would be an event of default under the Secured Convertible Debentures. Additionally, the collateral held by the collateral agent under the Secured Convertible Debentures may not be available to us to repurchase or repay the Secured Convertible Debentures since that collateral is subject to release only in accordance with the terms of the Secured Convertible Debentures.

Moreover, the exercise by holders of the Secured Convertible Debentures of their right to require us to repurchase such Secured Convertible Debentures could cause a default under future debt agreements, even if the change of control or fundamental change itself does not, due to the financial effect of such repurchase on us.

Any future debt may contain limitations on our ability to (i) pay cash upon repurchase of the Secured Convertible Debentures or (ii) sell certain Bitcoin or other assets to generate cash that can be used to make such cash payments.

***The optional conversion feature of the Secured Convertible Debentures, if elected by the Holders, may adversely affect our financial condition and operating results.***

In the event the optional conversion feature of the Secured Convertible Debentures is elected to be used by any holders, holders of the applicable Secured Convertible Debentures will be entitled to convert such Secured Convertible Debentures at any time during specified periods at their option. If one or more holders elect to convert their Secured Convertible Debentures, and we fail to satisfy our conversion obligation by delivering the applicable ordinary shares for the delivery of ADSs in the amount of time permitted by the Secured Convertible Debentures, we would be required to settle a portion or all of our conversion obligation through the payment of cash, which could adversely affect our liquidity. Furthermore, even if holders do not elect to convert their Secured Convertible Debentures, we could be required under applicable accounting rules to reclassify all or a portion of the outstanding

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principal of the applicable Secured Convertible Debentures as a current rather than long-term liability, which would result in a material reduction of our net working capital.

***Conversion of the Secured Convertible Debentures will dilute the ownership interest of existing shareholders or may otherwise depress the price of our ADSs and ordinary shares.***

The conversion of some or all of the Secured Convertible Debentures may dilute the ownership interests of holders of our ADSs. Any sales in the public market of our ADSs deliverable upon conversion of the Secured Convertible Debentures could adversely affect prevailing market prices of our ADSs. In addition, the existence of the Secured Convertible Debentures may encourage short selling by market participants because the conversion of the Secured Convertible Debentures could be used to satisfy short positions, or anticipated conversion of the Secured Convertible Debentures into our ADSs could depress the price of our ADSs.

***Despite our current level of indebtedness, we may incur substantially more indebtedness and enter into other transactions in the future which could further exacerbate the risks related to our indebtedness.***

Our Bitcoin strategy includes acquiring Bitcoin using proceeds from equity and debt financings and cash flows from operations. As such, despite our current level of indebtedness, we may incur substantially more indebtedness, and we may enter into other transactions in the future. Even if we were to enter into debt or other arrangements that contain restrictions on our ability to incur additional indebtedness, these restrictions may be subject to a number of qualifications and exceptions that would allow us to incur significant additional indebtedness. To the extent we incur additional indebtedness or other obligations, the risks described herein with respect to our indebtedness may increase significantly.

***Collateral requirements and the repurchase rights of holders of our Secured Convertible Debentures may constrain our Bitcoin strategy and our business.***

As of the Issuance Date and immediately following the closing of the Secured Convertible Debentures and the Common Equity Private Placement, we are required to have a Loan-to-Collateral Ratio of less than or equal to 1.0 to 1.95, with the Loan-to-Collateral Ratio calculated as the ratio of (a) the aggregate outstanding principal balance of all Secured Convertible Debentures to (b) the sum of (i) the aggregate market value of Bitcoin collateral, plus (ii) the aggregate value of all of our cash and cash equivalents collateral. In addition, all holders of Secured Convertible Debentures have the right, at each holder's option, to require us to repurchase each such holder's Secured Convertible Debenture for cash on July 7, 2028, subject to the terms and conditions in the respective Secured Convertible Debentures. The collateral held by the collateral agent under the Secured Convertible Debentures may not be available to us to repurchase or repay the Secured Convertible Debentures since that collateral is subject to release only in accordance with the terms of the Secured Convertible Debentures. We may need to maintain reserves in cash and cash equivalents, or otherwise liquidate Bitcoin holdings or other assets when it is not desirable or advisable to do so, in order to fund such obligations, which could negatively affect our business and results of operation.

***Fair value accounting for embedded derivatives in our debt instruments could generate significant earnings volatility and adversely affect investor perception, our stock price, and compliance with financial covenants.***

Certain features of our debt instruments, including early redemption options and potential price re-set mechanisms, result in the presence of an embedded derivative that must be accounted for separately under International Financial Reporting Standards (IFRS).

The embedded derivative is required to be measured at fair value through profit or loss, with remeasurement occurring at each reporting date. This accounting treatment may introduce significant volatility into our reported financial results, as changes in the fair value of the embedded derivative—driven by market interest rates, credit spreads, or other valuation inputs—are recognized in earnings, regardless of whether the underlying debt instrument is repaid or modified.

This volatility may not reflect the actual performance of our core operations and could adversely affect investor perception, our stock price, and our ability to comply with financial covenants. Additionally, the complexity of

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accounting for embedded derivatives may increase the risk of financial reporting errors or restatements, and may require significant management judgment and estimation.

Investors should be aware that these fair value adjustments are non-cash in nature, but may materially impact our financial statements and key performance indicators in any given reporting period.

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**USE OF PROCEEDS**

We will not receive any of the proceeds from the sale of ordinary shares (or ADSs representing such shares) in this offering. The Selling Securityholders will receive all of the proceeds from this offering.

Pursuant to the Debenture Private Placement, we received gross proceeds of approximately $181 million, which is being used for the purchase of Bitcoin and for general corporate purposes associated with purchasing Bitcoin, .In addition, we will receive proceeds from the issuance of the Warrants if such Warrants are exercised. If all Warrants are exercised at the exercise price of $1.40 per ADS, we would receive an additional approximately $28 million. There can be no assurance that any of the Warrants will be exercised by the Selling Stockholders. We intend to use the net proceeds, if any, from the cash exercise of the Warrants for the purchase of Bitcoin and for general corporate purposes primarily associated with purchasing Bitcoin. See "Prospectus Summary – Recent Developments - Issuance of Equity and Convertible Debt in Private Placements" and "The Debenture Private Placement" for additional information.

The Selling Securityholders will pay any fees, discounts and commissions, stock transfer taxes and fees and expenses of any counsel to the Selling Securityholders incurred by the Selling Securityholders in connection with registering or disposing of the ordinary shares (or ADSs representing such shares). We will bear all other fees and expenses incurred in effecting the registration of the ordinary shares (or ADSs representing such shares) covered by this prospectus or in the filing of any amendments or supplements to the registration statement or this prospectus and all other expenses incident to the registration of the ordinary shares (or ADSs representing such shares).

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**CAPITALIZATION**

The following table sets forth capitalization as of March 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ on an actual basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ on an as adjusted basis to give effect to (i) the Equity Private Placement and (ii) the Debenture Private Placement.

You should read this table in conjunction with other sections of this prospectus and any documents incorporated by reference, including our consolidated financial statements and the related notes.

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| | | | |
|:---|:---|:---|:---|
| | **At March 31, 2025** | **At March 31, 2025** | **At March 31, 2025** |
| | **Actual** | **As Adjusted** | **As Adjusted** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Cash and cash equivalents | $45948 | $404320 |  |
| Equity |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued capital | $2960 | $16696 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share premium | 14487 | 184319 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other capital reserves | 75518 | 75518 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (43049) | (43049) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | $(632) | $(632) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | $49284 | $232852 |  |
| Long-term liabilities (current and non-current) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible debt and accrued interest | $— | $174803 | \*\* |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible debt embedded derivative |  |  | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Government grant advances and interest-free loans | 9533 | 9533 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing receivables financing (secured) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 1464 | 1464 |  |
| Total capitalization | $60281 | $418652 |  |

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\*The valuation of the debt and the embedded derivative under IFRS has not yet been performed and is expected to be completed in the third quarter of 2025.

\*\*Amount of debt represents 189 million less the 4% discount and less transaction fees.

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**THE DEBENTURE PRIVATE PLACEMENT**

We are registering for resale 182,250,001 ADSs, representing 1,822,500,010 ordinary shares. On June 22, 2025, the Company entered into the Debenture Purchase Agreement with the Debenture Purchasers, pursuant to which the Company agreed to issue to the Debenture Purchasers in a private placement (a) the Secured Convertible Debentures in the aggregate principal amount of $189 million and (b) Warrants to purchase up to an aggregate of 20,249,998 Warrant Shares. The Debenture Private Placement closed on July 7, 2025.

The Secured Convertible Debentures are convertible into (i) the Conversion Shares or (ii) the Pre-Funded Warrants at the option of a Debenture Purchaser at any time at a conversion price of $2.10 per ADS, subject to adjustment as provided therein. From and after (a) the first anniversary date of the Issuance Date until, but not including, the second anniversary date of the Issuance Date, interest shall accrue on the outstanding principal balance of the Secured Convertible Debentures at an annual rate equal to 6.0%, and (b) the second anniversary date of the Issuance Date, interest shall accrue on the outstanding principal balance of the Secured Convertible Debentures at an annual rate equal to 8.0%.

The Pre-Funded Warrants are exercisable commencing upon issuance thereof at the Debenture Closing through the lifetime of the Company at a nominal exercise price of €0.01 per ordinary share represented by the Pre-Funded Warrant Shares, subject to adjustment as provided therein. The Warrants are exercisable commencing upon issuance thereof at the Debenture Closing for a period of 90 days and may be exercised for (i) ordinary shares represented by the Warrant Shares, at an exercise price equal to $1.40 for each Warrant or (ii) Pre-Funded Warrants, at an exercise price equal to $1.40 minus €0.01 for each Warrant.

The aggregate gross proceeds from the Debenture Private Placement were approximately $181 million. The Company intends to use the net proceeds from the Private Placements for the purchase of Bitcoin and for general corporate purposes associated with purchasing Bitcoin, subject to the security and collateral requirements of the Debenture Private Placement

The securities were issued without registration under the U.S. Securities Act of 1933, as amended, or the Securities Act, pursuant to the exemption from registration under the Securities Act for transactions not involving any public offering. We and the Selling Securityholders entered into the Debenture Registration Rights Agreement pursuant to which we are filing the registration statement which includes this prospectus.

See "Prospectus Summary – Recent Developments - Issuance of Equity and Convertible Debt in Private Placements" for additional information.

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**DESCRIPTION OF SHARE CAPITAL**

*The following description of our share capital summarizes certain provisions of our by-laws. Such summaries do not purport to be complete and are subject to, and are qualified in their entirety by reference to, all of the provisions of our by-laws, as amended as of June 30, 2025, a copy of which has been filed as an exhibit to the registration statement of which this prospectus forms a part.*

**General**

As of July 7, 2025, our share capital consisted of 1,427,163,962 issued ordinary shares, fully paid, and with a par value of €0.01 each, and total authorized capital of 7,311,627,501 ordinary shares. Each ADS represents ten ordinary shares. We have no preferred shares authorized or outstanding.

Under French law, our by-laws set forth only our issued and outstanding share capital as of the date of the by-laws. Our authorized share capital represents all issued and outstanding shares, as well as all potential shares which may be issued upon acquisition of restricted free shares or upon exercise of outstanding stock options, founders warrants, other warrants and convertible notes, as approved by our shareholders and our board of directors.

At the Shareholders' Ordinary General Meeting and Extraordinary Meeting of Sequans Communications S.A. held on June 30, 2025, our shareholders delegated authority to the Board of Directors to carry out:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• one or several capital increase up to a maximum nominal amount of €70,000,000 (or the equivalent of this amount in any other currency that is legal tender or in any unit of account established with reference to a set of currencies) by issuing shares and/or securities that grant access to our equity, reserved to a specific class of persons and revocation of preemptive subscription rights in favor of such class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• one or several issuances of debt instruments and/or to securities that confer the right to an allotment of debt securities up to a maximum nominal amount of €250,000,000 (or the equivalent of this amount in any other currency that is legal tender or in any unit of account established with reference to a set of currencies); reserved to a specific class of persons and revocation of preemptive subscription rights in favor of such class.

The authorization is valid through December 30, 2026.

**Reconciliation of the Number of Ordinary Shares Outstanding on January 1, 2025 and on July 7, 2025**

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| | | |
|:---|:---|:---|
| **Number of ordinary shares as of January 1, 2025**  | **251408922** |  |
| Issuance of ordinary shares through July 7, 2025 | 1175755040 | <sup>(1)</sup> |
| **Number of ordinary shares as of July 7, 2025**  | **1427463962** |  |

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(1)Reflects 3,767,420 ordinary shares issued from the vesting of restricted shares and 1,171,987,620 ordinary shares issued in a private placement on July 4, 2025.

**Dividends and Liquidation Rights**

*Dividends.* We may make dividend distributions to our shareholders from our net income in each fiscal year (after deductions for depreciation and reserves pursuant to French law and our by-laws), as increased or decreased by any profit or loss carried forward from prior years, and less any contributions to reserves that may be decided by the shareholders under the conditions described below. These distributions are also subject to the requirements of French law and our by-laws.

*Legal Reserve*. Pursuant to French law, a *société par actions* must allocate 5% of its net profits for each fiscal year to its legal reserve fund before dividends may be paid with respect to that fiscal year. Funds must be allocated until the amount in that fund is equal to 10% of the nominal amount of its share capital. The legal reserve may not be distributed to shareholders and may not be used to repurchase or reimburse our shares.

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*Approval of Dividends*. Upon recommendation of our board of directors, our shareholders may decide to allocate all or part of any distributable profits among special or general reserves, to carry them forward to the next fiscal year as retained earnings or to allocate them to the shareholders as dividends. However, except in case of a capital decrease, we may not distribute dividends to shareholders when our net assets are or would become as a result of such distribution lower than the amount of share capital including reserves which, under French law, may not be distributed to shareholders.

Our by-laws provide that reserves which are available for distribution under French law and our by-laws may be distributed as dividends, subject to shareholder approval and other limitations under French law. Dividends or interim dividends may be paid in cash or shares.

If our interim income statement shows that, since the end of the preceding fiscal year, we have made distributable profits, our board of directors may, subject to French law and regulations, distribute interim dividends without the approval of our shareholders. An interim dividend may not exceed distributable profits.

*Distribution of Dividends.* Under French law, subject to the preferred dividends rights that may be attached to our preferred shares set forth in our by-laws, as the case may be, if we distribute dividends they must be distributed to our shareholders pro rata according to their shareholdings. Holders of shares outstanding on the date of the shareholders' meeting approving the distribution of dividends or, in the case of interim dividends, on the date our board of directors meets and approves the distribution of interim dividends are eligible to receive the dividend payment. The actual dividend payment date is decided by our shareholders at an ordinary general meeting, or by our board of directors, if no decision is taken by our shareholders.

In the event that we are liquidated, our assets remaining after payment of our debts, liquidation expenses and all of our other remaining obligations will be distributed first to repay the nominal value of our shares. After these payments have been made, subject to the preferred liquidation rights that may be attached to our preferred shares set forth in our by-laws, as the case may be, any surplus will be distributed pro rata among our shareholders based on the nominal value of their shareholdings.

To date, we have never declared or paid any cash dividends on our ordinary shares or preferred shares. We do not anticipate paying any cash dividends on our ordinary shares in the foreseeable future and intend to retain all available funds and any future earnings for use in the operation and expansion of our business.

*Timing of Payment.* Pursuant to French Law and our by-laws, dividends must be paid within a maximum of nine months after the close of the relevant fiscal year, unless extended by court order. Dividends not claimed within five years after the payment date shall be deemed to expire.

*Rights to Share in the Surplus in the Event of Liquidation.* In the event that we are liquidated, the general meeting of shareholders determines the method of liquidation and appoints the liquidator(s).

**Changes in Share Capital**

Pursuant to French Law, we may increase our share capital only with approval of our shareholders at an extraordinary general meeting. The shareholders may delegate to our board of directors to carry out the capital increase for a specified period of time.

There are two methods to increase our share capital: (i) the issuance of additional shares, including the creation of a new class of shares, and (ii) the increase in the nominal value (par value) of existing shares. We may issue additional shares for cash or for assets contributed in kind, upon the conversion of debt securities, by capitalization of our reserves or, subject to certain conditions, in satisfaction of our indebtedness. Although, currently, we have only one class of shares, French law permits us to issue different classes of shares that may have different liquidation, voting and dividend rights.

Pursuant to French Law, we may decrease our share capital only with the approval of our shareholders at an extraordinary general meeting. The shareholders can authorize the board of directors to carry out the capital decrease for a specified period of time. There are two methods to decrease our share capital: (i) decreasing the number of

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shares outstanding and (ii) decreasing the nominal value of our shares. The conditions under which the share capital may be decreased vary depending upon whether the decrease is attributable to losses. We may, under certain conditions, decrease the number of outstanding shares either by a reverse stock split or by the repurchase and cancellation of our shares. Any decrease must meet the requirements of French law, which states that all the holders of shares in each class of shares must be treated equally unless each affected shareholder otherwise agrees.

**Attendance and Voting at Shareholders' Meetings**

French companies may hold either ordinary or extraordinary shareholders' general meetings. Ordinary general meetings are required for matters that are not specifically reserved by law to the extraordinary general meetings and include the election and dismissal of the members of the board of directors, the appointment of statutory auditors, the approval of the annual accounts, the approval of agreements entered into between the company and its officers, directors and shareholders holding more than 10% of the voting rights, the declaration of dividends, the payment of dividends in shares, the repurchase by the company of its shares in connection, inter alia, with employee profit-sharing or share option plans, and the issue of bonds. Extraordinary general meetings are required for approval of amendments to our by-laws, modification of shareholders' rights, mergers, increases or decreases in share capital (including a waiver of preferential subscription rights), the creation of a new class of shares, the authorization of the issue of securities convertible or exchangeable into shares and for the sale or transfer of substantially all of our assets that would result in a change of our corporate purpose.

Our board of directors is required to convene an annual general meeting of shareholders for approval of the annual accounts. This meeting must be held within six months after the close of the relevant fiscal year. However, the president of the *tribunal des activités économiques*, the French commercial court, may order an extension of this six-month period. We may convene other ordinary and extraordinary meetings at any time during the fiscal year as necessary. Under French Law, general meetings of the shareholders may be convened by our board of directors or, if it fails to call a meeting, by our statutory auditors or by a court-appointed agent (*mandataire ad hoc)*. Shareholders holding individually or in the aggregate at least 5% of our share capital, or another interested party under certain circumstances, may petition the court to appoint such an agent. The notice convening of a shareholders' general meeting must state the agenda for such meeting.

Notice of a shareholders' general meeting must be sent by regular or electronic mail, or registered letter if the shareholder so asks, at least 15 days before the meeting to all holders of registered shares. However, in the case where quorum was not met at the original meeting and was therefore adjourned, the general meeting can be reconvened under the same agenda within a reduced six-day time period. The convening notice must include the agenda of the meeting and a draft of the resolutions that will be submitted to the shareholders.

Attendance and the exercise of voting rights at both ordinary and extraordinary general meetings of shareholders are subject to certain conditions pursuant to French law. Under our by-laws, in order to participate in any general meeting, a holder of registered shares must have his shares fully paid-in and registered in its name in a shareholder account maintained by or on behalf of us at least three days prior to the meeting.

Subject to the above restrictions, all of our shareholders have the right to participate in our general meetings, either in person or by proxy. Shareholders may vote, either in person, by proxy or by mail (by use of a form), and their votes are counted in proportion to the number of shares they hold. A shareholder may grant a proxy only (i) to his or her spouse, (ii) to another shareholder or, (iii) if the shareholder is a corporation, to a legal representative. Under French law, our shares held by entities controlled directly or indirectly by us are not entitled to voting rights. There is no requirement that a shareholder have a minimum number of shares in order to be able to attend or be represented at a general meeting. If a shareholder does not return their proxy form, our depositary agreement with BNY Mellon allows the depositary to vote the shares underlying unvoted ADS in accordance with the Board's recommendations.

Under French law, a quorum requires the presence, in person or by proxy (including those voting by mail) of shareholders having at least (1) 20% of the shares entitled to vote in the case of an ordinary shareholders' general meeting or at an extraordinary shareholders' general meeting where shareholders are voting on a capital increase by capitalization of reserves, profits or share premium, or (2) 25% of the shares entitled to vote in the case of any other

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extraordinary shareholders' general meeting. If a quorum is not present, the meeting is adjourned. There is no quorum requirement when an ordinary general meeting is reconvened, but the reconvened meeting may consider only questions which were on the agenda of the adjourned meeting. When an extraordinary general meeting is reconvened, the quorum required is 20% of the shares entitled to vote, except where the reconvened meeting is considering capital increases through capitalization of reserves, profits or share premium. For these matters, no quorum is required at the reconvened meeting. If a quorum is not present at a reconvened meeting requiring a quorum, then the meeting may be postponed for a maximum of two months.

At an ordinary shareholders' general meeting, approval of any resolution requires the affirmative vote of a simple majority of the votes of the shareholders present or represented. The approval of any resolution at an extraordinary shareholders' general meeting requires the affirmative vote of a two-thirds majority of the votes of shareholders present or represented, except that any resolution to approve a capital increase by capitalization of reserves only requires the affirmative vote of a simple majority of the votes of shareholders present or represented. Notwithstanding these rules, a unanimous vote is required to increase shareholders' liabilities.

In addition to the right to obtain certain information regarding us at any time, any shareholder may, from the date on which a shareholders' meeting is convened until the fourth business day preceding the date of the shareholders' meeting, submit written questions relating to the agenda for the meeting to our board of directors. Our board of directors is required to respond to these questions during the meeting.

As set forth in our by-laws, shareholders' meetings are held at our registered office or at any other location specified in the written notice.

**Preferential Subscription Rights**

Preferential subscription rights entitle the individual or entity that holds them to subscribe *pro rata* based on the number of shares held by them to the issuance of any securities increasing, or that may result in an increase of, our share capital by means of a cash payment or a set-off of cash debts. This right is only reserved to holders of ordinary shares or preferred shares. Shareholders may waive their preferential rights on an individual basis. Our board of directors and our independent auditors are required by French law to present reports to the shareholders' meeting that specifically address any proposal to waive the preferential subscription rights. During the subscription period relating to a particular offering of shares, shareholders may transfer their preferential subscription rights that they have not previously waived. To the extent permitted under French law, we may seek shareholder approval to waive preferential subscription rights at any extraordinary meeting where shareholders are asked to approve an increase in our capital by issuing additional shares and/or other securities convertible or exchangeable into shares.

**Form and Holding of Shares**

Our by-laws provide that our ordinary shares shall be held in registered form. In accordance with French law concerning the "dematerialization" of securities, the ownership rights of shareholders are represented by book entries instead of share certificates. Registered shares are entered into an account maintained by us or by a representative that we have nominated. We maintain accounts in the name of each shareholder either directly or, at a shareholder's request, through such shareholder's accredited intermediary. Each shareholder's account shows the name and number of shares held.

**Repurchase and Redemption of Shares**

Under French law, we may acquire our own shares for the following purposes only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to decrease our share capital, provided that such a decision is not driven by losses and that a purchase offer is made to all shareholders on a pro rata basis, with the approval of the shareholders at an extraordinary general meeting. In this case, the repurchased shares must be cancelled within one month from their repurchase date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to provide shares for distribution to employees or managers under a profit-sharing or share option plan; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to facilitate an issue of additional shares or securities convertible or exchangeable into shares, a merger or a spin-off, approved by the shareholders at an ordinary general meeting.

The amounts repurchased under this section cannot result in us holding more than 10% of our own shares. In the event that such repurchases result in us holding more than 10% of our issued shares, we are required to transfer any shares in excess of the 10% threshold within one year. French law requires that we cancel any shares in excess of this 10% limit that have not been transferred within the one-year period.

When we purchase our own shares, they must be held in registered form and be fully paid. These shares are deemed to be outstanding under French law, but are not entitled to any dividends or voting rights, and we may not exercise preferential subscription rights. The shareholders, at an extraordinary general meeting, may decide not to take such shares into account in determining the preferential subscription rights attached to the other shares. In the absence of such a decision, the rights attached to any shares held by us must either be sold on the market before the end of the subscription period or distributed to other shareholders on a pro rata basis.

**Cross Shareholdings and Holding of Our Shares by Our Subsidiaries**

French law prohibits a company from holding our shares if we hold more than 10% of that company's share capital and we may not own any interest in a French company holding more than 10% of our share capital. In the event of a cross shareholding that violates this rule, the company owning the smaller percentage of shares in the other company must sell its interest. Until sold, these shares are deprived of their voting rights. Failure by the officers and directors of a company to sell these shares is a criminal offense.

In the event that one of our subsidiaries holds our shares, these shares are deprived of their voting rights. However, French law does not require the subsidiary to sell the shares.

**General Description of our By-laws**

The following description summarizes certain terms and provisions contained in our by-laws. Such summaries do not purport to be complete and are subject to, and are qualified in their entirety by reference to, all of the provisions of our by-laws (*statuts*), which are filed as Exhibit 3.1 herewith.

***Corporate Purposes (Article 3)***

Our company is engaged in the business of researching, developing and commercializing silicon and software solutions in the areas of cellular wireless access, specifically compliant with LTE or 5G standards or other similar broadband wireless standards.

The company's corporate purpose, in France and abroad is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The study, development and marketing of all products and/or services relating to radio fixed and/or optical-type communication networks systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advising and training, by all means and technical media, relating to the aforementioned fields of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The participation, directly or indirectly, in all transaction that may be related to any of the purposes defined above, through the creation of new companies or legal entities, the contribution, subscription, or purchase of securities or corporate rights, acquisition of interests, mergers, partnerships, or any other methods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• And, more generally, all industrial, commercial, and financial transactions, or transactions involving movable or fixed assets, that may be related directly or indirectly, in whole or in part, to any of the aforementioned corporate purposes, or to any similar or related purposes, or to any and all purposes that may enhance or develop the company's business, including, without limitation, investments (exchange, custody and access) in sovereign and non-sovereign currencies for treasury reserve purposes.

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***Directors' Voting Powers on Proposal, Arrangement or Contract in which any Director is Materially Interested***

Under French law, any agreement entered into directly or through an intermediary, between us and our directors that is not entered into in the ordinary course of our business and upon standard market terms is subject to a prior approval of the board of directors and must be ratified by our ordinary shareholders' general meeting on the basis of a specific report issued by our statutory auditors on such agreements. The director who is interested in the agreement cannot vote on the proposal at the board meeting.

The same provision applies to agreements between us and another company, except where such company is our wholly owned subsidiary, if one of our directors is the owner or a general partner, manager, director, general manager or member of the executive or supervisory board of the other company, as well as to agreements in which one of our directors has an indirect interest.

***Rights, Preferences and Restrictions Attaching to Each Class of Shares***

Our shareholders are not required to subscribe to any of our further capital calls.

At this time, we have only one class of shares. Each share gives the right to one vote on all matters submitted to our shareholders. Each share also gives the right to share in the profits and corporate assets, pro rata the amount of our share capital which it represents. Our shareholders only bear losses for up to the amount of their investment. However, in the event we declare bankruptcy, one or several shareholders who could be considered as either (i) having become our de facto manager and, as such, taken decisions that contributed to our insolvency or failed to take decisions that would have prevented such insolvency, or (ii) having in such capacity comingled vis-à-vis third parties between his or her own assets and our own assets may be liable for losses greater than his/her investment. In the event of a capital increase, a majority of shareholders may decide to suppress the preferential subscription rights of all shareholders in favor of a beneficiary or a category of beneficiaries, including existing shareholders who are nevertheless excluded from such vote.

We cannot increase the commitments or liabilities of our shareholders; such a change can only be agreed to by each shareholder individually.

Under our by-laws, our extraordinary general meeting may decide to issue preferred shares bearing preferred voting and financial rights.

***Provisions Having the Effect of Delaying, Deferring or Preventing a Change in Control of our Company***

Provisions contained in our bylaws and French corporate law could make it more difficult for a third-party to acquire us, even if doing so might be beneficial to our shareholders. These provisions include but are not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to our by-laws, the number of directors, election and removal of a director from office may be modified only by a resolution adopted by 66⅔% of our shareholders present or represented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• under French law, a non-resident of France as well as any French entity controlled by non-residents of France may have to file a declaration for statistical purposes with the Bank of France (Banque de France) within 20 working days following the date of certain direct foreign investments in a company, including any purchase of our ADSs. In particular, such filings are required in connection with investments exceeding €15,000,000 that lead to the acquisition of at least 10% of our share capital or voting rights or cross such 10% threshold. See "Limitations Affecting Shareholders of a French Company";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• under French law, certain investments in a French company relating to certain strategic industries by individuals or entities not residents in a Member State of the EU are subject to prior authorization of the Ministry of Economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our shareholders have granted and may grant in the future our board of directors authorizations to increase our share capital or to issue additional ordinary shares or other securities, such as warrants;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our shareholders have preferential subscription rights on a pro rata basis on the issuance by us of any additional securities for cash or a set-off of cash debts, which rights may only be waived by the extraordinary general meeting (by a two-thirds majority vote) of our shareholders or on an individual basis by each shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our bylaws can be changed in accordance with applicable corporate French laws.

**Ownership of ADSs or Shares by Non-French Residents**

Neither the French Commercial Code nor our by-laws presently limit the right of non-residents of France or non-French persons to own or, where applicable, to vote our shares. However, non-French residents must file a declaration for statistical purposes with the Bank of France (*Banque de France*) within twenty working days following the date of certain direct foreign investments in us, including any purchase of our ADSs. In particular such filings are required in connection with investments exceeding €15,000,000 that lead to the acquisition of at least 10% of the share capital or voting rights or cross such 10% threshold. Violation of this filing requirement may be sanctioned by five years' imprisonment and a fine up to twice the amount of the relevant investment. This amount may be increased fivefold if the violation is made by a legal entity.

Moreover, certain foreign investments in companies incorporated under French laws are subject to the prior authorization from the French Minister of the Economy, where all or part of the target's business and activity relate to a strategic sector, such as energy, transportation, public health, telecommunications.

**Foreign Exchange Controls**

Under current French foreign exchange control regulations there are no limitations on the amount of cash payments that we may remit to residents of foreign countries. Laws and regulations concerning foreign exchange controls do, however, require that all payments or transfers of funds made by a French resident to a non-resident be handled by an accredited intermediary. All registered banks and substantially all credit institutions in France are accredited intermediaries.

**Availability of Preferential Subscription Rights**

Our shareholders have preferential subscription rights as described above under "Description of Share Capital-Preferential Subscription Rights." Under French Law, shareholders have preferential rights to subscribe for cash issues of new shares or other securities giving rights to acquire additional shares on a pro rata basis. Holders of our securities in the U.S. (which may be in the form of shares or ADSs) may not be able to exercise preferential subscription rights for their securities unless a registration statement under the Securities Act is effective with respect to such rights or an exemption from the registration requirements imposed by the Securities Act is available. We may, from time to time, issue new shares or other securities giving rights to acquire additional shares (such as warrants) at a time when no registration statement is in effect and no Securities Act exemption is available. If so, holders of our securities in the U.S. will be unable to exercise any preferential subscription rights and their interests will be diluted. We are under no obligation to file any registration statement in connection with any issuance of new shares or other securities. We intend to evaluate at the time of any rights offering the costs and potential liabilities associated with registering the rights, as well as the indirect benefits to us of enabling the exercise by holders of shares and holders of ADSs in the U.S. to exercise the rights, and any other factors we consider appropriate at the time, and then to make a decision as to whether to register the rights. We cannot assure you that we will file a registration statement.

For holders of our shares represented by ADSs, the Depositary may make these rights or other distributions available to ADS holders after we instruct it to do so in the United States. If we fail to do this and the Depositary determines that it is impractical to sell the rights, it may allow these rights to lapse. In that case, the ADSs holders will receive no value for them. The section of this prospectus entitled "Description of American Depositary Receipts-Dividends, Other Distributions and Rights" explains in detail the depositary's responsibility in connection with a rights offering.

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**DESCRIPTION OF AMERICAN DEPOSITARY SHARES**

**American Depositary Shares**

The Bank of New York Mellon, as depositary, registers and delivers our ADSs. Each ADS represents ten ordinary shares (or a right to receive ten ordinary shares) deposited with the principal Paris office of Société Générale or any successor, as custodian for the depositary. Each ADS will also represent any other securities, cash or other property which may be held by the depositary in respect of the depositary facility. A copy of our amended and restated deposit agreement (the "Deposit Agreement"), dated May 14, 2018 and the amendment dated September 11, 2023, among us, the depositary, owners and holders of ADSs are filed with the SEC as Exhibit 2.2 and Exhibit 2.5, respectively, to our Annual Report on Form 20-F for the fiscal year ended December 31, 2024 (the "Form 20-F").

Any ordinary shares that may be issued pursuant to this prospectus and the applicable prospectus supplement, whether directly or upon conversion of the Convertible Note, will be delivered in the form of ADSs. The ADSs may be uncertificated securities or certificated securities evidenced by American Depositary Receipts, or ADRs. Each ADS will represent ten ordinary shares (or a right to receive ten ordinary shares) deposited with the principal Paris office of Société Générale or any successor, as custodian for the depositary. Each ADS will also represent any other securities, cash or other property which may be held by the depositary. The depositary's corporate trust office at which the ADSs will be administered is located at 240 Greenwich Street, Floor 8W, New York, New York 10286.

You may hold ADSs either (A) directly (i) by having an ADR, which is a certificate evidencing a specific number of ADSs, registered in your name, or (ii) by having ADSs registered in your name in the Direct Registration System, or (B) indirectly by holding a security entitlement in ADSs through your broker or other financial institution. If you hold ADSs directly, you are a registered ADS holder, also referred to as an ADS holder. This description assumes you are an ADS holder. If you hold the ADSs indirectly, you must rely on the procedures of your broker or other financial institution to assert the rights of ADS holders described in this section. You should consult with your broker or financial institution to find out what those procedures are.

As an ADS holder, we will not treat you as one of our shareholders and you will not have shareholder rights. French law governs shareholder rights. The depositary will be the holder of the shares underlying your ADSs. As a holder of ADSs, you will have ADS holder rights. The Deposit Agreement among us, the depositary and you, as an ADS holder, and the beneficial owners of ADSs set out ADR holder rights as well as the rights and obligations of the depositary. New York law governs the Deposit Agreement and the ADRs.

We refer to the shares that are at any time deposited or deemed deposited under the Deposit Agreement and any and all other securities, cash and property received by the depositary or the custodian in respect thereof and at such time held under the Deposit Agreement as "Deposited Securities."

The following is a summary of the material provisions of the Deposit Agreement. For more complete information, you should read the entire Deposit Agreement and the form of ADR, which is included in the Deposit Agreement.

**Deposit, Transfer and Withdrawal**

French law provides that ownership of shares generally be evidenced only by an inscription in an account in the name of the holder maintained by either the issuer or an authorized intermediary such as a bank. Thus, all references to the deposit, surrender and delivery of our shares refer only to book-entry transfers and do not contemplate the physical transfers of certificates representing the shares in France.

The depositary has agreed, subject to the terms and conditions of the Deposit Agreement, that upon deposit with the custodian of our shares, or evidence of rights to receive our shares, and pursuant to appropriate instruments of transfer, it will deliver through its Corporate Trust Office to the person or persons specified by the depositor, ADSs registered in the name or names of such person or persons for the number of ADSs issuable in respect of such deposit, upon payment to the depositary of its fees and expenses and of any taxes or charges.

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Upon surrender of an ADS at the Corporate Trust Office of the depositary for the purpose of withdrawal of the Deposited Securities represented by the ADSs, payment of the fees, governmental charges and taxes provided in the Deposit Agreement and payment of all taxes and governmental charges payable in connection with such surrender and withdrawal, and subject to the provisions of the Deposit Agreement, our by-laws and the Deposited Securities, ADS owners are entitled to delivery to it or upon its order of the shares and any other Deposited Securities at the time represented by the ADSs at the Corporate Trust Office of the depositary or at the office of the custodian in Paris. The forwarding for delivery at the Corporate Trust Office of the depositary of cash, other property and documents of title for such delivery will be at the risk and expense of the ADS holder.

Subject to the terms and conditions of the Deposit Agreement and any limitations established by the depositary, unless requested by us to cease doing so, the depositary may deliver ADSs before deposit of the underlying ordinary shares. This is called a pre-release of the ADSs. The depositary may also deliver ordinary shares upon cancellation of pre-released ADSs (even if the ADSs are canceled before the pre-release transaction has been closed out). A pre-release is closed out as soon as the underlying ordinary shares are delivered to the depositary. The depositary may receive ADSs instead of ordinary shares to close out a pre-release. The depositary may pre-release ADSs only under the following conditions: (1) before or at the time of the pre-release, the person to whom the pre-release is being made represents to the depositary in writing that it or its customer owns the ordinary shares or ADSs to be deposited; (2) the pre-release is fully collateralized with cash or other collateral that the depositary considers appropriate; and (3) the depositary must be able to close out the pre-release on not more than five business days' notice. In addition, the depositary will limit the number of ADSs that may be outstanding at any time as a result of pre-release, although the depositary may disregard the limit from time to time, if it thinks it is appropriate to do so.

**Dividends, Other Distributions and Rights**

The depositary has agreed to pay to ADS holders the cash dividends or other distributions it or the custodian receives on ordinary shares or other deposited securities in the depositary facility, after deducting its fees and expenses. You will receive these distributions in proportion to the number of ordinary shares your ADSs represent.

While we do not expect to declare or pay any cash dividends or cash distributions on our ordinary shares for the foreseeable future, if and when we do pay any cash dividend or other cash distribution on the ordinary shares, the depositary will convert, as promptly as practicable, any cash dividend or other cash distribution into U.S. dollars, if it can do so on a reasonable basis and can transfer the U.S. dollars to the United States. If that is not possible or if any government approval is needed and cannot be obtained with reasonable efforts, the Deposit Agreement allows the depositary to distribute the foreign currency only to those ADS holders to whom it is possible to do so. It will hold the foreign currency it cannot convert for the account of the ADS holders who have not been paid. It will not invest the foreign currency and it will not be liable for any interest. Before making a distribution, any withholding taxes, or other governmental charges that must be paid will be deducted. It will distribute only whole U.S. dollars and cents and will round fractional cents to the nearest whole cent. If the exchange rates fluctuate during a time when the depositary cannot convert the foreign currency, you may lose some or all of the value of the distribution.

***Ordinary Shares***

The depositary may distribute additional ADSs representing any ordinary shares we distribute as a dividend or free distribution upon our request or after consulting with us. The depositary will only distribute whole ADSs. It will sell ordinary shares which would require it to deliver a fractional ADS and distribute the net proceeds in the same way as it does with cash. If the depositary does not distribute additional ADSs, the outstanding ADSs will also represent the new ordinary shares; however, the depositary may sell a portion of the distributed ordinary shares sufficient to pay its fees and expenses in connection with that distribution.

***Rights to Purchase Additional Ordinary Shares***

If we offer holders of our securities any rights to subscribe for additional ordinary shares or any other rights, the depositary may make these rights available to ADS holders. If the depositary decides it is not legal or practical to make the rights available but that it is practical to sell the rights, the depositary will use reasonable efforts to sell the rights and distribute the proceeds in the same way as it does with cash. The depositary will allow rights that are not distributed or sold to lapse. In that case, you will receive no value for them.

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If the depositary makes rights available to ADS holders, it will exercise the rights and purchase the ordinary shares on your behalf and in accordance with your instructions. The depositary will then deposit the ordinary shares and deliver ADSs to the persons entitled to them. It will only exercise rights if you pay it the exercise price and any other charges the rights require you to pay and comply with other applicable instructions.

U.S. securities laws may restrict transfers and cancellation of the ADSs representing ordinary shares purchased upon exercise of rights. For example, you may not be able to trade these ADSs freely in the United States. In this case, the depositary may deliver restricted depositary shares that have the same terms as the ADSs described in this section except for changes needed to put the necessary restrictions in place.

***Other Distributions***

The depositary will send to ADS holders anything else we distribute on deposited securities by any means it determines is equitable and practicable after consulting with us, to the extent practicable. If it cannot make the distribution proportionally among the owners, the depositary may adopt another equitable and practical method subject to consulting with us, to the extent practicable. It may decide to sell what we distributed and distribute the net proceeds, in the same way as it does with cash. Or, it may decide to hold what we distributed, in which case ADSs will also represent the newly distributed property. However, the depositary is not required to distribute any securities (other than ADSs) to ADS holders unless it receives satisfactory evidence from us that it is legal to make that distribution. In addition, the depositary may sell a portion of the distributed securities or property sufficient to pay its fees and expenses in connection with that distribution.

The depositary is not responsible if it decides that it is unlawful or impractical to make a distribution available to any ADS holders. We have no obligation to register ADSs, ordinary shares, rights or other securities under the Securities Act. We also have no obligation to take any other action to permit the distribution of ADSs, ordinary shares, rights or anything else to ADS holders. This means that you may not receive the distributions we make on our ordinary shares or any value for them if it is illegal or impractical for us to make them available to you.

**Record Dates** 

Whenever any cash dividend or other cash distribution becomes payable or any distribution other than cash is made, or whenever rights shall be issued with respect to the Deposited Securities, or whenever for any reason the depositary gives effect to a change in the number of our shares that are represented by each ADS, or whenever the depositary shall receive notice of any meeting of holders of shares or other Deposited Securities, or whenever the depositary shall find it necessary or convenient, the depositary will fix a record date, which shall be the same date as for the represented ordinary share or a date fixed after consultation with us and as close thereto as practicable (i) for the determination of the owners of ADRs who shall be (a) entitled to receive such dividend, distribution or rights, or the net proceeds of the sale thereof, or (b) entitled to give instructions for the exercise of voting rights at any such meeting, (ii) for fixing the date on or after which each ADS will represent the changed number of shares, all subject to the provisions of the Deposit Agreement or (iii) to facilitate any other matter for which the record date was set.

**Voting of Deposited Securities** 

ADS holders may instruct the depositary to vote the number of deposited ordinary shares their ADSs represent. The depositary will notify ADS holders of shareholders' meetings and arrange to deliver our voting materials to them if we ask it to. Those materials will describe the matters to be voted on and explain how ADS holders may instruct the depositary how to vote. For instructions to be valid, they must reach the depositary by a date set by the depositary.

The depositary will try, as far as practical, and subject to the laws of France and to our by-laws, to vote or to have its agents vote the ordinary shares or other deposited securities as instructed by ADS holders. The depositary will only vote or attempt to vote as instructed; if no instructions are received, our depositary agreement allows the depositary to vote the shares underlying unvoted ADS in accordance with the Board's recommendations.

We cannot assure you that you will receive the voting materials in time to ensure that you can instruct the depositary to vote your ordinary shares. In addition, the depositary and its agents are not responsible for failing to

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carry out voting instructions or for the manner of carrying out voting instructions provided that any such failure is without negligence and in good faith. *This means that you may not be able to exercise your right to vote and there may be nothing you can do if your ordinary shares are not voted as you requested*.

In order to give you a reasonable opportunity to instruct the depositary as to the exercise of voting rights relating to deposited securities, if we request the depositary to act, we agree to give the depositary notice of any such meeting and details concerning the matters to be voted upon at least 45 days in advance of the meeting date.

*Except as described above, you will not be able to exercise your right to vote unless you withdraw the ordinary shares. However, you may not know about the shareholder meeting enough in advance to withdraw the ordinary shares.*

**Amendment and Termination of the Deposit Agreement** 

We may agree with the depositary to amend the Deposit Agreement and the ADRs without your consent for any reason. If an amendment adds or increases fees or charges, except for taxes and other governmental charges or expenses of the depositary for registration fees, facsimile costs, delivery charges or similar items, or prejudices a substantial right of ADS holders, it will not become effective for outstanding ADSs until 30 days after the depositary notifies ADS holders of the amendment. At the time an amendment becomes effective, you are considered, by continuing to hold your ADSs, to agree to the amendment and to be bound by the ADRs and the Deposit Agreement as amended.

The depositary will terminate the Deposit Agreement at our direction, if given, by mailing notice of termination to the ADS holders then outstanding at least 30 days prior to the date fixed in such notice for such termination. The depositary may also terminate the Deposit Agreement by mailing notice of termination to us and the ADS holders if 60 days have passed since the depositary told us it wants to resign but a successor depositary has not been appointed and accepted its appointment.

After termination, the depositary and its agents will do the following under the Deposit Agreement but nothing else: collect distributions on the deposited securities, sell rights and other property, and deliver ordinary shares and other deposited securities upon cancellation of ADSs. Four months after termination, the depositary may sell any remaining deposited securities by public or private sale. After that, the depositary will hold the money it received on the sale, as well as any other cash it is holding under the Deposit Agreement for the pro rata benefit of the ADS holders that have not surrendered their ADSs. It will not invest the money and has no liability for interest. The depositary's only obligations will be to account for the money and other cash. After termination our only obligations under the Deposit Agreement will be to indemnify the depositary and to pay fees and expenses of the depositary that we agreed to pay and we will not have any obligations thereunder to current or former ADS holders.

**Charges of Depositary** 

See Item 12, "Description of Securities Other than Equity Securities - D. American Depositary Shares - Fees and Expenses" in our Form 20-F, which is incorporated by reference into this prospectus.

**Liability of Owner for Taxes** 

If any tax or other governmental charge shall become payable by the custodian or the depositary with respect to any ADS or any Deposited Securities represented by the ADSs evidenced by such ADS, such tax or other governmental charge will be payable by the owner of such ADS to the depositary. The depositary may refuse to effect any transfer of such ADS or any withdrawal of Deposited Securities underlying such ADS and may apply such dividends, distributions or the proceeds of any such sale to pay any such tax or other governmental charge and the owner of such ADS will remain liable for any deficiency.

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**CERTAIN INCOME TAX CONSIDERATIONS**

This description is based in part upon the representation of the custodian and the assumption that each obligation in the Depositary Agreement with the depositary relating to your ADSs and any related agreement will be performed in accordance with their terms.

**Material United States Federal Income Tax Consequences** 

The following is a description of the material United States federal income tax consequences of the acquisition, ownership and disposition of the ADSs. This description addresses only the United States federal income tax consequences to holders that are purchasers of the ADSs and hold such ADSs as capital assets (generally property held for investment). This description does not address tax considerations applicable to holders that may be subject to special tax rules, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial institutions or insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts, regulated investment companies or grantor trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dealers or traders in securities or currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain former citizens or former long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that received the ADSs as compensation for or in connection with the performance of services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that will hold the ADSs as part of a "hedging" or "conversion" transaction or as a position in a "straddle" for United States federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• holders that will hold the ADSs through a partnership or other pass-through entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Holders, as defined below, whose "functional currency" is not the United States dollar; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• holders that own, directly, indirectly or through attribution, 10.0% or more of the voting power or value of our shares.

Moreover, this description does not address the United States federal estate and gift or alternative minimum tax, or foreign, state or local tax, consequences of the acquisition, ownership and disposition of the ADSs.

This description is based on the United States Internal Revenue Code of 1986, as amended, or the "Code," existing, proposed and temporary United States Treasury Regulations and judicial and administrative interpretations thereof, in each case as in effect and available on the date hereof. All of the foregoing is subject to change, which change could apply retroactively and could affect the tax consequences described below. For example, President Biden has set forth several tax proposals that would, if enacted, make significant changes to U.S. tax laws. Such proposals include, but are not limited to, an increase in the U.S. federal income tax rate for long term capital gain for certain taxpayers with income in excess of a threshold amount. Congress may consider, and could include, some or all of these proposals in connection with tax reform to be undertaken by the current administration. It is unclear whether these or similar changes will be enacted and, if enacted, how soon any such changes could take effect.

For purposes of this description, a "U.S. Holder" is a beneficial owner of the ADSs that, for United States federal income tax purposes, is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation or other entity treated as a corporation for United States federal income tax purposes, created or organized in or under the laws of the United States or any state thereof, including the District of Columbia;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate the income of which is subject to United States federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust if such trust has validly elected to be treated as a United States person for United States federal income tax purposes or if (1) a court within the United States is able to exercise primary supervision over its administration and (2) one or more United States persons have the authority to control all of the substantial decisions of such trust.

A "Non-U.S. Holder" is a beneficial owner of the ADSs that is neither a U.S. Holder nor a partnership, or other entity or arrangement treated as a partnership, for United States federal income tax purposes.

If a partnership or any other entity or arrangement treated as a partnership for United States federal income tax purposes holds the ADSs, the tax treatment of such partnership, or a partner in such partnership will depend on the status of the partner and the activities of the partnership. Such a partner or partnership is encouraged to consult its tax advisor as to its tax consequences.

**You are encouraged to consult your tax advisor with respect to United States federal, state, local and foreign tax consequences of acquiring, owning and disposing of the ADSs.**

For United States federal income tax purposes, you will be treated as the owner of our ordinary shares represented by your ADSs. Exchanges of ordinary shares for ADSs, and ADSs for ordinary shares, will not be subject to United States federal income tax.

***Distributions with Respect to ADSs***

If you are a U.S. Holder, for United States federal income tax purposes, the gross amount of any distribution made to you with respect to your ADSs (other than certain distributions, if any, of the ADSs or ordinary shares distributed pro rata to all our shareholders), before reduction for any French taxes withheld therefrom, will be includible in your income as dividend income to the extent such distribution is paid out of our current or accumulated earnings and profits as determined under United States federal income tax principles. Subject to the discussion below under "Passive Foreign Investment Company Considerations," non-corporate U.S. Holders may qualify for the lower rates of taxation with respect to dividends on ADSs applicable to long-term capital gains (i.e., gains from the sale of capital assets held for more than one year), provided that certain conditions are met, including certain holding period requirements and the absence of certain risk reduction transactions. However, such dividends will not be eligible for the dividends received deduction generally allowed to corporate U.S. Holders. Subject to the discussion below under "Passive Foreign Investment Company Considerations," to the extent, if any, that the amount of any distribution by us exceeds our current and accumulated earnings and profits as determined under United States federal income tax principles, such excess amount will be treated first as a tax-free return of your adjusted tax basis in your ADSs and thereafter as capital gain. We do not expect to maintain calculations of our earnings and profits under United States federal income tax principles and, therefore, if you are a U.S. Holder you should expect that the entire amount of any distribution generally will be reported as dividend income to you.

Dividends, if any, paid to U.S. Holders in euros or currency other than the U.S. dollar ("Other Foreign Currency") will be includible in income in a U.S. dollar amount based on the prevailing spot market exchange rate in effect on the date of actual or constructive receipt, whether or not converted into U.S. dollars at that time. Assuming dividends received in euros (or Other Foreign Currency) are converted into U.S. dollars on the day they are received, the U.S. Holder will not be required to recognize foreign currency gain or loss in respect of the dividend income. If, however, the payment is not converted at that time, a U.S. Holder will have a tax basis in euros (or Other Foreign Currency) equal to the U.S. dollar amount of the dividend included in income, which will be used to measure gain or loss from subsequent changes in exchange rates. Any gain or loss that a U.S. Holder recognizes on a subsequent conversion of euros (or Other Foreign Currency) into U.S. dollars (or on other disposition) generally will be U.S. source ordinary income or loss. U.S. Holders should consult their own tax advisors regarding the tax consequences to them if the dividends are paid in euros (or Other Foreign Currency).

Subject to certain conditions and limitations, French tax withheld on dividends may be deducted from your United States federal taxable income or credited against your United States federal income tax liability. The limitation on foreign taxes eligible for credit is calculated separately with respect to specific classes of income. For

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this purpose, dividends, if any, that we distribute will constitute "passive category income," or, in the case of certain U.S. Holders, "general category income." A foreign tax credit for foreign taxes imposed on distributions may be denied if you do not satisfy certain minimum holding period requirements or if you engage in certain risk reduction transactions. If you are a U.S. Holder, dividends, if any, paid to you with respect to your ADSs will be treated as foreign source income, which may be relevant in calculating your foreign tax credit limitation. The rules relating to the determination of the foreign tax credit are complex, and you are encouraged to consult your tax advisor to determine whether and to what extent you will be entitled to this credit.

Subject to the discussion below under "Backup Withholding Tax and Information Reporting Requirements," if you are a Non-U.S. Holder, you should not be subject to United States federal income or withholding tax on dividends received by you on your ADSs unless such income is effectively connected with your conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, is attributable to a permanent establishment or fixed base).

***Sale, Exchange or Other Disposition of ADSs***

Subject to the discussion below under "Passive Foreign Investment Company Considerations," if you are a U.S. Holder, you will recognize capital gain or loss on the sale, exchange or other disposition of your ADSs equal to the difference between the amount realized on such sale, exchange or other disposition and your adjusted tax basis in your ADSs. If you are a non-corporate U.S. Holder, capital gain from the sale, exchange or other disposition of ADSs will be eligible for the preferential rate of taxation applicable to long-term capital gains if your holding period for such ADSs exceeds one year (i.e., such gain is long-term capital gain). Gain or loss, if any, recognized by a U.S. Holder generally will be treated as U.S. source gain or loss, as the case may be, for foreign tax credit limitation purposes. The deductibility of capital losses for United States federal income tax purposes is subject to limitations.

Subject to the discussion below under "Backup Withholding Tax and Information Reporting Requirements," if you are a Non-U.S. Holder, you will not be subject to United States federal income, or withholding, tax on any gain realized on the sale or exchange of your ADSs unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such gain is effectively connected with your conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, is attributable to a permanent establishment or fixed base); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you are an individual and have been present in the United States for 183 days or more in the taxable year of such sale or exchange and certain other conditions are met.

***Passive Foreign Investment Company Considerations***

A non-U.S. corporation will be classified as a "passive foreign investment company," or a PFIC, for United States federal income tax purposes for any taxable year in which, after applying certain look-through rules, either

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 75% of its gross income is "passive income;" or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 50% of the average value of its gross assets is attributable to assets that produce "passive income" or are held for the production of passive income.

Passive income for this purpose includes dividends, interest, royalties, rents, gains from commodities and securities transactions and the excess of gains over losses from the disposition of assets which produce passive income, including amounts derived by reason of the investment of funds raised in offerings of the ADSs. If a non-U.S. corporation owns at least 25% by value of the stock of another corporation, the non-U.S. corporation is treated for purposes of the PFIC tests as owning its proportionate share of the assets of the other corporation and as receiving directly its proportionate share of the other corporation's income.

Based on the character of our gross income and the average value of our passive assets relative to the gross value of our assets for the taxable year ended December 31, 2024, we do not believe we were a PFIC for 2024. Because PFIC status is determined annually based on our income, assets and activities for the entire taxable year, it is not possible to determine whether we will be characterized as a PFIC for 2025 or any other future year until after the close of that year. While we intend to manage our business so as to avoid PFIC status, to the extent consistent

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with our other business goals, we cannot predict whether our business plans will allow us to avoid PFIC status. In addition, because the market price of the ADSs has fluctuated and is likely to fluctuate in the future and because that market price may affect the determination of whether we are a PFIC, there can be no assurance that we will not be a PFIC for any taxable year.

If we are a PFIC for a given year, and you are a U.S. Holder, then unless you make one of the elections described below, a special tax regime will apply to both (a) any "excess distribution" by us to you for the year (defined as your ratable portion of distributions in the year which are greater than 125% of the average annual distribution received by you in the shorter of the three preceding years or your holding period for the ADSs) and (b) any gain realized on the sale or other disposition (including a pledge) of the ADSs. Under this regime, any excess distribution and realized gain will be treated as ordinary income and will be subject to tax as if (i) the excess distribution or gain had been realized ratably over your holding period, (ii) the amount deemed realized in each year had been subject to tax in each year of that holding period at the highest marginal rate for such year (other than income allocated to the current period or any taxable period before we became a PFIC, which would be subject to tax at the U.S. Holder's regular ordinary income rate for the current year and would not be subject to the interest charge discussed below), and (iii) the interest charge applicable to underpayments of tax had been imposed on the taxes deemed to have been payable in those years. In addition, the tax liability for amounts allocated to years prior to the year of disposition or "excess distribution" cannot be offset by any net operating losses for such years, and dividend distributions made to you will not qualify for the lower rates of taxation applicable to long-term capital gains discussed above under "Distributions with Respect to ADSs."

Certain elections are available to U.S. Holders of shares that may serve to alleviate some of the adverse tax consequences of PFIC status described above. One such election is a qualified electing fund, or a QEF, election, under which you would be required to include in income on a current basis your pro rata share of our ordinary earnings as ordinary income and your pro rata share of our net capital gains as capital gain. However, we do not expect to provide to U.S. Holders the information needed to report income and gain pursuant to a QEF election, and we make no undertaking to provide such information in the event that we are a PFIC.

Under an alternative tax regime, you may also avoid certain adverse tax consequences relating to PFIC status discussed above by making a mark-to-market election with respect to your ADSs, provided that the ADSs are "marketable." The ADSs will be marketable if they are regularly traded on certain U.S. stock exchanges, including the NYSE, or on certain non-U.S. stock exchanges. For these purposes, the ADSs will be considered regularly traded during any calendar year during which they are traded, other than in negligible quantities, on at least 15 days during each calendar quarter. U.S. Holders should be aware, however, that if we are determined to be a PFIC, the interest charge regime described above could be applied to indirect distributions or gains deemed to be attributable to U.S. Holders in respect of any of our subsidiaries that also may be determined to be a PFIC, and the mark-to-market election would not be effective for such subsidiaries.

If you choose to make a mark-to-market election, you would recognize as ordinary income or loss each year in which we are a PFIC an amount equal to the difference as of the close of the taxable year between the fair market value of your ADSs and your adjusted tax basis in your ADSs. Losses would be allowed only to the extent of net mark-to-market gain previously included by you under the election for prior taxable years. If the mark-to-market election were made, then the PFIC rules described above relating to excess distributions and realized gains would not apply for periods covered by the election. If you do not make a mark-to-market election for the first taxable year in which we are a PFIC during your holding period of the ADSs, you would be subject to interest charges with respect to the inclusion of ordinary income attributable to each taxable year in which we were a PFIC during your holding period before the effective date of such election.

A U.S. Holder who is a direct or "indirect" holder of stock of a PFIC must file United States Internal Revenue Service Form 8621 in respect of such PFIC for a taxable year in the circumstances described in the United States Treasury Regulations. If we are a PFIC for a given taxable year, you are encouraged to consult your tax advisor concerning the availability and consequences of making any of the elections mentioned above, as well as concerning your annual filing requirements.

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***Medicare Tax***

A United States person that is an individual or estate, or a trust that does not fall into a special class of trusts that is exempt from such tax, is subject to a 3.8% tax on net investment income in excess of certain amounts. In the case of an individual, the tax is imposed on the lesser of (1) the United States person's "net investment income" for the relevant taxable year and (2) the excess of the United States person's modified adjusted gross income for the taxable year over $250,000 (in the case of a taxpayer filing a joint return or a surviving spouse), $125,000 (in the case of a married taxpayer filing a separate return) or $200,000 (in any other case). In the case of an estate or trust, the tax is imposed on the lesser of (1) the entity's "undistributed net investment income" for the taxable year and (2) the excess (if any) of the entity's "adjusted gross income" over the dollar amount at which the highest tax bracket begins for such entity. A holder's net investment income will include its gross dividend income and its net gains from the disposition of ADSs, unless such dividends or net gains are derived in the ordinary course of the conduct of a trade or business (other than a trade or business that consists of certain passive or trading activities). If you are a United States person that is an individual, estate or trust, you are encouraged to consult your tax advisors regarding the applicability of the Medicare tax to your income and gains in respect of your investment in the ADSs.

***Information with Respect to Foreign Financial Assets***

Individuals who are U.S. citizens or resident aliens, certain nonresident aliens of the United States and "specified domestic entities" that own "specified foreign financial assets" with an aggregate value in excess of certain threshold amounts are required to file an information report with respect to such assets with their tax returns. "Specified foreign financial assets" include any financial accounts maintained by foreign financial institutions, as well as any of the following, but only if they are not held in accounts maintained by financial institutions: (i) stocks and securities, including ADSs issued by non-U.S. persons, (ii) financial instruments and contracts held for investment that have non-U.S. issuers or counterparties and (iii) interests in foreign entities. In addition, under a law known as the "Bank Secrecy Act" U.S. citizens, green card holders and resident aliens, as well as domestic entities must file a FinCEN Form 114 with the Financial Crimes Enforcement Network if the aggregate value of all "foreign financial accounts" held by such person exceeds $10,000 at any time during a particular calendar year. Holders of ADSs are encouraged to consult their tax advisors regarding the application of these reporting requirements as they relate to their ownership of ADSs.

***Backup Withholding Tax and Information Reporting Requirements***

United States backup withholding tax and information reporting requirements apply to certain payments to certain non-corporate holders of stock. Information reporting will apply to payments of dividends on, and to proceeds from the sale or redemption of, the ADSs made within the United States, or by a United States payor or United States middleman, to a holder of the ADSs, other than an exempt recipient, including a corporation, a payee that is not a United States person that provides an appropriate certification and certain other persons. A payor will be required to withhold backup withholding tax from any payments of dividends on, or the proceeds from the sale or redemption of, ADSs within the United States, or by a United States payor or United States middleman, to a holder, other than an exempt recipient, if such holder fails to furnish its correct taxpayer identification number or otherwise fails to comply with, or establish an exemption from, such backup withholding tax requirements. Any amounts withheld under the backup withholding rules will be allowed as a refund or credit against the beneficial owner's United States federal income tax liability, if any, provided that the required information is timely furnished to the IRS.

***Material French Tax Consequences***

The following is a description of the material French tax consequences of the acquisition, ownership and disposition of the ADSs by a U.S. Holder. This description is based on applicable tax laws, regulations and judicial decisions as of the date of this prospectus, and, where applicable, the Convention between the United States of America and the French Republic for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital, dated August 31, 1994, as amended from time to time (the "U.S. Treaty").

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This description is based in part upon the representation of the custodian and the assumption that each obligation in the Depositary Agreement with the depositary relating to your ADRs and any related agreement will be performed in accordance with their terms.

The following is a description of the principal tax effect on U.S. Holders for the purposes of French tax if, all of the following points apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the U.S. Holder owns, directly, indirectly or constructively, less than 10% of the Company capital and dividend rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the U.S. Holder is entitled to the benefits of the U.S. Treaty (including under the "limitation on benefits" article of the U.S. Treaty);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the U.S. Holder does not hold the ADSs through a permanent establishment or a fixed base in France;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the U.S. Holder is not multi-resident;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the U.S. Holder does not hold the ADSs through a non-U.S. based pass-through entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the U.S. Holder does not receive dividend, capital gains or other payments on the ADSs on an account located in a Non-cooperative State as defined in Article 238-0 A of the French General Tax Code and as mentioned in a list published by the French tax authorities as amended from time to time.

A U.S. Holder to whom all the above requirements apply will be hereafter defined as a Qualifying U.S. Holder.

This description is relevant only to holders of ADSs who are Qualifying U.S. Holders.

For purposes of the U.S. Treaty Qualifying, U.S. Holders of ADSs will be treated as the owners of Company's ordinary shares represented by such ADSs.

Special rules apply to U.S. expatriates, insurance companies, pass-through entities and investors in such entities, tax-exempt organizations, financial institutions, persons subject to the alternative minimum tax and securities broker-dealers, among others. Those special rules are not discussed in this prospectus.

Holders of Company ADSs are encouraged to consult their own tax advisors as to the particular tax consequences to them of owning the ADS, including their eligibility for benefits under the U.S. Treaty, the application and effect of state, local, foreign and other tax laws and possible changes in tax laws or in their interpretation.

***Taxation of Dividends***

Dividends paid by a French company to corporate non-French holders are subject to a withholding tax at a rate equal to the standard corporate income tax rate (i.e., 25% as from 2023). Such withholding tax rates can be increased to 75% if the dividend is paid towards Non-cooperative States or territories (as mentioned above) irrespective of the tax residence of the beneficiary of the dividends. Such withholding tax rates may, however, be reduced or eliminated by application of a tax treaty with France.

Dividends paid by a French company to individual non-French holders are generally subject to a 12.8% withholding tax. Such withholding tax rate can be increased to 75% if the dividend is paid towards Non-cooperative States or territories (as mentioned above) irrespective of the tax residence of the beneficiary of the dividends. Such withholding tax rates may, however, be reduced or eliminated by application of a tax treaty with France.

Should the U.S. Treaty apply, the withholding tax rate may generally be limited to 15 percent of the gross amount of the dividends, provided that the income is distributed directly by the depositary to the Qualifying U.S. Holders.

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***Taxation of Capital Gains***

A Qualifying U.S. Holder will not be subject to any French income or withholding tax on any capital gain realized upon the sale or exchange of ADSs of the Company.

***Estate and Gift Taxes***

Under the Convention between the United States of America and the French Republic for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Estates, Inheritance and Gifts, dated November 24, 1978 (as amended from time to time), if a U.S. Holder transfers his or her shares by gift or by reason of the U.S. Holder's death, that transfer will not be subject to French gift or inheritance tax unless the U.S. Holder is domiciled in France at the time of making the gift or at the time of his or her death or if the shares are held for use in the conduct of a business or profession through a permanent establishment or a fixed base in France.

***Wealth Tax***

As of January 1, 2018, the French wealth tax namely the Impôt de Solidarité sur la Fortune ("ISF") is replaced by the Impôt sur la Fortune Immobilière ("IFI"). The IFI generally applies to real estate assets to the extent that their net value exceeds €1,300,000. Therefore, all other movable assets (tangible assets, shares, life insurance, cash, etc.) are excluded from the tax base, unless their underlying assets (direct or indirect) consist of real estate assets or rights.

However, a general exclusion applies to real estate assets owned by companies pursuing a commercial, industrial, craft, agricultural or liberal activity when the taxpayer (together with the members of its tax household) holds directly or indirectly less than 10% of the share capital or the voting rights of the company.

As a result, Qualifying U.S. Holders will not be subject to French IFI in respect of their ownership of ADSs.

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**ENFORCEMENT OF CIVIL LIABILITIES**

We are a *société anonyme*, or limited liability corporation, organized under the laws of France. The majority of our directors and executive officers reside in France and other countries outside the U.S. A portion of our assets and of such persons' assets are located outside the United States.

As a result, it may be difficult for investors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to obtain jurisdiction over us or our non-U.S. resident officers and directors in U.S. courts in actions predicated on the civil liability provisions of the U.S. federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to enforce in U.S. courts judgments obtained in such actions against us or our non-U.S. resident officers and directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to bring an original action in a French court to enforce liabilities based upon the U.S. federal securities laws against us or our non-U.S. resident officers or directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to enforce against us or our directors in non-U.S. courts, including French courts, judgments of U.S. courts predicated upon the civil liability provisions of the U.S. federal securities laws.

Nevertheless, a final judgment for the payment of money rendered by any federal or state court in the United States based on civil liability, whether or not predicated solely upon the U.S. federal securities laws, would be recognized and enforced in France provided that a French judge considers that this judgment meets the French legal requirements concerning the recognition and the enforcement of foreign judgments and is capable of being immediately enforced in the United States. A French court is therefore likely to grant the enforcement of a foreign judgment without a review of the merits of the underlying claim, only if (1) that judgment is enforceable in the jurisdiction of the U.S. court which rendered it, (2) that judgement was rendered by a court having jurisdiction over the dispute (the condition will be met if the dispute is clearly connected to the jurisdiction of the U.S. court and French courts did not have exclusive jurisdiction over the matter), (3) that judgment does not contravene French international public order and public policy, including the right to due process and (4) the U.S. judgment is not tainted with fraud and is not incompatible with a judgment rendered by a French court in the same matter, or with an earlier judgment rendered by a foreign court in the same matter and which has become effective in France.

In addition, French law guarantees full compensation for the harm suffered but is limited to the actual damages, so that the victim does not suffer or benefit from the situation. Such system excludes damages such as, but not limited to, punitive and exemplary damages.

As a result, the enforcement, by U.S. investors, of any judgments obtained in U.S. courts in civil and commercial matters, including judgments under the U.S. federal securities law against us or members of our board of directors, officers or certain experts named herein who are residents of France or countries other than the United States would be subject to the above conditions.

There may be doubt as to whether a French court would impose civil liability on us, the members of our board of directors, our officers or certain experts named herein in an original action predicated solely upon the U.S. federal securities laws brought in a court of competent jurisdiction in France against us or such members, officers or experts, respectively.

Finally, we have designated GKL Corporate/Search, Inc., One Capitol Mall, Suite 660, Sacramento, California 95814, as our agent for service of process in the United States with respect to any action brought against us in the U.S. District Court for the Southern District of New York under the federal securities laws of the United States or of any State in the United States or any action brought against us in the Supreme Court of the State of New York in the County of New York under the securities laws of the State of New York.

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**SELLING SECURITYHOLDERS**

We are registering 1,822,500,010 ordinary shares (represented by up to 182,250,001 ADSs, each of which represents ten ordinary shares), that were issued to the Selling Securityholders to permit the Selling Securityholders and their respective pledgees, donees, transferees or other successors-in-interest that receive their shares after the date of this prospectus to resell or otherwise dispose of the ordinary shares (or ADSs representing such ordinary shares) in the manner contemplated under "Plan of Distribution" below.

We entered into the Debenture Registration Rights Agreement with the Selling Securityholders pursuant to which we agreed to file with the SEC a registration statement on Form F-3 covering the resale of such ordinary shares (from time to time). We are registering the ordinary shares issued pursuant to the Debenture Purchase Agreement in accordance with the Debenture Registration Rights Agreement in order to permit the Selling Securityholders to offer ordinary shares in the form of ADSs for resale from time to time. The Debenture Purchase Agreement contains customary representations and warranties.

The foregoing descriptions of the Debenture Purchase Agreement and the Debenture Registration Rights Agreement do not purport to be complete descriptions of the terms of the documents, and are qualified in their entirety by the terms of the definitive documents or forms thereof which have been filed with the SEC.

Ownership of the ordinary shares (or ADSs representing such shares) issued pursuant to the Debenture Purchase Agreement, their respective rights to require registration of our ordinary shares under the Debenture Registration Rights Agreement, their other respective rights under the Debenture Purchase Agreement and as otherwise disclosed in the footnotes below, the Selling Securityholders do not have, or within the past three years have not had, any position, office or other material relationship with us. The following table sets forth the names of the Selling Securityholders, the number of ADSs beneficially owned by the Selling Securityholder as of July 7, 2025, the number of ADSs that may be offered under this prospectus and the number of ADSs beneficially owned by the Selling Securityholders assuming all of the ADSs covered hereby are sold. The number of ADSs in the column "Number of ADSs Being Offered" represents all of the ADSs that the Selling Securityholders may offer under this prospectus. The Selling Securityholders may sell some, all or none of their ADSs. We do not know how long the Selling Securityholders will hold the ADSs before selling them, and we currently have no agreements, arrangements or understandings with the Selling Securityholders regarding the sale or other disposition of any of the ADSs. The ADSs covered hereby may be offered from time to time by the Selling Securityholders.

The information set forth below is based upon information obtained from the Selling Securityholders and upon information in our possession regarding the original issuance of the ordinary shares. The percentages of shares owned after the offering are based on 142,714,545 ADSs outstanding as of July 7, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Selling Securityholder** | **ADSs Beneficially Owned Prior to Offering**<sup>(1)</sup> | **ADSs Beneficially Owned Prior to Offering**<sup>(1)</sup> | **Number of ADSs Being Offered** | **ADSs Beneficially Owned After Offering**<sup>(2)</sup> | **ADSs Beneficially Owned After Offering**<sup>(2)</sup> |
| **Name of Selling Securityholder** | **Number** | **Percent** | **Number of ADSs Being Offered** | **Number** | **Percent** |
| Hudson Bay PH XVI Ltd.<sup>(3)</sup> | 7121456 | 4.99% | 87904763 | 7121456 | 4.99% |
| Hudson Bay Master Fund Ltd.<sup>(3)</sup> | 7121456 | 4.99% | 13004810 | 7121456 | 4.99% |
| Hudson Bay Special Opportunities Master Fund A LP<sup>(3)</sup> | 7121456 | 4.99% | 2209476 | 7121456 | 4.99% |
| Alto Opportunity Master Fund, SPC – Segregated Master Portfolio B<sup>(4)</sup> | 5619045 | 3.94% | 2333332 | 3285713 | 2.3% |
| MMCAP International Inc. SPC<sup>(5)</sup> | 7121456 | 4.99% | 17499999 | 7121456 | 4.99% |
| MOORE GLOBAL INVESTMENTS, LLC<sup>(6)</sup> | 4214284 | 2.95% | 1749999 | 2464285 | 1.73% |
| AFOB FIP MS, LLC<sup>(7)</sup> | 14047618 | 9.84% | 5833333 | 8214285 | 5.76% |

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__________________

\*Represents beneficial ownership of less than 1%.

(1)"Beneficial ownership" is a term broadly defined by the SEC in Rule 13d-3 under the Exchange Act, and includes more than the typical form of share ownership, that is, shares held in the person's name. The term also includes what is referred to as "indirect ownership," meaning ownership of shares as to which a person has or shares voting or investment power. For purposes of this table, a person or group of persons is deemed to have "beneficial ownership" of any securities that such person or group has a right to acquire currently or within

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60 days of July 7, 2025. The securities beneficially owned by each of the Selling Securityholders includes ADSs issuable pursuant to the conversion of the Secured Convertible Debentures and exercise of the Warrants, with the conversion or exercise thereof subject to the ownership limitations described therein.

(2)Assumes that the Selling Securityholder sells to third parties all ordinary shares (or ADSs representing such shares) registered under this prospectus that it holds.

(3)Hudson Bay Capital Management LP, the investment manager of Hudson Bay PH XVI LTD, Hudson Bay Master Fund Ltd. and Hudson Bay Special Opportunities Master Fund A LP, has voting and investment power over these securities. Sander Gerber is the managing member of Hudson Bay Capital GP LLC, which is the general partner of Hudson Bay Capital Management LP. Each of Hudson Bay PH XVI LTD, Hudson Bay Master Fund Ltd. and Hudson Bay Special Opportunities Master Fund A LP and Sander Gerber disclaims beneficial ownership over these securities. The address of Hudson Bay PH XVI LTD, Hudson Bay Master Fund Ltd. and Hudson Bay Special Opportunities Master Fund A LP and Sander Gerber is c/o Hudson Bay Capital Management LP, 290 Harbor Drive, 3rd Floor, Stamford, CT 06902.

(4)Ayrton Capital LLC, the investment manager to Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B, has discretionary authority to vote and dispose of the shares held by Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B and may be deemed to be the beneficial owner of these shares. Waqas Khatri, in his capacity as Managing Member of Ayrton Capital LLC, may also be deemed to have investment discretion and voting power over the shares held by Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B. Ayrton Capial LLC and Mr. Khatri each disclaim any beneficial ownership of these shares. The address of Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B. Ayrton Capital LLC and Mr. Khatri is 55 Post Rd. W, 2nd Fl, Westport CT 06880.

(5)MM Asset Management Inc., the investment advisor to MMCAP International Inc. SPC ("MMCAP"), has voting and investment control of the shares held by MMCAP. Mr. Matthew MacIsaac controls MM Asset Management and may be deemed the beneficial owner of the shares of the Company held by MMCAP. The address of MMCAP, MM Asset Management Inc. and Mr. MacIsaac is 2240-161 Bay st BOX 600, Toronto ON M5J 2S1.

(6)Moore Capital Management, LP, the investment manager of Moore Global Investments, LLC ("MGI LLC"), has voting and investment control of the shares held by MGI LLC. Mr. Louis M. Bacon controls the general partner of Moore Capital Management, LP and may be deemed the beneficial owner of the shares of the Company held by MGI LLC. Mr. Bacon also is the indirect majority owner of MGI LLC. The address of MGI LLC, Moore Capital Management, LP and Mr. Bacon is 11 Times Square, New York, New York 10036.

(7)AFO Blackberry, LLC, the managing member of AFOB FIP MS, LLC ("AFOB"), has voting and investment control of the shares held by AFOB. Mr. Fred Goldman controls AFO Blackberry, LLC and may be deemed the beneficial owner of the shares of the Company held by AFOB. The address of AFOB, AFO Blackberry, LLC, and Mr. Goldman is 1011 Lake Street, Suite 311, Oak Park, IL 60301.

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**PLAN OF DISTRIBUTION**

We are registering 1,822,500,010 ordinary shares issued to the Selling Securityholders and which may be represented by up to 182,250,001 ADSs, each of which represents ten ordinary shares, to permit the Selling Securityholders and their respective pledgees, donees, transferees or other successors-in-interest that receive their shares (or ADSs representing such shares) after the date of this prospectus to resell or otherwise dispose of the shares (or ADSs representing such shares) in the manner contemplated in this section. We will not receive any of the proceeds from the sale of ordinary shares (or ADSs representing such shares) in this offering. We will bear all fees and expenses incident to our obligation to register the shares (and ADSs representing such shares). In connection with this transaction, we entered into the Debenture Registration Rights Agreement with the Selling Securityholders pursuant to which we agreed to file with the SEC a registration statement on Form F-3 covering the resale of such ordinary shares from time to time. We are registering the ordinary shares issued or issuable pursuant to the Debenture Purchase Agreements in accordance with the Debenture Registration Rights Agreement in order to permit the Selling Securityholders to offer ordinary shares in the form of ADSs for resale from time to time.

The Selling Securityholders and any of their respective pledgees, donees, transferees, assignees or other successors-in-interest may, from time to time, sell, transfer or otherwise dispose of any or all of their ordinary shares (or ADSs representing such shares) or interests in any such shares on any stock exchange, market or trading facility on which the ordinary shares or ADSs are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices. Each of the Selling Securityholders may use one or more of the following methods when disposing of the shares represented by ADSs or interests therein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ in the over-the-counter market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ block trades in which the broker-dealer will attempt to sell ordinary shares (or ADSs representing such shares) as agent but may position and resell a portion of the block as principal to facilitate the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ through brokers, dealers or underwriters that may act solely as agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ an exchange distribution in accordance with the rules of the applicable exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ privately negotiated transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ delivery of shares (or ADSs representing such shares) in settlement of short sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ through the writing or settlement of options or other hedging transactions entered into after the effective date of the registration statement of which this prospectus is a part, whether through an options exchange or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ broker-dealers may agree with such Selling Securityholder to sell a specified number of ordinary shares (or ADSs representing such shares) or interests in such shares at a stipulated price per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ a combination of any such methods of disposition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ any other method permitted pursuant to applicable law.

The Selling Securityholders may also sell shares under Rule 144 under the Securities Act or other exemptions from registration under the Securities Act, if available, rather than under this prospectus.

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Broker-dealers engaged by the Selling Securityholders may arrange for other broker-dealers to participate in sales. Broker-dealers, underwriters and other agents may receive commissions or discounts from the Selling Securityholders (or, if any broker-dealer acts as agent for the purchaser of ordinary shares (or ADSs representing such shares), from the purchaser) in amounts to be negotiated. The Selling Securityholders do not expect these commissions and discounts to exceed what is customary in the types of transactions involved but any such discounts or commissions might exceed those customary in the types of transactions involved.

The Selling Securityholders may from time to time pledge or grant a security interest in some or all of the ordinary shares (or ADSs representing such shares) by them and the pledgee or other secured party, transferee or other successor in interest may sell ordinary shares (or ADSs representing such shares) from time to time under this prospectus, or under a supplement or amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending the list of Selling Securityholders to include the pledgee, secured party, transferee or other successors in interest as Selling Securityholders under this prospectus. The Selling Securityholders also may transfer the ordinary shares (or ADSs representing such shares) in other circumstances in which case the transferees, donees, pledgees or other successors-in-interest may be the selling beneficial owners for purposes of this prospectus and may sell such ordinary shares (or ADSs representing such shares) from time to time under this prospectus after an amendment or supplement has been filed under Rule 424(b)(3) under, or another applicable provision of, the Securities Act, amending, if necessary, the list of Selling Securityholders to include the transferees, donees, pledgees or other successors-in-interest as a Selling Securityholder under this prospectus. The Debenture Registration Rights Agreement provides that certain transferees of the Selling Securityholders are entitled to the benefits of such agreement, subject to the terms and conditions set forth in such agreement.

Upon being notified in writing by a Selling Securityholder that any material arrangement has been entered into with a broker-dealer for the sale of ordinary shares (or ADSs representing such shares) through a block trade, special offering, exchange distribution or secondary distribution or a purchase by a broker or dealer, a supplement to this prospectus, if required, pursuant to Rule 424(b) under the Securities Act will be filed, disclosing (i) the name of each such Selling Securityholder and of the participating broker-dealer(s), (ii) the number of ordinary shares (or ADSs representing such shares) involved, (iii) the price at which such ordinary shares (or ADSs representing such shares) were sold, (iv) the commissions paid or discounts or concessions allowed to such broker-dealer(s), where applicable, (v) that such broker-dealer(s) did not conduct any investigation to verify the information set out or incorporated by reference in this prospectus, if applicable, and (vi) other facts material to the transaction.

A Selling Securityholder that is an entity may elect to make an in-kind distribution of ordinary shares (or ADSs representing such shares) to its members, partners or stockholders pursuant to the registration statement of which this prospectus is a part by delivering a prospectus with a plan of distribution. Such members, partners or stockholders would thereby receive freely tradeable ordinary shares (or ADSs representing such shares) pursuant to the distribution through a registration statement. To the extent a distributee is an affiliate of ours (or to the extent otherwise required by law), we may file a prospectus supplement in order to permit the distributees to use the prospectus to resell the ordinary shares (or ADSs representing such shares) acquired in the distribution. The Selling Securityholders also may transfer the ordinary shares (or ADSs representing such shares) in other circumstances, in which case the transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus.

The Selling Securityholders and any broker-dealers or agents that are involved in selling the ordinary shares (or ADSs representing such shares) may be deemed to be "underwriters" within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. The maximum commission or discount to be received by any member of the Financial Industry Regulatory Authority, or FINRA, or independent broker-dealer will not be greater than 8% of the initial gross proceeds from the sale of any security being sold.

There can be no assurance that any Selling Securityholders will sell any or all of the ordinary shares (or ADSs representing such shares) registered pursuant to the registration statement, of which this prospectus forms a part.

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The aggregate proceeds to the Selling Securityholders from the sale of ordinary shares (or ADSs representing such shares) offered by them will be the purchase price of the shares less discounts or commissions, if any. The Selling Securityholders reserve the right to accept and, together with its agents from time to time, to reject, in whole or in part, any proposed purchase to be made directly or through agents. We will not receive any of the proceeds from this offering.

We are required to pay all fees and expenses incident to the registration of the shares, other than any underwriting fees, discounts and selling commissions, stock transfer taxes and fees and disbursements of counsel. We have agreed to indemnify each Selling Securityholder, each person who controls such Selling Securityholder and their respective officers, directors, employees, stockholders, members, representatives and affiliates in certain circumstances against certain losses, claims, damages or liabilities to which they may become subject, including certain liabilities under the Securities Act.

We have agreed with the Selling Securityholders under the Debenture Registration Rights Agreement to use our commercially reasonable efforts to ensure that the ordinary shares constituting registrable shares (and any ADSs in respect of such shares) under the Debenture Registration Rights Agreement are registered for sale under the Securities Act as contemplated by the Debenture Registration Rights Agreement. Such obligations shall cease and terminate, with respect to such registrable shares (and any ADSs in respect of such shares), upon the earliest to occur of (a) such time when there are no registrable shares outstanding, (b) such time such registrable shares (and any ADSs in respect of such shares) (i) are freely transferable under Rule 144 and the securities laws of any other applicable jurisdiction without restrictions or conditions, without registration and without the requirement for us to be in compliance with the current public information requirement under Rule 144(c) (or any similar rule then in force), and (ii) do not and/or shall not when issued bear a restrictive legend relating to the Securities Act or the securities laws of any other applicable jurisdiction or a restricted CUSIP, or (c) the mutual written agreement of the Selling Securityholders and us.

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**EXPENSES RELATED TO REGISTRATION**

The following is a statement of expenses in connection with the registration of the ordinary shares represented by ADSs pursuant to the Debenture Registration Rights Agreement. With the exception of the SEC registration fee, all amounts are estimates. The estimates do not include expenses related to offerings of ADSs by the Selling Securityholders. Each prospectus supplement describing an offering of ADSs will reflect the estimated expenses related to the offering of ADSs under that prospectus supplement.

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| | |
|:---|:---|
| SEC Registration Fee | $58595 |
| Printing Expenses | 5000 |
| Legal Fees and Expenses | 55000 |
| Accounting Fees and Expenses | 20000 |
| Miscellaneous | 10000 |
| Total | $148595 |

---

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**LEGAL MATTERS**

Unless otherwise indicated in any prospectus supplement, the validity of the ordinary shares underlying the ADSs offered by this prospectus and legal matters governed by French Law will be passed upon by Archers A.A.R.P.I.

**EXPERTS**

The consolidated financial statements of Sequans Communications S.A appearing in Sequans Communications S.A.'s Annual Report (Form 20-F) for the year ended December 31, 2024 have been audited by Ernst & Young Audit, independent registered public accounting firm, as set forth in their report thereon, included therein, and incorporated herein by reference. Such consolidated financial statements have been incorporated herein by reference in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

**INCORPORATION OF DOCUMENTS BY REFERENCE**

The SEC allows us to "incorporate by reference" information into this document, which means that we can disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is considered to be part of this document, except for any information superseded by information in this document. This prospectus incorporates by reference the following documents that we have previously filed with the SEC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ our Annual Report on Form [20-F](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001383395/000138339525000018/sqns-20241231.htm) for the year ended December 31, 2024 filed with the SEC on April 30, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ our Reports of Foreign Issuer on Form 6-K furnished with the SEC on [May 6, 2025](https://www.sec.gov/Archives/edgar/data/1383395/000138339525000021/form6-kq1x2025.htm), [May 14, 2025](https://www.sec.gov/Archives/edgar/data/1383395/000138339525000024/form6k-2025xrenesascomplai.htm), [June 16, 2025](https://www.sec.gov/Archives/edgar/data/1383395/000138339525000031/form6k-generalmeetingjune2.htm), [June 23, 2025](https://www.sec.gov/Archives/edgar/data/1383395/000138339525000037/form6k-2025xjunexstrategic.htm), [June 23, 2025](https://www.sec.gov/Archives/edgar/data/1383395/000138339525000039/form6k-2025xjunenysecompli.htm), [June 23, 2025](https://www.sec.gov/Archives/edgar/data/1383395/000138339525000043/form6k-2025xjunexdealclosi.htm), [June 23, 2025](https://www.sec.gov/Archives/edgar/data/1383395/000138339525000046/form6ka-2025xjunexamendmen.htm), [June 30, 2025](https://www.sec.gov/Archives/edgar/data/1383395/000138339525000048/form6k-resultofgeneralmeet.htm) and [July 8, 2025](https://www.sec.gov/Archives/edgar/data/1383395/000138339525000057/form6k-2025xjulyclosingofb.htm).

The documents listed above contain important information about us and our finances. The more detailed information contained in the Form 6-K and Form 20-F qualify this entire prospectus. Statements in this prospectus may modify or supersede statements in the Form 6-K and Form 20-F and therefore the modified or superseded part of the original statement is not part of this prospectus.

We incorporate by reference into this prospectus all subsequent annual reports on Form 20-F after the date of this prospectus and before we terminate this offering. We also may incorporate by reference into this prospectus our reports on Form 6-K furnished after the date of this prospectus and before we terminate this offering that we identify in the Form 6-K as being incorporated into this registration statement. We may modify or supersede any statement in this prospectus by statements in documents we incorporate by reference after the date of this prospectus. When that happens, the modified or superseded part of the original statement is not part of this prospectus.

**WHERE YOU CAN FIND MORE INFORMATION ABOUT US**

We will provide to each person, including any beneficial owner, to whom this prospectus is delivered, a copy of any or all of the information that has been incorporated by reference in this prospectus but that is not delivered with the prospectus at no cost, upon written or oral request to us. We will not include exhibits to the documents that you request unless the exhibits are specifically incorporated by reference into those documents. You may make your request for any of the documents incorporated by reference in this prospectus by writing or telephoning us at the following address: Forest, 15-55 boulevard Charles de Gaulle, 92700 Colombes, France. The telephone number at this address is +33 1 70 72 16 00.

We are a foreign private issuer (as such term is defined in the Exchange Act). We are subject to the informational requirements of the Exchange Act, file our annual reports on Form 20-F, and furnish reports on Form 6-K and other information with the SEC. We have filed with the SEC a registration statement on Form F-3 to register the securities offered in this prospectus. This prospectus, which forms a part of the registration statement, does not contain all of the information included in the registration statement and its exhibits and schedules. References in this prospectus to any contract or other document are not necessarily complete and, if we filed the contract or document as an exhibit to the registration statement, you should refer to the exhibit for more information.

------

Our corporate Internet address is *www.sequans.com*. We make available free of charge on or through our website our annual reports, current reports, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. We may from time to time provide important disclosures to investors by posting them in the investor relations section of our website, as allowed by the SEC, rules. Information contained on our website is not part of this report or any other report filed with the SEC. The SEC also maintains an Internet site http://www.sec.gov that contains reports, proxy and information statements, and other information that we filed electronically.

As a foreign private issuer, we are exempt from the rules under the Exchange Act that prescribe the furnishing and content of proxy statements, and our officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. We are not currently required under the Exchange Act to publish financial statements as frequently or as promptly as are United States companies subject to, among others, Rules 13a-11, 13a-13, 15d-11 and 15d-13 promulgated under the Exchange Act. Moreover, while we have and expect to continue to submit quarterly interim consolidated financial data to the SEC under cover of the SEC's Form 6-K, we are not required to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. public companies and are not required to file quarterly reports on Form 10-Q or current reports on Form 8-K under the Exchange Act. Furthermore, our ordinary shares are not listed and we do not currently intend to list our ordinary shares on any market in France, our home country. As a result, we are not subject to the reporting and other requirements of listed companies in France. For instance, we are not required to publish quarterly or semi-annual financial statements. Accordingly, there is less publicly available information concerning our company than there would be if we were a U.S. public company.

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![sequanslogo1a.jpg](sequanslogo1a.jpg)

**Up to 1,350,000,030 Ordinary Shares represented by 135,000,003 American Depositary Shares or pre-funded warrants in lieu thereof, issuable upon the conversion of Secured Convertible Debentures**

**270,000,000 Ordinary Shares represented by 27,000,000 American Depositary Shares as Interest ADSs**

**202,499,980 Ordinary Shares represented by 20,249,998 American Depositary Shares, or pre-funded warrants in lieu thereof, issuable upon the exercise of Common Warrants**

**PROSPECTUS**

**, 2025**

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**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 8. Indemnification of Directors and Officers** 

We maintain liability insurance for our directors and officers, including insurance against liabilities under the Securities Act.

**Item 9. Exhibits**

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| | |
|:---|:---|
| **Exhibit** <br>**Number** | **Description of Exhibit** |
| 3.1\* | <u>[By-laws (](exhibit31-byxlawsstatutsof.htm)[statuts](exhibit31-byxlawsstatutsof.htm)[) of Sequans Communications S.A. effective July 7, 2025](exhibit31-byxlawsstatutsof.htm)</u> |
| 4.1 | <u>[Deposit Agreement, dated May 14, 2018, among Sequans Communications S.A., The Bank of New York Mellon and owners and holders of American Depositary Shares (incorporated by reference from Exhibit 4.1 to the registrant's Form 6-K filed November 16, 2020, File No. 001-35135)](https://www.sec.gov/Archives/edgar/data/1383395/000138339520000051/exhibit41-depositagreement.htm)</u> |
| 4.2 | <u>[Form of American Depositary Receipt (included in Exhibit 4.1)](https://www.sec.gov/Archives/edgar/data/1712301/000101915519000320/sequans424.htm)</u> |
| 4.3 | <u>[Terms and Conditions of the Pre-Funded Warrants (incorporated by reference from Exhibit 4.1 to the registrant's Form 6-K/A filed June 23, 2025, File No. 001-35135)](https://www.sec.gov/Archives/edgar/data/1383395/000138339525000046/exhibit41-termsandconditio.htm)</u> |
| 4.4 | <u>[Terms and Conditions of the Warrants (incorporated by reference from Exhibit 4.2 to the registrant's Form 6-K/A filed June 23, 2025, File No. 001-35135)](https://www.sec.gov/Archives/edgar/data/1383395/000138339525000046/exhibit42-commonwarrantfor.htm)</u> |
| 4.5\* | <u>[Secured Convertible Debenture, dated July 7, 2025, by and among Sequans Communications S.A. and Hudson Bay PH XVI Ltd, Hudson Bay Master Fund Ltd. and Hudson Bay Special Opportunities](exhibit45-securedconvertib.htm)[Master Fund A LP.](exhibit45-securedconvertib.htm)</u> |
| 4.6\* | <u>[Secured Convertible Debenture, dated July 7, 2025, between Sequans Communications S.A. and Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B.](exhibit46-securedconvertib.htm)</u> |
| 4.7\* | <u>[Secured Convertible Debenture, dated July 7, 2025, between Sequans Communications S.A. and MMCAP International Inc. SPC.](exhibit47-securedconvertib.htm)</u> |
| 4.8\* | <u>[Secured Convertible Debenture, dated July 7, 2025, between Sequans Communications S.A. and MOORE GLOBAL INVESTMENTS, LLC.](exhibit48-securedconvertib.htm)</u> |
| 4.9\* | <u>[Secured Convertible Debenture, dated July 7, 2025, between Sequans Communications S.A. and AFOB FIP MS, LLC.](exhibit49-securedconvertib.htm)</u> |
| 5.1\* | <u>[Opinion of Archers A.A.R.P.I.](exhibit51-opinionofarchers.htm)</u> |
| 10.1\* | <u>[Secured Convertible Debenture Purchase Agreement, dated as of June 22, 2025, between Sequans Communications S.A., the Collateral Agent defined therein, and the purchasers listed thereon.](exhibit101-securedconverti.htm)</u> |
| 10.2\* | <u>[Debenture Registration Rights Agreement,](exhibit102-debentureregist.htm)[dated](exhibit102-debentureregist.htm)[as of July 7, 2025, between Sequans Communications S.A. and the purchasers listed thereon.](exhibit102-debentureregist.htm)</u> |
| 23.1\* | <u>[Consent of Ernst & Young Audit, independent registered public accounting firm](exhibit231-consentofernsty.htm)</u> |
| 23.2\* | <u>[Consent of Archers A.A.R.P.I. (included in Exhibit 5.1)](exhibit51-opinionofarchers.htm)</u> |
| 24.1\* | <u>[Power of Attorney (included within signature page)](#i70ea11590f454062b5d0cc761f7cb784_486)</u> |
| 107\* | <u>[Filing Fee Table](exhibit107-filingfeetable.htm)</u> |

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__________________

\*Filed herewith.

**Item 10. Undertakings**

(a)The undersigned registrant hereby undertakes:

(1)To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

(i)To include any prospectus required by section 10(a)(3) of the Securities;

(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 prospectus filed with the Commission pursuant to Rule 424(b) (§ 230.424(b) of this chapter) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

(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), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the information otherwise 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 Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is a part of the registration statement.

(2)That, for the purpose of determining any liability under the Securities Act, 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.

(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.

(4)To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A of Form 20-F at the start of any delayed offering or throughout a continuous offering; provided, however, that a post-effective amendment need not be filed to include financial statements and information otherwise required by Section 10(a)(3) of the Securities Act need not be furnished, provided, that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, with respect to registration statements on Form F-3, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Securities Act, or Item 8.A of Form 20-F if such financial statements and information are contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the Form F-3.

(5)That, for the purpose of determining liability under the Securities Act to any purchaser:

(i)Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

(ii)Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

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(6)That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities:

The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

(i)Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424; (ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; (iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and (iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

(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 Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) 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.

(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 Securities and Exchange Commission such indemnification is against public policy as expressed in the 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 of whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

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**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Paris, Republic of France, on the 16<sup>th</sup> of July, 2025.

---

| | |
|:---|:---|
| **SEQUANS COMMUNICATIONS S.A.** | **SEQUANS COMMUNICATIONS S.A.** |
| By: | /s/ Dr. Georges Karam |
|  | Name: Dr. Georges Karam |
|  | Title: Chief Executive Officer and Chairman |

---

------

**POWER OF ATTORNEY**

**KNOW ALL PERSONS BY THESE PRESENTS**, that each person whose signature appears below constitutes and appoints Dr. Georges Karam and Deborah Choate and each of them, his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement (or any other registration statement for the same offering that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended), and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, hereby granting unto said attorney-in-fact and agent 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 he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| /s/ Dr. Georges Karam | Chairman of the Board, President and Chief<br>Executive Officer (Principal Executive Officer) | July 16, 2025 |
| Dr. Georges Karam | Chairman of the Board, President and Chief<br>Executive Officer (Principal Executive Officer) | July 16, 2025 |
| /s/ Deborah Choate | Chief Financial Officer (Principal Financial Officer and Accounting Officer) | July 16, 2025 |
| Deborah Choate | Chief Financial Officer (Principal Financial Officer and Accounting Officer) | July 16, 2025 |
| /s/ Wesley Cummins | Director | July 16, 2025 |
| Wesley Cummins | Director | July 16, 2025 |
| Yves Maitre | Director | July 16, 2025 |
| Yves Maitre | Director | July 16, 2025 |
| /s/ Maria Marced | Director | July 16, 2025 |
| Maria Marced | Director | July 16, 2025 |
| /s/ Richard Nottenburg | Director | July 16, 2025 |
| Richard Nottenburg | Director | July 16, 2025 |
| /s/ Hubert de Pesquidoux | Director | July 16, 2025 |
| Hubert de Pesquidoux | Director | July 16, 2025 |
| /s/ Jason Cohenour | Director | July 16, 2025 |
| Jason Cohenour | Director | July 16, 2025 |
| /s/ Zvi Slonimsky | Director | July 16, 2025 |
| Zvi Slonimsky | Director | July 16, 2025 |

---

**SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE OF THE REGISTRANT**

Pursuant to the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of Sequans Communications S.A. has signed this registration statement or amendment thereto in the City of Dallas, State of Texas, on July 16, 2025.

---

| | |
|:---|:---|
| By: | /s/ Nikhil Taluja |
|  | Name: Nikhil Taluja |
|  | Title: Authorized Representative in the United States |

---

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Table** 

<u>Form F-3</u> 

(Form Type)

<u>Sequans Communications S.A.</u>

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered Securities</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Security Type | Security<br>Class Title | Fee<br>Calculation <br>Rule | Amount<br>Registered(1)(2) | Proposed<br>Maximum<br>Offering<br>Price Per<br>Unit | Maximum<br>Aggregate<br>Offering Price | Fee<br>Rate | Amount of<br>Registration<br>Fee |
| Equity | Ordinary Shares | 457(c) | 1822500010 | $0.21 (3) | $382725002.10 | $0.00015310 | $58595.20 |
| Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts |  | $382725002.10 |  | - |
| Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due |  |  |  | $58595.20 |

---

(1)The ordinary shares, nominal value €0.01 per share (the "Ordinary Shares"), may be represented by the American Depositary Shares ("ADSs"), of Sequans Communications S.A. (the "Company"). Each ADS represents ten Ordinary Shares. The total Ordinary Shares being registered equate to 182,250,001 ADSs.

(2)Pursuant to Rule 416 under the Securities Act or 1933, as amended, this registration statement also covers such additional Ordinary Shares or ADSs of the registrant as may hereafter be offered or issued by reason of any share or ADS dividend, share or ADS split, bonus issue, recapitalization or similar transaction effected without the registrant's receipt of consideration which would increase the number of outstanding Ordinary Shares or ADSs.

(3)Estimated solely for the purpose of computing the amount of the registration fee pursuant to Rule 457(c) under the Securities Act of 1933, as amended. The calculation of the proposed maximum aggregate offering price of the ADSs is based on the average of the high and low price for the ADSs on July 9, 2025, as reported on the New York Stock Exchange. The ordinary share price per unit is equal to the average price of ADSs divided by ten.

## Exhibit 3.1

**Exhibit 3.1**

![image_0.jpg](image_0.jpg)

**Société Anonyme**

**with a share capital of €14,233,965.42**

**Registered office : *Forest* - 15-55 boulevard Charles de Gaulle – 92700 COLOMBES**

**Trade Register N°: 450 249 677 RCS Nanterre**

**B Y&nbsp;&nbsp;&nbsp;&nbsp; L A W S**

**As amended on July 4, 2025**

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**<u>Article 1 – Legal Form</u>**

The company is a "société anonyme" (French corporation) governed by corporate law, subject to specific laws governing the company and to these by-laws.

**<u>Article 2 – Company name</u>**

The company's name is:

**« SEQUANS COMMUNICATIONS ».**

**<u>Article 3 – Corporate purpose</u>**

The company's corporate purpose, in France and abroad is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The study, development and marketing of all products and/or services relating to radio fixed and/or optical-type communication networks systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advising and training, by all means and technical media, relating to the aforementioned fields of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The participation, directly or indirectly, in all transaction that may be related to any of the purposes defined above, through the creation of new companies or legal entities, the contribution, subscription, or purchase of securities or corporate rights, acquisition of interests, mergers, partnerships, or any other methods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• And, more generally, all industrial, commercial, and financial transactions, or transactions involving movable or fixed assets, that may be related directly or indirectly, in whole or in part, to any of the aforementioned corporate purposes, or to any similar or related purposes, or to any and all purposes that may enhance or develop the company's business, including, without limitation, investments (exchange, custody and access) in sovereign and non-sovereign currencies for treasury reserve purposes.

**<u>Article 4 – Registered office</u>**

The registered office is located at:

***Forest -* 15-55 boulevard Charles de Gaulle – 92700 COLOMBES.**

The board of directors is empowered to transfer the company's registered office, within the applicable legal and regulatory provisions.

**<u>Article 5 –Term</u>**

The company was incorporated for a term of ninety-nine years starting the day of its registration with the trade and company register, except in the cases of extension or early dissolution.

**<u>Article 6 – Share capital</u>**

The share capital is set at the amount of fourteen million two hundred thirty-three thousand nine hundred sixty-five euros and forty-two cents (EUR 14,233,965.42).

It is divided into one billion four hundred twenty-three million three hundred ninety-six thousand five hundred forty-two (1,423,396,542) shares of a par value of one Euro cent (EUR 0.01), fully paid up.

**<u>Article 7 – Changes to the capital</u>**

The share capital may be increased, decreased or amortized in accordance with applicable legal and regulatory provisions.

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**<u>Article 8 – Subscription for shares</u>**

In the event of a share capital increase, shares subscribed for cash, when applied for, shall be paid up in the minimum proportion provided for by legal and regulatory provisions. Partly paid up shares shall be registered shares until fully paid up. Payment of the remainder shall be made in one or several installments pursuant to a decision by the board of directors, within a maximum time limit of five years as of the date of the final capital increase.

Subscribers will be informed of calls for funds by certified mail with acknowledgement of receipt within fifteen days at least before the date set for each payment. Payments shall be made either at the registered office, or at any other place designated for this purpose.

Should the shareholder fail to pay by the date set by the board of directors, any amounts due shall bear interest, *ipso jure*, at the legal rate of interest, as of the due date for payment, without prejudice to other statutory proceeding and penalties. In particular, the company may force the sale of the securities that have not been paid up.

**<u>Article 9 – Legal forms of the shares</u>**

Shares are in registered form and shall be registered in an individual share account as provided by legal and regulatory provisions.

**<u>Article 10 – Indivisibility of the shares</u>**

Shares shall be indivisible with respect to the company. Joint owners of indivisible shares shall be represented at shareholders' general meetings by one of them or by a joint agent of their choice. Failing their agreement on the choice of an agent, such an agent is appointed by the courts of justice ruling in interim proceedings at the request of the co-owner who is in the greatest hardship.

The voting rights attached to the share shall belong to the beneficial-owner at ordinary shareholders' meetings, and to the bare-owner at extraordinary shareholders' general meetings.

**<u>Article 11 – Transfer and passing of the shares</u>**

Shares are freely negotiable.

They shall be transferred by means of a transfer order from account to account in accordance with the legal and regulatory provisions.

The shares can be leased out or lent with respect to the applicable legal and regulatory provisions.

**<u>Article 12 – Rights and obligations of the shares</u>**

Each share shall entitle its holder to a portion of the corporate profits and assets pro rata with respect to the amount of capital it represents.

Furthermore, each share shall entitle its holder to vote and be represented in the shareholders' general meetings in accordance with legal rules and the provisions of these by-laws. Ownership of one share implies, *ipso jure*, adherence to the by-laws and the decisions of the shareholders' general meeting.

Shareholders shall be liable for losses within the limits of their contributions to the company's capital.

The heirs, creditors, legal beneficiaries and other representatives of a shareholder may not place liens on the property or securities of the company, nor request the division or the public sale, nor interfere in the administration of the company. For the proper exercise of their right, they shall refer to the corporate records and to the decisions of the shareholders' meetings.

At times when the ownership of several shares is necessary in order to exercise any right as in an exchange, grouping or allocation of shares, or as a consequence of a capital increase or decrease, merger or other corporate operation, the owner of isolated shares, or fewer shares than the required

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amount, may only exercise the particular right on condition that the shareholder personally takes the required steps to group or, if applicable, purchase or sell the number of requisite shares.

**<u>Article 13 – Organization and functioning of the board of directors</u>**

**1 – Composition** 

The company is managed by a board of directors comprised of no more than 9 members, appointed by the shareholders' meeting and that may be individuals or legal entities.

Directors that are legal entities shall designate a permanent legal representative when nominated. This legal representative will be subject to the same conditions and obligations and will be subject to the same civil and criminal liability as if he were director under his own name, without prejudice of the liability *in solidum* of the legal entity he represents. His mandate as director is for the same term as the mandate given to the legal entity he represents and must be renewed at each renewal of the legal entity's mandate.

When the legal entity dismisses its representative, it must notify this dismissal to the company without delay, by certified mail and appoints, following the same procedure, a new permanent legal representative; the same rule applies in case of the death or resignation of the permanent legal representative.

**2 – Term of office – renewal and rotation** 

The term of office for directors shall be three years, expiring at the end of the shareholders' general meeting approving the accounts of the last fiscal years and held on the year of expiration of the mandate.

Directors can always be re-elected.

**3 – Vacancy – Cooptation** 

In the event of vacancy, as a result of death or by resignation, of one or more seats of directors, the board of directors may, between two general meetings, make appointments on a provisional basis.

However, if the number of directors in function is less than the minimum required by legal and regulatory provisions, a general meeting will be convened with respect to applicable legal and regulatory provisions in order to complete the number of directors.

The provisional elections made by the board of directors will be subject to ratification by the next general meeting. In case of failure of ratification, the resolutions adopted and the acts accomplished by the board of directors will remain valid.

The director appointed as a replacement of another remains in the office only for the remaining time of his predecessor's mandate.

**4 – Remuneration** 

The shareholders' meeting shall set the directors' attendance fees. The board of directors, after express deliberation, shall be free to distribute this remuneration among the directors, subject to applicable legal and regulatory provisions.

Costs incurred by directors during their terms of office shall be reimbursed by the company against documentary evidence.

**5 – Observers** 

The board of directors may appoint one or more observers chosen from among the shareholders, whether individuals or legal entities, or from outside their number.

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Their terms of office shall be set by the board of directors, but shall not exceed two years and shall expire at the next general meeting approving the accounts of the last fiscal year and held on the year of expiration of the mandate. Observers can always be re-elected.

The board of directors may terminate their appointment at any time without cause nor indemnity.

In the event of an observer's death, dismissal or surrender of office for any other reason, the board of directors may appoint a replacement for the remainder of said observer's term office.

Observers are called to assist as observers at board of directors' meetings and may be consulted by it or its chairman. They may not vote on the board of directors' resolutions.

**<u>Article 14 – Chairman of the board of directors</u>**

The board of directors shall elect its chairman from among its members who are individuals. The chairman shall be elected for the entire duration of his office as director and may be re-elected.

The Chairman of the Board of Directors is subject to the age limit of seventy-two. If this limit is reached during office, the chairman of the board of directors shall be considered as having resigned from office at the end of the general meeting approving the accounts of the last fiscal year when the age limit was reached.

The board of directors determines the chairman's remuneration.

**<u>Article 15 – Board meetings</u>**

**1** – The board of directors shall convene as often as the company's interest so require, pursuant to notice from the chairman.

The notice to convene must be given at least three days in advance by letter, telegram, telex or fax. It must contain the agenda. In the event of an emergency meeting, the notice may be given immediately and by any means, including orally.

The meeting shall take place at the company's registered office or at any other place indicated in the notice to convene.

**2 –** The board may not validly deliberate unless a quorum of at least half of its members are present, or, as the case may be, deemed to be present as provided for under the internal charter of the board of directors set in accordance with applicable legal and regulatory provisions.

Any director may give, by letter, telegram, telex or fax, a proxy to one of his colleagues in order to represent him at a meeting of the board of directors, but each director may only represent one of his colleagues.

Decisions will be taken by a majority of members present, deemed to be present, or represented. In the event of a tie vote, the chairman of the meeting shall cast the deciding vote.

**3 –** An attendance sheet shall be kept which must be signed by the directors at the board meeting and record, as the case may be, the participation of directors by means of videoconferencing or telecommunications.

**4** – Board decisions shall be recorded in minutes drawn up in compliance with applicable legal provisions and signed by the chairman of the meeting and one director or, if the chairman of the meeting is unable to attend, by two directors. Copies or extracts of the minutes may be certified by the chairman of the board of directors, the chief executive officer, the delegated managing director, the director temporarily delegated to the duties of chairman or the holder of a power of attorney duly authorized for this purpose.

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**<u>Article 16 – Powers of the board of directors</u>**

The board of directors shall determine the strategy of the company's activities and shall ensure its implementation. Subject to the powers expressly granted to the shareholders' meetings, and within the scope of the company's corporate purpose, the board shall take up all questions related to the management of the company and shall settle all related business through its deliberations.

The company shall be bound also by actions of the board of directors which do not fall within the corporate purpose, unless it proves that the third party knew such action was outside the limits of this purpose, or that the third party could not fail to be aware of this in view of the circumstances.

The board of directors carries out the controls and verifications it considers appropriate. All directors must receive all the necessary information in order to accomplish their task and may review all documents they consider useful.

**<u>Article 17 – Powers of the chairman of the board of directors</u>**

The chairman of the board of directors shall organize and direct the board's work, which he shall report on to the general meeting. He shall ensure the proper functioning of the company's governing bodies and shall ensure, in particular, that the directors are able to carry out their duties.

In case of a temporary unavailability or death of the chairman, the board of directors may delegate the powers of the chairman to a director. In case of a temporary unavailability, this delegation is granted for a limited duration and is renewable. In case of death, it is granted until the appointment of the new chairman.

**<u>Article 18 – General management</u>**

**1 – Choice between two methods of conducting General Management** 

General management of the company shall be assumed under the responsibility of either the chairman of the board of directors or by another person appointed by the board and with the title of chief executive officer. The board of directors shall decide between these two methods of conducting general management, and shall duly inform the shareholders and third parties according to the applicable regulatory conditions.

When the general management of the company is assumed by the chairman of the board of directors, the provisions set forth above relating to the chief executive officer shall apply to him.

**2 – Chief executive officer** 

The chief executive officer shall be nominated amongst the directors or from outside their number. The board of directors shall set his term of office and his remuneration. The chief executive officer is subject to the age limit set out by the applicable legal and regulatory provisions. If the age limit is reached during office, the chief executive officer shall be considered as having resigned from office at the next general meeting approving the accounts of the last fiscal year and held the year the limit was reached.

The chief executive officer may be dismissed at any time by the board of directors. If the dismissal is decided without fair grounds, it may give rise to damages, except if the chief executive officer is the chairman of the board of directors.

The chief executive officer shall be granted the widest powers to act in any manner on behalf of the company in all circumstances. He shall exercise his powers within the limits of the corporate purpose subject to the powers expressly attributed by legal and regulatory provisions to shareholders' meetings and to the board of directors.

The chief executive officer shall represent the company in its relations with third parties. The company shall be bound also by actions of the chief executive officer which do not fall within the scope of the corporate purpose, unless its proves that the third party knew such action was outside of the limits of

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this purpose, or that the third party could not fail to be aware of this in view of the circumstances, it being specified that the mere publication of the by-laws does not constitute such proof.

The provisions of the by-laws or the resolutions of the board of directors limiting the powers of the chief executive officer are unenforceable against third parties.

**3 – Deputy chief executive officer** 

Upon proposal of by the chief executive officer, the board of directors may appoint one or more individuals with the title of deputy chief executive officer and determine his remuneration in order to assist the chief executive officer.

The maximum number of deputy chief executives may not exceed five.

Deputy chief executives may be dismissed at any time by the board of directors upon proposal of the chief executive officer. If the dismissal is decided without fair grounds, it may give rise to damages.

If the chief executive officer ceases to exercise, or is prevented from carrying out his duties, the deputy chief executive officers shall, except when otherwise decided by the board of directors, remain in office and retain their duties until appointment of the new chief executive officer.

In agreement with the chief executive officer, the board of directors shall determine the scope and term of the powers granted to the deputy chief executive officers. With respect to third parties, the deputy chief executives shall have the same powers as the chief executive officer.

The age limit applicable to the chief executive officer also applies to the deputy chief executive officers.

**<u>Article 19 – Statutory auditors</u>**

The company's account shall be audited by one or several statutory auditors appointed in accordance with legal and regulatory provisions and carrying out their duties in accordance therewith.

**<u>Article 20 – Shareholders' meetings</u>**

**1** – Shareholders' meetings are convened and deliberate in accordance with legal and regulatory provisions and carry out their duties in accordance therewith.

Meetings are held at the company's registered offices or at any other location indicated in the notice to convene.

**2** – Any shareholder has the right to attend general meetings and to participate to the resolutions personally or through a proxy, by simple justification of his identity and no matter how many shares he owns as soon as the shares are paid up in accordance with applicable legal and regulatory provisions and that the shareholder justifies his shares are registered within the company's books at least three days before the meeting.

Shareholders may only be represented by their spouse or another shareholder and for this purpose, the proxy must prove his mandate.

Shareholders may participate in general meetings by means of videoconferences or telecommunications in accordance with legal and regulatory requirements. The means of telecommunications authorized will be mentioned in the notice to convene.

**3** – Shareholders' general meeting shall be chaired by the chairman of the board of directors or, in his absence, by a director appointed for this purpose by the board of directors, failing which the shareholders' general meeting itself shall elect its chairman.

**4** – The minutes shall be prepared, and copies or excerpts of the deliberations shall be issued and certified as required by legal and regulatory provisions.

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**<u>Article 21 – Financial year</u>**

The financial year is twelve months, beginning January 1 ending December 31 of each year.

**<u>Article 22 – Annual accounts – Allocation of results</u>**

The board of directors shall keep proper accounts of corporate activities and draw up annual and consolidated accounts, in accordance with applicable legal and regulatory provisions, regulations and standards.

The income statement, which summarizes the income and expenses for the financial year, shows, after deduction of amortization and provisions, the profit or loss for the year.

5% is set aside from the earnings for the financial year minus previous losses, if any, to fund the legal reserve. This withdrawal ceases to be mandatory when the reserve reaches one-tenth of the share capital and resumes when, for any reason, the legal reserve falls below the one tenth figure.

Distributable profits consist of the profits for the year, less prior losses, plus the amounts to be placed in reserves as required by legal and regulatory provisions or by the by-laws, plus retained earnings. The shareholders' meeting may withdraw from these earnings any sum it deems appropriate to allocate any optional reserves or to carry forward to the next financial year.

Moreover the shareholders' general meeting may decide to distribute sums taken from reserves at its disposal, expressly indicating the reserve items from which such withdrawals are made. Dividends shall however first be taken from the distributable earnings for the year.

Except in the case of a capital decrease, no distribution may be made to shareholders when shareholders' equity is or would, as a result of such distribution, be less than the amount of capital plus reserves which legal and regulatory provisions or the by-laws prohibit from being distributed. The re-evaluation variance may not be distributed and may be incorporated, in whole or in part, into the capital.

**<u>Article 23 – Payment of dividends</u>**

The terms and conditions for the payment of the dividends approved by the shareholders' general meeting are determined by the shareholders' meeting, or in lieu, by the board of directors. However, cash dividends must be paid within a maximum of nine months after the close of the financial year, unless extended by court order.

The ordinary shareholders' general meeting may grant each shareholder, for all or part of the dividends to be distributed, an option between payment of the dividends in cash or in shares, subject to legal requirements.

Interim dividends may be distributed before the approval of the financial statements for the year when the balance sheet established during or at the end of a financial year and certified by an auditor, shows that the company has made a profit since the close of the last financial year, after recognizing the necessary depreciation and provisions and after deducting prior losses, if any, and the sums to be allocated to reserves, as required by legal and regulatory provisions or the by-laws, and including any retaining earnings. The amount of such interim dividends may not exceed the amount of the profit so defined.

Dividends not claimed within five years after the payment date shall be deemed to expire.

**<u>Article 24 – Liquidation</u>**

Subject to the applicable legal provisions, the company shall be in liquidation from the time of its winding-up, however brought about. The general meeting of shareholders shall then decide on the method of liquidation and appoint the liquidators. The legal entity of the company shall continue for the purposes of liquidation, until its definitive closure.

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**<u>Article 25 – Disputes</u>**

All disputes which may arise during the company's existence or its liquidation either between the shareholders and the company or among the shareholders themselves, concerning the business of the company or the interpretation or implementation of these by-laws will be submitted to the jurisdiction of the relevant courts located in the jurisdiction where the company's registered office is located.

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## Exhibit 4.5

**Exhibit 4.5**

***Execution Version***

 **NEITHER THIS DEBENTURE NOR THE SECURITIES INTO WHICH THIS DEBENTURE IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE. THESE SECURITIES HAVE BEEN SOLD IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.**

**FOR PURPOSES OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>CODE</u>"), THIS DEBENTURE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT. THE HOLDER (AS DEFINED BELOW) MAY CONTACT DR. GEORGES KARAM AT +33 1 70 72 16 00, WHO WILL, NOT LATER THAN TEN DAYS AFTER THE DATE HEREOF, PROMPTLY MAKE AVAILABLE TO THE HOLDER, UPON REQUEST, THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND ISSUANCE DATE OF THIS DEBENTURE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THIS DEBENTURE, AND (3) THE YIELD TO MATURITY OF THIS DEBENTURE.**

**SEQUANS COMMUNICATIONS S.A.**

**SECURED CONVERTIBLE DEBENTURE**

**Principal Amount:&nbsp;&nbsp;&nbsp;&nbsp;$142,000,000**

**Debenture Issuance Date: July 7, 2025** 

**Debenture Number: SQNS-1**

FOR VALUE RECEIVED, Sequans Communications S.A., a société anonyme incorporated in the French Republic (the "<u>Company</u>"), hereby promises to pay to the order of Hudson Bay PH XVI Ltd., or its registered assigns (the "<u>Holder</u>") the amount set out above as the principal amount (as reduced or increased pursuant to the terms hereof pursuant to redemption, conversion or otherwise, the "<u>Principal</u>") when due, whether upon the Maturity Date (as defined below), acceleration, or redemption (in each case in accordance with the terms hereof) and to pay interest ("<u>Interest</u>") on any outstanding Principal at the applicable Interest Rate from the date set out above as the Debenture Issuance Date (the "<u>Issuance Date</u>") until the same becomes due and payable, whether upon the Maturity Date or acceleration, conversion, redemption or otherwise (in each case in accordance with the terms hereof). This Secured Convertible Debenture (including all debentures issued in exchange, transfer or replacement hereof, this "<u>Debenture</u>") was originally issued pursuant to the Secured Convertible Debenture Purchase Agreement dated as of June 22, 2025, as it may be amended from time to time (the "<u>Purchase Agreement</u>") between the Company and the Buyers listed on the Schedule of Buyers attached thereto. Certain capitalized terms used herein are

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defined in Section (17). All Obligations owed by the Company to the Holder under this Debenture and each other Transaction Document are guaranteed by the Guarantors pursuant to the Guaranty and Security Agreement and secured by the Guarantors pursuant to the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;<u>GENERAL TERMS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Maturity Date</u>. On the Maturity Date, the Company shall pay to the Holder an amount in cash representing all outstanding Principal, accrued and unpaid Interest, and any other amounts outstanding pursuant to the terms of this Debenture. The "<u>Maturity Date</u>" shall be July 7, 2028. Other than as specifically permitted by this Debenture under Section 2(a), the Company may not prepay or redeem any portion of the outstanding Principal and/or accrued and unpaid Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate and Payment of Interest</u>. (i) From and after the first anniversary date of the Issuance Date until, but not including, the second anniversary date of the Issuance Date, interest shall accrue on the outstanding Principal balance hereof at an annual rate equal to 6.00% and (ii) from and after the second anniversary date of the Issuance Date, interest shall accrue on the outstanding Principal balance hereof at an annual rate equal to 8.00% (such applicable interest rate, the "<u>Interest Rate</u>"), which Interest Rate shall, in connection with the occurrence of an Event of Default, increase to the Default Rate upon written notice executed by the Required Holders (as defined in the Purchase Agreement) to the Company retroactively to the date of the occurrence of such Event of Default. Interest shall be calculated based on a 365- day year and the actual number of days elapsed, to the extent permitted by applicable law. Interest shall accrue during the term of this Debenture and shall be due and payable on each Interest Payment Date or upon the acceleration (including, for the avoidance of doubt, in connection with Section 3(b)), redemption (including, for the avoidance of doubt, in connection with Section 2(b) and Section 2(c)) or conversion of the outstanding Principal. Additional Interest may be payable pursuant to Section 19(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment Dates</u>. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding</u>. All payments and deliveries made by, or on behalf of, the Company (or any Successor Company) under or with respect to this Debenture (including in connection with any conversion described in Section (4)), shall be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied ("<u>Applicable Taxes</u>") by or within France or any jurisdiction in which the Company (or any Successor Company) is, for tax purposes, organized or resident or doing business (each, as applicable, a "<u>Relevant Taxing Jurisdiction</u>") or through which payment is made or deemed made (together with each Relevant Taxing Jurisdiction, a "<u>Relevant Jurisdiction</u>," and in each case, any political subdivision or taxing authority thereof or therein), unless such withholding or deduction is required by law or by regulation or governmental policy having the force of law. In the event that any such withholding or deduction is so required in a Relevant Jurisdiction, the Company (or the Successor Company) shall pay such additional amounts ("<u>Additional Amounts</u>") as may be necessary to ensure that the net amount received by the Holder after such withholding or deduction (and after deducting any Applicable Taxes on the Additional Amounts) under a Relevant Jurisdiction shall equal the amounts that would have been received by

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such beneficial owner had no such withholding or deduction been required; *provided* that no Additional Amounts shall be payable for or on account of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;any tax, duty, assessment or other governmental charge that would not have been imposed but for:

&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;(i)&nbsp;&nbsp;&nbsp;&nbsp;the failure of the Holder to comply with a timely reasonable request from the Company, addressed to the Holder to provide certification or other documents concerning such Holder's nationality, residence, identity or connection with the Relevant Jurisdiction, or to make any declaration or satisfy any other reporting requirement relating to such matters, if and to the extent that due and timely compliance with such request is required by statute, regulation or administrative practice of the Relevant Jurisdiction in order to reduce or eliminate any withholding or deduction as to which Additional Amounts would have otherwise been payable to the Holder and so long as the completion, execution or submission of such certification or documents would not materially prejudice the legal or commercial position of the Holder;

&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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;(A) the existence of any present or former connection between the Holder and any non-cooperative jurisdiction (Etat ou territoire non coopératif) within the meaning of Section 238-0 A of the French tax code (as this list may be amended from time to time), or (B) the presentation of this Debenture (or any portion hereof) for payment or payment on this Debenture (or any portion hereof) otherwise made to a bank account open in a non-cooperative jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;any tax, duty, assessment or other governmental charge that is payable otherwise than by withholding or deduction from payments under or with respect to this Debenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;any tax required to be withheld or deducted under Sections 1471 to 1474 of the Code (or any amended or successor versions of such Sections that are substantively comparable and not materially more onerous to comply with) ("<u>FATCA</u>"), any agreement described in Section 1471(b) of the Code, or any current or future regulations or other official guidance thereunder, any intergovernmental agreement entered into in connection with FATCA, or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA; 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;(5)&nbsp;&nbsp;&nbsp;&nbsp;any combination of taxes, duties, assessments or other governmental charges referred to in the preceding clauses (1), (2), (3) or (4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Treatment</u>. (i) The parties hereto shall treat this Debenture as debt for U.S. federal (and applicable state and local) income tax purposes and shall prepare and file all tax returns consistent with, and not otherwise take any position inconsistent with, such treatment unless required by applicable law; (ii) the parties hereto agree that (x) the Debentures and the Common Warrants (as defined in the Purchase Agreement) shall be treated as an "investment unit" within the meaning of Section 1273(c)(2) of the Internal Revenue Code of 1986, as amended, and

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the Treasury Regulations thereunder, (y) the issue price of the investment unit will be allocated between the Debentures and such Common Warrants based on their relative fair market values on the Issuance Date for U.S. federal income tax purposes, as determined collectively by the Company and the Required Holders acting in good faith, and (z) no party hereto shall take a position contrary to the foregoing on any tax return unless required by an applicable change in law after the Issuance Date or the good faith resolution of a tax audit or other tax proceeding; (iii) the Company represents that it was not a "passive foreign investment company" for U.S. federal income tax purposes for the year ending December 31, 2024 and does not as of the date hereof have knowledge that it will be a "passive foreign investment company" for the year ending December 31, 2025 or the foreseeable future; (iv) the Company shall make due inquiry with its tax advisors regarding the Company's status as a "passive foreign investment company" for the year ending December 31, 2025 and each subsequent year; and (v) if the Company determines that it is a "passive foreign investment company" for any years during which the Holder has owned this Debenture, the Company will promptly notify the Holder of its determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;<u>PAYMENTS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have the right, but not the obligation, to redeem ("<u>Optional Redemption</u>") in cash a portion or all amounts outstanding under this Debenture at the Redemption Amount (as defined below) as described in this Section 2(a); *provided*, that (a) the Company provides the Holder with at least: (i) in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger," 30 Trading Days' prior written notice, or (ii) in the case of an Optional Redemption pursuant to clause (y) of the definition of "Closing Price Trigger," 5 Trading Days' prior written notice, of its desire to exercise an Optional Redemption (each, a "<u>Redemption Notice</u>"), (b) such Redemption Notice sets forth a redemption date for consummating the Optional Redemption (the "<u>Redemption Date</u>") that is scheduled to be a New York Business Day that occurs on or after the first anniversary date of the Issuance Date, (c) in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger," the Equity Conditions are satisfied on each Trading Day during the period commencing on the date the Redemption Notice is delivered to the Holder and ending on and including the date upon which the Redemption Amount is delivered to the Holder (the "<u>Redemption Equity Condition Period</u>"), (d) the Closing Price Trigger is satisfied as of the date the Redemption Notice is delivered to the Holder and (e) the Company must have, on or prior to 8:30 a.m., New York City time, on the Trading Day on which such Redemption Notice is delivered, publicly disclosed any material, non-public information regarding the Company (including the fact that the Company is effecting an Optional Redemption) on a Form 6-K or otherwise. Each Redemption Notice shall be irrevocable and shall (x) specify the outstanding Principal balance of this Debenture to be redeemed and the Redemption Amount and (y) in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger," certify that the Equity Conditions are satisfied as of the date of such Redemption Notice. The "<u>Redemption Amount</u>" shall be, (x) in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger", an amount equal to the outstanding Principal balance being redeemed by the Company, *plus* all accrued and unpaid Interest in respect of such Principal balance to, but not including, such Redemption Date, *plus* the Payment Premium in respect of such Principal balance and accrued and unpaid Interest and (y) in the case of an Optional Redemption pursuant to clause (y) of the definition of "<u>Closing Price Trigger</u>", an amount equal to the *sum of* (A) the *product of* (*x*) the outstanding Principal balance

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being redeemed by the Company *multiplied by* (*y*) 108% *plus* (B) the Payment Premium with respect to all accrued and unpaid Interest in respect of such Principal balance to, but not including, such Redemption Date. After receipt of a Redemption Notice, the Holder shall have the right to elect to convert all or any portion of the outstanding Principal balance being redeemed by the Company (and accrued and unpaid Interest thereon) in accordance with Section (4) until the New York Close of Business on the New York Business Day immediately preceding the applicable Redemption Date. Provided that the Equity Conditions are satisfied (solely in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger") and the Company is not in possession of material non-public information, on the Redemption Date, the Company shall (x) deliver to the Holder the Redemption Amount with respect to the Principal amount redeemed to the extent not converted in accordance with the immediately preceding sentence and Section (4) and (y) in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger," certify in writing that the Equity Conditions have continued to have been satisfied on each Trading Day during the Redemption Equity Conditions Period and that the Company is not in possession of material non-public information. Any Optional Redemption in respect of less than all of the Principal outstanding under all the Debentures shall be applied ratably across all outstanding Debentures, including this Debenture. Notwithstanding the foregoing, this Section 2(a) will cease to have any force and effect if an Event of Default or Default has occurred hereunder, and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;On the Specified Repurchase Date, the Holder shall have right, at the Holder's option, to require the Company to repurchase for cash all of or any portion of the Principal of this Debenture at a repurchase price equal to the outstanding Principal balance to be so repurchased, *plus* all accrued and unpaid interest hereunder as of the Specified Repurchase Date. In order to exercise such right, the Holder must provide the Company notice of such exercise no later than the New York Close of Business on the fifth (5th) New York Business Day immediately preceding the Specified Repurchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If a Fundamental Change occurs at any time, the Holder shall have the right, at such Holder's option, to require the Company to repurchase for cash all or any portion of the Principal of this Debenture on the New York Business Day notified in writing (the "<u>Fundamental Change Repurchase Date</u>") by the Holder that is not more than twenty (20) Business Days after the later of (x) the date that the Company delivers to the Holder the Fundamental Change Company Notice (as defined below) and (y) the effective date of such Fundamental Change at a repurchase price equal to the outstanding Principal balance to be so repurchased, *plus* all accrued and unpaid interest hereunder as of the Fundamental Change Repurchase Date, *plus* the Payment Premium in respect of such Principal balance and accrued and unpaid Interest. In order to exercise such right, the Holder must provide the Company notice of such exercise no later than the New York Close of Business on the New York Business Day immediately preceding the Fundamental Change Repurchase Date. The Company shall provide notice of the occurrence of a Fundamental Change no later than the fifth (5<sup>th</sup>) New York Business Day after the occurrence of such Fundamental Change (the "<u>Fundamental Change Company Notice</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Other than as specifically set forth in clause (a) above, the Company shall not have the right to make any early repayments, redemptions or repurchases without the consent or at the request of the Holder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;<u>EVENTS OF DEFAULT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;An "<u>Event of Default</u>", wherever used herein, means any one of the following events (whatever the reason and whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or regulation of any administrative or governmental body):

&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)&nbsp;&nbsp;&nbsp;&nbsp;The Company's or any Guarantor's failure (x) to pay to the Holder any amount of Principal after such payment is due, or any Redemption Amount, Payment Premium, Additional Amount, amount due pursuant to Section 4(b)(ii) or other amounts when and as due under this Debenture (other than Interest) or any other Transaction Document or (y) to pay to the Holder Interest or Additional Interest when and as due under this Debenture and such failure pursuant to this clause (y) continues for a period of two (2) Business Days (for the avoidance of doubt, the Event of Default set forth in this Section 3(a)(i) shall be immediate and not subject to cure);

&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)&nbsp;&nbsp;&nbsp;&nbsp;(A) The Company, any Guarantor or any Significant Subsidiary of the Company shall commence, or there shall be commenced against the Company, any Guarantor or any Significant Subsidiary of the Company, any proceeding under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or the Company, any Guarantor or any Significant Subsidiary of the Company commences, or there shall be commenced against the Company, any Guarantor or any Significant Subsidiary of the Company, any other proceeding under any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, liquidation or similar law of any jurisdiction whether now or hereafter in effect, which remains undismissed for a period of sixty one (61) days, including for the avoidance of doubt, as applicable, certain French law proceedings affecting creditors, including conciliation proceedings (*mandat ad hoc* or *procédure de conciliation*), safeguard proceedings (*procédure de sauvegarde*), accelerated safeguard (sauvegarde accélérée) and judicial reorganization or liquidation proceedings (*redressement* or *liquidation judiciaire*)); (B) the Company, any Guarantor or any Significant Subsidiary of the Company is adjudicated insolvent or bankrupt; (C) any order of relief or other order approving any such case or proceeding is entered; (D) the Company, any Guarantor or any Significant Subsidiary of the Company suffers any appointment of any custodian, private or court appointed receiver or the like for it or all or substantially all of its property which continues undischarged or unstayed for a period of sixty one (61) days; (E) the Company, any Guarantor or any Significant Subsidiary of the Company makes a general assignment of all or substantially all of its assets for the benefit of creditors; (F) the Company, any Guarantor or any Significant Subsidiary of the Company shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; (G) the Company, any Guarantor or any Significant Subsidiary of the Company shall call a meeting of its creditors with a view to restructuring its debts; or (H) the Company, any Guarantor or any Significant Subsidiary of the Company shall by any act or failure to act expressly indicate its consent to, approval of or acquiescence in any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Company or any Significant Subsidiary of the Company shall default in any of its obligations under any note, debenture, or any mortgage, credit agreement or other

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facility, indenture agreement, factoring agreement or other instrument under which there may be issued, or by which there may be secured or evidenced, any indebtedness for borrowed money or money due under any long term leasing or factoring arrangement of the Company or any Significant Subsidiary of the Company in an amount exceeding $5,000,000, whether such indebtedness now exists or shall hereafter be created and such default shall result in such indebtedness becoming or being declared due and payable prior to its stated maturity (for the avoidance of doubt, the Event of Default set forth in this Section 3(a)(iii) shall be immediate and not subject to cure);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;A final judgment or judgments for the payment of money aggregating in excess of $5,000,000 are rendered against the Company and/or any of its Subsidiaries and which judgments are not, within thirty (30) days after the entry thereof, bonded, discharged, settled or stayed pending appeal, or are not discharged within thirty (30) days after the expiration of such stay; *provided, however*, any judgment which is covered by insurance or an indemnity from a credit worthy party shall not be included in calculating the $5,000,000 amount set forth above so long as the Company provides the Holder a written statement from such insurer or indemnity provider to the effect that such judgment is covered by insurance or an indemnity and the applicable insurance or indemnity coverage has not been denied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;(A) Any failure to timely deliver an Event of Default Notice or a Fundamental Change Company Notice required pursuant to the Transaction Documents, or (B) any delivery of an Event of Default Notice, Fundamental Change Company Notice, or any other required notice or certification required pursuant to the Transaction Documents (including, for the avoidance of doubt, a required certification that the Equity Conditions have been satisfied or as to whether any Event of Default has occurred), in each case, that is materially false or inaccurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;The suspension from trading or failure of the ADSs to be trading or listed on the Company's Principal Market (measured in terms of trading volume for its ADSs) on which the ADSs are traded for a period of five (5) consecutive Trading Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;The Company's (A) failure to deliver the required number of ADSs to the Holder within one (1) Trading Day after the applicable ADS Delivery Date or Interest Payment Date (as applicable) or (B) notice, written or oral, to any Holder, including by way of public announcement, at any time, of its intention not to comply with a request for conversion of any Debenture into ADS that tendered for conversion in accordance with the provisions of the Debenture, other than pursuant to Section (4)(c) (for the avoidance of doubt, the Event of Default set forth in this Section 3(a)(vii) shall be immediate and not subject to cure);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;[*Reserved*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;The Company's failure to timely file with the Commission any Periodic Report that would cause the Company to lose its eligibility to register securities on Form F-3, on or before the due date of such filing as established by the Commission, it being understood, for the avoidance of doubt, that such due date includes any permitted filing deadline extension under Rule 12b-25 under the Exchange Act;

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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;(x)&nbsp;&nbsp;&nbsp;&nbsp;Any representation or warranty made or deemed to be made by or on behalf of the Company or any Guarantor in or in connection with any Transaction Document, or any waiver hereunder or thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with any Transaction Document, shall prove to have been incorrect in any material respect when made or deemed made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;(A) Any material provision of any Transaction Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder, ceases to be in full force and effect; (B) the Company or any Guarantor contests in writing the validity or enforceability of any provision of any Transaction Document; or (C) the Company or any Guarantor denies in writing that it has any or further liability or obligation under any Transaction Document, or purports in writing to revoke, terminate (other than in line with the relevant termination provisions) or rescind any Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;The Company uses the net proceeds of the issuance of this Debenture, whether directly or indirectly, for any purpose other than the purchase of Bitcoin as required under Section 4(b) of the Purchase Agreement; provided, such restriction on the use of proceeds shall not apply in respect of any Bitcoin that is released in accordance with Section 19(f);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;Any breach of a material term set forth in (A) any other debenture, note, or instrument held by the Holder in the Company or (B) any written agreement between or among the Company and the Holder, in each case, beyond all applicable notice and cure periods set forth therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;&nbsp;&nbsp;(A) The Registration Statement (as defined in the Registration Rights Agreement) shall not have been filed, declared effective or remained in effect, in each case, as required by the Registration Rights Agreement; or (B) the Company fails to remove any restrictive legend on any certificate or any ADSs issued to the Holder pursuant to the Debenture or any Pre-Funded Warrants acquired by the Holder under the Purchase Agreement (including this Debenture) as and when required by the Debenture or the Purchase Agreement, unless otherwise then prohibited by applicable federal securities laws and such failure continues for more than five (5) Trading Days (for the avoidance of doubt, the Event of Default set forth in this Section 3(a)(xiv)(B) shall be immediate following such five (5) Trading Day period and not subject to cure);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)&nbsp;&nbsp;&nbsp;&nbsp;Any material provision of any Security Document shall at any time for any reason (other than pursuant to the express terms thereof or (other than action or inaction on the part of the Holder, the Collateral Agent or any of their respective agents)) cease to be valid and binding on or enforceable against the Company or any Guarantor, or the validity or enforceability thereof shall be contested by any party thereto or any other Person, or a proceeding shall be commenced by the Company, any Guarantor or any Subsidiary or any Governmental Entity having jurisdiction over any of them, seeking to establish the invalidity or unenforceability thereof, or the Company, any Guarantor or any Subsidiary shall deny in writing that it has any liability or obligation purported to be created under any Security Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)&nbsp;&nbsp;&nbsp;&nbsp;Any Security Document shall for any reason fail or cease to create a valid and perfected and first priority Lien (as defined in the Guaranty and Security Agreement) in the

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applicable Collateral (as defined in the Guaranty and Security Agreement) in favor of the Collateral Agent for the benefit of the Holder of this Debenture and the holders of the Other Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)&nbsp;&nbsp;&nbsp;&nbsp;The Company or any Guarantor shall fail to observe or perform any covenant, agreement or warranty contained in, or otherwise commit any breach or default of any provision of (x) this Debenture (except as may be covered by Section (3)(a)(i) through (3)(a)(xvi) hereof and Section (3)(a)(xviii) hereof) other than Section 19 hereof (other than (x) the obligation to pay Additional Interest pursuant to Section 19(h), which shall be covered by Section 3(a)(i) hereof, (y) the obligation to issue Interest ADSs on the applicable Interest Payment Date pursuant to Section 19(h), which shall be covered by Section 3(a)(vii) hereof and (z) the obligation to deposit the Shortfall Amount into the Cash Collateral Account or otherwise deliver an Additional Interest Election Notice to the Holder pursuant to Section 19(c), which shall be covered by Section 3(a)(xviii) hereof) or any other Transaction Document (other than any Security Document) which is not cured or remedied within the time prescribed or if no time is prescribed either: (1) within five (5) Business Days after the earlier to occur of the Company becoming aware of such failure or of the Company receiving written notice thereof from a Holder, or (2) provided that such failure is curable or otherwise capable of remedy and on or before the fifth (5<sup>th</sup>) Business Day after the earlier to occur of the Company becoming aware of such failure or of the Company receiving written notice thereof from a Holder the Company or any Guarantor has commenced commercially reasonable efforts to effect such cure or remedy and is at all times thereafter continuing such commercially reasonable efforts to effect such cure or remedy, within twenty (20) Business Days after the earlier to occur of the Company becoming aware of such failure or of the Company receiving written notice thereof from a Holder or (y) Section 19 of this Debenture (other than (x) the obligation to pay Additional Interest pursuant to Section 19(h), which shall be covered by Section 3(a)(i) hereof, (y) the obligation to issue Interest ADSs on the applicable Interest Payment Date pursuant to Section 19(h), which shall be covered by Section 3(a)(vii) hereof and (z) the obligation to deposit the Shortfall Amount into the Cash Collateral Account or otherwise deliver an Additional Interest Election Notice to the Holder pursuant to Section 19(c), which shall be covered by Section 3(a)(xviii) hereof) or any Security Document which is not cured or remedied within the time prescribed or if not subject to cure, immediately upon such breach, default or any failure to observe or perform any covenant, agreement or warranty contained in Section 19 of this Debenture (other than (x) the obligation to pay Additional Interest pursuant to Section 19(h), which shall be covered by Section 3(a)(i) hereof, (y) the obligation to issue Interest ADSs on the applicable Interest Payment Date pursuant to Section 19(h), which shall be covered by Section 3(a)(vii) hereof and (z) the obligation to deposit the Shortfall Amount into the Cash Collateral Account or otherwise deliver an Additional Interest Election Notice to the Holder pursuant to Section 19(c), which shall be covered by Section 3(a)(xviii) hereof) or any Security Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)&nbsp;&nbsp;&nbsp;&nbsp;On or prior to the Make-Whole Date, the Company shall have failed to deposit any required Shortfall Amount into the Cash Collateral Account or otherwise deliver an Additional Interest Election Notice with respect to such Shortfall Amount to the Holder (for the avoidance of doubt, the Event of Default set forth in this Section 3(a)(xviii) shall be immediate and not subject to cure).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Promptly, but in no event later two (2) Business Day after the Company becomes aware of an Event of Default, the Company will provide written notice of such Event of Default to the Holder (an "<u>Event of Default Notice</u>"), which Event of Default Notice shall include (i) a reasonable description of the applicable Event of Default, (ii) the date on which the Event of Default occurred and (iii) the date on which the Default underlying such Event of Default initially occurred, if different than the date on which the Event of Default occurred. During the time that any portion of this Debenture is outstanding, if any Event of Default has occurred and is continuing (other than an event with respect to the Company described in Section (3)(a)(ii)), the Holder, by notice to the Company, may declare this Debenture (or any portion thereof) to become due and payable on the Business Day immediately following the date of such notice (the "<u>Event of Default Acceleration Date</u>") for cash in an amount equal to the Event of Default Acceleration Amount (at which point the underlying Event of Default may not be cured); *provided* that, in the case of any event with respect to the Company described in Section (3)(a)(ii), the full unpaid Principal amount of this Debenture, together with accrued and unpaid interest and other amounts owing in respect thereof and other Obligations accrued hereunder and under the other Transaction Documents, to the date of acceleration, shall automatically become due and payable, in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company. Furthermore, in addition to any other remedies, the Holder shall have the right (but not the obligation) to convert, at the Conversion Price, on one or more occasions all or part of the Conversion Amount in accordance with Section (4) and subject to the limitations in Section (4)(c) at any time after (x) an Event of Default has occurred and is continuing; *provided* that, upon receipt of a Conversion Notice arising after the occurrence and during the continuance of an Event of Default, the underlying Event of Default may not be cured, or (y) the Maturity Date; *provided* that this Debenture remains outstanding, at the Conversion Price. The Holder need not provide and the Company hereby waives any presentment, demand, protest or other notice of any kind, (other than required notice of conversion) and the Holder may immediately enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Such declaration may be rescinded and annulled by the Holder in writing at any time prior to payment hereunder. No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;<u>CONVERSION OF DEBENTURE</u>. This Debenture shall be convertible into Ordinary Shares deposited for the delivery of ADSs, on the terms and conditions set forth in this Section (4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Conversion Right</u>. Subject to the limitations of Section (4)(c), at any time or times on or after the Issuance Date, the Holder shall be entitled to convert any portion of the outstanding and unpaid Conversion Amount into fully paid and nonassessable Ordinary Shares deposited for the delivery of ADSs in accordance with Section (4)(b), at the Conversion Price (as defined below). The number of Ordinary Shares deposited for the delivery of ADSs issuable upon conversion of any Conversion Amount pursuant to this Section (4)(a) shall be equal to the quotient of (x) such Conversion Amount and (y) the Conversion Price. The Company shall not issue any fraction of an ADSs upon any conversion. All calculations under this Section (4) shall be rounded to the nearest $0.0001. If the issuance would result in the issuance of a fraction of an ADS, the Company shall round such fraction of an ADS up to the nearest whole ADS. The Company shall pay and indemnify the Holder for any and all transfer, stamp and similar taxes, including the French financial transaction tax provided for by Article 235 ter ZD of the French Tax Code, that may be

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paid or payable with respect to the issuance of Ordinary Shares and delivery of ADSs upon conversion of any Conversion Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Mechanics of Conversion</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Optional Conversion</u>. To convert any Conversion Amount into Ordinary Shares for the delivery of ADSs on any date (a "<u>Conversion Date</u>"), the Holder shall (A) transmit by email (or otherwise deliver), for receipt on or prior to 6:00 p.m., New York time, on such date (the "<u>Conversion Notice Date</u>"), a copy of an executed notice of conversion in the form attached hereto as Exhibit I (the "<u>Conversion Notice</u>") to the Company and (B) if required by Section (4)(b)(iii), surrender this Debenture to a nationally recognized overnight delivery service for delivery to the Company (or an indemnification undertaking reasonably satisfactory to the Company with respect to this Debenture in the case of its loss, theft or destruction). If (x) the Conversion Notice is delivered to the Company at or before 10:00 a.m., New York City time, then on or before the first (1st) Trading Day that is also a Paris Business Day (or if the Conversion Notice Date is not a Paris Business Day, the first (1<sup>st</sup>) Trading Day following the next Paris Business Day) following the date of receipt of such Conversion Notice (or such earlier date as required pursuant to the Exchange Act or other applicable law, rule or regulation for the settlement of a trade initiated on the applicable Conversion Date of such ADSs issuable pursuant to such Conversion Notice), the Company shall or (y) the Conversion Notice is delivered to the Company after 10:00 a.m., New York City time, then the Company shall use commercially reasonably efforts to, on or before the first (1<sup>st</sup>) Trading Day following receipt of such Conversion Notice (but in no event later than the second (2<sup>nd</sup>) Trading Date) (such date in the case of (x) or (y), the "<u>ADS Delivery Date</u>") (X) if legends are not required to be placed on certificates or the book-entry position of the ADS and provided that the Company's transfer agent is participating in the Depository Trust Company's ("<u>DTC</u>") Fast Automated Securities Transfer Program, instruct such transfer agent to credit such aggregate number of ADSs to which the Holder shall be entitled to the Holder's or its designee's balance account with DTC through its Deposit Withdrawal Agent Commission system or (Y) if the Company's transfer agent is not participating in the DTC Fast Automated Securities Transfer Program, or if restrictive legends are required to be placed on certificates or book-entry positions of the ADSs, issue and deliver to the address as specified in the Conversion Notice, a certificate or book-entry position, registered in the name of the Holder or its designee, for the number of ADSs to which the Holder shall be entitled. If this Debenture is physically surrendered for conversion and the outstanding Principal of this Debenture is greater than the Principal portion of the Conversion Amount being converted, then the Company shall as soon as practicable and in no event later than five (5) Business Days after receipt of this Debenture and at its own expense, issue and deliver to the Holder a new Debenture representing the outstanding Principal not converted.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Company's Failure to Timely Convert</u>. If the Company shall fail, for any reason or for no reason, on or prior to the applicable ADS Delivery Date (in the case of ADSs to be delivered pursuant to Section 4(b)(i)) or Interest Payment Date (in the case of any Interest ADSs to be delivered pursuant to Section 19(h)) to issue and deliver a certificate to the Holder or credit the Holder's balance account with DTC for the number of ADSs (the "<u>Undelivered ADSs</u>") to which the Holder is entitled pursuant to Section 4(b)(i) or Section 19(h), as applicable (a "<u>Conversion Failure</u>"), and if on or after such Trading Day the Holder purchases (in an open

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market transaction or otherwise) ADSs to deliver in satisfaction of a sale by the Holder of ADSs issuable pursuant to Section 4(b)(i) or Section 19(h) (as applicable) that the Holder anticipated receiving from the Company (a "<u>Buy-In</u>"), then, without limiting the Holder's right to pursue any other remedy available to it (whether hereunder, under applicable law or otherwise), the Holder will have the right, exercisable by notice to the Company, to cause the Company to either (x) pay, on or before the third (3<sup>rd</sup>) Business Day after the date such notice is delivered, cash to the Holder in an amount equal to the Holder's total purchase price (including reasonable and documented brokerage commissions and other reasonable and documented out of pocket expenses, if any) for the ADSs so purchased (the "<u>Buy-In Price</u>"), at which point the Company's obligation to deliver such certificate (and to issue such ADSs) shall terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such ADSs and pay cash to the Holder in an amount equal to the excess (if any) of the Buy- In Price over the product of (A) such number of ADSs multiplied by (B) the Closing Price of the ADSs on the Conversion Date or Interest Payment Date (as applicable). In addition to the foregoing, if the Company fails for any reason to deliver ADSs to the Holder by the applicable ADS Delivery Date or Interest Payment Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each one thousand dollars ($1,000) of Undelivered ADSs (based on the VWAP on the applicable ADS Delivery Date or Interest Payment Date), ten dollars ($10) per Trading Day (increasing to twenty dollars ($20) per Trading Day on the fifth (5<sup>th</sup>) Trading Day after such liquidated damages begin to accrue) for each Trading Day after the ADS Delivery Date or Interest Payment Date (as applicable) until the cash amount set forth in in this Section 4(b)(ii) is paid to the Holder or the ADSs are delivered to the Holder pursuant to this Section 4(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Book-Entry</u>. Notwithstanding anything to the contrary set forth herein, upon conversion, redemption or repurchase of any portion of this Debenture in accordance with the terms hereof, the Holder shall not be required to physically surrender this Debenture to the Company unless (A) the full Conversion Amount represented by this Debenture is being converted, redeemed or repurchased or (B) the Holder has provided the Company with prior written notice (which notice may be included in a Conversion Notice) requesting reissuance of this Debenture upon physical surrender of this Debenture. The Holder and the Company shall maintain records showing the Principal and Interest converted, redeemed and repurchased and the dates of such conversions, redemptions and repurchases or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of this Debenture upon any partial conversion, redemption or repurchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitations on Conversions</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Beneficial Ownership</u>. The Holder shall not have the right to convert any portion of this Debenture, and the Company shall not effect the conversion of any portion of this Debenture or otherwise issue ADSs pursuant to this Debenture, and any such conversion or issuance shall be null and avoid and treated as if never made (other than as set forth in this Section 4(c)(i)), to the extent that after giving effect to such conversion, the Holder, together with the other Attribution Parties, collectively would beneficially own (as determined in accordance with Section 13(d) of the Exchange Act and the rules promulgated thereunder) in excess of 4.99% of the number of ADSs outstanding immediately after giving effect to such conversion (the "<u>Beneficial Ownership Cap</u>"). For purposes of this Debenture, in determining the number of

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outstanding ADSs the Holder may acquire in connection with this Debenture without exceeding the Beneficial Ownership Cap, the Holder may rely on the number of outstanding ADSs as reflected in (x) the Company's most recent Periodic Reports, (y) a more recent public announcement by the Company or (z) any other written notice by the Company or the Company's transfer agent setting forth the number of ADSs outstanding (the "<u>Reported Outstanding ADS Number</u>"). If the Company receives a notice from the Holder related to the conversion of this Debenture or any issuance of ADSs in connection with this Debenture at a time when the actual number of outstanding ADSs is less than the Reported Outstanding ADS Number, the Company shall promptly notify the Holder in writing of the number of ADSs then outstanding and, to the extent that such conversion or issuance of ADSs would otherwise cause the Holder's beneficial ownership, as determined pursuant to this Section 4(c)(i), to exceed the Beneficial Ownership Cap, the Holder must notify the Company of a reduced number of ADSs to be issued pursuant to such notice. For any reason at any time, upon the written or oral request of the Holder, the Company shall within two (2) Trading Days confirm in writing or by electronic mail to the Holder the number of ADSs then outstanding. In any case, the number of outstanding ADSs shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Debenture, by the Holder and any other Attribution Party since the date as of which the Reported Outstanding ADS Number was reported. In the event that the issuance of ADSs to the Holder upon conversion of, or otherwise pursuant to, this Debenture results in the Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Beneficial Ownership Cap of the number of outstanding ADSs (as determined under Section 13(d) of the Exchange Act), the Holder shall have the right to convert any such portion of this Debenture to the extent it agrees to receive Pre-Funded Warrants (as defined in the Purchase Agreement) exercisable for such number of ADSs that would otherwise have caused such Holder (together with any affiliate thereof) to beneficially own (as determined in accordance with Section 13(d) of the Exchange Act and the rules promulgated thereunder) ADSs in excess of the Beneficial Ownership Cap. Upon delivery of a written notice to the Company, the Holder may from time to time increase or decrease the Beneficial Ownership Cap to any other percentage not in excess of 9.99% as specified in such notice; *provided that* (i) any such increase in the Beneficial Ownership Cap will not be effective until the sixty-first (61<sup>st</sup>) day after such notice is delivered to the Company and (ii) any such increase or decrease will apply only to the Holder and the other Attribution Parties and not to any other holder of Debentures that is not an Attribution Party of the Holder. For purposes of clarity, the ADSs issuable pursuant to the terms of this Debenture in excess of the Beneficial Ownership Cap shall not be deemed to be beneficially owned by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the Exchange Act. No prior inability to convert this Debenture or receive ADSs pursuant to this Debenture pursuant to this paragraph shall have any effect on the applicability of the provisions of this paragraph with respect to any subsequent determination of convertibility. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 4(c)(i) to the extent necessary to correct this paragraph or any portion of this paragraph which may be defective or inconsistent with the intended beneficial ownership limitation contained in this Section 4(c)(i) or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a successor holder of this Debenture.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained in this Debenture or in any other Transaction Document, (x) the Company shall not have the right to convert this Debenture and (y) there shall be no other limitations, including with respect to timing or amount, on conversions of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Provisions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;All calculations under this Section (4) shall be rounded to the nearest $0.0001 or whole ADS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants that it will at all times keep available for issuance, out of its authorized and unissued Ordinary Shares and ADSs, such number of Ordinary Shares and ADSs not less than the maximum number of ADSs (or Ordinary Shares represented by such ADSs) issuable upon conversion of this Debenture (assuming for purposes hereof that (x) this Debenture is convertible at the Conversion Price as of the date of determination and (y) any such conversion shall not take into account any limitations on the conversion of the Debenture set forth herein or therein (the "<u>Required Reserve Amount</u>"), provided that at no time shall the number of Ordinary Shares or ADSs reserved pursuant to this Section (4)(d)(ii) be reduced other than proportionally with respect to all Ordinary Shares and ADSs in connection with any conversion (other than pursuant to the conversion of this Debenture in accordance with its terms) and/or cancellation of this Debenture, or a reverse share split undertaken by the Company. If at any time the number of Ordinary Shares or ADSs reserved pursuant to this Section (4)(d)(ii) becomes less than the Required Reserve Amount, the Company will promptly take all corporate action necessary to promptly propose at a meeting of its shareholders an increase of its authorized share capital necessary to meet the Company's obligations pursuant to this Debenture, and the Company's Board of Directors will recommend that the Company's shareholders vote in favor of such increase. The Company covenants that, upon issuance in accordance with conversion of this Debenture in accordance with its terms, the Ordinary Shares and ADSs, when issued, will be validly issued, fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Nothing herein shall limit a Holder's right to pursue actual damages or declare an Event of Default pursuant to Section (3) herein for the Company's failure to deliver ADSs upon conversion in the manner and within the time period specified herein and such Holder shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief, in each case without the need to post a bond or provide other security. The exercise of any such rights shall not prohibit the Holder from seeking to enforce damages pursuant to any other Section hereof or under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is obligated, upon reasonable notice, to use its commercially reasonable efforts to cause its legal counsel to deliver legal opinions to the Company's transfer agent in connection with any legend removal upon the expiration of any holding period or other requirement for which the Underlying ADSs may bear legends restricting the transfer thereof; *provided, however*, that such Holder has delivered such reasonably requested representations to such transfer agent, the Company and the Company's legal counsel in connection with the request for such opinion. To the extent such opinions are not provided (either timely or at all other than

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because of an action or inaction of Holder, including the reasonably requested representations of Holder), then, in addition to being an Event of Default in accordance with Section (3)(a)(xv), the Company agrees to reimburse the Holder for all reasonable and documented costs incurred by the Holder in connection with any legal opinions paid for by the Holder in connection with sale or transfer of Underlying ADSs. To the extent such opinions are not provided (either timely or at all), the Holder shall notify the Company of any such costs and expenses it incurs that are referred to in this section from time to time and all reasonable amounts owed hereunder shall be paid by the Company with reasonable promptness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby expressly acknowledges and agrees that (i) the Purchase Agreement and all Transaction Documents to which it is a party are ratified and confirmed and shall remain in full force and effect, (ii) it has no set off, counterclaim, defense or other claim or dispute with respect to any Transaction Document, (iii) notwithstanding anything to the contrary in any Transaction Document, the term "Obligations" as used and defined in the Guaranty and Security Agreement and any Security Document shall include all Obligations under this Agreement and the other Transaction Documents, and (iv) all Obligations under this Debenture are duly secured by the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall undertake to maintain, as long as the Debenture is outstanding and remains convertible into ADSs, the effectiveness of a registration statement on Form F-6 relating to the ADSs and an adequate number of ADSs available for issuance thereunder such that ADSs can be delivered in accordance with the terms of this Debenture, and the Deposit Agreement or the Restricted Issuance Agreement, as applicable, upon conversion of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;The person in whose name any ADSs is issuable pursuant to this Debenture will be deemed to become the holder of record of such shares as of the delivery of the Conversion Notice to the Company, conferring, as of such time, upon such person, without limitation, all voting and other rights appurtenant to such shares; *provided*, that the Holder shall be deemed to have waived any voting rights of any such ADSs issued to the Holder that may arise during the period commencing on such Conversion Date, through, and including, such applicable ADS Delivery Date, as necessary, such that the aggregate voting rights of any ADSs (including such ADSs issued to the Holder) beneficially owned by the Holder and/or any Attribution Parties, collectively, on any such record date shall not exceed the Beneficial Ownership Cap as a result of any such conversion of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;<u>ADJUSTMENTS TO CONVERSION PRICE</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustment of Conversion Price</u>. As of the date of this Debenture, each ADS represents ten (10) Ordinary Shares of the Company. If the number of Ordinary Shares represented by the ADSs is changed for any reason other than one or more of the events described in Section (5)(b), the Company will make an appropriate adjustment to the Conversion Price to give effect to such change while preserving the Holder's economics (for example, if each ADS is changed from representing ten (10) Ordinary Shares to representing twenty (20) Ordinary Shares for any reason other than one or more of the events described in Section (5)(b), the adjusted

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Conversion Price would be the Conversion Price immediately prior to such adjustment divided by two).

Notwithstanding the adjustment provisions described below, if the Company distributes to holders of the Ordinary Shares any cash, rights, options, warrants, shares of capital stock or similar equity interest, evidences of indebtedness or other assets or property of the Company (but excluding Expiring Rights) and a corresponding distribution is not made to holders of the ADSs, but, instead, the ADSs will represent, in addition to the Ordinary Shares, such cash, rights, options, warrants, shares of capital stock or similar equity interest, evidences of indebtedness or other assets or property of the Company, then a Conversion Price adjustment described below shall not be made until and unless a corresponding distribution (if any) is made to holders of the ADSs, and such Conversion Price adjustment shall be based on the distribution made to the holders of the ADSs and not on the distribution made to the holders of the Ordinary Shares; *provided* that in the case of one or more partial distributions (with the ADSs continuing to represent, in addition to Ordinary Shares, any such cash, rights, options, warrants, shares of capital stock or similar equity interest, evidences of indebtedness or other assets or property of the Company that have not been distributed), the Company will make appropriate interim adjustments to account for such distributions consistent with the Conversion Price adjustments described below based on the distributions made to the holders of the ADSs.

The Company shall not, and is not permitted by current applicable law to, distribute to holders of the ADSs any cash, rights, options, warrants, shares of capital stock or similar equity interest, evidences of indebtedness or other assets or property of the Company unless a corresponding distribution is made to holders of the Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;For any particular event or transaction that would result in a Conversion Price adjustment under this Section (5)(b), the Company will first adjust the Conversion Price based on the Conversion Price adjustment under Sections (5)(b)(i) through (5)(b)(vii) (the "<u>Mandatory French Law Conversion Price Adjustment</u>"). After making the Mandatory French Law Conversion Price Adjustment to the Conversion Price, the Company will also calculate the Conversion Price adjustment for the same transaction or event under Section (5)(b)(viii) (assuming for such purpose that the Mandatory French Law Conversion Price Adjustment has not yet been made) (the "<u>U.S. Conversion Price Adjustment</u>"). The Company will then increase the Conversion Price as adjusted by the Mandatory French Law Conversion Price Adjustment by an amount equal to the U.S. Conversion Price Adjustment *minus* the Mandatory French Law Conversion Price Adjustment, but only if such amount is a positive number. The Company will make these calculations in good faith and, absent manifest error, the Company's determinations as to which Conversion Price adjustment shall apply and any Conversion Price adjustment calculations associated therewith will be final and binding on the Holder. In the event that the Company becomes organized under the laws of a jurisdiction other than the French Republic, the Company will provide for anti-dilution and other adjustments that it in good faith determines are as nearly equivalent as possible to the adjustments described in this Section (5)(b). For purposes of the adjustment provisions described below in this Section (5)(b), the number of outstanding Ordinary Shares (for purposes of determining the outstanding ordinary share capital and whether dividends or distributions are made to all of the holders of the Ordinary Shares) shall not include Ordinary Shares held in the treasury of the Company (directly or in the form of ADSs) so long as the Company does not pay any dividend or make any distribution on Ordinary Shares held in the

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treasury of the Company (directly or in the form of ADSs). In the event of any adjustments described below under Section (5)(b), the new Conversion Price will be calculated to four decimal places by rounding to the nearest ten-thousandth (with 0.00005 being rounded upwards to the nearest ten-thousandth, i.e., 0.0001). Any subsequent adjustments will be carried out on the basis of such newly calculated and rounded Conversion Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the provisions of Article L. 228-98 of the French Commercial Code, in the event of a reduction of the Company's Ordinary Share capital resulting from losses and realized through a shareholder approved decrease of the number of the Company's outstanding Ordinary Shares (a "<u>Share Reduction</u>"), the Conversion Price will be adjusted based on the following formula:

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| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS0** |
| **CP'** | **=** | **CP0** | **×** | **OS'** |

---

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Open of Business on the Effective Date of the Share Reduction;

CP' = the Conversion Price in effect immediately after the Paris Open of Business on such Effective Date of the Share Reduction;

OS' = the number of Ordinary Shares comprising the Company's Ordinary Share capital immediately after the Effective Date of the Share Reduction; and

OS0 = the number of Ordinary Shares comprising the Company's Ordinary Share capital immediately before the Effective Date of the Share Reduction.

The terms and concepts described above are as understood under Article L. 228-98 of the French Commercial Code.

Pursuant to French law, any reduction in the Company's Ordinary Share capital requires shareholder approval at an extraordinary general shareholders' meeting following the recommendation of the Company's board of directors. The Ordinary Share capital may be reduced either by decreasing the nominal value of the outstanding Ordinary Shares or by reducing the number of outstanding Ordinary Shares. Pursuant to French law, holders of each class of shares of the Company's Ordinary Share capital must be treated equally.

For the avoidance of doubt, in accordance with the provisions of Article L. 228-98 of the French Commercial Code, in the event of a reduction of the Company's Ordinary Share capital resulting from losses and realized through a decrease in the nominal value (instead of a Share Reduction), if Holder converts this Debenture it will receive ADSs reflecting such decrease in nominal value rather than the Conversion Price adjustment described above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;In the event the Company issues to all of the holders of Ordinary Shares preferential subscription rights (as described below), the Conversion Price will be adjusted based on the following formula:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS'** |
| **CP'** | **=** | **CP0** | **×** | **OS' + FMV** |

---

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Close of Business on the last Trading Day of the subscription period for the preferential subscription rights (the "<u>Subscription Period</u>");

CP' = the Conversion Price in effect immediately after the Paris Close of Business on the last Trading Day of such Subscription Period;

OS' = the Value of the Ordinary Shares Ex-Right; and

FMV = the Value of the Preferential Subscription Right.

According to French law, if the Company issues additional Ordinary Shares or securities giving access to its ordinary share capital for cash or a set-off of cash debts, then-current holders of the Ordinary Shares will have preferential subscription rights to these securities on a pro rata basis. Preferential subscription rights entitle the individual or entity that holds them to subscribe pro rata based on the number of Ordinary Shares held by them to the issuance of any securities increasing, or that may result in an increase of, the Company's Ordinary Share capital by means of a cash payment or a set-off of cash debts. The preferential subscription rights are transferable during the Subscription Period relating to a particular offering.

The preferential subscription rights with respect to any particular offering may be waived at an extraordinary general meeting by a two-thirds vote of the Company's shareholders or individually by each shareholder.

To the extent required pursuant to Article L. 228-99 and Article R. 228-92 of the French Commercial Code, if the Company decides to issue, in any form whatsoever, new shares or securities giving access to the Company's Ordinary Share capital with preferential subscription rights reserved for the Company's shareholders, the Company will provide at least 14 calendar days' prior written notice to the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Company makes a "distribution for no consideration of Ordinary shares" to all of the holders of Ordinary Shares (as such terms are understood under Article R. 228-91(2°) of the French Commercial Code), or if the Company effects a share split or reverse share split, the Conversion Price will be adjusted based on the following formula:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS0** |
| **CP'** | **=** | **CP0** | **×** | **OS'** |

---

where,

------

CP0 = the Conversion Price in effect immediately prior to the Paris Close of Business on the Record Date of such dividend or distribution, or immediately prior to the Paris Open of Business on the Effective Date of such share split or reverse share split, as applicable;

CP' = the Conversion Price in effect immediately after the Paris Close of Business on the Record Date of such distribution, or immediately after the Paris Open of Business on the Effective Date of such share split or reverse share split, as applicable;

OS' = the number of Ordinary Shares comprising the Ordinary Share capital immediately after the Paris Close of Business on the Record Date of such dividend or distribution or after the Paris Open of Business on the Effective Date of such share split or reverse share split, as applicable; and

OS0 = the number of Ordinary Shares comprising the Ordinary Share capital immediately prior to the Paris Close of Business on the Record Date of such dividend or distribution or immediately prior to the Paris Open of Business on the Effective Date of such share split or reverse share split, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;In the event of a distribution of reserves or premiums (as such terms are understood under Article R. 228-91(3°) of the French Commercial Code) in cash or other assets (other than Ordinary Shares) to all of the holders of the Ordinary Shares, the Conversion Price will be adjusted based on the following formula:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS' – C** |
| **CP'** | **=** | **CP0** | **×** | **OS'** |

---

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Open of Business on the Ex-Dividend Date for such distribution;

CP' = the Conversion Price in effect immediately after the Paris Open of Business on the Ex-Dividend Date for such distribution;

OS' = the Value of the Ordinary Share immediately prior to the Paris Close of Business on the Date of such Distribution; and

C = the cash amount distributed per Ordinary Share or, if the distribution consists of assets other than cash, the Value of the Securities or Assets Distributed per Ordinary Share.

For the avoidance of doubt, in the event of a capital increase by incorporation of reserves or premiums (as such terms are understood under Article R. 228-91(3°) of the French Commercial Code) achieved by increasing the nominal value of the Ordinary Shares instead of a distribution of such reserves or premiums, the nominal value of the Ordinary Shares underlying ADS delivered to the Holder of this Debenture upon conversion thereof will be increased accordingly and no adjustment to the Conversion Price will be made in respect thereof.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Other than pursuant to a Share Reduction that results in an adjustment described in Section (5)(b)(i), in the event that the Company purchases, or any of the Company's Subsidiaries purchase, any of the Ordinary Shares (directly or in the form of ADS) at a price per Ordinary Share in cash and/or other consideration (the fair market value of which other consideration is reasonably determined by the Company or, at the Company's option, an Independent Expert) that is higher than the Ordinary Share Market Price, the Conversion Price will be adjusted by the Company based on the following formula

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS' – (PC% x RP)** |
| **CP'** | **=** | **CP0** | **×** | **OS' x (1 – PC%)** |

---

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Close of Business on the date such Ordinary Shares (directly or in the form of ADS) are repurchased (the "<u>Ordinary Share Repurchase Date</u>");

CR' = the Conversion Price in effect immediately after the Paris Close of Business on the Ordinary Share Repurchase Date;

OS' = the arithmetic average of the VWAP (divided by the number of Ordinary Shares then represented by one ADS) for each of the three Trading Days immediately preceding the Ordinary Share Repurchase Date;

PC% = means the percentage of the Company's outstanding Ordinary Share capital (directly or in the form of ADS) repurchased, expressed as a decimal rounded to the nearest hundredth (with 0.005 being rounded upwards to the nearest hundredth, i.e., 0.01); and

RP =&nbsp;&nbsp;&nbsp;&nbsp; the actual price (consisting of cash and/or other consideration (the fair market value of which other consideration is reasonably determined by the Company or, at the Company's option, an Independent Expert)) at which the Ordinary Shares are repurchased on a per share basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;In the event of a redemption (amortissement) (as such term is understood under Article R. 228-91(5°) of the French Commercial Code) of the Company's Ordinary Share capital, the Conversion Price will be adjusted based on the following formula:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS' – RP** |
| **CP'** | **=** | **CP0** | **×** | **OS'** |

---

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Close of Business on the Trading Day immediately preceding the Ex-Redemption Date;

CR' = the Conversion Price in effect immediately after the Paris Close of Business on the Trading Day immediately preceding the Ex-Redemption Date;

------

OS' = the arithmetic average of the VWAP (divided by the number of Ordinary Shares then represented by one ADS) for each of the three Trading Days immediately preceding the Ex-Redemption Date; and

RP =&nbsp;&nbsp;&nbsp;&nbsp; the amount of redemption (*amortissement*) per Ordinary Share.

A "redemption (*amortissement*)" is a reimbursement to the shareholders of all or part of the nominal value of the Ordinary Shares but without triggering any Ordinary Share capital decrease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;(1) In the event of a "modification" by the Company of the "distribution of profits" of the Company (modification de la répartition des bénéfices) (as such terms are understood under Article R. 228-91(4°) of the French Commercial Code), the Conversion Price will be adjusted based on the following formula:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS' – C** |
| **CP'** | **=** | **CP0** | **×** | **OS'** |

---

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Close of Business on the Effective Date of such modification by the Company of the distribution of its profits;

CP' = the Conversion Price in effect immediately after the Paris Close of Business on the Effective Date of such modification by the Company of the distribution of its profits;

OS' = the arithmetic average of the VWAP (divided by the number of Ordinary Shares then represented by one ADS) for each of the three Trading Days immediately preceding the Effective Date of such modification by the Company of the distribution of its profits; and

C =&nbsp;&nbsp;&nbsp;&nbsp;the reduction per Ordinary Share of the rights to profits, as reasonably determined by the Company or, at the Company's option, an Independent Expert.

Notwithstanding the above, if any modification by the Company of the distribution of its profits results from the issuance of preferential subscription rights for preferred shares that results in an adjustment to the Conversion Price pursuant to Section (5)(b)(ii), no adjustment to the Conversion Price will be made pursuant to this Section (5)(b)(vii)(1).

&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;(2) In the event of the creation of preferred shares that does not result in a "modification" by the Company of the "distribution of profits" (as such terms are understood under Article R. 228-91(4°) of the French Commercial Code), the adjustment of the Conversion Price, if necessary, will be determined by an Independent Expert.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;(1) If the Company issues to all or substantially all holders of the Ordinary Shares (directly or in the form of ADSs) any rights, options or warrants (other than to the extent such issuance constitutes (x) an issuance of preferential subscription rights that results in an adjustment to the Conversion Price pursuant to Section (5)(b)(ii) or (y) a distribution of reserves or premiums that results in an adjustment to the Conversion Price pursuant to Section (5)(b)(iv)) entitling them,

------

for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase Ordinary Shares (directly or in the form of ADSs) at a price per Ordinary Share that is less than the average of the Closing Prices of the Ordinary Shares or the ADSs, as the case may be *(divided by,* in the case of the ADSs, the number of Ordinary Shares then represented by one ADS), for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, the Conversion Price will be increased based on the following formula:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***CP1*** | *=* | ***CP0*** | ***×*** | ***OS0 + Y*** |
| ***CP1*** | *=* | ***CP0*** | ***×*** | ***OS0 + X*** |

---

where,

CP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately prior to the New York Open of Business on the Ex-Dividend Date for the ADSs for such issuance;

CP1&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately after the New York Open of Business on such Ex-Dividend Date;

OS0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the number of shares of Ordinary Shares (directly or in the form of ADSs) outstanding immediately prior to the New York Open of Business on such Ex-Dividend Date;

X&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the total number of shares of Ordinary Shares (directly or in the form of ADSs) issuable pursuant to such rights, options or warrants; and

Y&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the number of shares of Ordinary Shares equal to (i) the aggregate price payable to exercise such rights, options or warrants, *divided by* (ii) the quotient of (a) the average of the Closing Prices of the ADSs over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants *divided by* (b) the number of Ordinary Shares then represented by one ADS.

Any decrease made under this Section (5)(b)(viii)(1) shall be made successively whenever any such rights, options or warrants are issued and shall become effective immediately after the New York Open of Business on the Ex-Dividend Date for the ADSs for such issuance. To the extent that the Ordinary Shares or the ADSs are not delivered after the expiration of such rights, options or warrants, the Conversion Price shall be increased to the Conversion Price that would then be in effect had the increase with respect to the issuance of such rights, options or warrants been made on the basis of delivery of only the number of Ordinary Shares (directly or in the form of ADSs) actually delivered. If such rights, options or warrants are not so issued, the Conversion Price shall be increased to the Conversion Price that would then be in effect if such Ex-Dividend Date for such issuance had not occurred.

For purposes of this Section (5)(b)(viii)(1), in determining whether any rights, options or warrants entitle the holders of ADSs to subscribe for or purchase Ordinary Shares (directly or in the form of ADSs) at a price per Ordinary Share that is less than such average of the Closing Prices of the Ordinary Shares or the ADSs, as the case may be (divided by, in the case of the ADSs, the

------

number of Ordinary Shares represented by one ADS), for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, and in determining the aggregate offering price of such Ordinary Share or ADSs, there shall be taken into account any consideration received by the Company for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the Company in good faith.

&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;(2) &nbsp;&nbsp;&nbsp;&nbsp;If the Company distributes shares of its capital stock, evidences of its indebtedness, other assets or property of the Company or rights, options or warrants to acquire its capital stock or other securities of the Company, to all or substantially all holders of the Ordinary Shares (directly or in the form of ADSs), excluding: (i) any dividend, distribution, issuance, redemption, repurchase or other event for which an adjustment to the Conversion Price is specifically provided for in any of clauses (i), (ii), (iii), (iv), (v), (vi) and (vii) of Section (5)(b), (ii) dividends or distributions paid exclusively in cash as to which the adjustment provision set forth in Section (5)(b)(viii)(3) or Section (5)(b)(iv) shall apply; and (iii) Spin-Offs as to which the provisions set forth below in this Section (5)(b)(viii)(2) shall apply to the extent not specifically provided for pursuant to the adjustment provision set forth in Section (5)(b)(iv) (any of such shares of capital stock, evidences of indebtedness, other assets or property or rights, options or warrants to acquire capital stock or other securities, the "<u>Distributed Property</u>"), then the Conversion Price shall be decreased based on the following formula:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***CP1*** | ***=*** | ***CP0*** | ***×*** | ***SP0 – FMV*** |
| ***CP1*** | ***=*** | ***CP0*** | ***×*** | ***SP0*** |

---

where,

CP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately prior to the New York Open of Business on the Ex-Dividend Date for the ADSs for such distribution;

CP1&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately after the New York Open of Business on such Ex-Dividend Date;

SP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the average of the Closing Prices of the ADSs (divided by the number of Ordinary Shares then represented by one ADS) over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and

FMV&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the fair market value (as determined in good faith by the Company) of the Distributed Property with respect to each outstanding Ordinary Share (directly or in the form of ADSs) on the Ex-Dividend Date for such distribution (converted into euros using an exchange rate in effect on the date of determination to the extent not already reflected in euros).

Any decrease made under the portion of this Section (5)(b)(viii)(2) above shall become effective immediately after the New York Open of Business on the Ex-Dividend Date for such distribution. If such distribution is not so paid or made, the Conversion Price shall be increased to the Conversion Price that would then be in effect if such distribution had not been declared. Notwithstanding the foregoing, if "FMV" (as defined above) is equal to or greater than "SP0" (as

------

defined above), in lieu of the foregoing increase, the Holder of this Debenture shall receive, in respect of each $1,000 Principal of this Debenture, at the same time and upon the same terms as holders of the ADSs receive the Distributed Property, the amount and kind of Distributed Property such Holder would have received if such Holder owned a number of ADSs equal to the quotient of (x) $1,000 and the (y) Conversion Price that is in effect on the Ex-Dividend Date for the distribution. If the Company determines the "FMV" (as defined above) of any distribution for purposes of this Section (5)(b)(viii)(2) by reference to the actual or when-issued trading market for any securities, it shall in doing so consider the prices in such market over the same period used in computing the Closing Price of the ADSs over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution.

With respect to an adjustment pursuant to this Section (5)(b)(viii)(2) where there has been a payment of a dividend or other distribution on the Ordinary Shares (directly or in the form of ADSs) of capital stock of any class or series, or similar equity interest, of or relating to any Subsidiary or other business unit of the Company, that are, or, when issued, will be, listed or admitted for trading on a U.S. national securities exchange (a "<u>Spin-Off</u>"), the Conversion Price shall be increased based on the following formula:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***CP1*** | ***=*** | ***CP0*** | ***×*** | ***MP0*** |
| ***CP1*** | ***=*** | ***CP0*** | ***×*** | ***FMV + MP0*** |

---

where,

CP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately prior to the end of the Valuation Period;

CP1&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately after the end of the Valuation Period;

FMV0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the average of the Closing Prices of the capital stock or similar equity interest distributed to holders of the Ordinary Shares (directly or in the form of ADSs) applicable to one Ordinary Share (determined by reference to the definition of Closing Price as set forth in Section (17) as if references therein to ADSs were to such capital stock or similar equity interest) over the first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date of the Spin-Off (the "<u>Valuation Period</u>"); *provided* that, if there is no Closing Price of the capital stock or similar equity interest distributed to holders of the Ordinary Shares (directly or in the form of ADSs) on such Ex-Dividend Date, the "<u>Valuation Period</u>" shall be the 10 consecutive Trading Day period after, and including the first Trading Day such Closing Price is available; and

MP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the average of the Closing Prices of the ADSs over the Valuation Period.

The decrease to the Conversion Price under the preceding paragraph shall occur at the New York Close of Business on the last Trading Day of the Valuation Period; *provided* that if the relevant Conversion Date occurs during the Valuation Period, references to "10" in the portion of this Section (5)(b)(viii)(2) related to Spin-Offs shall be deemed to be replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend Date of such Spin-Off and the

------

Conversion Date in determining the Conversion Price. If the dividend or distribution that constitutes the Spin-Off is declared but not so paid or made, the Conversion Price shall be immediately increased, effective as of the date the Board of Directors determines not to pay or make such dividend or distribution, to the Conversion Price that would then be in effect if such dividend or distribution constituting the Spin-Off had not been declared or announced.

For purposes of this Section (5)(b)(viii)(2), rights, options or warrants distributed by the Company to all holders of the Ordinary Shares (directly or in the form of ADSs) entitling them to subscribe for or purchase the Company's capital stock, including Ordinary Shares (directly or in the form of ADSs) (either initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events ("<u>Trigger Event</u>"): (i) are deemed to be transferred with such Ordinary Shares (directly or in the form of ADSs); (ii) are not exercisable; and (iii) are also issued in respect of future issuances of Ordinary Shares (directly or in the form of ADSs), shall be deemed not to have been distributed for purposes of this Section (5)(b)(viii)(2) (and no adjustment to the Conversion Price under this Section (5)(b)(viii)(2) will be required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Price shall be made under this Section (5)(b)(viii)(2). If any such right, option or warrant, including any such existing rights, options or warrants distributed prior to the date of this Debenture, are subject to events, upon the occurrence of which such rights, options or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and the Ex-Dividend Date with respect to new rights, options or warrants with such rights (in which case the existing rights, options or warrants shall be deemed to terminate and expire on such date without exercise by any of the holders thereof). In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in the immediately preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Conversion Price under this Section (5)(b)(viii)(2) was made, (1) in the case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise by any holders thereof, upon such final redemption or purchase (x) the Conversion Price shall be readjusted as if such rights, options or warrants had not been issued and (y) the Conversion Price shall then again be readjusted to give effect to such distribution, deemed distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or purchase price received by a holder or holders of ADSs with respect to such rights, options or warrants (assuming such holder had retained such rights, options or warrants), made to all holders of ADS as of the date of such redemption or purchase, and (2) in the case of such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof, the Conversion Price shall be readjusted as if such rights, options and warrants had not been issued.

&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;(3) If any dividend or distribution is made to all or substantially all holders of the Ordinary Shares (directly or in the form of ADSs) (other than to the extent such dividend or distribution constitutes a distribution of reserves or premiums for which an adjustment is specifically provided for in Section (5)(b)(iv)) solely in cash, the Conversion Price shall be adjusted based on the following formula:

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***CP1*** | ***=*** | ***CP0*** | ***×*** | ***SP0 – C*** |
| ***CP1*** | ***=*** | ***CP0*** | ***×*** | ***SP0*** |

---

where,

CP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately prior to the New York Open of Business on the Ex-Dividend Date for the ADSs for such dividend or distribution;

CP1&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately after the New York Open of Business on the Ex-Dividend Date for such dividend or distribution;

SP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Closing Price of the ADSs (divided by the number of Ordinary Shares then represented by one ADS) on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and

C&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the amount in cash per Ordinary Share the Company distributes to all or substantially all holders of the Ordinary Shares (directly or in the form of ADSs).

Any decrease pursuant to this Section (5)(b)(viii)(3) shall become effective immediately after the New York Open of Business on the Ex-Dividend Date for the ADSs for such dividend or distribution. If such dividend or distribution is not so paid, the Conversion Price shall be increased, effective as of the date the Board of Directors determines not to make or pay such dividend or distribution, to be the Conversion Price that would then be in effect if such dividend or distribution had not been declared.

Notwithstanding the foregoing, if "C" (as defined above) is equal to or greater than "SP0" (as defined above), in lieu of the foregoing increase, the Holder of this Debenture shall receive, for each $1,000 principal amount of Debenture it holds, at the same time and upon the same terms as holders of ADS, the amount of cash that such Holder would have received if such Holder owned a number ADS equal to the quotient of $1,000 and the Conversion Price in effect on the Ex-Dividend Date for such cash dividend or distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding this Section (5)(b) or any other provision of this Debenture, if a Conversion Price adjustment becomes effective on any Ex-Dividend Date or Ex-Redemption Date, and the Holder has converted this Debenture on or after such Ex-Dividend Date or Ex-Redemption Date, as the case may be, and on or prior to the related Record Date would be treated as the record holder of the ADS (delivered or to be delivered in respect of such conversion) as of the related Conversion Date based on an adjusted Conversion Rate for such Ex-Dividend Date or Ex-Redemption Date, as applicable, then, notwithstanding the Conversion Price adjustment provisions in this Section (5)(b), the Conversion Price adjustment relating to such Ex-Dividend Date or Ex-Redemption Date, as applicable, shall not be made for such converting Holder. Instead, such Holder shall be treated as if such Holder were the record owner of the ADS on an unadjusted basis and participate in the related dividend, distribution or other event giving rise to such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;[*Reserved*].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;In the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;any recapitalization, reclassification or change of the ADSs or Ordinary Shares (other than changes resulting from a subdivision or combination),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;any consolidation, merger, combination or similar transaction involving the Company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;any sale, lease or other transfer to a third party of the consolidated assets of the Company and the Company's Subsidiaries substantially as an entirety or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;any statutory share exchange,

in each case, as a result of which the ADSs or the Ordinary Shares would be converted into, or exchanged for, stock, other securities, other property or assets (including cash or any combination thereof) (any such event, a "<u>Share Exchange Event</u>"), then, the Company or the successor or the acquiring company, as the case may be, will amend this Debenture to provide that, at and after the effective time of such Share Exchange Event, the right to convert each $1,000 Conversion Amount of this Debenture shall be changed into a right to convert each $1,000 Conversion Amount of this Debenture into the kind and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that a holder of a number of ADS equal to the quotient of (x) $1,000 and (y) the Conversion Price immediately prior to such Share Exchange Event would have owned or been entitled to receive (the "<u>Reference Property</u>", with each "<u>unit of Reference Property</u>" meaning the kind and amount of Reference Property that a holder of one ADSs is entitled to receive) upon such Share Exchange Event; *provided, however*, that at and after the effective time of the Share Exchange Event (I) any ADSs that the Company would have been required to deliver upon conversion of this Debenture (or any portion thereof) in accordance with Section (4) shall instead be deliverable in the amount and type of Reference Property that a holder of that number of ADSs would have received in such Share Exchange Event and (II) the VWAP shall be calculated based on the value of a unit of Reference Property.

If the Share Exchange Event causes the ADSs or Ordinary Shares to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined based in part upon any form of election of the holders of the Ordinary Shares), then (i) the Reference Property into which this Debenture will be convertible shall be deemed to be the weighted average of the types and amounts of consideration actually received by the holders of the ADSs and (ii) the unit of Reference Property for purposes of the immediately preceding paragraph shall refer to the consideration referred to in clause (i) attributable to one ADS. The Company shall notify the Holder of such weighted average as soon as practicable after such determination is made.

If the Reference Property in respect of any Share Exchange Event includes, in whole or in part, Common Equity, the amendment to this Debenture described in the second immediately preceding paragraph shall provide for anti-dilution and other adjustments that the Company in good faith determines are as nearly equivalent as is possible to the adjustments provided for in this Section (5) with respect to the portion of Reference Property constituting Common Equity. If, in the case of any Share Exchange Event, the Reference Property includes shares of stock, securities

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or other property or assets (including cash or any combination thereof) of a Person other than the Company or the successor or purchasing company, as the case may be, in such Share Exchange Event, then such supplemental indenture shall also be executed by such other Person and shall contain such additional provisions to protect the interests of the Holder of this Debenture as the Board of Directors shall reasonably consider necessary by reason of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Conversion Price is adjusted pursuant to this Section (5), the Company shall promptly provide the Holder with a written notice setting forth the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Company may reduce the Conversion Price with the prior written consent of the Required Holders, which may be given by the Required Holders in their sole discretion. The Company and the Holder agree that any such voluntary adjustment to the Conversion Price and any conversion of any portion of the Debenture based upon any such voluntary adjustment shall not constitute material non-public information with respect to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; If the Ordinary Shares cease to be represented by American Depositary Shares issued under a depositary receipt program sponsored by the Company: (i) each reference in this Debenture to the ADSs related to the terms of this Debenture will be deemed to have been replaced by a reference to the number of Ordinary Shares and other property, if any, represented by the ADSs on the last day on which the ADSs represented the Ordinary Shares as if such Ordinary Shares and other property had been distributed to holders of the ADSs on that day and (ii) all references to the VWAP of an ADS in this Debenture will be deemed to refer to the VWAP of an Ordinary Share, and other appropriate adjustments, including adjustments to the Conversion Price, will be made to reflect such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;<u>INDEMNIFICATION</u>. With respect to the Company's obligations under this Debenture and the other Transaction Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent permitted by law, the Company shall, and hereby does, indemnify, hold harmless and defend the Holder, its investment manager and their respective directors, officers, partners, employees, agents, representatives, and successors and assigns of, and each Person, if any, who controls Holder within the meaning of the Securities Act or the Exchange Act (each, an "<u>Indemnified Person</u>"), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable and documented attorneys' fees, amounts paid in settlement or expenses, joint or several (collectively, "<u>Claims</u>") incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the Commission, whether pending or threatened, whether or not an Indemnified Person is or may be a party thereto ("<u>Indemnified Damages</u>"), to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any material misrepresentation or breach of any representation or warranty made by the Company, the Guarantor or their Subsidiaries in any of the Transaction Documents, (ii) any material breach of any covenant, agreement or obligation of the Company, the Guarantor or their Subsidiaries in any of the Transaction Documents, (iii) any cause of action, suit, proceeding or claim brought or made against such Indemnified Person by a third

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party (including for these purposes a derivative action brought on behalf of the Company, the Guarantor or their Subsidiaries) or which otherwise involves such Indemnified Person that arises out of or results from (A) the execution, delivery, performance or enforcement of any of the Transaction Documents (including, without limitation, any hedging or similar activities in connection therewith), or (B) the status of such Holder either as an investor in the Company pursuant to the transactions contemplated by the Transaction Documents or as a holder of this Debenture (including, without limitation, any hedging or similar activities in connection therewith or as a party in interest or otherwise in any action or proceeding for injunctive or other equitable relief), in each case, except to the extent such Claims arise out of result from (aa) the gross negligence, willful misconduct, or fraud of such Indemnified Person, (bb) a material breach by such Indemnified Person of any provision of the Transaction Documents, (cc) actions or omissions by such Indemnified Person in violation of applicable law or outside the scope of authority granted under the Transaction Documents, (dd) disputes solely among Indemnified Persons, (ee) claims for payment of the purchase price or other consideration expressly provided for in the Transaction Documents, or (ff) taxes imposed on such Indemnified Person, except as otherwise expressly provided herein; (iv) any untrue statement or alleged untrue statement of a material fact in any filing made in any public filing (including, without limitation, any Periodic Reports) made by the Company with the Commission, or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading except to the extent that such untrue statements, alleged untrue statements, omissions or alleged omissions are (1) based upon information regarding Holder furnished in writing to Company by or on behalf of Holder expressly for use therein or Holder has omitted a material fact from such information or (2) directly result from any breach by Holder of the Transaction Documents; or (v) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, or any other law, including, without limitation, any state securities law. The Company shall reimburse the Indemnified Persons and each such controlling person promptly as such expenses are incurred and are due and payable, for any legal fees or disbursements or other reasonable expenses incurred by them in connection with investigating or defending any such Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Promptly after receipt by an Indemnified Person under this Section (6) of notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section (6), deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person; provided, however, that an Indemnified Person shall have the right to retain its own counsel with the fees and expenses of not more than one (1) counsel for such Indemnified Person to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of the Indemnified Person and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person and any other party represented by such counsel in such proceeding. The Indemnified Person shall cooperate fully with the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Person which relates to such action or claim. The indemnifying party

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shall keep the Indemnified Person fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its prior written consent; provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Person of a release from all liability in respect to such claim or litigation. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Person with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person under this Section (6), except solely to the extent that the indemnifying party is actually prejudiced in its ability to defend such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The indemnification required by this Section (6) shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;<u>REISSUANCE OF THIS DEBENTURE</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer</u>. If this Debenture is to be transferred, the Holder shall surrender this Debenture to the Company, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Debenture (in accordance with Section (7)(d)), registered in the name of the registered transferee or assignee, representing the outstanding Principal being transferred by the Holder (along with any accrued and unpaid Interest thereof) and, if less than the entire outstanding Principal is being transferred, a new Debenture (in accordance with Section (7)(d)) to the Holder representing the outstanding Principal not being transferred. The Holder and any assignee, by acceptance of this Debenture, acknowledge and agree that, by reason of the provisions of Section (4)(b)(iii) following conversion or redemption of any portion of this Debenture, the outstanding Principal represented by this Debenture may be less than the Principal stated on the face of this Debenture. This Debenture is intended to be in "registered form" within the meaning of Section 5f.103-1(c) and Proposed Section 1.163-5(b) of the United States Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Lost, Stolen or Mutilated Debenture</u>. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Debenture, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Debenture, the Company shall execute and deliver to the Holder a new Debenture (in accordance with Section (7)(d)) representing the outstanding Principal.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Debenture Exchangeable for Different Denominations</u>. This Debenture is exchangeable, upon the surrender hereof by the Holder at the principal office of the Company, for one or more new Debentures (in accordance with Section (7)(d)) representing in the aggregate the outstanding Principal of this Debenture, and each such new Debenture will represent such portion of such outstanding Principal as is designated by the Holder at the time of such surrender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Issuance of New Debentures</u>. Whenever the Company is required to issue a new Debenture pursuant to the terms of this Debenture, such new Debenture (i) shall be of like tenor with this Debenture, (ii) shall represent, as indicated on the face of such new Debenture, the Principal remaining outstanding (or in the case of a new Debenture being issued pursuant to Section (7)(a) or Section (7)(c), the Principal designated by the Holder which, when added to the Principal represented by the other new Debentures issued in connection with such issuance, does not exceed the Principal remaining outstanding under this Debenture immediately prior to such issuance of new Debentures), (iii) shall have an issuance date, as indicated on the face of such new Debenture, which is the same as the Issuance Date of this Debenture, (iv) shall have the same rights and conditions as this Debenture, and (v) shall represent accrued and unpaid Interest from the Issuance Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;<u>NOTICES</u>. Any notices, consents, waivers or other communications required or permitted to be given under the terms hereof must be in writing by letter and email and will be deemed to have been delivered: upon the later of (A) either (i) receipt, when delivered personally or (ii) one (1) Business Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed to the party to receive the same and (B) receipt, when sent by electronic mail. The addresses and e-mail addresses for such communications shall be:

**If to the Company:** 

Sequans Communications S.A.

15-55 boulevard Charles de Gaulle

Les Portes de la Défense

92700 Colombes

Republic of France

Email: deborah@sequans.com

Attention: Chief Financial Officer

**With a copy (which shall not constitute notice) to:** 

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| | |
|:---|:---|
| Lowenstein Sandler LLP | Lowenstein Sandler LLP |
| 1251 Avenue of the Americas, 18th Floor | 1251 Avenue of the Americas, 18th Floor |
| New York, New York 10020 | New York, New York 10020 |
| Attention: | Steven E. Siesser, Esq. |
| | Brooke A. Gillar, Esq. |
| Email: ssiesser@lowenstein.com; | Email: ssiesser@lowenstein.com; |
| | bgillar@lowenstein.com |

---

and

ARCHERS (AARPI)

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28 rue Dumont d'Urville 75116

Paris, France

Attention: Véronique Gedeon

Mark Richardson

Email: &nbsp;&nbsp;&nbsp;&nbsp;<u>mrichardson@archers.fr</u>;

vgedeon@archers.fr

**If to the Holder:**

Hudson Bay PH XVI Ltd.

c/o Hudson Bay Capital Management LP

290 Harbor Drive, 3rd Floor

Stamford, CT 06902

Attn: Capital Solutions Team

Email: <u>investments@hudsonbaycapital.com</u>

With a copy (which shall not constitute notice) to:

Latham & Watkins LLP

12670 High Bluff Drive

San Diego, CA 92130

Email: michael.sullivan@lw.com

or at such other address and/or email and/or to the attention of such other person as the recipient party has specified by written notice given to each other party three (3) Business Days prior to the effectiveness of such change. Written confirmation of receipt (i) given by the recipient of such notice, consent, waiver or other communication, (ii) electronically generated by the sender's email service provider containing the time, date, recipient email address or (iii) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;&nbsp;&nbsp;<u>NO IMPAIRMENT</u>. Except as expressly provided herein, no provision of this Debenture shall alter or impair the obligations of the Company, which are absolute and unconditional, to pay the Principal of, Interest and other charges (if any) on, this Debenture at the time, place, and rate, and in the currency, herein prescribed. This Debenture is a direct obligation of the Company. As long as this Debenture is outstanding, the Company shall not and shall cause their subsidiaries not to, without the consent of the Holder, enter into any agreement, arrangement or transaction in or of which the terms thereof would restrict, materially delay, conflict with or impair the ability of the Company to perform its obligations under the this Debenture, including, without limitation, the obligation of the Company to make cash payments hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;&nbsp;&nbsp;&nbsp;This Debenture shall not entitle the Holder to any of the rights of a shareholder of the Company, including without limitation, the right to vote, to receive dividends and other distributions, or to receive any notice of, or to attend, meetings of shareholders or any other proceedings of the Company, unless and to the extent converted into ADSs in accordance with the terms hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;&nbsp;&nbsp;&nbsp;<u>CHOICE OF LAW; VENUE; WAIVER OF JURY TRIAL</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; <u>Governing Law</u>. This Debenture and the rights and obligations of the Parties hereunder shall, in all respects, be governed by, and construed in accordance with, the laws (excluding the principles of conflict of laws) of the State of New York (the "<u>Governing Jurisdiction</u>") (including Section 5-1401 and Section 5-1402 of the General Obligations Law of the State of New York), including all matters of construction, validity and performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Jurisdiction; Venue; Service</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby irrevocably consents to the non-exclusive personal jurisdiction of the state courts of the Governing Jurisdiction and, if a basis for federal jurisdiction exists, the non-exclusive personal jurisdiction of any United States District Court for the Governing Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that venue shall be proper in any court of the Governing Jurisdiction selected by the Holder or, if a basis for federal jurisdiction exists, in any United States District Court in the Governing Jurisdiction. The Company waives any right to object to the maintenance of any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, in any of the state or federal courts of the Governing Jurisdiction on the basis of improper venue or inconvenience of forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or tort or otherwise, brought by the Company against the Holder arising out of or based upon this Debenture or any matter relating to this Debenture, or any other Transaction Document, or any contemplated transaction, shall be brought in a court only in the Governing Jurisdiction. The Company shall not file any counterclaim against the Holder in any suit, claim, action, litigation or proceeding brought by the Holder against the Company in a jurisdiction outside of the Governing Jurisdiction unless under the rules of the court in which the Holder brought such suit, claim, action, litigation or proceeding the counterclaim is mandatory, and not permissive, and would be considered waived unless filed as a counterclaim in the suit, claim, action, litigation or proceeding instituted by the Holder against the Company. The Company agrees that any forum outside the Governing Jurisdiction is an inconvenient forum and that any suit, claim, action, litigation or proceeding brought by the Company against the Holder in any court outside the Governing Jurisdiction should be dismissed or transferred to a court located in the Governing Jurisdiction. Furthermore, the Company irrevocably and unconditionally agrees that it will not bring or commence any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Holder arising out of or based upon this Debenture or any matter relating to this Debenture, or any other Transaction Document, or any contemplated transaction, in any forum other than the courts of the State of New York sitting in the Borough of Manhattan in New York County, and the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any such suit, claim, action, litigation or proceeding may be heard and determined in such New York State Court or, to the fullest extent permitted by applicable law, in such federal court. The Company and the Holder agree that a final judgment in

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any such suit, claim, action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Holder irrevocably consents to the service of process out of any of the aforementioned courts in any such suit, claim, action, litigation or proceeding by the mailing of copies thereof by registered or certified mail postage prepaid, to it at the address provided for notices in this Debenture, such service to become effective thirty (30) days after the date of mailing. The Company has irrevocably appointed Bitquans Holdings LLC, a Delaware limited liability company, c/o Capitol Services, Inc., 108 Lakeland Avenue, Dover DE, Kent County 19901, as its authorized agent for service of process upon which process may be served in any such suit or proceeding arising under this Debenture or any other Transaction Document, and the Company agrees that service of process upon such agent, and written notice of said service to the Company by the person serving the same to the address provided in Section (8), shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding arising under this Debenture or any other Transaction Document. The Company further agrees to take any and all action as may be necessary to maintain such designation and appointment of such agent in full force and effect for a period of five years from the date of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the Company or any of its properties, assets or revenues is or may hereafter become entitled to, or have attributed to them, any right of immunity, on the grounds of sovereignty, from any legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, or from attachment in aid of execution of judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Debenture, any other Transaction Document, the Deposit Agreement or the Restricted Issuance Agreement, the Company hereby irrevocably and unconditionally, to the extent permitted by applicable law, waives and agrees not to plead or claim any such immunity and consents to such relief and enforcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;Nothing herein shall affect the right of the Holder to serve process in any other manner permitted by law or to commence legal proceedings or to otherwise proceed against the Company or any other Person in the Governing Jurisdiction or in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;THE PARTIES MUTUALLY WAIVE ALL RIGHT TO TRIAL BY JURY OF ALL CLAIMS OF ANY KIND ARISING OUT OF OR BASED UPON THIS DEBENTURE OR ANY MATTER RELATING TO THIS DEBENTURE, OR ANY OTHER TRANSACTION DOCUMENT, OR ANY CONTEMPLATED TRANSACTION. THE PARTIES ACKNOWLEDGE THAT THIS IS A WAIVER OF A LEGAL RIGHT AND THAT THE PARTIES EACH MAKE THIS WAIVER VOLUNTARILY AND KNOWINGLY AFTER CONSULTATION WITH COUNSEL OF THEIR RESPECTIVE CHOICE. THE PARTIES AGREE THAT ALL SUCH CLAIMS SHALL BE TRIED BEFORE A JUDGE OF A COURT HAVING JURISDICTION, WITHOUT A JURY.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)&nbsp;&nbsp;&nbsp;&nbsp;If the Company fails to strictly comply with the terms of this Debenture, then the Company shall reimburse the Holder promptly for all fees, costs and expenses, including, without limitation, attorneys' fees and expenses incurred by the Holder in any action in connection with this Debenture, including, without limitation, those incurred: (i) during any workout, attempted workout, and/or in connection with the rendering of legal advice as to the Holder's rights, remedies and obligations, (ii) collecting any sums which become due to the Holder, (iii) defending or prosecuting any proceeding or any counterclaim to any proceeding or appeal; or (iv) the protection, preservation or enforcement of any rights or remedies of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)&nbsp;&nbsp;&nbsp;&nbsp;This Debenture and all other Debentures issued pursuant to the Purchase Agreement (or any other secured convertible debenture purchase agreement entered into by the Company on or about the date of the Purchase Agreement for the issuance of substantially similar debentures) may be amended or modified by the written agreement of the Company and the Required Holders. This Debenture may not be amended unless in accordance with the foregoing sentence and in the event that the Required Holders agree to the amendment or modification of this Debenture or any other Debenture issued pursuant to the Purchase Agreement (or any other secured convertible debenture purchase agreement entered into by the Company on or about the date of the Purchase Agreement for the issuance of substantially similar debentures) such amendment or modification shall concurrently be made to all such Debentures.. Any waiver by the Holder of a breach of any provision of this Debenture shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Debenture. The failure of the Holder to insist upon strict adherence to any term of this Debenture on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Debenture. Any waiver must be in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)&nbsp;&nbsp;&nbsp;&nbsp;If any provision of this Debenture is invalid, illegal or unenforceable, the balance of this Debenture shall remain in effect, and if any provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances. If it shall be found that any Interest or other amount deemed Interest due hereunder shall violate applicable laws governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum permitted rate of interest. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Company from paying all or any portion of the Principal of or Interest on this Debenture as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Debenture, and the Company (to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impeded the execution of any power herein granted to the Holder, but will suffer and permit the execution of every such as though no such law has been enacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)&nbsp;&nbsp;&nbsp;&nbsp;<u>EXISTENCE AND MERGER</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Existence</u>. Subject to Section (15)(B), the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence. In

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accordance with the provisions of Article L. 228-98 of the French Commercial Code, the Company may change its corporate form or corporate purpose without requesting the approval of the Holder; provided that unless the Company receives the approval of the Holder, the Company's corporate form must be: (1) a société anonyme or société en commandite par actions, in either case, registered under the laws of France or (2) a corporation or entity treated as a corporation for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Company May Consolidate, Etc. on Certain Terms</u>. The Company shall not consolidate with, merge with or into, or sell, convey, transfer or lease all or substantially all of the consolidated properties and assets of the Company and its direct and indirect Subsidiaries, taken as a whole, to another Person (other than any such sale, conveyance, transfer or lease to one or more of the Company's direct or indirect Wholly Owned Subsidiaries), unless (i) the resulting, surviving or transferee Person (the "<u>Successor Company</u>"), if not the Company, shall be (1) a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and the Successor Company (if not the Company) shall expressly assume, by supplemental indenture all of the obligations of the Company under the Debentures or (2) a corporation or entity treated as a corporation for U.S. federal income tax purposes organized and existing under the laws of France; (ii) the Successor Company, if not the Company, expressly assumes all of the Company's obligations under this Agreement and the other Transaction Documents pursuant to documentation that is reasonably acceptable to the Required Holders; and (iii) and immediately after giving effect to such transaction, no Event of Default shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)&nbsp;&nbsp;&nbsp;&nbsp;<u>[</u>*<u>Reserved</u>*.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17)&nbsp;&nbsp;&nbsp;&nbsp;<u>CERTAIN DEFINITIONS</u>. For purposes of this Debenture, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;"<u>ADSs</u>" means the Company's (or Successor Company's) American Depositary Shares issued pursuant to the Deposit Agreement or the Restricted Issuance Agreement, each representing the number of the Ordinary Shares specified pursuant to the Deposit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;"<u>ADS Delivery Date</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Additional Amounts</u>" shall have the meaning set forth in Section (1)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Additional Interest Election Notice</u>" shall have the meaning set forth in Section 19(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Applicable Taxes</u>" shall have the meaning set forth in Section (1)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Attribution Parties</u>" means, collectively, the following persons and entities: (i) any investment vehicle, including, any funds, feeder funds or managed accounts, currently, or from time to time after the Issuance Date, directly or indirectly managed or advised by the Holder's investment manager or any of its affiliates or principals, (ii) any direct or indirect affiliates of the Holder or any of the foregoing, (iii) any person acting or who could be deemed to be acting as a

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"group" (within the meaning of Section 13(d)(3) of the Exchange Act) together with the Holder or any of the foregoing and (iv) any other Persons whose beneficial ownership of the ADSs would or could be aggregated with the Holder's and the other Attribution Parties for purposes of Section 13(d) of the Exchange Act. For clarity, the purpose of the foregoing is to subject collectively the Holder and all other Attribution Parties to the Beneficial Ownership Cap.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Beneficial Ownership Cap</u>" shall have the meaning set forth in Section (4)(c)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bitcoin</u>" means the digital asset commonly referred to as "Bitcoin" (BTC) in the cryptocurrency marketplace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bitcoin Cash Cap</u>" means $30,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bitcoin Conversion Deadline</u>" shall be July 27, 2025, provided that upon the request of the Company, the Collateral Agent may consent, to extend the Bitcoin Conversion Deadline by twenty (20) days, which consent shall not be unreasonably conditioned or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bitcoin Escrow Account</u>" means a securities account that is opened and maintained with the Custodian to hold Bitcoin constituting Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bloomberg</u>" means Bloomberg Financial Markets (or if not available, a similar service provider of national recognized standing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Board of Directors</u>" means the board of directors of the Company or a committee of such board duly authorized to act for it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Business Day</u>" means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or a day on which banking institutions in the State of New York, United States or Paris, France are authorized or required by law or other government action to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Buy-In</u>" shall have the meaning set forth in Section (4)(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Buy-In Price</u>" shall have the meaning set forth in Section (4)(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Cash Collateral Account</u>" means a deposit account that is opened and maintained with the Cash Collateral Bank to hold cash constituting Collateral including the net proceeds of the issuance of the Debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Cash Collateral Bank</u>" means First National Bank Omaha d/b/a FNBO, or such other custodian as selected by the Company and reasonably acceptable to the Collateral Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Cash Equivalents</u>" means, as of any date of determination, any of the following: (A) marketable securities (i) issued or directly and unconditionally guaranteed as to interest and principal by the United States Government, or (ii) issued by any agency of the United States Government, the obligations of which are backed by the full faith and credit of the United States, in each case maturing within one (1) year after such date; (B) marketable direct obligations issued by any state of the United States or any political subdivision of any such state or any public instrumentality thereof, in each case maturing within one (1) year after such date and having, at the time of the acquisition thereof, a rating of at least A-1 from Standard & Poor's Corporation or at least P-1 from Moody's Investors Service; (C) commercial paper maturing no more than one (1) year from the date of creation thereof and having, at the time of the acquisition thereof, a rating of at least A-1 from Standard & Poor's Corporation or at least P-1 from Moody's Investors Service; (D) certificates of deposit or bankers' acceptances maturing within one (1) year after such date and issued or accepted by any commercial bank organized under the laws of the United States or any state thereof, or the District of Columbia that (i) is at least "adequately capitalized" (as defined in the regulations of its primary federal banking regulator), and (ii) has Tier 1 capital (as defined in such regulations) of not less than $5,000,000,000; and (E) shares of any money market mutual fund that (i) has substantially all of its assets invested continuously in the types of investments referred to in clauses (A) and (B) above, (ii) has net assets of not less than $5,000,000,000, and (iii) has the highest rating obtainable from either Standard & Poor's Corporation or Moody's Investors Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Claims</u>" shall have the meaning set forth in Section (6)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Closing Loan-to-Collateral Ratio Compliance Level</u>" means 1.00 to 1.95.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Closing Price</u>" of the ADSs on any date means the closing sale price per ADS (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions for the principal U.S. national or regional securities exchange on which the ADSs are traded. If the ADSs are not listed for trading on a U.S. national or regional securities exchange on the relevant date, the "<u>Closing Price</u>" will be the last quoted bid price for the ADSs in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar organization. If the ADSs are not so quoted, the "<u>Closing Price</u>" will be the average of the mid-point of the last bid and ask prices for the ADSs (or such other security) on the relevant date from each of at least three nationally recognized independent investment banking firms selected by the Company for this purpose. In the event of any need to determine the "Closing Price" of any security other than ADSs, the Company shall determine the "<u>Closing Price</u>" of such security in a commercially reasonable manner using a substantially similar methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Closing Price Trigger</u>" (x) beginning on and including the 12-month anniversary of the Issuance Date, the Closing Price of the ADSs has been at least 130% of the Conversion Price then in effect for at least 20 Trading Days (whether or not consecutive) during any 30 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date on which the Company provides such Redemption Notice to the Holder (provided that the Equity Conditions are satisfied on each Trading Day of such thirty (30) consecutive Trading Day period) or (y) beginning on and including the 16-month anniversary of the Issuance Date, the Closing Price

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of the ADSs has been equal to or less than 40% of the Conversion Price then in effect for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date on which the Company provides such Redemption Notice to the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Collateral Agent</u>" means Hudson Bay PH XVI Ltd. in its capacity as collateral agent for the holders of the Debentures, together with any successor thereto in such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Collateral Documents</u>" shall have the meaning set forth in Section 19(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Commission</u>" means the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Common Equity</u>" of any Person means capital stock of such Person that is generally entitled (a) to vote in the election of directors of such Person or (b) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners, managers or others that will control the management or policies of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Company</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Control Agreement</u>" means each account control agreement or securities account control agreement, as applicable, in form and substance reasonably satisfactory to the Collateral Agent, between the Company, the Collateral Agent and the applicable Cash Collateral Bank or securities intermediary, including, for the avoidance of doubt, the blocked control agreements required pursuant to Section 4.01(b) of the Guaranty and Security Agreement, which shall provide for the sole and exclusive control of the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Conversion Amount</u>" means the portion of the Principal and accrued Interest to be converted, redeemed or otherwise with respect to which this determination is being made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Conversion Date</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Conversion Failure</u>" shall have the meaning set forth in Section (4)(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Conversion Notice</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Conversion Notice Date</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Conversion Price</u>" means, as of any Conversion Date, $2.10 per ADS, provided that, on the Reset Date, the Conversion Price shall be reset (but only if such reset would result in a downward adjustment to the Conversion Price) to the greater of (x) the product of (A) 1.2 and (B) the average of the VWAPs of the ADSs during the five VWAP Trading Days immediately preceding the Reset Date and (y) $1.40 (subject to adjustment pursuant to Section (5)). The Conversion Price shall be adjusted from time to time pursuant to the other terms and conditions of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Custodian</u>" means Coinbase, Inc., or such other custodian as selected by the Company and acceptable to the Collateral Agent in its sole discretion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Default</u>" means any event that is (or, after notice, passage of time or both, would be) an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Default Rate</u>" means an annual rate of 18.0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Deposit Agreement</u>" means the Amended and Restated Deposit Agreement, dated as of May 14, 2018, among the Company the Depositary and the owners and holders from time to time of the ADSs issued thereunder, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Depositary</u>" means the Bank of New York Mellon as custodian of the Ordinary Shares underlying the ADS delivered pursuant to the Deposit Agreement or the Restricted Issuance Agreement, or any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Digital Asset Market Value</u>" means, with respect to any Bitcoin, the seven (7) day moving average price of such Bitcoin for the seven (7) days immediately preceding any date of determination, as determined by reference to the CME Bitcoin Reference Rate – New York Variant (BRRNY).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq)&nbsp;&nbsp;&nbsp;&nbsp; "<u>Discounted VWAP</u>" means an amount equal to ninety-three percent (93%) of the average of the VWAPs of the ADSs during the five VWAP Trading Days immediately preceding the Interest Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Distributed Securities VWAP</u>" means the per security volume-weighted average price as displayed under the heading "Bloomberg VWAP" on the Bloomberg page applicable to the security in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable for such security, the market value of such security on a per security basis on such Trading Day reasonably determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by Company). The "<u>Distributed Securities VWAP</u>" will be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Debenture</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Debentures</u>" shall mean this Debenture and all of the Other Debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Disclosure</u>" shall have the meaning set forth in Section 18.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv)&nbsp;&nbsp;&nbsp;&nbsp;"<u>DTC</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Effective Date</u>" means the date upon which the applicable transaction or event is effective or consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Equity Conditions</u>" will be deemed to be satisfied as of any date if all of the following conditions:

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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;(1)&nbsp;&nbsp;&nbsp;&nbsp;(x) one or more Registration Statements (as defined in the Registration Rights Agreement) filed shall be effective and available for the resale of all remaining Underlying ADSs, and there shall not have been any suspension of such registration statement(s) or (y) all Underlying ADSs shall be eligible for sale by non-affiliates (as defined in Rule 144) of the Company without restriction pursuant to Rule 144 (and without any requirements as to volume, manner of sale, availability of current public information (whether or not then satisfied)) and without the need for registration under any applicable federal or state securities laws all Underlying ADSs shall be issuable without restrictive legend and be eligible for immediate sale without restriction pursuant to Section 3(a)(9) of the Securities Act and without the need for registration under any applicable federal or state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the ADSs are designated for quotation on a Principal Market and shall not have been suspended from trading on such exchange or market (other than suspensions of not more than two (2) Trading Days and occurring before the applicable date of determination due to business announcements by the Company) nor shall delisting or suspension by such exchange or market been threatened, commenced or pending either (A) in writing by such Principal Market or (B) by falling below the then effective minimum listing maintenance requirements of such Principal Market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;the ADS issuable upon conversion of the Conversion Amount may be issued in full without resulting in the Holder beneficially owning ADSs in excess of the Beneficial Ownership Cap;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;there shall not be a Default or Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;the Holder shall not have been in possession of any material, nonpublic information received from the Company or any of its agents or affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;the ADSs issuable upon conversion of the Conversion Amount (including ADSs underlying any Pre-Funded Warrants issued in connection with such conversion as contemplated by Section (4)(c)(i) in certain circumstances) are duly authorized, and upon delivery on the applicable ADS Delivery Date (or upon exercise of any such Pre-Funded Warrants) will be (i) validly issued, fully paid, non-assessable, free from preemptive rights and any lien or adverse claim and will be listed and eligible for trading without restriction on a Principal Market (ii) represented by book-entries at DTC and identified therein by an "unrestricted" CUSIP number; and (iii) not represented by any certificate that bears a legend referring to transfer restrictions under the Securities Act or other securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Ex-Dividend Date</u>" means, (a) for purposes of Sections (5)(b)(i)-(vii), the first date on which the Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of the Ordinary Shares on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market and (b) for purposes of Section (5)(b)(viii), the first date on which the ADSs trade on the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution

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in question, from the Company or, if applicable, from the seller of the ADSs on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Ex-Redemption Date</u>" means (1) the first date on which the ADSs trade on the applicable exchange or in the applicable market, regular way, without the right to the redemption in question from the Company or, if applicable, from the seller of the ADSs on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market or (2) if the ADSs do not trade on any exchange or market, the Paris Business Day on which the redemption in question occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Expiring Rights</u>" means any rights, options or warrants to purchase Ordinary Shares or ADSs that expire on or prior to the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Event of Default</u>" shall have the meaning set forth in Section 3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Event of Default Acceleration Amount</u>" means the, with respect to the delivery of a notice pursuant to Section 3(b) declaring the Debenture to be due and payable immediately on account of an Event of Default, a cash amount equal to the greater of (x) the sum of (i) 115% of the outstanding Principal of the Debenture (or such lesser amount accelerated pursuant to such notice) and (ii) the accrued and unpaid interest and other amounts owing in respect thereof and (y) the product of (i) the quotient of the Conversion Amount as of the occurrence of the Event of Default and the Conversion Price as of the occurrence of the Event of Default multiplied by (ii) the highest VWAP occurring during each VWAP Trading Day during the period beginning on and including the date that the Event of Default occurred (or the date on which the Default underlying such Event of Default initially occurred, if different than the date on which the Event of Default occurred) and ending on the VWAP Trading Day immediately prior to the Event of Default Acceleration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Event of Default Acceleration Date</u>" shall have the meaning set forth in Section 3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Event of Default Notice</u>" shall have the meaning set forth in Section 3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg)&nbsp;&nbsp;&nbsp;&nbsp;"<u>FATCA</u>" shall have the meaning set forth in Section (1)(d)(4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh)&nbsp;&nbsp;&nbsp;&nbsp;"<u>French Commercial Code</u>" shall mean the French Code de commerce.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Fundamental Change</u>" shall be deemed to have occurred at the time on or after the date of the Purchase Agreement if any of the following occurs prior to the Maturity Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;an acquisition after the date hereof by an individual or legal entity or "group" (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether through legal or beneficial ownership of capital stock of the Company, by contract or otherwise) of in excess of fifty percent (50%) of the voting securities of the Company (except that the

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acquisition of voting securities by the Holder shall not constitute a Fundamental Change for purposes hereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the consummation of (A) any recapitalization, reclassification or change of the Ordinary Shares or the ADSs (other than changes resulting from a subdivision or a combination) as a result of which the Ordinary Shares or ADS would be converted into, or exchanged for, stock, other securities, other property or assets; (B) any share exchange, consolidation or merger of the Company pursuant to which the Ordinary Shares or ADSs will be converted into cash, securities or other property or assets; or (C) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to any Person other than one or more of the Company's Wholly Owned Subsidiaries; *provided, however*, that a transaction described in clause (A) or (B) in which the holders of all classes of the Company's Common Equity immediately prior to such transaction own, directly or indirectly, more than 50% of all classes of Common Equity of the continuing or surviving company or transferee or the parent thereof immediately after such transaction in substantially the same proportions relative to each other as such ownership immediately prior to such transaction shall not be a Fundamental Change pursuant to this clause (2);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;the shareholders of the Company approve any plan or proposal for dissolution of the Company that, if completed, would result in the liquidation of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;the ADSs (or other Common Equity or ADS in respect of Common Equity underlying this Debenture (or any portion hereof)) cease to be listed or quoted on any Principal Market.

If any transaction in which the Ordinary Shares are replaced by the equity securities of another entity occurs, references to the Company in this definition shall instead be references to such other entity.

For purposes of this definition of "Fundamental Change" above, any transaction that constitutes a Fundamental Change pursuant to both clause (1) and clause (2) of such definition (without giving effect to the proviso in clause (2)) shall be deemed a Fundamental Change solely under clause (2) of such definition (subject to the proviso in clause (2)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Fundamental Change Company Notice</u>" shall have the meaning set forth in Section (2)(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Fundamental Change Repurchase Date</u>" shall have the meaning set forth in Section (2)(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Governing Jurisdiction</u>" shall have the meaning set forth in Section (11)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Grantors</u>" shall have the meaning given such term in the Guaranty and Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Guarantors</u>" means each of the guarantors from time to time party to the Guaranty and Security Agreement as a "guarantor" thereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Guaranty and Security Agreement</u>" means that certain Guaranty and Security Agreement, dated on or about the Issuance Date, made by each of the Guarantors party thereto from time to time in favor of the Holder, as may be amended, restated, supplemented or otherwise modified from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Holder</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqq)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Indemnified Damages</u>" shall have the meaning set forth in Section (6)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrr)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Indemnified Person</u>" shall have the meaning set forth in Section (6)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sss)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Independent Expert</u>" means an independent financial institution of international repute or independent financial adviser with appropriate expertise, chosen by the Company at its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttt)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Interest ADS Notice</u>" shall have the meaning set forth in Section 19(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuu)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Interest Payment Date</u>" means (i) each March 1, June 1, September 1 and December 1 of each calendar year, beginning on September 1, 2025 and (ii) if not otherwise included in clause (i), the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvv)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Interest Rate</u>" shall have the meaning set forth in Section (1)(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(www)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Issuance Date</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Loan-to-Collateral Ratio</u>" means, as of any date of determination, the ratio of (a) the aggregate outstanding principal balance of all the Debentures issued pursuant to the Purchase Agreement to (b) the *sum of* (i) the aggregate Digital Asset Market Value of all Collateral consisting of Bitcoin, *plus* (ii) the aggregate value of all Collateral consisting of cash and Cash Equivalents held in the Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyy)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Loan-to-Collateral Ratio Compliance Level</u>" means 1.00 to 2.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzz)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Make-Whole Date</u>" shall have the meaning set forth in Section 19(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Mandatory French Law Conversion Price Adjustment</u>" shall have the meaning set forth in Section (5)(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Material Adverse Effect</u>" has the meaning given such term in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cccc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Maturity Date</u>" shall have the meaning set forth in Section (1)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dddd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>MNPI</u>" shall have the meaning set forth in Section 18.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>New York Close of Business</u>" means 5:00 p.m. (New York City time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ffff)&nbsp;&nbsp;&nbsp;&nbsp;"<u>New York Open of Business</u>" means 9:00 a.m. (New York City time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gggg)&nbsp;&nbsp;&nbsp;&nbsp;"<u>New York Business Day</u>" means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or a day on which banking institutions in the State of New York, United States are authorized or required by law or other government action to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhh)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Obligations</u>" means all of the Company's and each Guarantor's now existing and hereafter created or arising obligations, indebtedness and liabilities of any kind (whether primary or secondary, conditional or unconditional, contingent or noncontingent, joint or several) owed to the Holder, whether existing, created, incurred or arising in the Company's or such Guarantor's capacity as a borrower, guarantor, indemnitor, customer, purchaser, lessee, licensee, applicant, counterparty, debtor or other obligor, including (a) any loan amount, principal, interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), fee, charge, indemnification obligation, reimbursement obligation, royalty, premium, cost, expense, price, rent or other amount owed by the Company or such Guarantor to the Holder at any time, including future advances, protective advances and other financial accommodations, (b) any obligations, indebtedness or liabilities of the Company and the Guarantors to the Holder under any Transaction Document at any time, and (c) any of the foregoing that may have been, or that may be, acquired by the Holder from any third party, the Company or any Guarantor at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iiii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Optional Redemption</u>" shall have the meaning set forth in Section (2)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjjj)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Ordinary Share Market Price</u>" means the Closing Price of the ADSs (divided by the number of Ordinary Shares then represented by one ADS) on the date a binding agreement is made for the Company or any of its Subsidiaries to purchase Ordinary Shares (directly or in the form of ADSs) (or the immediately preceding Trading Day if such agreement (i) is not made on a Trading Day or (ii) if made on a Trading Day, is made prior to the availability of the Closing Price of the ADSs in respect of such Trading Day).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkkk)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Ordinary Share Repurchase Date</u>" shall have the meaning set forth in Section (5)(b)(v).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(llll)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Ordinary Shares</u>" means the ordinary shares of the Company, nominal value €0.01 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmmm)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Other Debentures</u>" means any other debentures issued pursuant to the Purchase Agreement and any other debentures, notes, or other instruments issued in exchange, replacement, or modification of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnnn)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Paris Business Day</u>" means any day (other than a Saturday or a Sunday) that is not a day on which banking institutions in Paris, France are authorized or required by law or executive order to close or be closed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oooo)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Paris Open of Business</u>" means 9:00 a.m., Paris, France time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pppp)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Paris Close of Business</u>" means 5:00 p.m., Paris, France time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqqq)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Payment Premium</u>" means for payments made (i) within twelve (12) months of the date of this Debenture, 3.0% and (ii) from and after twelve (12) months of the date of this Debenture, 5.0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrrr)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Periodic Reports</u>" shall mean all of the Company's reports (in form and substance as required by the Commission under applicable laws and regulations) required to be filed by the Company with the Commission under applicable laws and regulations (including, without limitation, Regulation S-K), including annual reports (on Form 20-F) and reports on Form 6-K, for so long as any amounts are outstanding under this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ssss)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Person</u>" means a corporation, an association, a partnership, organization, a business, an individual, a government or political subdivision thereof or a governmental agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tttt)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Principal</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuuu)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Principal Market</u>" means the New York Stock Exchange; *provided however*, that in the event the Company's ADSs are ever listed or traded on any of the NYSE American, the Nasdaq Global Market, the Nasdaq Global Select Market or the Nasdaq Capital Market, or such successor thereto, the "<u>Principal Market</u>" shall mean that market on which the ADSs are then listed or traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvvv)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Purchase Agreement</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(wwww)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Record Date</u>" means, with respect to any dividend, distribution or other transaction or event in which the holders of the Ordinary Shares (directly or in the form of ADSs) (or other applicable security) have the right to receive any cash, securities or other property or in which the Ordinary Shares (directly or in the form of ADSs) (or such other security) are exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of security holders entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors, statute, contract or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxx)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Redemption Amount</u>" shall have the meaning set forth in Section (2)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyyy)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Redemption Equity Condition Period</u>" shall have the meaning set forth in Section 2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzzz)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Redemption Date</u>" shall have the meaning set forth in Section (2)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaaa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Redemption Notice</u>" shall have the meaning set forth in Section (2)(a).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbbb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Reference Property</u>" shall have the meaning set forth in Section (5)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccccc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Registration Rights Agreement</u>" has the meaning given such term in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddddd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Relevant Jurisdiction</u>" shall have the meaning set forth in Section (1)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeeee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Reported Outstanding ADS Number</u>" shall have the meaning set forth in Section 4(c)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fffff)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Required Holders</u>" has the meaning given such term in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggggg)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Required Disclosure Date</u>" means (x) if the Holder authorized the delivery of such MNPI, either (I) if the Company and the Holder have mutually agreed upon a date (as evidenced by an e-mail or other writing) of Disclosure of such MNPI, such agreed upon date or (II) otherwise, the seventh (7th) calendar day after the date the Holder first received any MNPI or (y) if the Holder did not authorize the delivery of such MNPI, the first (1st) Business Day after the Holder's receipt of such MNPI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhhh)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Required Reserve Amount</u>" shall have the meaning set forth in Section (4)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iiiii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Reset Date</u>" means the date that is the earlier of (i) nine (9) months following the effective date of the Registration Statement (as defined in the Registration Rights Agreement) and (ii) twelve (12) months following the Issuance Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjjjj)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Restricted Issuance Agreement</u>" means the restricted issuance agreement to be entered into as of the Issuance Date, by and among the Company, the Depositary, and the owners and beneficial owners of the ADSs delivered thereunder or, if amended or supplemented as provided therein, as so amended or supplemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkkkk)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Rule 144</u>" means Rule 144 promulgated under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lllll)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmmmm)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Security Documents</u>" means, collectively, the Guaranty and Security Agreement, the Control Agreement, any other control agreement applicable to the Bitcoin Escrow Account or Cash Collateral Account, any other security agreements, pledge agreements or other similar agreements delivered to the Holder, the Guaranty (if applicable) and each of the other agreements, instruments or documents that creates a lien or guaranty in favor of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnnnn)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Share Exchange Event</u>" shall have the meaning set forth in Section (5)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooooo)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Share Reduction</u>" shall have the meaning set forth in Section 5(b)(i).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppppp)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Shortfall Amount</u>" shall have the meaning set forth in Section 19(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqqqq)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Shortfall Event</u>" shall have the meaning set forth in Section 19(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrrrr)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Significant Subsidiary</u>" of any Person means any Subsidiary of that Person that constitutes a "significant subsidiary" (as defined in Rule 1-02(w) of Regulation S-X under the Exchange Act) of that Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sssss)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Specified Repurchase Date</u>" means January 7, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttttt)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Spin-Off</u>" shall have the meaning set forth in Section (5)(b)(viii)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuuuu)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Subject Proceeds</u>" shall have the meaning set forth in Section 19(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvvvv)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Subscription Period</u>" shall have the meaning set forth in Section (5)(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(wwwww)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Subsidiary</u>" means, with respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of capital stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxxx)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Successor Company</u>" shall have the meaning set forth in Section (15)(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyyyy)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Trading Day</u>" means a day on which (i) trading in the ADSs (or other security for which a closing sale price must be determined) generally occurs on a Principal Market or, if the ADSs (or such other security) are not then listed on a Principal Market, on the principal other U.S. national or regional securities exchange on which the ADSs (or such other security) are then listed or, if the ADSs (or such other security) are not then listed on a U.S. national or regional securities exchange, on the principal other market on which the ADSs (or such other security) are then traded, and (ii) a Closing Price of the ADS (or closing sale price for such other security) is available on such securities exchange or market. If the ADSs (or such other security) are not so listed or traded, "<u>Trading Day</u>" means a New York Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzzzz)&nbsp;&nbsp;&nbsp;&nbsp; "<u>Transaction Document</u>" means (i) any Transaction Document (as defined in the Purchase Agreement) and (ii) any other Security Document entered into from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaaaa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Trigger Event</u>" shall have the meaning set forth in Section (5)(b)(viii)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbbbb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Underlying ADSs</u>" means the ADSs (including the Ordinary Shares represented by such ADSs) issuable upon conversion of this Debenture in accordance with the terms hereof and the ADSs underlying any Pre-Funded Warrants issued in connection with any conversion of this Debenture (or portion hereof) as contemplated by Section (4)(c)(i) in certain circumstances, in each case determined without regard to any limitations on such conversion set

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forth in this Debenture or any such Pre-Funded Warrants (including, for the avoidance of doubt, such limitation set forth in Section 4(c)(i)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cccccc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>unit of Reference Property</u>" shall have the meaning set forth in Section (5)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dddddd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Valuation Period</u>" shall have the meaning set forth in Section (5)(b)(viii)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeeeee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Value of the Ordinary Share Immediately prior to the Close of Business on the Date of such Distribution</u>" means the arithmetic average of the VWAP (divided by the number of Ordinary Shares then represented by one ADS) for each of the three Trading Days immediately preceding the Ex-Dividend Date for such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ffffff)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Value of the Ordinary Shares Ex-Right</u>" means the arithmetic average of the VWAP (divided by the number of Ordinary Shares then represented by one ADS) on each Trading Day included in the applicable Subscription Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gggggg)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Value of the Preferential Subscription Right</u>" means (i) the arithmetic average of the opening trading prices on any Principal Market for such preferential subscription rights on a per right basis, or on a similar market on which the preferential subscription rights have their principal listing on each Trading Day included in the applicable Subscription Period, or (ii) if the preferential subscription rights are not listed on a Principal Market or similar market, the value of such preferential subscription rights will be calculated as reasonably determined by the Company or, at the Company's option, an Independent Expert taking into account the fair market value or trading price of any corresponding ADS rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhhhh)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Value of the Securities or Assets Distributed per Ordinary Share</u>" means: (1) in the event of a distribution of securities that are already listed on any Principal Market or a similar market, the arithmetic average of the Distributed Securities VWAP of such securities during the three Trading Days immediately preceding the Ex-Dividend Date for such distribution; (2) in the event of a distribution of securities that are not already listed on any Principal Market or a similar market, but that are expected to be listed on any such market for at least three Trading Days within 10 Trading Days starting on the Ex-Dividend Date for such distribution, the arithmetic average of the Distributed Securities VWAP of such securities during the first three Trading Days included within this 10 trading day period during which such securities are listed on any Principal Market or a similar market; and (3) in all other cases not addressed in clause (1) or (2) of this definition, such value that is determined reasonably by the Company or, at the Company's option, an Independent Expert, no later than the Trading Day immediately preceding the Ex-Dividend Date for such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iiiiii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>VWAP</u>" means, for any VWAP Trading Day, the per share volume-weighted average price as displayed under the heading "Bloomberg VWAP" on Bloomberg page "SQNS AQR" (or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the market

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value of one ADS on such Trading Day reasonably determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by the Company). The "<u>VWAP</u>" shall be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjjjjj)&nbsp;&nbsp;&nbsp;&nbsp;"<u>VWAP Market Disruption Event</u>" means, with respect to any date, (A) the failure by the principal U.S. national or regional securities exchange on which the ADSs are then listed, or, if the ADSs are not then listed on a U.S. national or regional securities exchange, the principal, in terms of volume, on which the ADSs are then traded, to open for trading during its regular trading session on such date; or (B) the occurrence or existence, for more than one half hour period in the aggregate, of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the ADSs or in any options contracts or futures contracts relating to the ADSs, and such suspension or limitation occurs or exists at any time before 1:00 p.m., New York City time, on such date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkkkkk)&nbsp;&nbsp;&nbsp;&nbsp;"<u>VWAP Trading Day</u>" means a day on which (A) there is no VWAP Market Disruption Event; provided that the Holder, by written notice to the Company, may waive any such VWAP Market Disruption Event; and (B) trading in ADSs generally occurs on the principal U.S. national or regional securities exchange on which the ADSs are then listed or, if the ADSs are not then listed on a U.S. national or regional securities exchange, on the principal, in terms of volume, Principal Market on which the ADSs are then traded. If the ADSs are not so listed or traded, then "VWAP Trading Day" means a Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(llllll)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Wholly Owned Subsidiary</u>" means, with respect to any Person, any direct or indirect Subsidiary of such Person, except that, solely for purposes of this definition, the reference to "more than 50%" in the definition of "Subsidiary" shall be deemed replaced by a reference to "100%".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18)&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidential Information</u>. At any time after the Issuance Date if the Company, any of its Subsidiaries, or any of their respective officers, directors, employees or agents, provides the Holder with material non-public information relating to the Company or any of its Subsidiaries (each, the "<u>MNPI</u>"), the Company shall, on or prior to the applicable Required Disclosure Date, publicly disclose such MNPI on a Current Report on Form 6-K or otherwise (each, a "<u>Disclosure</u>"). From and after such Disclosure, the Company shall have disclosed all MNPI provided to the Holder by the Company or any of its Subsidiaries or any of their respective officers, directors, employees or agents. In addition, effective upon such Disclosure, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates, employees or agents, on the one hand, and the Holder or any of its affiliates, on the other hand, shall terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19)&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral Coverage Requirement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;On or before the Bitcoin Conversion Deadline, the Company shall have used all the proceeds deposited in the Cash Collateral Account on the Issuance Date (other than up to eight hundred thousand dollars ($800,000) in the aggregate used to fund general and administrative

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costs and expenses related to the implementation of the Company's Bitcoin treasury strategy (the "<u>Bitcoin Strategy Expense Cap</u>")) to purchase, or cause any Grantor to purchase, Bitcoin, which Bitcoin shall be immediately delivered to the Bitcoin Escrow Account upon such purchase. For the avoidance of doubt, the Company shall not be responsible for any breach of this Section 19(a) if the reason for such breach is solely due to the Collateral Agent's breach of its obligations set forth in Section 19(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Prior to the Bitcoin Conversion Deadline, the Company shall not request a transfer or withdrawal of funds in excess of the Bitcoin Cash Cap from the Cash Collateral Account through any single transfer or withdrawal. Any funds transferred or withdrawn from the Cash Collateral Account shall only be used to promptly purchase Bitcoin that is immediately delivered to the Bitcoin Escrow Account upon such purchase (and to pay only customary transaction costs and commissions incurred in connection with such purchases) or to fund the implementation of the Company's Bitcoin treasury strategy in an amount up to the Bitcoin Strategy Expense Cap. Following any transfer or withdrawal of funds from the Cash Collateral Account, the Company shall not be permitted to request a transfer or withdrawal of additional funds from the Cash Collateral Account until such time as the Company has complied with the immediately preceding sentence, at which time the Company may again request a transfer or withdrawal of funds from the Cash Collateral Account to purchase or cause any Grantor to purchase additional Bitcoin up to the available Bitcoin Cash Cap. For example (and for illustrative purposes only), if (after expending proceeds to fund the implementation of the Company's Bitcoin treasury strategy in an amount equal to the Bitcoin Strategy Expense Cap), the Company transferred $30,000,000 from the Cash Collateral Account, it could not transfer additional funds from the Cash Collateral Account until it deposited the Bitcoin purchased with such $30,000,000 into the Bitcoin Escrow Account. So long as (i) no Default or Event of Default has occurred and is then continuing, and (ii) the Company has provided the Collateral Agent a notice, in the form attached hereto as <u>Exhibit II</u> (a "<u>Withdrawal Notice</u>"), and, for any requested transfers or withdrawals following the first transfer or withdrawal after the Issuance Date, supporting documentation from the Custodian of the Bitcoin Escrow Account (*e.g*., account statements, transaction history, escrow deposit receipts, or other similar documentation) reasonably satisfactory to the Collateral Agent evidencing that any previously withdrawn or transferred funds from the Cash Collateral Account were used by the Company to purchase Bitcoin that was deposited into the Bitcoin Escrow Account in accordance with the terms of this Section 19(b), then the Collateral Agent shall promptly provide instructions to the Cash Collateral Bank to release the funds from the Cash Collateral Account requested by the Company in the amount set forth in the Withdrawal Notice, which shall not exceed the available Bitcoin Cash Cap in accordance with this Section 19(b) and, for the avoidance of doubt, shall be used solely for the purchase of Bitcoin. For the avoidance of doubt, the Company may submit multiple Withdrawal Notices on any given Business Day, subject to the terms of this Section 19(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;As of the Issuance Date and immediately following the closing of the issuance of the Debentures and the Common Equity Private Placement (as defined in the Purchase Agreement), the Loan-to-Collateral Ratio shall be less than or equal to the Closing Loan-to-Collateral Ratio Compliance Level; provided that if, as of the Issuance Date, the Loan-to-Collateral Ratio is greater than the Loan-to-Collateral Ratio Compliance Level (a "<u>Shortfall Event</u>"), then on the ninetieth (90<sup>th</sup>) day following the Issuance Date (the "<u>Make-Whole Date</u>"), the Company shall cause to be deposited into the Cash Collateral Account such portion of the

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aggregate net proceeds received by the Company in respect of (i) the exercise of the Common Warrants and (ii) any Exempt At-the-Market Offering (as defined in the Purchase Agreement) prior to the Make-Whole Date (such aggregate proceeds, the "<u>Subject Proceeds</u>"), in an aggregate amount equal to the amount of additional collateral that would have been required to cause the Loan-to-Collateral Ratio to be equal to the Loan-to-Collateral Ratio Compliance Level (which shall include all proceeds deposited in the Cash Collateral Account on the Issuance Date that were transferred from the Cash Collateral Account to fund general and administrative costs and expenses related to the implementation of the Company's Bitcoin treasury strategy), as measured as of the Issuance Date (such amount, the "<u>Shortfall Amount</u>"); provided further that if the Subject Proceeds are less than the Shortfall Amount, the Company, in its sole discretion, may either: (1) cause additional cash to be deposited into the Cash Collateral Account in an amount equal to the difference between the Shortfall Amount and the Subject Proceeds, or (2) pay additional interest on the outstanding Principal balance hereof in accordance with Section 19(h), in which case the Company shall not be required to deposit any additional cash into the Cash Collateral Account. The Company shall provide the Holder with prompt written notice prior to the Marke-Whole Date (an "<u>Additional Interest Election Notice</u>") if it elects option (2) pursuant to the foregoing sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Other than the Collateral used or released in accordance with the foregoing clauses (a), (d) or (e), or as provided in the following clause (g), the Company shall not (and shall not permit the Grantors to) transfer, permit any encumbrance or otherwise dispose of any Collateral other than the transfer of Bitcoin Collateral (or cash held in the Cash Collateral Account for the

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purchase of Bitcoin) to the Grantors (or from one Grantor to another Grantor); provided that (i) in the case of a transfer to the Grantors following the Issuance Date, the Grantors, to the extent not a Grantor party to the Guaranty and Security Agreement as of the Issuance Date, shall have first complied with Sections 2.05 and 4.03 of the Guaranty and Security Agreement and (ii) any cash, Cash Equivalents or Bitcoin transferred to the Grantors following the Issuance Date shall at all times remain on deposit in the Cash Collateral Account or Bitcoin Escrow Account (or any replacement Cash Collateral Account or Bitcoin Escrow Account approved by the Collateral Agent in its sole discretion at a custodian approved by the Collateral Agent in its sole discretion), as applicable, and subject to the first priority Lien and security interest in favor of the Collateral Agent for the benefit of the Secured Parties (as defined in the Guaranty and Security Agreement). For the avoidance of doubt, neither the Company nor any of its affiliates shall be subject to any restrictions under the Transaction Documents in respect of Bitcoin that has been released as, or that does not otherwise constitute, Bitcoin Collateral (including all Bitcoin that is not purchased with the net proceeds of the issuance of the Debentures or the Common Equity Private Placement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of this definition or anything in this Debenture or any other Transaction Document to the contrary, (i) the Collateral requirements thereunder shall not require any control agreement, lockbox or similar arrangement with respect to any deposit account, securities account, commodities account or other bank account, or otherwise take or perfect a security interest with control (other than with respect to the Bitcoin Escrow Account and/or the Cash Collateral Account to the extent required under the Debentures and the Collateral Documents); and (b) no actions (x) in any non-U.S. jurisdiction or (y) required by the laws of any non-U.S. jurisdiction shall be required to be taken to create, perfect or maintain any security interest or make enforceable any security interests or otherwise (it being understood that there shall be no Collateral Document (or other security agreements or pledge agreements) governed by any non-U.S. jurisdiction). As used in this Debenture, "<u>Collateral Documents</u>" means the Guaranty and Security Agreement, any control agreement with respect to the Bitcoin Escrow Account and/or the Cash Collateral Account (including financing statements under the UCC of the relevant states), and the escrow agreement or similar securities control agreement with respect to the Bitcoin Escrow Account, each as amended, supplemented, restated, renewed, replaced or otherwise modified from time to time, to secure any obligations under the Debentures or under which rights or remedies with respect to the Lien are governed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Interest</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;(1) &nbsp;&nbsp;&nbsp;&nbsp;If the Company elects to pay additional interest under Section 19(c), then from and after the Issuance Date until but not including the first anniversary of the Issuance Date (the "<u>Additional Interest Period</u>"), additional interest shall accrue on the outstanding Principal balance hereof at an annual rate equal to five percent (5.0%) (such interest, the "<u>Additional Interest</u>"). Additional Interest shall be calculated based on a 365- day year and the actual number of days elapsed, to the extent permitted by applicable law. Additional Interest shall accrue during the Additional Interest Period and shall be due and payable on each Interest Payment Date or upon the acceleration (including, for the avoidance of doubt, in connection with Section 3(b)), redemption (including, for the avoidance of doubt, in connection with Section 2(b) and Section 2(c)) or conversion of the outstanding Principal. At the election of the Company, Additional Interest shall be

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payable by either (A) issuing to Holder a number of Ordinary Shares, represented by ADSs (the "<u>Interest ADSs</u>") determined in accordance with the formula set forth in Section 19(h)(2) below, provided that (x) the Equity Conditions are satisfied as of the applicable Interest Payment Date and (y) the Company has notified the Holder in writing (an "<u>Interest ADS Notice</u>") that it has elected to pay the Additional Interest in Interest ADSs no later than ten (10) Trading Days prior to the applicable Interest Payment Date, or (B) in cash. Notwithstanding the foregoing, the ability of the Company to elect payment of Additional Interest in Interest ADSs shall be subject to the conversion limitations set forth in Section 4(c)(i), which shall apply *mutatis mutandis*. Failure to timely deliver an Interest ADS Notice to the Holder shall be deemed an election by the Company to pay the Additional Interest with respect to such Interest Payment Date in cash. Notwithstanding anything herein to the contrary, the Company will not have the right to, and will not, make any payment of Additional Interest (or any applicable portion thereof) in Interest ADSs if the Equity Conditions are not satisfied for each VWAP Trading Day occurring between the date of delivery of the Interest ADS Notice and the applicable Interest Payment Date (and the Company shall certify in writing to the Holder on the applicable Interest Payment Date that the Equity Conditions have continued to have been satisfied during such period), and such payment of Additional Interest (or any applicable portion thereof) shall instead be paid in cash on such Interest Payment Date, unless such failure of the Equity Conditions to be so satisfied is waived in writing by the Required Holders, which waiver may be granted or withheld by the Required Holders in their sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;If the Company elects to pay Additional Interest in Interest ADSs, the number of Interest ADSs issuable on any Interest Payment Date shall be equal to the quotient (rounded down to the nearest whole share, with cash paid in lieu of any fractional share) obtained by dividing (a) the amount of Additional Interest to be paid in Interest ADSs on such Interest Payment Date, by (b) the lower of (x) the Discounted VWAP and (y) the Conversion Price.

[*Signature Page Follows*]

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**IN WITNESS WHEREOF**, the Company has caused this Convertible Secured Debenture to be duly executed by a duly authorized officer as of the date set forth above.

---

| | |
|:---|:---|
| **<u>COMPANY</u>:** | **<u>COMPANY</u>:** |
| **SEQUANS COMMUNICATIONS S.A.** | **SEQUANS COMMUNICATIONS S.A.** |
| By: | /s/ Georges Karam |
| Name: | Georges Karam |
| Title: | Chief Executive Officer |

---

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**EXHIBIT I**

**<u>CONVERSION NOTICE</u>**

**(To be executed by the Holder in order to Convert the Secured Convertible Debenture)**

**To: Sequans Communications S.A.**

**Via Email:**

The undersigned hereby irrevocably elects to convert a portion of the outstanding and unpaid Conversion Amount of Secured Convertible Debenture No. SQNS-[1] into ADSs of Sequans Communications S.A., according to the conditions stated therein, as of the Conversion Date written below.

**Conversion Date:**

**Principal Amount to be Converted:**

**Accrued Interest to be Converted:**

**Total Conversion Amount to be Converted:**

**Conversion Price:**

**Number of ADSs to be issued:**

**Number of Pre-Funded Warrants, if any, to be issued:**

**Please issue the ADSs in the following name and deliver them to the following account:** 

**Issue to:**

**Broker DTC Participant Code:**

**Account Number:**

**Authorized Signature:**

**Name:**

**Title:**

**Please issue and deliver the Pre-Funded Warrants, if any, to:**

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**Exhibit II**

**<u>Withdrawal Notice</u>**

Hudson Bay PH XVI Ltd

[Address]

Attention: [_____]

Email Address: [_____]

Date:

Re: Withdrawal Notice pursuant to the Secured Convertible Debentures, **dated [_____], 2025**

Cash Collateral Account No. _____________

We refer to those certain Secured Convertible Debentures, issued on [●], 2025 in the aggregate principal amount of $[●]. Capitalized terms in this letter that are not otherwise defined shall have the same meaning given to them in the Secured Convertible Debentures.

Pursuant to Section [19(b)] of the Secured Convertible Debentures, the Company instructs Collateral Agent to cause the Cash Collateral Bank to release the portion of the funds in the Cash Collateral Account specified below to the Custodian, for the purchase of Bitcoin, as follows:

Amount (In numerals):

Amount (In writing):

Beneficiary:

City:

Country:

**US Instructions:**

Bank

Bank address

ABA Number:

Credit A/C Name:

Credit A/C #:

Credit A/C Address:

If Applicable:

FFC A/C Name:

FFC A/C #:

FFC A/C Address:

**<u>COMPANY</u>:**

**SEQUANS COMMUNICATIONS S.A.**

---

| | |
|:---|:---|
| By: |  |
| Name: | Georges Karam |
| Title: | Chief Executive Officer |

---

## Exhibit 4.6

**Exhibit 4.6**

***Execution Version***

**NEITHER THIS DEBENTURE NOR THE SECURITIES INTO WHICH THIS DEBENTURE IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE. THESE SECURITIES HAVE BEEN SOLD IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.**

**FOR PURPOSES OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>CODE</u>"), THIS DEBENTURE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT. THE HOLDER (AS DEFINED BELOW) MAY CONTACT DR. GEORGES KARAM AT +33 1 70 72 16 00, WHO WILL, NOT LATER THAN TEN DAYS AFTER THE DATE HEREOF, PROMPTLY MAKE AVAILABLE TO THE HOLDER, UPON REQUEST, THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND ISSUANCE DATE OF THIS DEBENTURE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THIS DEBENTURE, AND (3) THE YIELD TO MATURITY OF THIS DEBENTURE.**

**SEQUANS COMMUNICATIONS S.A.**

**SECURED CONVERTIBLE DEBENTURE**

**Principal Amount:&nbsp;&nbsp;&nbsp;&nbsp;$4,000,000**

**Debenture Issuance Date: July 7, 2025** 

**Debenture Number: SQNS-2**

FOR VALUE RECEIVED, Sequans Communications S.A., a société anonyme incorporated in the French Republic (the "<u>Company</u>"), hereby promises to pay to the order of Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B, or its registered assigns (the "<u>Holder</u>") the amount set out above as the principal amount (as reduced or increased pursuant to the terms hereof pursuant to redemption, conversion or otherwise, the "<u>Principal</u>") when due, whether upon the Maturity Date (as defined below), acceleration, or redemption (in each case in accordance with the terms hereof) and to pay interest ("<u>Interest</u>") on any outstanding Principal at the applicable Interest Rate from the date set out above as the Debenture Issuance Date (the "<u>Issuance Date</u>") until the same becomes due and payable, whether upon the Maturity Date or acceleration, conversion, redemption or otherwise (in each case in accordance with the terms hereof). This Secured Convertible Debenture (including all debentures issued in exchange, transfer or replacement hereof, this "<u>Debenture</u>") was originally issued pursuant to the Secured Convertible Debenture Purchase Agreement dated as of June 22, 2025, as it may be amended from time to time (the "<u>Purchase Agreement</u>") between the Company and the Buyers listed on the Schedule of Buyers attached

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thereto. Certain capitalized terms used herein are defined in Section (17). All Obligations owed by the Company to the Holder under this Debenture and each other Transaction Document are guaranteed by the Guarantors pursuant to the Guaranty and Security Agreement and secured by the Guarantors pursuant to the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;<u>GENERAL TERMS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Maturity Date</u>. On the Maturity Date, the Company shall pay to the Holder an amount in cash representing all outstanding Principal, accrued and unpaid Interest, and any other amounts outstanding pursuant to the terms of this Debenture. The "<u>Maturity Date</u>" shall be July 7, 2028. Other than as specifically permitted by this Debenture under Section 2(a), the Company may not prepay or redeem any portion of the outstanding Principal and/or accrued and unpaid Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate and Payment of Interest</u>. (i) From and after the first anniversary date of the Issuance Date until, but not including, the second anniversary date of the Issuance Date, interest shall accrue on the outstanding Principal balance hereof at an annual rate equal to 6.00% and (ii) from and after the second anniversary date of the Issuance Date, interest shall accrue on the outstanding Principal balance hereof at an annual rate equal to 8.00% (such applicable interest rate, the "<u>Interest Rate</u>"), which Interest Rate shall, in connection with the occurrence of an Event of Default, increase to the Default Rate upon written notice executed by the Required Holders (as defined in the Purchase Agreement) to the Company retroactively to the date of the occurrence of such Event of Default. Interest shall be calculated based on a 365- day year and the actual number of days elapsed, to the extent permitted by applicable law. Interest shall accrue during the term of this Debenture and shall be due and payable on each Interest Payment Date or upon the acceleration (including, for the avoidance of doubt, in connection with Section 3(b)), redemption (including, for the avoidance of doubt, in connection with Section 2(b) and Section 2(c)) or conversion of the outstanding Principal. Additional Interest may be payable pursuant to Section 19(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment Dates</u>. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding</u>. All payments and deliveries made by, or on behalf of, the Company (or any Successor Company) under or with respect to this Debenture (including in connection with any conversion described in Section (4)), shall be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied ("<u>Applicable Taxes</u>") by or within France or any jurisdiction in which the Company (or any Successor Company) is, for tax purposes, organized or resident or doing business (each, as applicable, a "<u>Relevant Taxing Jurisdiction</u>") or through which payment is made or deemed made (together with each Relevant Taxing Jurisdiction, a "<u>Relevant Jurisdiction</u>," and in each case, any political subdivision or taxing authority thereof or therein), unless such withholding or deduction is required by law or by regulation or governmental policy having the force of law. In the event that any such withholding or deduction is so required in a Relevant Jurisdiction, the Company (or the Successor Company) shall pay such additional amounts ("<u>Additional Amounts</u>") as may be necessary to ensure that the net amount received by the Holder after such withholding or deduction (and after deducting any Applicable Taxes on the Additional

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Amounts) under a Relevant Jurisdiction shall equal the amounts that would have been received by such beneficial owner had no such withholding or deduction been required; *provided* that no Additional Amounts shall be payable for or on account of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;any tax, duty, assessment or other governmental charge that would not have been imposed but for:

&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;(i)&nbsp;&nbsp;&nbsp;&nbsp;the failure of the Holder to comply with a timely reasonable request from the Company, addressed to the Holder to provide certification or other documents concerning such Holder's nationality, residence, identity or connection with the Relevant Jurisdiction, or to make any declaration or satisfy any other reporting requirement relating to such matters, if and to the extent that due and timely compliance with such request is required by statute, regulation or administrative practice of the Relevant Jurisdiction in order to reduce or eliminate any withholding or deduction as to which Additional Amounts would have otherwise been payable to the Holder and so long as the completion, execution or submission of such certification or documents would not materially prejudice the legal or commercial position of the Holder;

&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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;(A) the existence of any present or former connection between the Holder and any non-cooperative jurisdiction (Etat ou territoire non coopératif) within the meaning of Section 238-0 A of the French tax code (as this list may be amended from time to time), or (B) the presentation of this Debenture (or any portion hereof) for payment or payment on this Debenture (or any portion hereof) otherwise made to a bank account open in a non-cooperative jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;any tax, duty, assessment or other governmental charge that is payable otherwise than by withholding or deduction from payments under or with respect to this Debenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;any tax required to be withheld or deducted under Sections 1471 to 1474 of the Code (or any amended or successor versions of such Sections that are substantively comparable and not materially more onerous to comply with) ("<u>FATCA</u>"), any agreement described in Section 1471(b) of the Code, or any current or future regulations or other official guidance thereunder, any intergovernmental agreement entered into in connection with FATCA, or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA; 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;(5)&nbsp;&nbsp;&nbsp;&nbsp;any combination of taxes, duties, assessments or other governmental charges referred to in the preceding clauses (1), (2), (3) or (4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Treatment</u>. (i) The parties hereto shall treat this Debenture as debt for U.S. federal (and applicable state and local) income tax purposes and shall prepare and file all tax returns consistent with, and not otherwise take any position inconsistent with, such treatment unless required by applicable law; (ii) the parties hereto agree that (x) the Debentures and the Common Warrants (as defined in the Purchase Agreement) shall be treated as an "investment unit"

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within the meaning of Section 1273(c)(2) of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder, (y) the issue price of the investment unit will be allocated between the Debentures and such Common Warrants based on their relative fair market values on the Issuance Date for U.S. federal income tax purposes, as determined collectively by the Company and the Required Holders acting in good faith, and (z) no party hereto shall take a position contrary to the foregoing on any tax return unless required by an applicable change in law after the Issuance Date or the good faith resolution of a tax audit or other tax proceeding; (iii) the Company represents that it was not a "passive foreign investment company" for U.S. federal income tax purposes for the year ending December 31, 2024 and does not as of the date hereof have knowledge that it will be a "passive foreign investment company" for the year ending December 31, 2025 or the foreseeable future; (iv) the Company shall make due inquiry with its tax advisors regarding the Company's status as a "passive foreign investment company" for the year ending December 31, 2025 and each subsequent year; and (v) if the Company determines that it is a "passive foreign investment company" for any years during which the Holder has owned this Debenture, the Company will promptly notify the Holder of its determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;<u>PAYMENTS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have the right, but not the obligation, to redeem ("<u>Optional Redemption</u>") in cash a portion or all amounts outstanding under this Debenture at the Redemption Amount (as defined below) as described in this Section 2(a); *provided*, that (a) the Company provides the Holder with at least: (i) in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger," 30 Trading Days' prior written notice, or (ii) in the case of an Optional Redemption pursuant to clause (y) of the definition of "Closing Price Trigger," 5 Trading Days' prior written notice, of its desire to exercise an Optional Redemption (each, a "<u>Redemption Notice</u>"), (b) such Redemption Notice sets forth a redemption date for consummating the Optional Redemption (the "<u>Redemption Date</u>") that is scheduled to be a New York Business Day that occurs on or after the first anniversary date of the Issuance Date, (c) in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger," the Equity Conditions are satisfied on each Trading Day during the period commencing on the date the Redemption Notice is delivered to the Holder and ending on and including the date upon which the Redemption Amount is delivered to the Holder (the "<u>Redemption Equity Condition Period</u>"), (d) the Closing Price Trigger is satisfied as of the date the Redemption Notice is delivered to the Holder and (e) the Company must have, on or prior to 8:30 a.m., New York City time, on the Trading Day on which such Redemption Notice is delivered, publicly disclosed any material, non-public information regarding the Company (including the fact that the Company is effecting an Optional Redemption) on a Form 6-K or otherwise. Each Redemption Notice shall be irrevocable and shall (x) specify the outstanding Principal balance of this Debenture to be redeemed and the Redemption Amount and (y) in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger," certify that the Equity Conditions are satisfied as of the date of such Redemption Notice. The "<u>Redemption Amount</u>" shall be, (x) in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger", an amount equal to the outstanding Principal balance being redeemed by the Company, *plus* all accrued and unpaid Interest in respect of such Principal balance to, but not including, such Redemption Date, *plus* the Payment Premium in respect of such Principal balance and accrued and unpaid Interest and (y) in the case of an Optional Redemption pursuant to clause (y) of the definition of "<u>Closing Price</u>

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<u>Trigger</u>", an amount equal to the *sum of* (A) the *product of* (*x*) the outstanding Principal balance being redeemed by the Company *multiplied by* (*y*) 108% *plus* (B) the Payment Premium with respect to all accrued and unpaid Interest in respect of such Principal balance to, but not including, such Redemption Date. After receipt of a Redemption Notice, the Holder shall have the right to elect to convert all or any portion of the outstanding Principal balance being redeemed by the Company (and accrued and unpaid Interest thereon) in accordance with Section (4) until the New York Close of Business on the New York Business Day immediately preceding the applicable Redemption Date. Provided that the Equity Conditions are satisfied (solely in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger") and the Company is not in possession of material non-public information, on the Redemption Date, the Company shall (x) deliver to the Holder the Redemption Amount with respect to the Principal amount redeemed to the extent not converted in accordance with the immediately preceding sentence and Section (4) and (y) in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger," certify in writing that the Equity Conditions have continued to have been satisfied on each Trading Day during the Redemption Equity Conditions Period and that the Company is not in possession of material non-public information. Any Optional Redemption in respect of less than all of the Principal outstanding under all the Debentures shall be applied ratably across all outstanding Debentures, including this Debenture. Notwithstanding the foregoing, this Section 2(a) will cease to have any force and effect if an Event of Default or Default has occurred hereunder, and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;On the Specified Repurchase Date, the Holder shall have right, at the Holder's option, to require the Company to repurchase for cash all of or any portion of the Principal of this Debenture at a repurchase price equal to the outstanding Principal balance to be so repurchased, *plus* all accrued and unpaid interest hereunder as of the Specified Repurchase Date. In order to exercise such right, the Holder must provide the Company notice of such exercise no later than the New York Close of Business on the fifth (5th) New York Business Day immediately preceding the Specified Repurchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If a Fundamental Change occurs at any time, the Holder shall have the right, at such Holder's option, to require the Company to repurchase for cash all or any portion of the Principal of this Debenture on the New York Business Day notified in writing (the "<u>Fundamental Change Repurchase Date</u>") by the Holder that is not more than twenty (20) Business Days after the later of (x) the date that the Company delivers to the Holder the Fundamental Change Company Notice (as defined below) and (y) the effective date of such Fundamental Change at a repurchase price equal to the outstanding Principal balance to be so repurchased, *plus* all accrued and unpaid interest hereunder as of the Fundamental Change Repurchase Date, *plus* the Payment Premium in respect of such Principal balance and accrued and unpaid Interest. In order to exercise such right, the Holder must provide the Company notice of such exercise no later than the New York Close of Business on the New York Business Day immediately preceding the Fundamental Change Repurchase Date. The Company shall provide notice of the occurrence of a Fundamental Change no later than the fifth (5<sup>th</sup>) New York Business Day after the occurrence of such Fundamental Change (the "<u>Fundamental Change Company Notice</u>").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Other than as specifically set forth in clause (a) above, the Company shall not have the right to make any early repayments, redemptions or repurchases without the consent or at the request of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;<u>EVENTS OF DEFAULT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;An "<u>Event of Default</u>", wherever used herein, means any one of the following events (whatever the reason and whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or regulation of any administrative or governmental body):

&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)&nbsp;&nbsp;&nbsp;&nbsp;The Company's or any Guarantor's failure (x) to pay to the Holder any amount of Principal after such payment is due, or any Redemption Amount, Payment Premium, Additional Amount, amount due pursuant to Section 4(b)(ii) or other amounts when and as due under this Debenture (other than Interest) or any other Transaction Document or (y) to pay to the Holder Interest or Additional Interest when and as due under this Debenture and such failure pursuant to this clause (y) continues for a period of two (2) Business Days (for the avoidance of doubt, the Event of Default set forth in this Section 3(a)(i) shall be immediate and not subject to cure);

&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)&nbsp;&nbsp;&nbsp;&nbsp;(A) The Company, any Guarantor or any Significant Subsidiary of the Company shall commence, or there shall be commenced against the Company, any Guarantor or any Significant Subsidiary of the Company, any proceeding under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or the Company, any Guarantor or any Significant Subsidiary of the Company commences, or there shall be commenced against the Company, any Guarantor or any Significant Subsidiary of the Company, any other proceeding under any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, liquidation or similar law of any jurisdiction whether now or hereafter in effect, which remains undismissed for a period of sixty one (61) days, including for the avoidance of doubt, as applicable, certain French law proceedings affecting creditors, including conciliation proceedings (*mandat ad hoc* or *procédure de conciliation*), safeguard proceedings (*procédure de sauvegarde*), accelerated safeguard (sauvegarde accélérée) and judicial reorganization or liquidation proceedings (*redressement* or *liquidation judiciaire*)); (B) the Company, any Guarantor or any Significant Subsidiary of the Company is adjudicated insolvent or bankrupt; (C) any order of relief or other order approving any such case or proceeding is entered; (D) the Company, any Guarantor or any Significant Subsidiary of the Company suffers any appointment of any custodian, private or court appointed receiver or the like for it or all or substantially all of its property which continues undischarged or unstayed for a period of sixty one (61) days; (E) the Company, any Guarantor or any Significant Subsidiary of the Company makes a general assignment of all or substantially all of its assets for the benefit of creditors; (F) the Company, any Guarantor or any Significant Subsidiary of the Company shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; (G) the Company, any Guarantor or any Significant Subsidiary of the Company shall call a meeting of its creditors with a view to restructuring its debts; or (H) the Company, any Guarantor or any Significant Subsidiary of the Company shall by any act or failure to act expressly indicate its consent to, approval of or acquiescence in any of the foregoing;

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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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Company or any Significant Subsidiary of the Company shall default in any of its obligations under any note, debenture, or any mortgage, credit agreement or other facility, indenture agreement, factoring agreement or other instrument under which there may be issued, or by which there may be secured or evidenced, any indebtedness for borrowed money or money due under any long term leasing or factoring arrangement of the Company or any Significant Subsidiary of the Company in an amount exceeding $5,000,000, whether such indebtedness now exists or shall hereafter be created and such default shall result in such indebtedness becoming or being declared due and payable prior to its stated maturity (for the avoidance of doubt, the Event of Default set forth in this Section 3(a)(iii) shall be immediate and not subject to cure);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;A final judgment or judgments for the payment of money aggregating in excess of $5,000,000 are rendered against the Company and/or any of its Subsidiaries and which judgments are not, within thirty (30) days after the entry thereof, bonded, discharged, settled or stayed pending appeal, or are not discharged within thirty (30) days after the expiration of such stay; *provided, however*, any judgment which is covered by insurance or an indemnity from a credit worthy party shall not be included in calculating the $5,000,000 amount set forth above so long as the Company provides the Holder a written statement from such insurer or indemnity provider to the effect that such judgment is covered by insurance or an indemnity and the applicable insurance or indemnity coverage has not been denied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;(A) Any failure to timely deliver an Event of Default Notice or a Fundamental Change Company Notice required pursuant to the Transaction Documents, or (B) any delivery of an Event of Default Notice, Fundamental Change Company Notice, or any other required notice or certification required pursuant to the Transaction Documents (including, for the avoidance of doubt, a required certification that the Equity Conditions have been satisfied or as to whether any Event of Default has occurred), in each case, that is materially false or inaccurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;The suspension from trading or failure of the ADSs to be trading or listed on the Company's Principal Market (measured in terms of trading volume for its ADSs) on which the ADSs are traded for a period of five (5) consecutive Trading Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;The Company's (A) failure to deliver the required number of ADSs to the Holder within one (1) Trading Day after the applicable ADS Delivery Date or Interest Payment Date (as applicable) or (B) notice, written or oral, to any Holder, including by way of public announcement, at any time, of its intention not to comply with a request for conversion of any Debenture into ADS that tendered for conversion in accordance with the provisions of the Debenture, other than pursuant to Section (4)(c) (for the avoidance of doubt, the Event of Default set forth in this Section 3(a)(vii) shall be immediate and not subject to cure);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;[*Reserved*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;The Company's failure to timely file with the Commission any Periodic Report that would cause the Company to lose its eligibility to register securities on Form F-3, on or before the due date of such filing as established by the Commission, it being understood, for the

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avoidance of doubt, that such due date includes any permitted filing deadline extension under Rule 12b-25 under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;Any representation or warranty made or deemed to be made by or on behalf of the Company or any Guarantor in or in connection with any Transaction Document, or any waiver hereunder or thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with any Transaction Document, shall prove to have been incorrect in any material respect when made or deemed made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;(A) Any material provision of any Transaction Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder, ceases to be in full force and effect; (B) the Company or any Guarantor contests in writing the validity or enforceability of any provision of any Transaction Document; or (C) the Company or any Guarantor denies in writing that it has any or further liability or obligation under any Transaction Document, or purports in writing to revoke, terminate (other than in line with the relevant termination provisions) or rescind any Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;The Company uses the net proceeds of the issuance of this Debenture, whether directly or indirectly, for any purpose other than the purchase of Bitcoin as required under Section 4(b) of the Purchase Agreement; provided, such restriction on the use of proceeds shall not apply in respect of any Bitcoin that is released in accordance with Section 19(f);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;Any breach of a material term set forth in (A) any other debenture, note, or instrument held by the Holder in the Company or (B) any written agreement between or among the Company and the Holder, in each case, beyond all applicable notice and cure periods set forth therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;&nbsp;&nbsp;(A) The Registration Statement (as defined in the Registration Rights Agreement) shall not have been filed, declared effective or remained in effect, in each case, as required by the Registration Rights Agreement; or (B) the Company fails to remove any restrictive legend on any certificate or any ADSs issued to the Holder pursuant to the Debenture or any Pre-Funded Warrants acquired by the Holder under the Purchase Agreement (including this Debenture) as and when required by the Debenture or the Purchase Agreement, unless otherwise then prohibited by applicable federal securities laws and such failure continues for more than five (5) Trading Days (for the avoidance of doubt, the Event of Default set forth in this Section 3(a)(xiv)(B) shall be immediate following such five (5) Trading Day period and not subject to cure);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)&nbsp;&nbsp;&nbsp;&nbsp;Any material provision of any Security Document shall at any time for any reason (other than pursuant to the express terms thereof or (other than action or inaction on the part of the Holder, the Collateral Agent or any of their respective agents)) cease to be valid and binding on or enforceable against the Company or any Guarantor, or the validity or enforceability thereof shall be contested by any party thereto or any other Person, or a proceeding shall be commenced by the Company, any Guarantor or any Subsidiary or any Governmental Entity having jurisdiction over any of them, seeking to establish the invalidity or unenforceability thereof, or the Company, any Guarantor or any Subsidiary shall deny in writing that it has any liability or obligation purported to be created under any Security Document;

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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;(xvi)&nbsp;&nbsp;&nbsp;&nbsp;Any Security Document shall for any reason fail or cease to create a valid and perfected and first priority Lien (as defined in the Guaranty and Security Agreement) in the applicable Collateral (as defined in the Guaranty and Security Agreement) in favor of the Collateral Agent for the benefit of the Holder of this Debenture and the holders of the Other Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)&nbsp;&nbsp;&nbsp;&nbsp;The Company or any Guarantor shall fail to observe or perform any covenant, agreement or warranty contained in, or otherwise commit any breach or default of any provision of (x) this Debenture (except as may be covered by Section (3)(a)(i) through (3)(a)(xvi) hereof and Section (3)(a)(xviii) hereof) other than Section 19 hereof (other than (x) the obligation to pay Additional Interest pursuant to Section 19(h), which shall be covered by Section 3(a)(i) hereof, (y) the obligation to issue Interest ADSs on the applicable Interest Payment Date pursuant to Section 19(h), which shall be covered by Section 3(a)(vii) hereof and (z) the obligation to deposit the Shortfall Amount into the Cash Collateral Account or otherwise deliver an Additional Interest Election Notice to the Holder pursuant to Section 19(c), which shall be covered by Section 3(a)(xviii) hereof) or any other Transaction Document (other than any Security Document) which is not cured or remedied within the time prescribed or if no time is prescribed either: (1) within five (5) Business Days after the earlier to occur of the Company becoming aware of such failure or of the Company receiving written notice thereof from a Holder, or (2) provided that such failure is curable or otherwise capable of remedy and on or before the fifth (5<sup>th</sup>) Business Day after the earlier to occur of the Company becoming aware of such failure or of the Company receiving written notice thereof from a Holder the Company or any Guarantor has commenced commercially reasonable efforts to effect such cure or remedy and is at all times thereafter continuing such commercially reasonable efforts to effect such cure or remedy, within twenty (20) Business Days after the earlier to occur of the Company becoming aware of such failure or of the Company receiving written notice thereof from a Holder or (y) Section 19 of this Debenture (other than (x) the obligation to pay Additional Interest pursuant to Section 19(h), which shall be covered by Section 3(a)(i) hereof, (y) the obligation to issue Interest ADSs on the applicable Interest Payment Date pursuant to Section 19(h), which shall be covered by Section 3(a)(vii) hereof and (z) the obligation to deposit the Shortfall Amount into the Cash Collateral Account or otherwise deliver an Additional Interest Election Notice to the Holder pursuant to Section 19(c), which shall be covered by Section 3(a)(xviii) hereof) or any Security Document which is not cured or remedied within the time prescribed or if not subject to cure, immediately upon such breach, default or any failure to observe or perform any covenant, agreement or warranty contained in Section 19 of this Debenture (other than (x) the obligation to pay Additional Interest pursuant to Section 19(h), which shall be covered by Section 3(a)(i) hereof, (y) the obligation to issue Interest ADSs on the applicable Interest Payment Date pursuant to Section 19(h), which shall be covered by Section 3(a)(vii) hereof and (z) the obligation to deposit the Shortfall Amount into the Cash Collateral Account or otherwise deliver an Additional Interest Election Notice to the Holder pursuant to Section 19(c), which shall be covered by Section 3(a)(xviii) hereof) or any Security Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)&nbsp;&nbsp;&nbsp;&nbsp;On or prior to the Make-Whole Date, the Company shall have failed to deposit any required Shortfall Amount into the Cash Collateral Account or otherwise deliver an Additional Interest Election Notice with respect to such Shortfall Amount to the Holder (for the

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avoidance of doubt, the Event of Default set forth in this Section 3(a)(xviii) shall be immediate and not subject to cure).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Promptly, but in no event later two (2) Business Day after the Company becomes aware of an Event of Default, the Company will provide written notice of such Event of Default to the Holder (an "<u>Event of Default Notice</u>"), which Event of Default Notice shall include (i) a reasonable description of the applicable Event of Default, (ii) the date on which the Event of Default occurred and (iii) the date on which the Default underlying such Event of Default initially occurred, if different than the date on which the Event of Default occurred. During the time that any portion of this Debenture is outstanding, if any Event of Default has occurred and is continuing (other than an event with respect to the Company described in Section (3)(a)(ii)), the Holder, by notice to the Company, may declare this Debenture (or any portion thereof) to become due and payable on the Business Day immediately following the date of such notice (the "<u>Event of Default Acceleration Date</u>") for cash in an amount equal to the Event of Default Acceleration Amount (at which point the underlying Event of Default may not be cured); *provided* that, in the case of any event with respect to the Company described in Section (3)(a)(ii), the full unpaid Principal amount of this Debenture, together with accrued and unpaid interest and other amounts owing in respect thereof and other Obligations accrued hereunder and under the other Transaction Documents, to the date of acceleration, shall automatically become due and payable, in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company. Furthermore, in addition to any other remedies, the Holder shall have the right (but not the obligation) to convert, at the Conversion Price, on one or more occasions all or part of the Conversion Amount in accordance with Section (4) and subject to the limitations in Section (4)(c) at any time after (x) an Event of Default has occurred and is continuing; *provided* that, upon receipt of a Conversion Notice arising after the occurrence and during the continuance of an Event of Default, the underlying Event of Default may not be cured, or (y) the Maturity Date; *provided* that this Debenture remains outstanding, at the Conversion Price. The Holder need not provide and the Company hereby waives any presentment, demand, protest or other notice of any kind, (other than required notice of conversion) and the Holder may immediately enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Such declaration may be rescinded and annulled by the Holder in writing at any time prior to payment hereunder. No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;<u>CONVERSION OF DEBENTURE</u>. This Debenture shall be convertible into Ordinary Shares deposited for the delivery of ADSs, on the terms and conditions set forth in this Section (4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Conversion Right</u>. Subject to the limitations of Section (4)(c), at any time or times on or after the Issuance Date, the Holder shall be entitled to convert any portion of the outstanding and unpaid Conversion Amount into fully paid and nonassessable Ordinary Shares deposited for the delivery of ADSs in accordance with Section (4)(b), at the Conversion Price (as defined below). The number of Ordinary Shares deposited for the delivery of ADSs issuable upon conversion of any Conversion Amount pursuant to this Section (4)(a) shall be equal to the quotient of (x) such Conversion Amount and (y) the Conversion Price. The Company shall not issue any fraction of an ADSs upon any conversion. All calculations under this Section (4) shall be rounded to the nearest $0.0001. If the issuance would result in the issuance of a fraction of an ADS, the Company

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shall round such fraction of an ADS up to the nearest whole ADS. The Company shall pay and indemnify the Holder for any and all transfer, stamp and similar taxes, including the French financial transaction tax provided for by Article 235 ter ZD of the French Tax Code, that may be paid or payable with respect to the issuance of Ordinary Shares and delivery of ADSs upon conversion of any Conversion Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Mechanics of Conversion</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Optional Conversion</u>. To convert any Conversion Amount into Ordinary Shares for the delivery of ADSs on any date (a "<u>Conversion Date</u>"), the Holder shall (A) transmit by email (or otherwise deliver), for receipt on or prior to 6:00 p.m., New York time, on such date (the "<u>Conversion Notice Date</u>"), a copy of an executed notice of conversion in the form attached hereto as Exhibit I (the "<u>Conversion Notice</u>") to the Company and (B) if required by Section (4)(b)(iii), surrender this Debenture to a nationally recognized overnight delivery service for delivery to the Company (or an indemnification undertaking reasonably satisfactory to the Company with respect to this Debenture in the case of its loss, theft or destruction). If (x) the Conversion Notice is delivered to the Company at or before 10:00 a.m., New York City time, then on or before the first (1st) Trading Day that is also a Paris Business Day (or if the Conversion Notice Date is not a Paris Business Day, the first (1<sup>st</sup>) Trading Day following the next Paris Business Day) following the date of receipt of such Conversion Notice (or such earlier date as required pursuant to the Exchange Act or other applicable law, rule or regulation for the settlement of a trade initiated on the applicable Conversion Date of such ADSs issuable pursuant to such Conversion Notice), the Company shall or (y) the Conversion Notice is delivered to the Company after 10:00 a.m., New York City time, then the Company shall use commercially reasonably efforts to, on or before the first (1<sup>st</sup>) Trading Day following receipt of such Conversion Notice (but in no event later than the second (2<sup>nd</sup>) Trading Date) (such date in the case of (x) or (y), the "<u>ADS Delivery Date</u>") (X) if legends are not required to be placed on certificates or the book-entry position of the ADS and provided that the Company's transfer agent is participating in the Depository Trust Company's ("<u>DTC</u>") Fast Automated Securities Transfer Program, instruct such transfer agent to credit such aggregate number of ADSs to which the Holder shall be entitled to the Holder's or its designee's balance account with DTC through its Deposit Withdrawal Agent Commission system or (Y) if the Company's transfer agent is not participating in the DTC Fast Automated Securities Transfer Program, or if restrictive legends are required to be placed on certificates or book-entry positions of the ADSs, issue and deliver to the address as specified in the Conversion Notice, a certificate or book-entry position, registered in the name of the Holder or its designee, for the number of ADSs to which the Holder shall be entitled. If this Debenture is physically surrendered for conversion and the outstanding Principal of this Debenture is greater than the Principal portion of the Conversion Amount being converted, then the Company shall as soon as practicable and in no event later than five (5) Business Days after receipt of this Debenture and at its own expense, issue and deliver to the Holder a new Debenture representing the outstanding Principal not converted.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Company's Failure to Timely Convert</u>. If the Company shall fail, for any reason or for no reason, on or prior to the applicable ADS Delivery Date (in the case of ADSs to be delivered pursuant to Section 4(b)(i)) or Interest Payment Date (in the case of any Interest ADSs to be delivered pursuant to Section 19(h)) to issue and deliver a certificate to the Holder or credit

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the Holder's balance account with DTC for the number of ADSs (the "<u>Undelivered ADSs</u>") to which the Holder is entitled pursuant to Section 4(b)(i) or Section 19(h), as applicable (a "<u>Conversion Failure</u>"), and if on or after such Trading Day the Holder purchases (in an open market transaction or otherwise) ADSs to deliver in satisfaction of a sale by the Holder of ADSs issuable pursuant to Section 4(b)(i) or Section 19(h) (as applicable) that the Holder anticipated receiving from the Company (a "<u>Buy-In</u>"), then, without limiting the Holder's right to pursue any other remedy available to it (whether hereunder, under applicable law or otherwise), the Holder will have the right, exercisable by notice to the Company, to cause the Company to either (x) pay, on or before the third (3<sup>rd</sup>) Business Day after the date such notice is delivered, cash to the Holder in an amount equal to the Holder's total purchase price (including reasonable and documented brokerage commissions and other reasonable and documented out of pocket expenses, if any) for the ADSs so purchased (the "<u>Buy-In Price</u>"), at which point the Company's obligation to deliver such certificate (and to issue such ADSs) shall terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such ADSs and pay cash to the Holder in an amount equal to the excess (if any) of the Buy- In Price over the product of (A) such number of ADSs multiplied by (B) the Closing Price of the ADSs on the Conversion Date or Interest Payment Date (as applicable). In addition to the foregoing, if the Company fails for any reason to deliver ADSs to the Holder by the applicable ADS Delivery Date or Interest Payment Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each one thousand dollars ($1,000) of Undelivered ADSs (based on the VWAP on the applicable ADS Delivery Date or Interest Payment Date), ten dollars ($10) per Trading Day (increasing to twenty dollars ($20) per Trading Day on the fifth (5<sup>th</sup>) Trading Day after such liquidated damages begin to accrue) for each Trading Day after the ADS Delivery Date or Interest Payment Date (as applicable) until the cash amount set forth in in this Section 4(b)(ii) is paid to the Holder or the ADSs are delivered to the Holder pursuant to this Section 4(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Book-Entry</u>. Notwithstanding anything to the contrary set forth herein, upon conversion, redemption or repurchase of any portion of this Debenture in accordance with the terms hereof, the Holder shall not be required to physically surrender this Debenture to the Company unless (A) the full Conversion Amount represented by this Debenture is being converted, redeemed or repurchased or (B) the Holder has provided the Company with prior written notice (which notice may be included in a Conversion Notice) requesting reissuance of this Debenture upon physical surrender of this Debenture. The Holder and the Company shall maintain records showing the Principal and Interest converted, redeemed and repurchased and the dates of such conversions, redemptions and repurchases or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of this Debenture upon any partial conversion, redemption or repurchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitations on Conversions</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Beneficial Ownership</u>. The Holder shall not have the right to convert any portion of this Debenture, and the Company shall not effect the conversion of any portion of this Debenture or otherwise issue ADSs pursuant to this Debenture, and any such conversion or issuance shall be null and avoid and treated as if never made (other than as set forth in this Section 4(c)(i)), to the extent that after giving effect to such conversion, the Holder, together with the other Attribution Parties, collectively would beneficially own (as determined in accordance

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with Section 13(d) of the Exchange Act and the rules promulgated thereunder) in excess of 4.99% of the number of ADSs outstanding immediately after giving effect to such conversion (the "<u>Beneficial Ownership Cap</u>"). For purposes of this Debenture, in determining the number of outstanding ADSs the Holder may acquire in connection with this Debenture without exceeding the Beneficial Ownership Cap, the Holder may rely on the number of outstanding ADSs as reflected in (x) the Company's most recent Periodic Reports, (y) a more recent public announcement by the Company or (z) any other written notice by the Company or the Company's transfer agent setting forth the number of ADSs outstanding (the "<u>Reported Outstanding ADS Number</u>"). If the Company receives a notice from the Holder related to the conversion of this Debenture or any issuance of ADSs in connection with this Debenture at a time when the actual number of outstanding ADSs is less than the Reported Outstanding ADS Number, the Company shall promptly notify the Holder in writing of the number of ADSs then outstanding and, to the extent that such conversion or issuance of ADSs would otherwise cause the Holder's beneficial ownership, as determined pursuant to this Section 4(c)(i), to exceed the Beneficial Ownership Cap, the Holder must notify the Company of a reduced number of ADSs to be issued pursuant to such notice. For any reason at any time, upon the written or oral request of the Holder, the Company shall within two (2) Trading Days confirm in writing or by electronic mail to the Holder the number of ADSs then outstanding. In any case, the number of outstanding ADSs shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Debenture, by the Holder and any other Attribution Party since the date as of which the Reported Outstanding ADS Number was reported. In the event that the issuance of ADSs to the Holder upon conversion of, or otherwise pursuant to, this Debenture results in the Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Beneficial Ownership Cap of the number of outstanding ADSs (as determined under Section 13(d) of the Exchange Act), the Holder shall have the right to convert any such portion of this Debenture to the extent it agrees to receive Pre-Funded Warrants (as defined in the Purchase Agreement) exercisable for such number of ADSs that would otherwise have caused such Holder (together with any affiliate thereof) to beneficially own (as determined in accordance with Section 13(d) of the Exchange Act and the rules promulgated thereunder) ADSs in excess of the Beneficial Ownership Cap. Upon delivery of a written notice to the Company, the Holder may from time to time increase or decrease the Beneficial Ownership Cap to any other percentage not in excess of 9.99% as specified in such notice; *provided that* (i) any such increase in the Beneficial Ownership Cap will not be effective until the sixty-first (61<sup>st</sup>) day after such notice is delivered to the Company and (ii) any such increase or decrease will apply only to the Holder and the other Attribution Parties and not to any other holder of Debentures that is not an Attribution Party of the Holder. For purposes of clarity, the ADSs issuable pursuant to the terms of this Debenture in excess of the Beneficial Ownership Cap shall not be deemed to be beneficially owned by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the Exchange Act. No prior inability to convert this Debenture or receive ADSs pursuant to this Debenture pursuant to this paragraph shall have any effect on the applicability of the provisions of this paragraph with respect to any subsequent determination of convertibility. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 4(c)(i) to the extent necessary to correct this paragraph or any portion of this paragraph which may be defective or inconsistent with the intended beneficial ownership limitation contained in this Section 4(c)(i) or to make changes or supplements necessary or desirable to properly give effect

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to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a successor holder of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained in this Debenture or in any other Transaction Document, (x) the Company shall not have the right to convert this Debenture and (y) there shall be no other limitations, including with respect to timing or amount, on conversions of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Provisions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;All calculations under this Section (4) shall be rounded to the nearest $0.0001 or whole ADS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants that it will at all times keep available for issuance, out of its authorized and unissued Ordinary Shares and ADSs, such number of Ordinary Shares and ADSs not less than the maximum number of ADSs (or Ordinary Shares represented by such ADSs) issuable upon conversion of this Debenture (assuming for purposes hereof that (x) this Debenture is convertible at the Conversion Price as of the date of determination and (y) any such conversion shall not take into account any limitations on the conversion of the Debenture set forth herein or therein (the "<u>Required Reserve Amount</u>"), provided that at no time shall the number of Ordinary Shares or ADSs reserved pursuant to this Section (4)(d)(ii) be reduced other than proportionally with respect to all Ordinary Shares and ADSs in connection with any conversion (other than pursuant to the conversion of this Debenture in accordance with its terms) and/or cancellation of this Debenture, or a reverse share split undertaken by the Company. If at any time the number of Ordinary Shares or ADSs reserved pursuant to this Section (4)(d)(ii) becomes less than the Required Reserve Amount, the Company will promptly take all corporate action necessary to promptly propose at a meeting of its shareholders an increase of its authorized share capital necessary to meet the Company's obligations pursuant to this Debenture, and the Company's Board of Directors will recommend that the Company's shareholders vote in favor of such increase. The Company covenants that, upon issuance in accordance with conversion of this Debenture in accordance with its terms, the Ordinary Shares and ADSs, when issued, will be validly issued, fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Nothing herein shall limit a Holder's right to pursue actual damages or declare an Event of Default pursuant to Section (3) herein for the Company's failure to deliver ADSs upon conversion in the manner and within the time period specified herein and such Holder shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief, in each case without the need to post a bond or provide other security. The exercise of any such rights shall not prohibit the Holder from seeking to enforce damages pursuant to any other Section hereof or under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is obligated, upon reasonable notice, to use its commercially reasonable efforts to cause its legal counsel to deliver legal opinions to the Company's transfer agent in connection with any legend removal upon the expiration of any holding period or other requirement for which the Underlying ADSs may bear legends restricting the transfer thereof;

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*provided, however*, that such Holder has delivered such reasonably requested representations to such transfer agent, the Company and the Company's legal counsel in connection with the request for such opinion. To the extent such opinions are not provided (either timely or at all other than because of an action or inaction of Holder, including the reasonably requested representations of Holder), then, in addition to being an Event of Default in accordance with Section (3)(a)(xv), the Company agrees to reimburse the Holder for all reasonable and documented costs incurred by the Holder in connection with any legal opinions paid for by the Holder in connection with sale or transfer of Underlying ADSs. To the extent such opinions are not provided (either timely or at all), the Holder shall notify the Company of any such costs and expenses it incurs that are referred to in this section from time to time and all reasonable amounts owed hereunder shall be paid by the Company with reasonable promptness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby expressly acknowledges and agrees that (i) the Purchase Agreement and all Transaction Documents to which it is a party are ratified and confirmed and shall remain in full force and effect, (ii) it has no set off, counterclaim, defense or other claim or dispute with respect to any Transaction Document, (iii) notwithstanding anything to the contrary in any Transaction Document, the term "Obligations" as used and defined in the Guaranty and Security Agreement and any Security Document shall include all Obligations under this Agreement and the other Transaction Documents, and (iv) all Obligations under this Debenture are duly secured by the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall undertake to maintain, as long as the Debenture is outstanding and remains convertible into ADSs, the effectiveness of a registration statement on Form F-6 relating to the ADSs and an adequate number of ADSs available for issuance thereunder such that ADSs can be delivered in accordance with the terms of this Debenture, and the Deposit Agreement or the Restricted Issuance Agreement, as applicable, upon conversion of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;The person in whose name any ADSs is issuable pursuant to this Debenture will be deemed to become the holder of record of such shares as of the delivery of the Conversion Notice to the Company, conferring, as of such time, upon such person, without limitation, all voting and other rights appurtenant to such shares; *provided*, that the Holder shall be deemed to have waived any voting rights of any such ADSs issued to the Holder that may arise during the period commencing on such Conversion Date, through, and including, such applicable ADS Delivery Date, as necessary, such that the aggregate voting rights of any ADSs (including such ADSs issued to the Holder) beneficially owned by the Holder and/or any Attribution Parties, collectively, on any such record date shall not exceed the Beneficial Ownership Cap as a result of any such conversion of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <u>ADJUSTMENTS TO CONVERSION PRICE</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustment of Conversion Price</u>. As of the date of this Debenture, each ADS represents ten (10) Ordinary Shares of the Company. If the number of Ordinary Shares represented by the ADSs is changed for any reason other than one or more of the events described in Section (5)(b), the Company will make an appropriate adjustment to the Conversion Price to give effect to such change while preserving the Holder's economics (for example, if each ADS is

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changed from representing ten (10) Ordinary Shares to representing twenty (20) Ordinary Shares for any reason other than one or more of the events described in Section (5)(b), the adjusted Conversion Price would be the Conversion Price immediately prior to such adjustment divided by two).

Notwithstanding the adjustment provisions described below, if the Company distributes to holders of the Ordinary Shares any cash, rights, options, warrants, shares of capital stock or similar equity interest, evidences of indebtedness or other assets or property of the Company (but excluding Expiring Rights) and a corresponding distribution is not made to holders of the ADSs, but, instead, the ADSs will represent, in addition to the Ordinary Shares, such cash, rights, options, warrants, shares of capital stock or similar equity interest, evidences of indebtedness or other assets or property of the Company, then a Conversion Price adjustment described below shall not be made until and unless a corresponding distribution (if any) is made to holders of the ADSs, and such Conversion Price adjustment shall be based on the distribution made to the holders of the ADSs and not on the distribution made to the holders of the Ordinary Shares; *provided* that in the case of one or more partial distributions (with the ADSs continuing to represent, in addition to Ordinary Shares, any such cash, rights, options, warrants, shares of capital stock or similar equity interest, evidences of indebtedness or other assets or property of the Company that have not been distributed), the Company will make appropriate interim adjustments to account for such distributions consistent with the Conversion Price adjustments described below based on the distributions made to the holders of the ADSs.

The Company shall not, and is not permitted by current applicable law to, distribute to holders of the ADSs any cash, rights, options, warrants, shares of capital stock or similar equity interest, evidences of indebtedness or other assets or property of the Company unless a corresponding distribution is made to holders of the Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;For any particular event or transaction that would result in a Conversion Price adjustment under this Section (5)(b), the Company will first adjust the Conversion Price based on the Conversion Price adjustment under Sections (5)(b)(i) through (5)(b)(vii) (the "<u>Mandatory French Law Conversion Price Adjustment</u>"). After making the Mandatory French Law Conversion Price Adjustment to the Conversion Price, the Company will also calculate the Conversion Price adjustment for the same transaction or event under Section (5)(b)(viii) (assuming for such purpose that the Mandatory French Law Conversion Price Adjustment has not yet been made) (the "<u>U.S. Conversion Price Adjustment</u>"). The Company will then increase the Conversion Price as adjusted by the Mandatory French Law Conversion Price Adjustment by an amount equal to the U.S. Conversion Price Adjustment *minus* the Mandatory French Law Conversion Price Adjustment, but only if such amount is a positive number. The Company will make these calculations in good faith and, absent manifest error, the Company's determinations as to which Conversion Price adjustment shall apply and any Conversion Price adjustment calculations associated therewith will be final and binding on the Holder. In the event that the Company becomes organized under the laws of a jurisdiction other than the French Republic, the Company will provide for anti-dilution and other adjustments that it in good faith determines are as nearly equivalent as possible to the adjustments described in this Section (5)(b). For purposes of the adjustment provisions described below in this Section (5)(b), the number of outstanding Ordinary

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Shares (for purposes of determining the outstanding ordinary share capital and whether dividends or distributions are made to all of the holders of the Ordinary Shares) shall not include Ordinary Shares held in the treasury of the Company (directly or in the form of ADSs) so long as the Company does not pay any dividend or make any distribution on Ordinary Shares held in the treasury of the Company (directly or in the form of ADSs). In the event of any adjustments described below under Section (5)(b), the new Conversion Price will be calculated to four decimal places by rounding to the nearest ten-thousandth (with 0.00005 being rounded upwards to the nearest ten-thousandth, i.e., 0.0001). Any subsequent adjustments will be carried out on the basis of such newly calculated and rounded Conversion Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the provisions of Article L. 228-98 of the French Commercial Code, in the event of a reduction of the Company's Ordinary Share capital resulting from losses and realized through a shareholder approved decrease of the number of the Company's outstanding Ordinary Shares (a "<u>Share Reduction</u>"), the Conversion Price will be adjusted based on the following formula:

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| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS0** |
| **CP'** | **=** | **CP0** | **×** | **OS'** |

---

where,

CP0 =&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately prior to the Paris Open of Business on the Effective Date of the Share Reduction;

CP' =&nbsp;&nbsp;&nbsp;&nbsp; the Conversion Price in effect immediately after the Paris Open of Business on such Effective Date of the Share Reduction;

OS' =&nbsp;&nbsp;&nbsp;&nbsp; the number of Ordinary Shares comprising the Company's Ordinary Share capital immediately after the Effective Date of the Share Reduction; and

OS0 =&nbsp;&nbsp;&nbsp;&nbsp; the number of Ordinary Shares comprising the Company's Ordinary Share capital immediately before the Effective Date of the Share Reduction.

The terms and concepts described above are as understood under Article L. 228-98 of the French Commercial Code.

Pursuant to French law, any reduction in the Company's Ordinary Share capital requires shareholder approval at an extraordinary general shareholders' meeting following the recommendation of the Company's board of directors. The Ordinary Share capital may be reduced either by decreasing the nominal value of the outstanding Ordinary Shares or by reducing the number of outstanding Ordinary Shares. Pursuant to French law, holders of each class of shares of the Company's Ordinary Share capital must be treated equally.

For the avoidance of doubt, in accordance with the provisions of Article L. 228-98 of the French Commercial Code, in the event of a reduction of the Company's Ordinary Share capital resulting from losses and realized through a decrease in the nominal value (instead of a Share Reduction), if Holder converts this Debenture it will receive ADSs reflecting such decrease in nominal value rather than the Conversion Price adjustment described above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;In the event the Company issues to all of the holders of Ordinary Shares preferential subscription rights (as described below), the Conversion Price will be adjusted based on the following formula:

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| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS'** |
| **CP'** | **=** | **CP0** | **×** | **OS' + FMV** |

---

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Close of Business on the last Trading Day of the subscription period for the preferential subscription rights (the "<u>Subscription Period</u>");

CP' = the Conversion Price in effect immediately after the Paris Close of Business on the last Trading Day of such Subscription Period;

OS' = the Value of the Ordinary Shares Ex-Right; and

FMV = the Value of the Preferential Subscription Right.

According to French law, if the Company issues additional Ordinary Shares or securities giving access to its ordinary share capital for cash or a set-off of cash debts, then-current holders of the Ordinary Shares will have preferential subscription rights to these securities on a pro rata basis. Preferential subscription rights entitle the individual or entity that holds them to subscribe pro rata based on the number of Ordinary Shares held by them to the issuance of any securities increasing, or that may result in an increase of, the Company's Ordinary Share capital by means of a cash payment or a set-off of cash debts. The preferential subscription rights are transferable during the Subscription Period relating to a particular offering.

The preferential subscription rights with respect to any particular offering may be waived at an extraordinary general meeting by a two-thirds vote of the Company's shareholders or individually by each shareholder.

To the extent required pursuant to Article L. 228-99 and Article R. 228-92 of the French Commercial Code, if the Company decides to issue, in any form whatsoever, new shares or securities giving access to the Company's Ordinary Share capital with preferential subscription rights reserved for the Company's shareholders, the Company will provide at least 14 calendar days' prior written notice to the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Company makes a "distribution for no consideration of Ordinary shares" to all of the holders of Ordinary Shares (as such terms are understood under Article R. 228-91(2°) of the French Commercial Code), or if the Company effects a share split or reverse share split, the Conversion Price will be adjusted based on the following formula:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS0** |
| **CP'** | **=** | **CP0** | **×** | **OS'** |

---

where,

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CP0 = the Conversion Price in effect immediately prior to the Paris Close of Business on the Record Date of such dividend or distribution, or immediately prior to the Paris Open of Business on the Effective Date of such share split or reverse share split, as applicable;

CP' = the Conversion Price in effect immediately after the Paris Close of Business on the Record Date of such distribution, or immediately after the Paris Open of Business on the Effective Date of such share split or reverse share split, as applicable;

OS' = the number of Ordinary Shares comprising the Ordinary Share capital immediately after the Paris Close of Business on the Record Date of such dividend or distribution or after the Paris Open of Business on the Effective Date of such share split or reverse share split, as applicable; and

OS0 = the number of Ordinary Shares comprising the Ordinary Share capital immediately prior to the Paris Close of Business on the Record Date of such dividend or distribution or immediately prior to the Paris Open of Business on the Effective Date of such share split or reverse share split, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;In the event of a distribution of reserves or premiums (as such terms are understood under Article R. 228-91(3°) of the French Commercial Code) in cash or other assets (other than Ordinary Shares) to all of the holders of the Ordinary Shares, the Conversion Price will be adjusted based on the following formula:

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| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS' – C** |
| **CP'** | **=** | **CP0** | **×** | **OS'** |

---

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Open of Business on the Ex-Dividend Date for such distribution;

CP' = the Conversion Price in effect immediately after the Paris Open of Business on the Ex-Dividend Date for such distribution;

OS' = the Value of the Ordinary Share immediately prior to the Paris Close of Business on the Date of such Distribution; and

C =&nbsp;&nbsp;&nbsp;&nbsp; the cash amount distributed per Ordinary Share or, if the distribution consists of assets other than cash, the Value of the Securities or Assets Distributed per Ordinary Share.

For the avoidance of doubt, in the event of a capital increase by incorporation of reserves or premiums (as such terms are understood under Article R. 228-91(3°) of the French Commercial Code) achieved by increasing the nominal value of the Ordinary Shares instead of a distribution of such reserves or premiums, the nominal value of the Ordinary Shares underlying ADS delivered to the Holder of this Debenture upon conversion thereof will be increased accordingly and no adjustment to the Conversion Price will be made in respect thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Other than pursuant to a Share Reduction that results in an adjustment described in Section (5)(b)(i), in the event that the Company purchases, or any of the Company's Subsidiaries purchase, any of the Ordinary Shares (directly or in the form of ADS) at a price per Ordinary Share in cash and/or other consideration (the fair market value of which other consideration is reasonably determined by the Company or, at the Company's option, an Independent Expert) that is higher than the Ordinary Share Market Price, the Conversion Price will be adjusted by the Company based on the following formula

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| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS' – (PC% x RP)** |
| **CP'** | **=** | **CP0** | **×** | **OS' x (1 – PC%)** |

---

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Close of Business on the date such Ordinary Shares (directly or in the form of ADS) are repurchased (the "<u>Ordinary Share Repurchase Date</u>");

CR' = the Conversion Price in effect immediately after the Paris Close of Business on the Ordinary Share Repurchase Date;

OS' = the arithmetic average of the VWAP (divided by the number of Ordinary Shares then represented by one ADS) for each of the three Trading Days immediately preceding the Ordinary Share Repurchase Date;

PC% = means the percentage of the Company's outstanding Ordinary Share capital (directly or in the form of ADS) repurchased, expressed as a decimal rounded to the nearest hundredth (with 0.005 being rounded upwards to the nearest hundredth, i.e., 0.01); and

RP =&nbsp;&nbsp;&nbsp;&nbsp; the actual price (consisting of cash and/or other consideration (the fair market value of which other consideration is reasonably determined by the Company or, at the Company's option, an Independent Expert)) at which the Ordinary Shares are repurchased on a per share basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;In the event of a redemption (amortissement) (as such term is understood under Article R. 228-91(5°) of the French Commercial Code) of the Company's Ordinary Share capital, the Conversion Price will be adjusted based on the following formula:

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| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS' – RP** |
| **CP'** | **=** | **CP0** | **×** | **OS'** |

---

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Close of Business on the Trading Day immediately preceding the Ex-Redemption Date;

CR' = the Conversion Price in effect immediately after the Paris Close of Business on the Trading Day immediately preceding the Ex-Redemption Date;

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OS' = the arithmetic average of the VWAP (divided by the number of Ordinary Shares then represented by one ADS) for each of the three Trading Days immediately preceding the Ex-Redemption Date; and

RP =&nbsp;&nbsp;&nbsp;&nbsp; the amount of redemption (*amortissement*) per Ordinary Share.

A "redemption (*amortissement*)" is a reimbursement to the shareholders of all or part of the nominal value of the Ordinary Shares but without triggering any Ordinary Share capital decrease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;(1) In the event of a "modification" by the Company of the "distribution of profits" of the Company (modification de la répartition des bénéfices) (as such terms are understood under Article R. 228-91(4°) of the French Commercial Code), the Conversion Price will be adjusted based on the following formula:

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| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS' – C** |
| **CP'** | **=** | **CP0** | **×** | **OS'** |

---

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Close of Business on the Effective Date of such modification by the Company of the distribution of its profits;

CP' = the Conversion Price in effect immediately after the Paris Close of Business on the Effective Date of such modification by the Company of the distribution of its profits;

OS' = the arithmetic average of the VWAP (divided by the number of Ordinary Shares then represented by one ADS) for each of the three Trading Days immediately preceding the Effective Date of such modification by the Company of the distribution of its profits; and

C =&nbsp;&nbsp;&nbsp;&nbsp;the reduction per Ordinary Share of the rights to profits, as reasonably determined by the Company or, at the Company's option, an Independent Expert.

Notwithstanding the above, if any modification by the Company of the distribution of its profits results from the issuance of preferential subscription rights for preferred shares that results in an adjustment to the Conversion Price pursuant to Section (5)(b)(ii), no adjustment to the Conversion Price will be made pursuant to this Section (5)(b)(vii)(1).

&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;(2) In the event of the creation of preferred shares that does not result in a "modification" by the Company of the "distribution of profits" (as such terms are understood under Article R. 228-91(4°) of the French Commercial Code), the adjustment of the Conversion Price, if necessary, will be determined by an Independent Expert.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;(1) If the Company issues to all or substantially all holders of the Ordinary Shares (directly or in the form of ADSs) any rights, options or warrants (other than to the extent such issuance constitutes (x) an issuance of preferential subscription rights that results in an adjustment to the Conversion Price pursuant to Section (5)(b)(ii) or (y) a distribution of reserves or premiums that results in an adjustment to the Conversion Price pursuant to Section (5)(b)(iv)) entitling them,

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for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase Ordinary Shares (directly or in the form of ADSs) at a price per Ordinary Share that is less than the average of the Closing Prices of the Ordinary Shares or the ADSs, as the case may be *(divided by,* in the case of the ADSs, the number of Ordinary Shares then represented by one ADS), for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, the Conversion Price will be increased based on the following formula:

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| | | | | |
|:---|:---|:---|:---|:---|
| ***CP'*** | ***=*** | ***CP0*** | ***×*** | ***OS0 + Y*** |
| ***CP'*** | ***=*** | ***CP0*** | ***×*** | ***OS0 + X*** |

---

where,

CP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately prior to the New York Open of Business on the Ex-Dividend Date for the ADSs for such issuance;

CP1&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately after the New York Open of Business on such Ex-Dividend Date;

OS0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the number of shares of Ordinary Shares (directly or in the form of ADSs) outstanding immediately prior to the New York Open of Business on such Ex-Dividend Date;

X&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the total number of shares of Ordinary Shares (directly or in the form of ADSs) issuable pursuant to such rights, options or warrants; and

Y&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the number of shares of Ordinary Shares equal to (i) the aggregate price payable to exercise such rights, options or warrants, *divided by* (ii) the quotient of (a) the average of the Closing Prices of the ADSs over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants *divided by* (b) the number of Ordinary Shares then represented by one ADS.

Any decrease made under this Section (5)(b)(viii)(1) shall be made successively whenever any such rights, options or warrants are issued and shall become effective immediately after the New York Open of Business on the Ex-Dividend Date for the ADSs for such issuance. To the extent that the Ordinary Shares or the ADSs are not delivered after the expiration of such rights, options or warrants, the Conversion Price shall be increased to the Conversion Price that would then be in effect had the increase with respect to the issuance of such rights, options or warrants been made on the basis of delivery of only the number of Ordinary Shares (directly or in the form of ADSs) actually delivered. If such rights, options or warrants are not so issued, the Conversion Price shall be increased to the Conversion Price that would then be in effect if such Ex-Dividend Date for such issuance had not occurred.

For purposes of this Section (5)(b)(viii)(1), in determining whether any rights, options or warrants entitle the holders of ADSs to subscribe for or purchase Ordinary Shares (directly or in the form of ADSs) at a price per Ordinary Share that is less than such average of the Closing Prices of the Ordinary Shares or the ADSs, as the case may be (divided by, in the case of the ADSs, the

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number of Ordinary Shares represented by one ADS), for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, and in determining the aggregate offering price of such Ordinary Share or ADSs, there shall be taken into account any consideration received by the Company for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the Company in good faith.

&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;(2) &nbsp;&nbsp;&nbsp;&nbsp;If the Company distributes shares of its capital stock, evidences of its indebtedness, other assets or property of the Company or rights, options or warrants to acquire its capital stock or other securities of the Company, to all or substantially all holders of the Ordinary Shares (directly or in the form of ADSs), excluding: (i) any dividend, distribution, issuance, redemption, repurchase or other event for which an adjustment to the Conversion Price is specifically provided for in any of clauses (i), (ii), (iii), (iv), (v), (vi) and (vii) of Section (5)(b), (ii) dividends or distributions paid exclusively in cash as to which the adjustment provision set forth in Section (5)(b)(viii)(3) or Section (5)(b)(iv) shall apply; and (iii) Spin-Offs as to which the provisions set forth below in this Section (5)(b)(viii)(2) shall apply to the extent not specifically provided for pursuant to the adjustment provision set forth in Section (5)(b)(iv) (any of such shares of capital stock, evidences of indebtedness, other assets or property or rights, options or warrants to acquire capital stock or other securities, the "<u>Distributed Property</u>"), then the Conversion Price shall be decreased based on the following formula:

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| | | | | |
|:---|:---|:---|:---|:---|
| ***CP'*** | ***=*** | ***CP0*** | ***×*** | ***SP0 – FMV*** |
| ***CP'*** | ***=*** | ***CP0*** | ***×*** | ***SP0*** |

---

where,

CP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately prior to the New York Open of Business on the Ex-Dividend Date for the ADSs for such distribution;

CP1&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately after the New York Open of Business on such Ex-Dividend Date;

SP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the average of the Closing Prices of the ADSs (divided by the number of Ordinary Shares then represented by one ADS) over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and

FMV&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the fair market value (as determined in good faith by the Company) of the Distributed Property with respect to each outstanding Ordinary Share (directly or in the form of ADSs) on the Ex-Dividend Date for such distribution (converted into euros using an exchange rate in effect on the date of determination to the extent not already reflected in euros).

Any decrease made under the portion of this Section (5)(b)(viii)(2) above shall become effective immediately after the New York Open of Business on the Ex-Dividend Date for such distribution. If such distribution is not so paid or made, the Conversion Price shall be increased to the Conversion Price that would then be in effect if such distribution had not been declared. Notwithstanding the foregoing, if "FMV" (as defined above) is equal to or greater than "SP0" (as

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defined above), in lieu of the foregoing increase, the Holder of this Debenture shall receive, in respect of each $1,000 Principal of this Debenture, at the same time and upon the same terms as holders of the ADSs receive the Distributed Property, the amount and kind of Distributed Property such Holder would have received if such Holder owned a number of ADSs equal to the quotient of (x) $1,000 and the (y) Conversion Price that is in effect on the Ex-Dividend Date for the distribution. If the Company determines the "FMV" (as defined above) of any distribution for purposes of this Section (5)(b)(viii)(2) by reference to the actual or when-issued trading market for any securities, it shall in doing so consider the prices in such market over the same period used in computing the Closing Price of the ADSs over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution.

With respect to an adjustment pursuant to this Section (5)(b)(viii)(2) where there has been a payment of a dividend or other distribution on the Ordinary Shares (directly or in the form of ADSs) of capital stock of any class or series, or similar equity interest, of or relating to any Subsidiary or other business unit of the Company, that are, or, when issued, will be, listed or admitted for trading on a U.S. national securities exchange (a "<u>Spin-Off</u>"), the Conversion Price shall be increased based on the following formula:

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| | | | | |
|:---|:---|:---|:---|:---|
| ***CP'*** | ***=*** | ***CP0*** | ***×*** | ***MP0*** |
| ***CP'*** | ***=*** | ***CP0*** | ***×*** | ***FMV + MP0*** |

---

where,

CP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately prior to the end of the Valuation Period;

CP1&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately after the end of the Valuation Period;

FMV0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the average of the Closing Prices of the capital stock or similar equity interest distributed to holders of the Ordinary Shares (directly or in the form of ADSs) applicable to one Ordinary Share (determined by reference to the definition of Closing Price as set forth in Section (17) as if references therein to ADSs were to such capital stock or similar equity interest) over the first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date of the Spin-Off (the "<u>Valuation Period</u>"); *provided* that, if there is no Closing Price of the capital stock or similar equity interest distributed to holders of the Ordinary Shares (directly or in the form of ADSs) on such Ex-Dividend Date, the "<u>Valuation Period</u>" shall be the 10 consecutive Trading Day period after, and including the first Trading Day such Closing Price is available; and

MP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the average of the Closing Prices of the ADSs over the Valuation Period.

The decrease to the Conversion Price under the preceding paragraph shall occur at the New York Close of Business on the last Trading Day of the Valuation Period; *provided* that if the relevant Conversion Date occurs during the Valuation Period, references to "10" in the portion of this Section (5)(b)(viii)(2) related to Spin-Offs shall be deemed to be replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend Date of such Spin-Off and the

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Conversion Date in determining the Conversion Price. If the dividend or distribution that constitutes the Spin-Off is declared but not so paid or made, the Conversion Price shall be immediately increased, effective as of the date the Board of Directors determines not to pay or make such dividend or distribution, to the Conversion Price that would then be in effect if such dividend or distribution constituting the Spin-Off had not been declared or announced.

For purposes of this Section (5)(b)(viii)(2), rights, options or warrants distributed by the Company to all holders of the Ordinary Shares (directly or in the form of ADSs) entitling them to subscribe for or purchase the Company's capital stock, including Ordinary Shares (directly or in the form of ADSs) (either initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events ("<u>Trigger Event</u>"): (i) are deemed to be transferred with such Ordinary Shares (directly or in the form of ADSs); (ii) are not exercisable; and (iii) are also issued in respect of future issuances of Ordinary Shares (directly or in the form of ADSs), shall be deemed not to have been distributed for purposes of this Section (5)(b)(viii)(2) (and no adjustment to the Conversion Price under this Section (5)(b)(viii)(2) will be required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Price shall be made under this Section (5)(b)(viii)(2). If any such right, option or warrant, including any such existing rights, options or warrants distributed prior to the date of this Debenture, are subject to events, upon the occurrence of which such rights, options or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and the Ex-Dividend Date with respect to new rights, options or warrants with such rights (in which case the existing rights, options or warrants shall be deemed to terminate and expire on such date without exercise by any of the holders thereof). In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in the immediately preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Conversion Price under this Section (5)(b)(viii)(2) was made, (1) in the case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise by any holders thereof, upon such final redemption or purchase (x) the Conversion Price shall be readjusted as if such rights, options or warrants had not been issued and (y) the Conversion Price shall then again be readjusted to give effect to such distribution, deemed distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or purchase price received by a holder or holders of ADSs with respect to such rights, options or warrants (assuming such holder had retained such rights, options or warrants), made to all holders of ADS as of the date of such redemption or purchase, and (2) in the case of such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof, the Conversion Price shall be readjusted as if such rights, options and warrants had not been issued.

&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;(3) If any dividend or distribution is made to all or substantially all holders of the Ordinary Shares (directly or in the form of ADSs) (other than to the extent such dividend or distribution constitutes a distribution of reserves or premiums for which an adjustment is specifically provided for in Section (5)(b)(iv)) solely in cash, the Conversion Price shall be adjusted based on the following formula:

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---

| | | | | |
|:---|:---|:---|:---|:---|
| ***CP'*** | ***=*** | ***CP0*** | ***×*** | ***SP0 – C*** |
| ***CP'*** | ***=*** | ***CP0*** | ***×*** | ***SP0*** |

---

where,

CP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately prior to the New York Open of Business on the Ex-Dividend Date for the ADSs for such dividend or distribution;

CP1&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately after the New York Open of Business on the Ex-Dividend Date for such dividend or distribution;

SP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Closing Price of the ADSs (divided by the number of Ordinary Shares then represented by one ADS) on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and

C&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the amount in cash per Ordinary Share the Company distributes to all or substantially all holders of the Ordinary Shares (directly or in the form of ADSs).

Any decrease pursuant to this Section (5)(b)(viii)(3) shall become effective immediately after the New York Open of Business on the Ex-Dividend Date for the ADSs for such dividend or distribution. If such dividend or distribution is not so paid, the Conversion Price shall be increased, effective as of the date the Board of Directors determines not to make or pay such dividend or distribution, to be the Conversion Price that would then be in effect if such dividend or distribution had not been declared.

Notwithstanding the foregoing, if "C" (as defined above) is equal to or greater than "SP0" (as defined above), in lieu of the foregoing increase, the Holder of this Debenture shall receive, for each $1,000 principal amount of Debenture it holds, at the same time and upon the same terms as holders of ADS, the amount of cash that such Holder would have received if such Holder owned a number ADS equal to the quotient of $1,000 and the Conversion Price in effect on the Ex-Dividend Date for such cash dividend or distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding this Section (5)(b) or any other provision of this Debenture, if a Conversion Price adjustment becomes effective on any Ex-Dividend Date or Ex-Redemption Date, and the Holder has converted this Debenture on or after such Ex-Dividend Date or Ex-Redemption Date, as the case may be, and on or prior to the related Record Date would be treated as the record holder of the ADS (delivered or to be delivered in respect of such conversion) as of the related Conversion Date based on an adjusted Conversion Rate for such Ex-Dividend Date or Ex-Redemption Date, as applicable, then, notwithstanding the Conversion Price adjustment provisions in this Section (5)(b), the Conversion Price adjustment relating to such Ex-Dividend Date or Ex-Redemption Date, as applicable, shall not be made for such converting Holder. Instead, such Holder shall be treated as if such Holder were the record owner of the ADS on an unadjusted basis and participate in the related dividend, distribution or other event giving rise to such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;[*Reserved*].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;In the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;any recapitalization, reclassification or change of the ADSs or Ordinary Shares (other than changes resulting from a subdivision or combination),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;any consolidation, merger, combination or similar transaction involving the Company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;any sale, lease or other transfer to a third party of the consolidated assets of the Company and the Company's Subsidiaries substantially as an entirety or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;any statutory share exchange,

in each case, as a result of which the ADSs or the Ordinary Shares would be converted into, or exchanged for, stock, other securities, other property or assets (including cash or any combination thereof) (any such event, a "<u>Share Exchange Event</u>"), then, the Company or the successor or the acquiring company, as the case may be, will amend this Debenture to provide that, at and after the effective time of such Share Exchange Event, the right to convert each $1,000 Conversion Amount of this Debenture shall be changed into a right to convert each $1,000 Conversion Amount of this Debenture into the kind and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that a holder of a number of ADS equal to the quotient of (x) $1,000 and (y) the Conversion Price immediately prior to such Share Exchange Event would have owned or been entitled to receive (the "<u>Reference Property</u>", with each "<u>unit of Reference Property</u>" meaning the kind and amount of Reference Property that a holder of one ADSs is entitled to receive) upon such Share Exchange Event; *provided, however*, that at and after the effective time of the Share Exchange Event (I) any ADSs that the Company would have been required to deliver upon conversion of this Debenture (or any portion thereof) in accordance with Section (4) shall instead be deliverable in the amount and type of Reference Property that a holder of that number of ADSs would have received in such Share Exchange Event and (II) the VWAP shall be calculated based on the value of a unit of Reference Property.

If the Share Exchange Event causes the ADSs or Ordinary Shares to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined based in part upon any form of election of the holders of the Ordinary Shares), then (i) the Reference Property into which this Debenture will be convertible shall be deemed to be the weighted average of the types and amounts of consideration actually received by the holders of the ADSs and (ii) the unit of Reference Property for purposes of the immediately preceding paragraph shall refer to the consideration referred to in clause (i) attributable to one ADS. The Company shall notify the Holder of such weighted average as soon as practicable after such determination is made.

If the Reference Property in respect of any Share Exchange Event includes, in whole or in part, Common Equity, the amendment to this Debenture described in the second immediately preceding paragraph shall provide for anti-dilution and other adjustments that the Company in good faith determines are as nearly equivalent as is possible to the adjustments provided for in this Section (5) with respect to the portion of Reference Property constituting Common Equity. If, in the case of any Share Exchange Event, the Reference Property includes shares of stock, securities

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or other property or assets (including cash or any combination thereof) of a Person other than the Company or the successor or purchasing company, as the case may be, in such Share Exchange Event, then such supplemental indenture shall also be executed by such other Person and shall contain such additional provisions to protect the interests of the Holder of this Debenture as the Board of Directors shall reasonably consider necessary by reason of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Conversion Price is adjusted pursuant to this Section (5), the Company shall promptly provide the Holder with a written notice setting forth the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Company may reduce the Conversion Price with the prior written consent of the Required Holders, which may be given by the Required Holders in their sole discretion. The Company and the Holder agree that any such voluntary adjustment to the Conversion Price and any conversion of any portion of the Debenture based upon any such voluntary adjustment shall not constitute material non-public information with respect to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; If the Ordinary Shares cease to be represented by American Depositary Shares issued under a depositary receipt program sponsored by the Company: (i) each reference in this Debenture to the ADSs related to the terms of this Debenture will be deemed to have been replaced by a reference to the number of Ordinary Shares and other property, if any, represented by the ADSs on the last day on which the ADSs represented the Ordinary Shares as if such Ordinary Shares and other property had been distributed to holders of the ADSs on that day and (ii) all references to the VWAP of an ADS in this Debenture will be deemed to refer to the VWAP of an Ordinary Share, and other appropriate adjustments, including adjustments to the Conversion Price, will be made to reflect such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) <u>INDEMNIFICATION</u>. With respect to the Company's obligations under this Debenture and the other Transaction Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent permitted by law, the Company shall, and hereby does, indemnify, hold harmless and defend the Holder, its investment manager and their respective directors, officers, partners, employees, agents, representatives, and successors and assigns of, and each Person, if any, who controls Holder within the meaning of the Securities Act or the Exchange Act (each, an "<u>Indemnified Person</u>"), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable and documented attorneys' fees, amounts paid in settlement or expenses, joint or several (collectively, "<u>Claims</u>") incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the Commission, whether pending or threatened, whether or not an Indemnified Person is or may be a party thereto ("<u>Indemnified Damages</u>"), to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any material misrepresentation or breach of any representation or warranty made by the Company, the Guarantor or their Subsidiaries in any of the Transaction Documents, (ii) any material breach of any covenant, agreement or obligation of the Company, the Guarantor or their Subsidiaries in any of the Transaction Documents, (iii) any cause of action, suit, proceeding or claim brought or made against such Indemnified Person by a third

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party (including for these purposes a derivative action brought on behalf of the Company, the Guarantor or their Subsidiaries) or which otherwise involves such Indemnified Person that arises out of or results from (A) the execution, delivery, performance or enforcement of any of the Transaction Documents (including, without limitation, any hedging or similar activities in connection therewith), or (B) the status of such Holder either as an investor in the Company pursuant to the transactions contemplated by the Transaction Documents or as a holder of this Debenture (including, without limitation, any hedging or similar activities in connection therewith or as a party in interest or otherwise in any action or proceeding for injunctive or other equitable relief), in each case, except to the extent such Claims arise out of result from (aa) the gross negligence, willful misconduct, or fraud of such Indemnified Person, (bb) a material breach by such Indemnified Person of any provision of the Transaction Documents, (cc) actions or omissions by such Indemnified Person in violation of applicable law or outside the scope of authority granted under the Transaction Documents, (dd) disputes solely among Indemnified Persons, (ee) claims for payment of the purchase price or other consideration expressly provided for in the Transaction Documents, or (ff) taxes imposed on such Indemnified Person, except as otherwise expressly provided herein; (iv) any untrue statement or alleged untrue statement of a material fact in any filing made in any public filing (including, without limitation, any Periodic Reports) made by the Company with the Commission, or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading except to the extent that such untrue statements, alleged untrue statements, omissions or alleged omissions are (1) based upon information regarding Holder furnished in writing to Company by or on behalf of Holder expressly for use therein or Holder has omitted a material fact from such information or (2) directly result from any breach by Holder of the Transaction Documents; or (v) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, or any other law, including, without limitation, any state securities law. The Company shall reimburse the Indemnified Persons and each such controlling person promptly as such expenses are incurred and are due and payable, for any legal fees or disbursements or other reasonable expenses incurred by them in connection with investigating or defending any such Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Promptly after receipt by an Indemnified Person under this Section (6) of notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section (6), deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person; provided, however, that an Indemnified Person shall have the right to retain its own counsel with the fees and expenses of not more than one (1) counsel for such Indemnified Person to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of the Indemnified Person and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person and any other party represented by such counsel in such proceeding. The Indemnified Person shall cooperate fully with the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Person which relates to such action or claim. The indemnifying party

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shall keep the Indemnified Person fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its prior written consent; provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Person of a release from all liability in respect to such claim or litigation. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Person with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person under this Section (6), except solely to the extent that the indemnifying party is actually prejudiced in its ability to defend such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The indemnification required by this Section (6) shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) <u>REISSUANCE OF THIS DEBENTURE</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer</u>. If this Debenture is to be transferred, the Holder shall surrender this Debenture to the Company, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Debenture (in accordance with Section (7)(d)), registered in the name of the registered transferee or assignee, representing the outstanding Principal being transferred by the Holder (along with any accrued and unpaid Interest thereof) and, if less than the entire outstanding Principal is being transferred, a new Debenture (in accordance with Section (7)(d)) to the Holder representing the outstanding Principal not being transferred. The Holder and any assignee, by acceptance of this Debenture, acknowledge and agree that, by reason of the provisions of Section (4)(b)(iii) following conversion or redemption of any portion of this Debenture, the outstanding Principal represented by this Debenture may be less than the Principal stated on the face of this Debenture. This Debenture is intended to be in "registered form" within the meaning of Section 5f.103-1(c) and Proposed Section 1.163-5(b) of the United States Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Lost, Stolen or Mutilated Debenture</u>. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Debenture, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Debenture, the Company shall execute and deliver to the Holder a new Debenture (in accordance with Section (7)(d)) representing the outstanding Principal.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Debenture Exchangeable for Different Denominations</u>. This Debenture is exchangeable, upon the surrender hereof by the Holder at the principal office of the Company, for one or more new Debentures (in accordance with Section (7)(d)) representing in the aggregate the outstanding Principal of this Debenture, and each such new Debenture will represent such portion of such outstanding Principal as is designated by the Holder at the time of such surrender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Issuance of New Debentures</u>. Whenever the Company is required to issue a new Debenture pursuant to the terms of this Debenture, such new Debenture (i) shall be of like tenor with this Debenture, (ii) shall represent, as indicated on the face of such new Debenture, the Principal remaining outstanding (or in the case of a new Debenture being issued pursuant to Section (7)(a) or Section (7)(c), the Principal designated by the Holder which, when added to the Principal represented by the other new Debentures issued in connection with such issuance, does not exceed the Principal remaining outstanding under this Debenture immediately prior to such issuance of new Debentures), (iii) shall have an issuance date, as indicated on the face of such new Debenture, which is the same as the Issuance Date of this Debenture, (iv) shall have the same rights and conditions as this Debenture, and (v) shall represent accrued and unpaid Interest from the Issuance Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) <u>NOTICES</u>. Any notices, consents, waivers or other communications required or permitted to be given under the terms hereof must be in writing by letter and email and will be deemed to have been delivered: upon the later of (A) either (i) receipt, when delivered personally or (ii) one (1) Business Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed to the party to receive the same and (B) receipt, when sent by electronic mail. The addresses and e-mail addresses for such communications shall be:

**If to the Company:** 

Sequans Communications S.A.

15-55 boulevard Charles de Gaulle

Les Portes de la Défense

92700 Colombes

Republic of France

Email: deborah@sequans.com

Attention: Chief Financial Officer

**With a copy (which shall not constitute notice) to:** 

Lowenstein Sandler LLP

1251 Avenue of the Americas, 18<sup>th</sup> Floor

New York, New York 10020

Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steven E. Siesser, Esq.

Brooke A. Gillar, Esq.

Email:&nbsp;&nbsp;&nbsp;&nbsp;ssiesser@lowenstein.com;

bgillar@lowenstein.com

and

ARCHERS (AARPI)

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28 rue Dumont d'Urville 75116

Paris, France

Attention: Véronique Gedeon

Mark Richardson

Email: &nbsp;&nbsp;&nbsp;&nbsp;mrichardson@archers.fr;

vgedeon@archers.fr

**If to the Holder:**

Alto Opportunity Master Fund, SPC – Segregated Master Portfolio B

Attention: Waqas Khatri

c/o Ayrton LLC

55 Post Rd W, 2<sup>nd</sup> floor

Westport, CT 06880

Email: research@ayrton.com; wk@ayrtonllc.com

With a copy (which shall not constitute notice) to:

Daniel Altman

55 Post Rd W, 2<sup>nd</sup> floor

Westport, CT 06880

Email: daltman@ayrtonllc.com

or at such other address and/or email and/or to the attention of such other person as the recipient party has specified by written notice given to each other party three (3) Business Days prior to the effectiveness of such change. Written confirmation of receipt (i) given by the recipient of such notice, consent, waiver or other communication, (ii) electronically generated by the sender's email service provider containing the time, date, recipient email address or (iii) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) <u>NO IMPAIRMENT</u>. Except as expressly provided herein, no provision of this Debenture shall alter or impair the obligations of the Company, which are absolute and unconditional, to pay the Principal of, Interest and other charges (if any) on, this Debenture at the time, place, and rate, and in the currency, herein prescribed. This Debenture is a direct obligation of the Company. As long as this Debenture is outstanding, the Company shall not and shall cause their subsidiaries not to, without the consent of the Holder, enter into any agreement, arrangement or transaction in or of which the terms thereof would restrict, materially delay, conflict with or impair the ability of the Company to perform its obligations under the this Debenture, including, without limitation, the obligation of the Company to make cash payments hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;&nbsp;&nbsp;&nbsp;This Debenture shall not entitle the Holder to any of the rights of a shareholder of the Company, including without limitation, the right to vote, to receive dividends and other distributions, or to receive any notice of, or to attend, meetings of shareholders or any other proceedings of the Company, unless and to the extent converted into ADSs in accordance with the terms hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;&nbsp;&nbsp;&nbsp;<u>CHOICE OF LAW; VENUE; WAIVER OF JURY TRIAL</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; <u>Governing Law</u>. This Debenture and the rights and obligations of the Parties hereunder shall, in all respects, be governed by, and construed in accordance with, the laws (excluding the principles of conflict of laws) of the State of New York (the "<u>Governing Jurisdiction</u>") (including Section 5-1401 and Section 5-1402 of the General Obligations Law of the State of New York), including all matters of construction, validity and performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Jurisdiction; Venue; Service</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby irrevocably consents to the non-exclusive personal jurisdiction of the state courts of the Governing Jurisdiction and, if a basis for federal jurisdiction exists, the non-exclusive personal jurisdiction of any United States District Court for the Governing Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that venue shall be proper in any court of the Governing Jurisdiction selected by the Holder or, if a basis for federal jurisdiction exists, in any United States District Court in the Governing Jurisdiction. The Company waives any right to object to the maintenance of any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, in any of the state or federal courts of the Governing Jurisdiction on the basis of improper venue or inconvenience of forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or tort or otherwise, brought by the Company against the Holder arising out of or based upon this Debenture or any matter relating to this Debenture, or any other Transaction Document, or any contemplated transaction, shall be brought in a court only in the Governing Jurisdiction. The Company shall not file any counterclaim against the Holder in any suit, claim, action, litigation or proceeding brought by the Holder against the Company in a jurisdiction outside of the Governing Jurisdiction unless under the rules of the court in which the Holder brought such suit, claim, action, litigation or proceeding the counterclaim is mandatory, and not permissive, and would be considered waived unless filed as a counterclaim in the suit, claim, action, litigation or proceeding instituted by the Holder against the Company. The Company agrees that any forum outside the Governing Jurisdiction is an inconvenient forum and that any suit, claim, action, litigation or proceeding brought by the Company against the Holder in any court outside the Governing Jurisdiction should be dismissed or transferred to a court located in the Governing Jurisdiction. Furthermore, the Company irrevocably and unconditionally agrees that it will not bring or commence any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Holder arising out of or based upon this Debenture or any matter relating to this Debenture, or any other Transaction Document, or any contemplated transaction, in any forum other than the courts of the State of New York sitting in the Borough of Manhattan in New York County, and the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any such suit, claim, action, litigation or proceeding may be heard and determined in such New York State Court or, to the fullest extent permitted by

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applicable law, in such federal court. The Company and the Holder agree that a final judgment in any such suit, claim, action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Holder irrevocably consents to the service of process out of any of the aforementioned courts in any such suit, claim, action, litigation or proceeding by the mailing of copies thereof by registered or certified mail postage prepaid, to it at the address provided for notices in this Debenture, such service to become effective thirty (30) days after the date of mailing. The Company has irrevocably appointed Bitquans Holdings LLC, a Delaware limited liability company, c/o Capitol Services, Inc., 108 Lakeland Avenue, Dover DE, Kent County 19901, as its authorized agent for service of process upon which process may be served in any such suit or proceeding arising under this Debenture or any other Transaction Document, and the Company agrees that service of process upon such agent, and written notice of said service to the Company by the person serving the same to the address provided in Section (8), shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding arising under this Debenture or any other Transaction Document. The Company further agrees to take any and all action as may be necessary to maintain such designation and appointment of such agent in full force and effect for a period of five years from the date of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the Company or any of its properties, assets or revenues is or may hereafter become entitled to, or have attributed to them, any right of immunity, on the grounds of sovereignty, from any legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, or from attachment in aid of execution of judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Debenture, any other Transaction Document, the Deposit Agreement or the Restricted Issuance Agreement, the Company hereby irrevocably and unconditionally, to the extent permitted by applicable law, waives and agrees not to plead or claim any such immunity and consents to such relief and enforcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;Nothing herein shall affect the right of the Holder to serve process in any other manner permitted by law or to commence legal proceedings or to otherwise proceed against the Company or any other Person in the Governing Jurisdiction or in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;THE PARTIES MUTUALLY WAIVE ALL RIGHT TO TRIAL BY JURY OF ALL CLAIMS OF ANY KIND ARISING OUT OF OR BASED UPON THIS DEBENTURE OR ANY MATTER RELATING TO THIS DEBENTURE, OR ANY OTHER TRANSACTION DOCUMENT, OR ANY CONTEMPLATED TRANSACTION. THE PARTIES ACKNOWLEDGE THAT THIS IS A WAIVER OF A LEGAL RIGHT AND THAT THE PARTIES EACH MAKE THIS WAIVER VOLUNTARILY AND KNOWINGLY AFTER CONSULTATION WITH COUNSEL OF THEIR RESPECTIVE CHOICE. THE PARTIES AGREE THAT ALL SUCH CLAIMS SHALL BE TRIED BEFORE A JUDGE OF A COURT HAVING JURISDICTION, WITHOUT A JURY.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)&nbsp;&nbsp;&nbsp;&nbsp;If the Company fails to strictly comply with the terms of this Debenture, then the Company shall reimburse the Holder promptly for all fees, costs and expenses, including, without limitation, attorneys' fees and expenses incurred by the Holder in any action in connection with this Debenture, including, without limitation, those incurred: (i) during any workout, attempted workout, and/or in connection with the rendering of legal advice as to the Holder's rights, remedies and obligations, (ii) collecting any sums which become due to the Holder, (iii) defending or prosecuting any proceeding or any counterclaim to any proceeding or appeal; or (iv) the protection, preservation or enforcement of any rights or remedies of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)&nbsp;&nbsp;&nbsp;&nbsp;This Debenture and all other Debentures issued pursuant to the Purchase Agreement (or any other secured convertible debenture purchase agreement entered into by the Company on or about the date of the Purchase Agreement for the issuance of substantially similar debentures) may be amended or modified by the written agreement of the Company and the Required Holders. This Debenture may not be amended unless in accordance with the foregoing sentence and in the event that the Required Holders agree to the amendment or modification of this Debenture or any other Debenture issued pursuant to the Purchase Agreement (or any other secured convertible debenture purchase agreement entered into by the Company on or about the date of the Purchase Agreement for the issuance of substantially similar debentures) such amendment or modification shall concurrently be made to all such Debentures.. Any waiver by the Holder of a breach of any provision of this Debenture shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Debenture. The failure of the Holder to insist upon strict adherence to any term of this Debenture on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Debenture. Any waiver must be in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)&nbsp;&nbsp;&nbsp;&nbsp;If any provision of this Debenture is invalid, illegal or unenforceable, the balance of this Debenture shall remain in effect, and if any provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances. If it shall be found that any Interest or other amount deemed Interest due hereunder shall violate applicable laws governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum permitted rate of interest. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Company from paying all or any portion of the Principal of or Interest on this Debenture as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Debenture, and the Company (to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impeded the execution of any power herein granted to the Holder, but will suffer and permit the execution of every such as though no such law has been enacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)&nbsp;&nbsp;&nbsp;&nbsp;<u>EXISTENCE AND MERGER</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Existence</u>. Subject to Section (15)(B), the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence. In

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accordance with the provisions of Article L. 228-98 of the French Commercial Code, the Company may change its corporate form or corporate purpose without requesting the approval of the Holder; provided that unless the Company receives the approval of the Holder, the Company's corporate form must be: (1) a société anonyme or société en commandite par actions, in either case, registered under the laws of France or (2) a corporation or entity treated as a corporation for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Company May Consolidate, Etc. on Certain Terms</u>. The Company shall not consolidate with, merge with or into, or sell, convey, transfer or lease all or substantially all of the consolidated properties and assets of the Company and its direct and indirect Subsidiaries, taken as a whole, to another Person (other than any such sale, conveyance, transfer or lease to one or more of the Company's direct or indirect Wholly Owned Subsidiaries), unless (i) the resulting, surviving or transferee Person (the "<u>Successor Company</u>"), if not the Company, shall be (1) a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and the Successor Company (if not the Company) shall expressly assume, by supplemental indenture all of the obligations of the Company under the Debentures or (2) a corporation or entity treated as a corporation for U.S. federal income tax purposes organized and existing under the laws of France; (ii) the Successor Company, if not the Company, expressly assumes all of the Company's obligations under this Agreement and the other Transaction Documents pursuant to documentation that is reasonably acceptable to the Required Holders; and (iii) and immediately after giving effect to such transaction, no Event of Default shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)&nbsp;&nbsp;&nbsp;&nbsp;<u>[</u>*<u>Reserved</u>*.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17)&nbsp;&nbsp;&nbsp;&nbsp;<u>CERTAIN DEFINITIONS</u>. For purposes of this Debenture, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;"<u>ADSs</u>" means the Company's (or Successor Company's) American Depositary Shares issued pursuant to the Deposit Agreement or the Restricted Issuance Agreement, each representing the number of the Ordinary Shares specified pursuant to the Deposit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;"<u>ADS Delivery Date</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Additional Amounts</u>" shall have the meaning set forth in Section (1)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Additional Interest Election Notice</u>" shall have the meaning set forth in Section 19(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Applicable Taxes</u>" shall have the meaning set forth in Section (1)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Attribution Parties</u>" means, collectively, the following persons and entities: (i) any investment vehicle, including, any funds, feeder funds or managed accounts, currently, or from time to time after the Issuance Date, directly or indirectly managed or advised by the Holder's investment manager or any of its affiliates or principals, (ii) any direct or indirect affiliates of the Holder or any of the foregoing, (iii) any person acting or who could be deemed to be acting as a

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"group" (within the meaning of Section 13(d)(3) of the Exchange Act) together with the Holder or any of the foregoing and (iv) any other Persons whose beneficial ownership of the ADSs would or could be aggregated with the Holder's and the other Attribution Parties for purposes of Section 13(d) of the Exchange Act. For clarity, the purpose of the foregoing is to subject collectively the Holder and all other Attribution Parties to the Beneficial Ownership Cap.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Beneficial Ownership Cap</u>" shall have the meaning set forth in Section (4)(c)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bitcoin</u>" means the Digital Asset commonly referred to as "Bitcoin" (BTC) in the cryptocurrency marketplace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bitcoin Cash Cap</u>" means $30,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bitcoin Conversion Deadline</u>" shall be July 27, 2025, provided that upon the request of the Company, the Collateral Agent may consent, to extend the Bitcoin Conversion Deadline by twenty (20) days, which consent shall not be unreasonably conditioned or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bitcoin Escrow Account</u>" means a securities account that is opened and maintained with the Custodian to hold Bitcoin constituting Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bloomberg</u>" means Bloomberg Financial Markets (or if not available, a similar service provider of national recognized standing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Board of Directors</u>" means the board of directors of the Company or a committee of such board duly authorized to act for it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Business Day</u>" means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or a day on which banking institutions in the State of New York, United States or Paris, France are authorized or required by law or other government action to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Buy-In</u>" shall have the meaning set forth in Section (4)(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Buy-In Price</u>" shall have the meaning set forth in Section (4)(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Cash Collateral Account</u>" means a deposit account that is opened and maintained with the Cash Collateral Bank to hold cash constituting Collateral including the net proceeds of the issuance of the Debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Cash Collateral Bank</u>" means First National Bank Omaha d/b/a FNBO, or such other custodian as selected by the Company and reasonably acceptable to the Collateral Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Cash Equivalents</u>" means, as of any date of determination, any of the following: (A) marketable securities (i) issued or directly and unconditionally guaranteed as to interest and principal by the United States Government, or (ii) issued by any agency of the United States Government, the obligations of which are backed by the full faith and credit of the United States, in each case maturing within one (1) year after such date; (B) marketable direct obligations issued by any state of the United States or any political subdivision of any such state or any public instrumentality thereof, in each case maturing within one (1) year after such date and having, at the time of the acquisition thereof, a rating of at least A-1 from Standard & Poor's Corporation or at least P-1 from Moody's Investors Service; (C) commercial paper maturing no more than one (1) year from the date of creation thereof and having, at the time of the acquisition thereof, a rating of at least A-1 from Standard & Poor's Corporation or at least P-1 from Moody's Investors Service; (D) certificates of deposit or bankers' acceptances maturing within one (1) year after such date and issued or accepted by any commercial bank organized under the laws of the United States or any state thereof, or the District of Columbia that (i) is at least "adequately capitalized" (as defined in the regulations of its primary federal banking regulator), and (ii) has Tier 1 capital (as defined in such regulations) of not less than $5,000,000,000; and (E) shares of any money market mutual fund that (i) has substantially all of its assets invested continuously in the types of investments referred to in clauses (A) and (B) above, (ii) has net assets of not less than $5,000,000,000, and (iii) has the highest rating obtainable from either Standard & Poor's Corporation or Moody's Investors Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Claims</u>" shall have the meaning set forth in Section (6)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Closing Loan-to-Collateral Ratio Compliance Level</u>" means 1.00 to 1.95.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Closing Price</u>" of the ADSs on any date means the closing sale price per ADS (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions for the principal U.S. national or regional securities exchange on which the ADSs are traded. If the ADSs are not listed for trading on a U.S. national or regional securities exchange on the relevant date, the "<u>Closing Price</u>" will be the last quoted bid price for the ADSs in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar organization. If the ADSs are not so quoted, the "<u>Closing Price</u>" will be the average of the mid-point of the last bid and ask prices for the ADSs (or such other security) on the relevant date from each of at least three nationally recognized independent investment banking firms selected by the Company for this purpose. In the event of any need to determine the "Closing Price" of any security other than ADSs, the Company shall determine the "<u>Closing Price</u>" of such security in a commercially reasonable manner using a substantially similar methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Closing Price Trigger</u>" (x) beginning on and including the 12-month anniversary of the Issuance Date, the Closing Price of the ADSs has been at least 130% of the Conversion Price then in effect for at least 20 Trading Days (whether or not consecutive) during any 30 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date on which the Company provides such Redemption Notice to the Holder (provided that the Equity Conditions are satisfied on each Trading Day of such thirty (30) consecutive Trading Day period) or (y) beginning on and including the 16-month anniversary of the Issuance Date, the Closing Price

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of the ADSs has been equal to or less than 40% of the Conversion Price then in effect for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date on which the Company provides such Redemption Notice to the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Collateral Agent</u>" means Hudson Bay PH XVI Ltd. in its capacity as collateral agent for the holders of the Debentures, together with any successor thereto in such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Collateral Documents</u>" shall have the meaning set forth in Section 19(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Commission</u>" means the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Common Equity</u>" of any Person means capital stock of such Person that is generally entitled (a) to vote in the election of directors of such Person or (b) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners, managers or others that will control the management or policies of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Company</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Control Agreement</u>" means each account control agreement or securities account control agreement, as applicable, in form and substance reasonably satisfactory to the Collateral Agent, between the Company, the Collateral Agent and the applicable Cash Collateral Bank or securities intermediary, including, for the avoidance of doubt, the blocked control agreements required pursuant to Section 4.01(b) of the Guaranty and Security Agreement, which shall provide for the sole and exclusive control of the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Conversion Amount</u>" means the portion of the Principal and accrued Interest to be converted, redeemed or otherwise with respect to which this determination is being made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Conversion Date</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Conversion Failure</u>" shall have the meaning set forth in Section (4)(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Conversion Notice</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Conversion Notice Date</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Conversion Price</u>" means, as of any Conversion Date, $2.10 per ADS, provided that, on the Reset Date, the Conversion Price shall be reset (but only if such reset would result in a downward adjustment to the Conversion Price) to the greater of (x) the product of (A) 1.2 and (B) the average of the VWAPs of the ADSs during the five VWAP Trading Days immediately preceding the Reset Date and (y) $1.40 (subject to adjustment pursuant to Section (5)). The Conversion Price shall be adjusted from time to time pursuant to the other terms and conditions of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Custodian</u>" means Coinbase, Inc., or such other custodian as selected by the Company and acceptable to the Collateral Agent in its sole discretion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Default</u>" means any event that is (or, after notice, passage of time or both, would be) an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Default Rate</u>" means an annual rate of 18.0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Deposit Agreement</u>" means the Amended and Restated Deposit Agreement, dated as of May 14, 2018, among the Company the Depositary and the owners and holders from time to time of the ADSs issued thereunder, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Depositary</u>" means the Bank of New York Mellon as custodian of the Ordinary Shares underlying the ADS delivered pursuant to the Deposit Agreement or the Restricted Issuance Agreement, or any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Digital Asset Market Value</u>" means, with respect to any Bitcoin, the seven (7) day moving average price of such Bitcoin for the seven (7) days immediately preceding any date of determination, as determined by reference to the CME Bitcoin Reference Rate – New York Variant (BRRNY).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq)&nbsp;&nbsp;&nbsp;&nbsp; "<u>Discounted VWAP</u>" means an amount equal to ninety-three percent (93%) of the average of the VWAPs of the ADSs during the five VWAP Trading Days immediately preceding the Interest Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Distributed Securities VWAP</u>" means the per security volume-weighted average price as displayed under the heading "Bloomberg VWAP" on the Bloomberg page applicable to the security in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable for such security, the market value of such security on a per security basis on such Trading Day reasonably determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by Company). The "<u>Distributed Securities VWAP</u>" will be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Debenture</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Debentures</u>" shall mean this Debenture and all of the Other Debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Disclosure</u>" shall have the meaning set forth in Section 18.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv)&nbsp;&nbsp;&nbsp;&nbsp;"<u>DTC</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Effective Date</u>" means the date upon which the applicable transaction or event is effective or consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Equity Conditions</u>" will be deemed to be satisfied as of any date if all of the following conditions:

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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;(1)&nbsp;&nbsp;&nbsp;&nbsp;(x) one or more Registration Statements (as defined in the Registration Rights Agreement) filed shall be effective and available for the resale of all remaining Underlying ADSs, and there shall not have been any suspension of such registration statement(s) or (y) all Underlying ADSs shall be eligible for sale by non-affiliates (as defined in Rule 144) of the Company without restriction pursuant to Rule 144 (and without any requirements as to volume, manner of sale, availability of current public information (whether or not then satisfied)) and without the need for registration under any applicable federal or state securities laws all Underlying ADSs shall be issuable without restrictive legend and be eligible for immediate sale without restriction pursuant to Section 3(a)(9) of the Securities Act and without the need for registration under any applicable federal or state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the ADSs are designated for quotation on a Principal Market and shall not have been suspended from trading on such exchange or market (other than suspensions of not more than two (2) Trading Days and occurring before the applicable date of determination due to business announcements by the Company) nor shall delisting or suspension by such exchange or market been threatened, commenced or pending either (A) in writing by such Principal Market or (B) by falling below the then effective minimum listing maintenance requirements of such Principal Market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;the ADS issuable upon conversion of the Conversion Amount may be issued in full without resulting in the Holder beneficially owning ADSs in excess of the Beneficial Ownership Cap;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;there shall not be a Default or Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;the Holder shall not have been in possession of any material, nonpublic information received from the Company or any of its agents or affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;the ADSs issuable upon conversion of the Conversion Amount (including ADSs underlying any Pre-Funded Warrants issued in connection with such conversion as contemplated by Section (4)(c)(i) in certain circumstances) are duly authorized, and upon delivery on the applicable ADS Delivery Date (or upon exercise of any such Pre-Funded Warrants) will be (i) validly issued, fully paid, non-assessable, free from preemptive rights and any lien or adverse claim and will be listed and eligible for trading without restriction on a Principal Market (ii) represented by book-entries at DTC and identified therein by an "unrestricted" CUSIP number; and (iii) not represented by any certificate that bears a legend referring to transfer restrictions under the Securities Act or other securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Ex-Dividend Date</u>" means, (a) for purposes of Sections (5)(b)(i)-(vii), the first date on which the Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of the Ordinary Shares on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market and (b) for purposes of Section (5)(b)(viii), the first date on which the ADSs trade on the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution

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in question, from the Company or, if applicable, from the seller of the ADSs on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Ex-Redemption Date</u>" means (1) the first date on which the ADSs trade on the applicable exchange or in the applicable market, regular way, without the right to the redemption in question from the Company or, if applicable, from the seller of the ADSs on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market or (2) if the ADSs do not trade on any exchange or market, the Paris Business Day on which the redemption in question occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Expiring Rights</u>" means any rights, options or warrants to purchase Ordinary Shares or ADSs that expire on or prior to the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Event of Default</u>" shall have the meaning set forth in Section 3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Event of Default Acceleration Amount</u>" means the, with respect to the delivery of a notice pursuant to Section 3(b) declaring the Debenture to be due and payable immediately on account of an Event of Default, a cash amount equal to the greater of (x) the sum of (i) 115% of the outstanding Principal of the Debenture (or such lesser amount accelerated pursuant to such notice) and (ii) the accrued and unpaid interest and other amounts owing in respect thereof and (y) the product of (i) the quotient of the Conversion Amount as of the occurrence of the Event of Default and the Conversion Price as of the occurrence of the Event of Default multiplied by (ii) the highest VWAP occurring during each VWAP Trading Day during the period beginning on and including the date that the Event of Default occurred (or the date on which the Default underlying such Event of Default initially occurred, if different than the date on which the Event of Default occurred) and ending on the VWAP Trading Day immediately prior to the Event of Default Acceleration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Event of Default Acceleration Date</u>" shall have the meaning set forth in Section 3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Event of Default Notice</u>" shall have the meaning set forth in Section 3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg)&nbsp;&nbsp;&nbsp;&nbsp;"<u>FATCA</u>" shall have the meaning set forth in Section (1)(d)(4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh)&nbsp;&nbsp;&nbsp;&nbsp;"<u>French Commercial Code</u>" shall mean the French Code de commerce.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Fundamental Change</u>" shall be deemed to have occurred at the time on or after the date of the Purchase Agreement if any of the following occurs prior to the Maturity Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;an acquisition after the date hereof by an individual or legal entity or "group" (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether through legal or beneficial ownership of capital stock of the Company, by contract or otherwise) of in excess of fifty percent (50%) of the voting securities of the Company (except that the

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acquisition of voting securities by the Holder shall not constitute a Fundamental Change for purposes hereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the consummation of (A) any recapitalization, reclassification or change of the Ordinary Shares or the ADSs (other than changes resulting from a subdivision or a combination) as a result of which the Ordinary Shares or ADS would be converted into, or exchanged for, stock, other securities, other property or assets; (B) any share exchange, consolidation or merger of the Company pursuant to which the Ordinary Shares or ADSs will be converted into cash, securities or other property or assets; or (C) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to any Person other than one or more of the Company's Wholly Owned Subsidiaries; *provided, however*, that a transaction described in clause (A) or (B) in which the holders of all classes of the Company's Common Equity immediately prior to such transaction own, directly or indirectly, more than 50% of all classes of Common Equity of the continuing or surviving company or transferee or the parent thereof immediately after such transaction in substantially the same proportions relative to each other as such ownership immediately prior to such transaction shall not be a Fundamental Change pursuant to this clause (2);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;the shareholders of the Company approve any plan or proposal for dissolution of the Company that, if completed, would result in the liquidation of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;the ADSs (or other Common Equity or ADS in respect of Common Equity underlying this Debenture (or any portion hereof)) cease to be listed or quoted on any Principal Market.

If any transaction in which the Ordinary Shares are replaced by the equity securities of another entity occurs, references to the Company in this definition shall instead be references to such other entity.

For purposes of this definition of "Fundamental Change" above, any transaction that constitutes a Fundamental Change pursuant to both clause (1) and clause (2) of such definition (without giving effect to the proviso in clause (2)) shall be deemed a Fundamental Change solely under clause (2) of such definition (subject to the proviso in clause (2)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Fundamental Change Company Notice</u>" shall have the meaning set forth in Section (2)(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Fundamental Change Repurchase Date</u>" shall have the meaning set forth in Section (2)(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Governing Jurisdiction</u>" shall have the meaning set forth in Section (11)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Grantors</u>" shall have the meaning given such term in the Guaranty and Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Guarantors</u>" means each of the guarantors from time to time party to the Guaranty and Security Agreement as a "guarantor" thereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Guaranty and Security Agreement</u>" means that certain Guaranty and Security Agreement, dated on or about the Issuance Date, made by each of the Guarantors party thereto from time to time in favor of the Holder, as may be amended, restated, supplemented or otherwise modified from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Holder</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqq)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Indemnified Damages</u>" shall have the meaning set forth in Section (6)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrr)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Indemnified Person</u>" shall have the meaning set forth in Section (6)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sss)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Independent Expert</u>" means an independent financial institution of international repute or independent financial adviser with appropriate expertise, chosen by the Company at its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttt)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Interest ADS Notice</u>" shall have the meaning set forth in Section 19(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuu)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Interest Payment Date</u>" means (i) each March 1, June 1, September 1 and December 1 of each calendar year, beginning on September 1, 2025 and (ii) if not otherwise included in clause (i), the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvv)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Interest Rate</u>" shall have the meaning set forth in Section (1)(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(www)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Issuance Date</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Loan-to-Collateral Ratio</u>" means, as of any date of determination, the ratio of (a) the aggregate outstanding principal balance of all the Debentures issued pursuant to the Purchase Agreement to (b) the *sum of* (i) the aggregate Digital Asset Market Value of all Collateral consisting of Bitcoin, *plus* (ii) the aggregate value of all Collateral consisting of cash and Cash Equivalents held in the Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyy)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Loan-to-Collateral Ratio Compliance Level</u>" means 1.00 to 2.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzz)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Make-Whole Date</u>" shall have the meaning set forth in Section 19(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Mandatory French Law Conversion Price Adjustment</u>" shall have the meaning set forth in Section (5)(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Material Adverse Effect</u>" has the meaning given such term in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cccc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Maturity Date</u>" shall have the meaning set forth in Section (1)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dddd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>MNPI</u>" shall have the meaning set forth in Section 18.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>New York Close of Business</u>" means 5:00 p.m. (New York City time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ffff)&nbsp;&nbsp;&nbsp;&nbsp;"<u>New York Open of Business</u>" means 9:00 a.m. (New York City time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gggg)&nbsp;&nbsp;&nbsp;&nbsp;"<u>New York Business Day</u>" means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or a day on which banking institutions in the State of New York, United States are authorized or required by law or other government action to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhh)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Obligations</u>" means all of the Company's and each Guarantor's now existing and hereafter created or arising obligations, indebtedness and liabilities of any kind (whether primary or secondary, conditional or unconditional, contingent or noncontingent, joint or several) owed to the Holder, whether existing, created, incurred or arising in the Company's or such Guarantor's capacity as a borrower, guarantor, indemnitor, customer, purchaser, lessee, licensee, applicant, counterparty, debtor or other obligor, including (a) any loan amount, principal, interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), fee, charge, indemnification obligation, reimbursement obligation, royalty, premium, cost, expense, price, rent or other amount owed by the Company or such Guarantor to the Holder at any time, including future advances, protective advances and other financial accommodations, (b) any obligations, indebtedness or liabilities of the Company and the Guarantors to the Holder under any Transaction Document at any time, and (c) any of the foregoing that may have been, or that may be, acquired by the Holder from any third party, the Company or any Guarantor at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iiii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Optional Redemption</u>" shall have the meaning set forth in Section (2)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjjj)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Ordinary Share Market Price</u>" means the Closing Price of the ADSs (divided by the number of Ordinary Shares then represented by one ADS) on the date a binding agreement is made for the Company or any of its Subsidiaries to purchase Ordinary Shares (directly or in the form of ADSs) (or the immediately preceding Trading Day if such agreement (i) is not made on a Trading Day or (ii) if made on a Trading Day, is made prior to the availability of the Closing Price of the ADSs in respect of such Trading Day).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkkk)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Ordinary Share Repurchase Date</u>" shall have the meaning set forth in Section (5)(b)(v).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(llll)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Ordinary Shares</u>" means the ordinary shares of the Company, nominal value €0.01 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmmm)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Other Debentures</u>" means any other debentures issued pursuant to the Purchase Agreement and any other debentures, notes, or other instruments issued in exchange, replacement, or modification of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnnn)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Paris Business Day</u>" means any day (other than a Saturday or a Sunday) that is not a day on which banking institutions in Paris, France are authorized or required by law or executive order to close or be closed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oooo)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Paris Open of Business</u>" means 9:00 a.m., Paris, France time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pppp)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Paris Close of Business</u>" means 5:00 p.m., Paris, France time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqqq)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Payment Premium</u>" means for payments made (i) within twelve (12) months of the date of this Debenture, 3.0% and (ii) from and after twelve (12) months of the date of this Debenture, 5.0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrrr)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Periodic Reports</u>" shall mean all of the Company's reports (in form and substance as required by the Commission under applicable laws and regulations) required to be filed by the Company with the Commission under applicable laws and regulations (including, without limitation, Regulation S-K), including annual reports (on Form 20-F) and reports on Form 6-K, for so long as any amounts are outstanding under this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ssss)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Person</u>" means a corporation, an association, a partnership, organization, a business, an individual, a government or political subdivision thereof or a governmental agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tttt)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Principal</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuuu)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Principal Market</u>" means the New York Stock Exchange; *provided however*, that in the event the Company's ADSs are ever listed or traded on any of the NYSE American, the Nasdaq Global Market, the Nasdaq Global Select Market or the Nasdaq Capital Market, or such successor thereto, the "<u>Principal Market</u>" shall mean that market on which the ADSs are then listed or traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvvv)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Purchase Agreement</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(wwww)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Record Date</u>" means, with respect to any dividend, distribution or other transaction or event in which the holders of the Ordinary Shares (directly or in the form of ADSs) (or other applicable security) have the right to receive any cash, securities or other property or in which the Ordinary Shares (directly or in the form of ADSs) (or such other security) are exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of security holders entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors, statute, contract or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxx)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Redemption Amount</u>" shall have the meaning set forth in Section (2)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyyy)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Redemption Equity Condition Period</u>" shall have the meaning set forth in Section 2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzzz)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Redemption Date</u>" shall have the meaning set forth in Section (2)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaaa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Redemption Notice</u>" shall have the meaning set forth in Section (2)(a).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbbb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Reference Property</u>" shall have the meaning set forth in Section (5)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccccc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Registration Rights Agreement</u>" has the meaning given such term in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddddd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Relevant Jurisdiction</u>" shall have the meaning set forth in Section (1)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeeee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Reported Outstanding ADS Number</u>" shall have the meaning set forth in Section 4(c)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fffff)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Required Holders</u>" has the meaning given such term in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggggg)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Required Disclosure Date</u>" means (x) if the Holder authorized the delivery of such MNPI, either (I) if the Company and the Holder have mutually agreed upon a date (as evidenced by an e-mail or other writing) of Disclosure of such MNPI, such agreed upon date or (II) otherwise, the seventh (7th) calendar day after the date the Holder first received any MNPI or (y) if the Holder did not authorize the delivery of such MNPI, the first (1st) Business Day after the Holder's receipt of such MNPI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhhh)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Required Reserve Amount</u>" shall have the meaning set forth in Section (4)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iiiii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Reset Date</u>" means the date that is the earlier of (i) nine (9) months following the effective date of the Registration Statement (as defined in the Registration Rights Agreement) and (ii) twelve (12) months following the Issuance Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjjjj)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Restricted Issuance Agreement</u>" means the restricted issuance agreement to be entered into as of the Issuance Date, by and among the Company, the Depositary, and the owners and beneficial owners of the ADSs delivered thereunder or, if amended or supplemented as provided therein, as so amended or supplemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkkkk)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Rule 144</u>" means Rule 144 promulgated under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lllll)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmmmm)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Security Documents</u>" means, collectively, the Guaranty and Security Agreement, the Control Agreement, any other control agreement applicable to the Bitcoin Escrow Account or Cash Collateral Account, any other security agreements, pledge agreements or other similar agreements delivered to the Holder, the Guaranty (if applicable) and each of the other agreements, instruments or documents that creates a lien or guaranty in favor of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnnnn)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Share Exchange Event</u>" shall have the meaning set forth in Section (5)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooooo)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Share Reduction</u>" shall have the meaning set forth in Section 5(b)(i).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppppp)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Shortfall Amount</u>" shall have the meaning set forth in Section 19(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqqqq)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Shortfall Event</u>" shall have the meaning set forth in Section 19(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrrrr)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Significant Subsidiary</u>" of any Person means any Subsidiary of that Person that constitutes a "significant subsidiary" (as defined in Rule 1-02(w) of Regulation S-X under the Exchange Act) of that Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sssss)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Specified Repurchase Date</u>" means January 7, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttttt)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Spin-Off</u>" shall have the meaning set forth in Section (5)(b)(viii)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuuuu)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Subject Proceeds</u>" shall have the meaning set forth in Section 19(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvvvv)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Subscription Period</u>" shall have the meaning set forth in Section (5)(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(wwwww)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Subsidiary</u>" means, with respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of capital stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxxx)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Successor Company</u>" shall have the meaning set forth in Section (15)(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyyyy)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Trading Day</u>" means a day on which (i) trading in the ADSs (or other security for which a closing sale price must be determined) generally occurs on a Principal Market or, if the ADSs (or such other security) are not then listed on a Principal Market, on the principal other U.S. national or regional securities exchange on which the ADSs (or such other security) are then listed or, if the ADSs (or such other security) are not then listed on a U.S. national or regional securities exchange, on the principal other market on which the ADSs (or such other security) are then traded, and (ii) a Closing Price of the ADS (or closing sale price for such other security) is available on such securities exchange or market. If the ADSs (or such other security) are not so listed or traded, "<u>Trading Day</u>" means a New York Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzzzz)&nbsp;&nbsp;&nbsp;&nbsp; "<u>Transaction Document</u>" means (i) any Transaction Document (as defined in the Purchase Agreement) and (ii) any other Security Document entered into from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaaaa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Trigger Event</u>" shall have the meaning set forth in Section (5)(b)(viii)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbbbb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Underlying ADSs</u>" means the ADSs (including the Ordinary Shares represented by such ADSs) issuable upon conversion of this Debenture in accordance with the terms hereof and the ADSs underlying any Pre-Funded Warrants issued in connection with any conversion of this Debenture (or portion hereof) as contemplated by Section (4)(c)(i) in certain circumstances, in each case determined without regard to any limitations on such conversion set

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forth in this Debenture or any such Pre-Funded Warrants (including, for the avoidance of doubt, such limitation set forth in Section 4(c)(i)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cccccc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>unit of Reference Property</u>" shall have the meaning set forth in Section (5)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dddddd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Valuation Period</u>" shall have the meaning set forth in Section (5)(b)(viii)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeeeee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Value of the Ordinary Share Immediately prior to the Close of Business on the Date of such Distribution</u>" means the arithmetic average of the VWAP (divided by the number of Ordinary Shares then represented by one ADS) for each of the three Trading Days immediately preceding the Ex-Dividend Date for such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ffffff)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Value of the Ordinary Shares Ex-Right</u>" means the arithmetic average of the VWAP (divided by the number of Ordinary Shares then represented by one ADS) on each Trading Day included in the applicable Subscription Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gggggg)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Value of the Preferential Subscription Right</u>" means (i) the arithmetic average of the opening trading prices on any Principal Market for such preferential subscription rights on a per right basis, or on a similar market on which the preferential subscription rights have their principal listing on each Trading Day included in the applicable Subscription Period, or (ii) if the preferential subscription rights are not listed on a Principal Market or similar market, the value of such preferential subscription rights will be calculated as reasonably determined by the Company or, at the Company's option, an Independent Expert taking into account the fair market value or trading price of any corresponding ADS rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhhhh)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Value of the Securities or Assets Distributed per Ordinary Share</u>" means: (1) in the event of a distribution of securities that are already listed on any Principal Market or a similar market, the arithmetic average of the Distributed Securities VWAP of such securities during the three Trading Days immediately preceding the Ex-Dividend Date for such distribution; (2) in the event of a distribution of securities that are not already listed on any Principal Market or a similar market, but that are expected to be listed on any such market for at least three Trading Days within 10 Trading Days starting on the Ex-Dividend Date for such distribution, the arithmetic average of the Distributed Securities VWAP of such securities during the first three Trading Days included within this 10 trading day period during which such securities are listed on any Principal Market or a similar market; and (3) in all other cases not addressed in clause (1) or (2) of this definition, such value that is determined reasonably by the Company or, at the Company's option, an Independent Expert, no later than the Trading Day immediately preceding the Ex-Dividend Date for such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iiiiii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>VWAP</u>" means, for any VWAP Trading Day, the per share volume-weighted average price as displayed under the heading "Bloomberg VWAP" on Bloomberg page "SQNS AQR" (or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the market

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value of one ADS on such Trading Day reasonably determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by the Company). The "<u>VWAP</u>" shall be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjjjjj)&nbsp;&nbsp;&nbsp;&nbsp;"<u>VWAP Market Disruption Event</u>" means, with respect to any date, (A) the failure by the principal U.S. national or regional securities exchange on which the ADSs are then listed, or, if the ADSs are not then listed on a U.S. national or regional securities exchange, the principal, in terms of volume, on which the ADSs are then traded, to open for trading during its regular trading session on such date; or (B) the occurrence or existence, for more than one half hour period in the aggregate, of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the ADSs or in any options contracts or futures contracts relating to the ADSs, and such suspension or limitation occurs or exists at any time before 1:00 p.m., New York City time, on such date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkkkkk)&nbsp;&nbsp;&nbsp;&nbsp;"<u>VWAP Trading Day</u>" means a day on which (A) there is no VWAP Market Disruption Event; provided that the Holder, by written notice to the Company, may waive any such VWAP Market Disruption Event; and (B) trading in ADSs generally occurs on the principal U.S. national or regional securities exchange on which the ADSs are then listed or, if the ADSs are not then listed on a U.S. national or regional securities exchange, on the principal, in terms of volume, Principal Market on which the ADSs are then traded. If the ADSs are not so listed or traded, then "VWAP Trading Day" means a Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(llllll)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Wholly Owned Subsidiary</u>" means, with respect to any Person, any direct or indirect Subsidiary of such Person, except that, solely for purposes of this definition, the reference to "more than 50%" in the definition of "Subsidiary" shall be deemed replaced by a reference to "100%".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18)&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidential Information</u>. At any time after the Issuance Date if the Company, any of its Subsidiaries, or any of their respective officers, directors, employees or agents, provides the Holder with material non-public information relating to the Company or any of its Subsidiaries (each, the "<u>MNPI</u>"), the Company shall, on or prior to the applicable Required Disclosure Date, publicly disclose such MNPI on a Current Report on Form 6-K or otherwise (each, a "<u>Disclosure</u>"). From and after such Disclosure, the Company shall have disclosed all MNPI provided to the Holder by the Company or any of its Subsidiaries or any of their respective officers, directors, employees or agents. In addition, effective upon such Disclosure, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates, employees or agents, on the one hand, and the Holder or any of its affiliates, on the other hand, shall terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19)&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral Coverage Requirement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;On or before the Bitcoin Conversion Deadline, the Company shall have used all the proceeds deposited in the Cash Collateral Account on the Issuance Date (other than up to eight hundred thousand dollars ($800,000) in the aggregate used to fund general and administrative

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costs and expenses related to the implementation of the Company's Bitcoin treasury strategy (the "<u>Bitcoin Strategy Expense Cap</u>")) to purchase, or cause any Grantor to purchase, Bitcoin, which Bitcoin shall be immediately delivered to the Bitcoin Escrow Account upon such purchase. For the avoidance of doubt, the Company shall not be responsible for any breach of this Section 19(a) if the reason for such breach is solely due to the Collateral Agent's breach of its obligations set forth in Section 19(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Prior to the Bitcoin Conversion Deadline, the Company shall not request a transfer or withdrawal of funds in excess of the Bitcoin Cash Cap from the Cash Collateral Account through any single transfer or withdrawal. Any funds transferred or withdrawn from the Cash Collateral Account shall only be used to promptly purchase Bitcoin that is immediately delivered to the Bitcoin Escrow Account upon such purchase (and to pay only customary transaction costs and commissions incurred in connection with such purchases) or to fund the implementation of the Company's Bitcoin treasury strategy in an amount up to the Bitcoin Strategy Expense Cap. Following any transfer or withdrawal of funds from the Cash Collateral Account, the Company shall not be permitted to request a transfer or withdrawal of additional funds from the Cash Collateral Account until such time as the Company has complied with the immediately preceding sentence, at which time the Company may again request a transfer or withdrawal of funds from the Cash Collateral Account to purchase or cause any Grantor to purchase additional Bitcoin up to the available Bitcoin Cash Cap. For example (and for illustrative purposes only), if (after expending proceeds to fund the implementation of the Company's Bitcoin treasury strategy in an amount equal to the Bitcoin Strategy Expense Cap), the Company transferred $30,000,000 from the Cash Collateral Account, it could not transfer additional funds from the Cash Collateral Account until it deposited the Bitcoin purchased with such $30,000,000 into the Bitcoin Escrow Account. So long as (i) no Default or Event of Default has occurred and is then continuing, and (ii) the Company has provided the Collateral Agent a notice, in the form attached hereto as <u>Exhibit II</u> (a "<u>Withdrawal Notice</u>"), and, for any requested transfers or withdrawals following the first transfer or withdrawal after the Issuance Date, supporting documentation from the Custodian of the Bitcoin Escrow Account (*e.g*., account statements, transaction history, escrow deposit receipts, or other similar documentation) reasonably satisfactory to the Collateral Agent evidencing that any previously withdrawn or transferred funds from the Cash Collateral Account were used by the Company to purchase Bitcoin that was deposited into the Bitcoin Escrow Account in accordance with the terms of this Section 19(b), then the Collateral Agent shall promptly provide instructions to the Cash Collateral Bank to release the funds from the Cash Collateral Account requested by the Company in the amount set forth in the Withdrawal Notice, which shall not exceed the available Bitcoin Cash Cap in accordance with this Section 19(b) and, for the avoidance of doubt, shall be used solely for the purchase of Bitcoin. For the avoidance of doubt, the Company may submit multiple Withdrawal Notices on any given Business Day, subject to the terms of this Section 19(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;As of the Issuance Date and immediately following the closing of the issuance of the Debentures and the Common Equity Private Placement (as defined in the Purchase Agreement), the Loan-to-Collateral Ratio shall be less than or equal to the Closing Loan-to-Collateral Ratio Compliance Level; provided that if, as of the Issuance Date, the Loan-to-Collateral Ratio is greater than the Loan-to-Collateral Ratio Compliance Level (a "<u>Shortfall Event</u>"), then on the ninetieth (90<sup>th</sup>) day following the Issuance Date (the "<u>Make-Whole Date</u>"), the Company shall cause to be deposited into the Cash Collateral Account such portion of the

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aggregate net proceeds received by the Company in respect of (i) the exercise of the Common Warrants and (ii) any Exempt At-the-Market Offering (as defined in the Purchase Agreement) prior to the Make-Whole Date (such aggregate proceeds, the "<u>Subject Proceeds</u>"), in an aggregate amount equal to the amount of additional collateral that would have been required to cause the Loan-to-Collateral Ratio to be equal to the Loan-to-Collateral Ratio Compliance Level (which shall include all proceeds deposited in the Cash Collateral Account on the Issuance Date that were transferred from the Cash Collateral Account to fund general and administrative costs and expenses related to the implementation of the Company's Bitcoin treasury strategy), as measured as of the Issuance Date (such amount, the "<u>Shortfall Amount</u>"); provided further that if the Subject Proceeds are less than the Shortfall Amount, the Company, in its sole discretion, may either: (1) cause additional cash to be deposited into the Cash Collateral Account in an amount equal to the difference between the Shortfall Amount and the Subject Proceeds, or (2) pay additional interest on the outstanding Principal balance hereof in accordance with Section 19(h), in which case the Company shall not be required to deposit any additional cash into the Cash Collateral Account. The Company shall provide the Holder with prompt written notice prior to the Marke-Whole Date (an "<u>Additional Interest Election Notice</u>") if it elects option (2) pursuant to the foregoing sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Other than the Collateral used or released in accordance with the foregoing clauses (a), (d) or (e), or as provided in the following clause (g), the Company shall not (and shall not permit the Grantors to) transfer, permit any encumbrance or otherwise dispose of any Collateral other than the transfer of Bitcoin Collateral (or cash held in the Cash Collateral Account for the

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purchase of Bitcoin) to the Grantors (or from one Grantor to another Grantor); provided that (i) in the case of a transfer to the Grantors following the Issuance Date, the Grantors, to the extent not a Grantor party to the Guaranty and Security Agreement as of the Issuance Date, shall have first complied with Sections 2.05 and 4.03 of the Guaranty and Security Agreement and (ii) any cash, Cash Equivalents or Bitcoin transferred to the Grantors following the Issuance Date shall at all times remain on deposit in the Cash Collateral Account or Bitcoin Escrow Account (or any replacement Cash Collateral Account or Bitcoin Escrow Account approved by the Collateral Agent in its sole discretion at a custodian approved by the Collateral Agent in its sole discretion), as applicable, and subject to the first priority Lien and security interest in favor of the Collateral Agent for the benefit of the Secured Parties (as defined in the Guaranty and Security Agreement). For the avoidance of doubt, neither the Company nor any of its affiliates shall be subject to any restrictions under the Transaction Documents in respect of Bitcoin that has been released as, or that does not otherwise constitute, Bitcoin Collateral (including all Bitcoin that is not purchased with the net proceeds of the issuance of the Debentures or the Common Equity Private Placement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of this definition or anything in this Debenture or any other Transaction Document to the contrary, (i) the Collateral requirements thereunder shall not require any control agreement, lockbox or similar arrangement with respect to any deposit account, securities account, commodities account or other bank account, or otherwise take or perfect a security interest with control (other than with respect to the Bitcoin Escrow Account and/or the Cash Collateral Account to the extent required under the Debentures and the Collateral Documents); and (b) no actions (x) in any non-U.S. jurisdiction or (y) required by the laws of any non-U.S. jurisdiction shall be required to be taken to create, perfect or maintain any security interest or make enforceable any security interests or otherwise (it being understood that there shall be no Collateral Document (or other security agreements or pledge agreements) governed by any non-U.S. jurisdiction). As used in this Debenture, "<u>Collateral Documents</u>" means the Guaranty and Security Agreement, any control agreement with respect to the Bitcoin Escrow Account and/or the Cash Collateral Account (including financing statements under the UCC of the relevant states), and the escrow agreement or similar securities control agreement with respect to the Bitcoin Escrow Account, each as amended, supplemented, restated, renewed, replaced or otherwise modified from time to time, to secure any obligations under the Debentures or under which rights or remedies with respect to the Lien are governed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Interest</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;(1) &nbsp;&nbsp;&nbsp;&nbsp;If the Company elects to pay additional interest under Section 19(c), then from and after the Issuance Date until but not including the first anniversary of the Issuance Date (the "<u>Additional Interest Period</u>"), additional interest shall accrue on the outstanding Principal balance hereof at an annual rate equal to five percent (5.0%) (such interest, the "<u>Additional Interest</u>"). Additional Interest shall be calculated based on a 365- day year and the actual number of days elapsed, to the extent permitted by applicable law. Additional Interest shall accrue during the Additional Interest Period and shall be due and payable on each Interest Payment Date or upon the acceleration (including, for the avoidance of doubt, in connection with Section 3(b)), redemption (including, for the avoidance of doubt, in connection with Section 2(b) and Section 2(c)) or conversion of the outstanding Principal. At the election of the Company, Additional Interest shall be

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payable by either (A) issuing to Holder a number of Ordinary Shares, represented by ADSs (the "<u>Interest ADSs</u>") determined in accordance with the formula set forth in Section 19(h)(2) below, provided that (x) the Equity Conditions are satisfied as of the applicable Interest Payment Date and (y) the Company has notified the Holder in writing (an "<u>Interest ADS Notice</u>") that it has elected to pay the Additional Interest in Interest ADSs no later than ten (10) Trading Days prior to the applicable Interest Payment Date, or (B) in cash. Notwithstanding the foregoing, the ability of the Company to elect payment of Additional Interest in Interest ADSs shall be subject to the conversion limitations set forth in Section 4(c)(i), which shall apply *mutatis mutandis*. Failure to timely deliver an Interest ADS Notice to the Holder shall be deemed an election by the Company to pay the Additional Interest with respect to such Interest Payment Date in cash. Notwithstanding anything herein to the contrary, the Company will not have the right to, and will not, make any payment of Additional Interest (or any applicable portion thereof) in Interest ADSs if the Equity Conditions are not satisfied for each VWAP Trading Day occurring between the date of delivery of the Interest ADS Notice and the applicable Interest Payment Date (and the Company shall certify in writing to the Holder on the applicable Interest Payment Date that the Equity Conditions have continued to have been satisfied during such period), and such payment of Additional Interest (or any applicable portion thereof) shall instead be paid in cash on such Interest Payment Date, unless such failure of the Equity Conditions to be so satisfied is waived in writing by the Required Holders, which waiver may be granted or withheld by the Required Holders in their sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;If the Company elects to pay Additional Interest in Interest ADSs, the number of Interest ADSs issuable on any Interest Payment Date shall be equal to the quotient (rounded down to the nearest whole share, with cash paid in lieu of any fractional share) obtained by dividing (a) the amount of Additional Interest to be paid in Interest ADSs on such Interest Payment Date, by (b) the lower of (x) the Discounted VWAP and (y) the Conversion Price.

[*Signature Page Follows*]

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**IN WITNESS WHEREOF**, the Company has caused this Convertible Secured Debenture to be duly executed by a duly authorized officer as of the date set forth above.

---

| | |
|:---|:---|
| **<u>COMPANY</u>:** | **<u>COMPANY</u>:** |
| **SEQUANS COMMUNICATIONS S.A.** | **SEQUANS COMMUNICATIONS S.A.** |
| By: | &nbsp;&nbsp;/s/ Georges Karam |
| Name: | &nbsp;&nbsp;Georges Karam |
| Title: | &nbsp;&nbsp;Chief Executive Officer |

---

------

**EXHIBIT I**

**<u>CONVERSION NOTICE</u>**

**(To be executed by the Holder in order to Convert the Secured Convertible Debenture)**

**To: Sequans Communications S.A.**

**Via Email:**

The undersigned hereby irrevocably elects to convert a portion of the outstanding and unpaid Conversion Amount of Secured Convertible Debenture No. SQNS-[2] into ADSs of Sequans Communications S.A., according to the conditions stated therein, as of the Conversion Date written below.

**Conversion Date:**

**Principal Amount to be Converted:**

**Accrued Interest to be Converted:**

**Total Conversion Amount to be Converted:**

**Conversion Price:**

**Number of ADSs to be issued:**

**Number of Pre-Funded Warrants, if any, to be issued:**

**Please issue the ADSs in the following name and deliver them to the following account:** 

**Issue to:**

**Broker DTC Participant Code:**

**Account Number:**

**Authorized Signature:**

**Name:**

**Title:**

**Please issue and deliver the Pre-Funded Warrants, if any, to:**

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**Exhibit II**

**<u>Withdrawal Notice</u>**

Hudson Bay PH XVI Ltd

[Address]

Attention: [_____]

Email Address: [_____]

Date:

**Re: Withdrawal Notice pursuant to the Secured Convertible Debentures, dated [_____], 2025**

**Cash Collateral Account No. _____________**

We refer to those certain Secured Convertible Debentures, issued on [●], 2025 in the aggregate principal amount of $[●]. Capitalized terms in this letter that are not otherwise defined shall have the same meaning given to them in the Secured Convertible Debentures.

Pursuant to Section [19(b)] of the Secured Convertible Debentures, the Company instructs Collateral Agent to cause the Cash Collateral Bank to release the portion of the funds in the Cash Collateral Account specified below to the Custodian, for the purchase of Bitcoin, as follows:

Amount (In numerals):

Amount (In writing):

Beneficiary:

City:

Country:

**US Instructions:**

Bank

Bank address

ABA Number:

Credit A/C Name:

Credit A/C #:

Credit A/C Address:

If Applicable:

FFC A/C Name:

FFC A/C #:

FFC A/C Address:

---

| | |
|:---|:---|
| **<u>COMPANY:</u>** | **<u>COMPANY:</u>** |
| **SEQUANS COMMUNICATIONS S.A.** | **SEQUANS COMMUNICATIONS S.A.** |
| By: |  |
| Name: | Georges Karam |
| Title: | Chief Executive Officer |

---

## Exhibit 4.7

**Exhibit 4.7**

***Execution Version***

**NEITHER THIS DEBENTURE NOR THE SECURITIES INTO WHICH THIS DEBENTURE IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE. THESE SECURITIES HAVE BEEN SOLD IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.**

**FOR PURPOSES OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>CODE</u>"), THIS DEBENTURE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT. THE HOLDER (AS DEFINED BELOW) MAY CONTACT DR. GEORGES KARAM AT +33 1 70 72 16 00, WHO WILL, NOT LATER THAN TEN DAYS AFTER THE DATE HEREOF, PROMPTLY MAKE AVAILABLE TO THE HOLDER, UPON REQUEST, THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND ISSUANCE DATE OF THIS DEBENTURE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THIS DEBENTURE, AND (3) THE YIELD TO MATURITY OF THIS DEBENTURE.**

**SEQUANS COMMUNICATIONS S.A.**

**SECURED CONVERTIBLE DEBENTURE**

**Principal Amount:&nbsp;&nbsp;&nbsp;&nbsp;$30,000,000**

**Debenture Issuance Date: July 7, 2025** 

**Debenture Number: SQNS-3**

FOR VALUE RECEIVED, Sequans Communications S.A., a société anonyme incorporated in the French Republic (the "<u>Company</u>"), hereby promises to pay to the order of MMCAP International Inc. SPC, or its registered assigns (the "<u>Holder</u>") the amount set out above as the principal amount (as reduced or increased pursuant to the terms hereof pursuant to redemption, conversion or otherwise, the "<u>Principal</u>") when due, whether upon the Maturity Date (as defined below), acceleration, or redemption (in each case in accordance with the terms hereof) and to pay interest ("<u>Interest</u>") on any outstanding Principal at the applicable Interest Rate from the date set out above as the Debenture Issuance Date (the "<u>Issuance Date</u>") until the same becomes due and payable, whether upon the Maturity Date or acceleration, conversion, redemption or otherwise (in each case in accordance with the terms hereof). This Secured Convertible Debenture (including all debentures issued in exchange, transfer or replacement hereof, this "<u>Debenture</u>") was originally issued pursuant to the Secured Convertible Debenture Purchase Agreement dated as of June 22, 2025, as it may be amended from time to time (the "<u>Purchase Agreement</u>") between the Company and the Buyers listed on the Schedule of Buyers attached thereto. Certain capitalized terms used

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herein are defined in Section (17). All Obligations owed by the Company to the Holder under this Debenture and each other Transaction Document are guaranteed by the Guarantors pursuant to the Guaranty and Security Agreement and secured by the Guarantors pursuant to the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;<u>GENERAL TERMS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Maturity Date</u>. On the Maturity Date, the Company shall pay to the Holder an amount in cash representing all outstanding Principal, accrued and unpaid Interest, and any other amounts outstanding pursuant to the terms of this Debenture. The "<u>Maturity Date</u>" shall be July 7, 2028. Other than as specifically permitted by this Debenture under Section 2(a), the Company may not prepay or redeem any portion of the outstanding Principal and/or accrued and unpaid Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate and Payment of Interest</u>. (i) From and after the first anniversary date of the Issuance Date until, but not including, the second anniversary date of the Issuance Date, interest shall accrue on the outstanding Principal balance hereof at an annual rate equal to 6.00% and (ii) from and after the second anniversary date of the Issuance Date, interest shall accrue on the outstanding Principal balance hereof at an annual rate equal to 8.00% (such applicable interest rate, the "<u>Interest Rate</u>"), which Interest Rate shall, in connection with the occurrence of an Event of Default, increase to the Default Rate upon written notice executed by the Required Holders (as defined in the Purchase Agreement) to the Company retroactively to the date of the occurrence of such Event of Default. Interest shall be calculated based on a 365- day year and the actual number of days elapsed, to the extent permitted by applicable law. Interest shall accrue during the term of this Debenture and shall be due and payable on each Interest Payment Date or upon the acceleration (including, for the avoidance of doubt, in connection with Section 3(b)), redemption (including, for the avoidance of doubt, in connection with Section 2(b) and Section 2(c)) or conversion of the outstanding Principal. Additional Interest may be payable pursuant to Section 19(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment Dates</u>. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding</u>. All payments and deliveries made by, or on behalf of, the Company (or any Successor Company) under or with respect to this Debenture (including in connection with any conversion described in Section (4)), shall be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied ("<u>Applicable Taxes</u>") by or within France or any jurisdiction in which the Company (or any Successor Company) is, for tax purposes, organized or resident or doing business (each, as applicable, a "<u>Relevant Taxing Jurisdiction</u>") or through which payment is made or deemed made (together with each Relevant Taxing Jurisdiction, a "<u>Relevant Jurisdiction</u>," and in each case, any political subdivision or taxing authority thereof or therein), unless such withholding or deduction is required by law or by regulation or governmental policy having the force of law. In the event that any such withholding or deduction is so required in a Relevant Jurisdiction, the Company (or the Successor Company) shall pay such additional amounts ("<u>Additional Amounts</u>") as may be necessary to ensure that the net amount received by the Holder after such withholding or deduction (and after deducting any Applicable Taxes on the Additional

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Amounts) under a Relevant Jurisdiction shall equal the amounts that would have been received by such beneficial owner had no such withholding or deduction been required; *provided* that no Additional Amounts shall be payable for or on account of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;any tax, duty, assessment or other governmental charge that would not have been imposed but for:

&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;(i)&nbsp;&nbsp;&nbsp;&nbsp;the failure of the Holder to comply with a timely reasonable request from the Company, addressed to the Holder to provide certification or other documents concerning such Holder's nationality, residence, identity or connection with the Relevant Jurisdiction, or to make any declaration or satisfy any other reporting requirement relating to such matters, if and to the extent that due and timely compliance with such request is required by statute, regulation or administrative practice of the Relevant Jurisdiction in order to reduce or eliminate any withholding or deduction as to which Additional Amounts would have otherwise been payable to the Holder and so long as the completion, execution or submission of such certification or documents would not materially prejudice the legal or commercial position of the Holder;

&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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;(A) the existence of any present or former connection between the Holder and any non-cooperative jurisdiction (Etat ou territoire non coopératif) within the meaning of Section 238-0 A of the French tax code (as this list may be amended from time to time), or (B) the presentation of this Debenture (or any portion hereof) for payment or payment on this Debenture (or any portion hereof) otherwise made to a bank account open in a non-cooperative jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;any tax, duty, assessment or other governmental charge that is payable otherwise than by withholding or deduction from payments under or with respect to this Debenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;any tax required to be withheld or deducted under Sections 1471 to 1474 of the Code (or any amended or successor versions of such Sections that are substantively comparable and not materially more onerous to comply with) ("<u>FATCA</u>"), any agreement described in Section 1471(b) of the Code, or any current or future regulations or other official guidance thereunder, any intergovernmental agreement entered into in connection with FATCA, or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA; 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;(5)&nbsp;&nbsp;&nbsp;&nbsp;any combination of taxes, duties, assessments or other governmental charges referred to in the preceding clauses (1), (2), (3) or (4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Treatment</u>. (i) The parties hereto shall treat this Debenture as debt for U.S. federal (and applicable state and local) income tax purposes and shall prepare and file all tax returns consistent with, and not otherwise take any position inconsistent with, such treatment unless required by applicable law; (ii) the parties hereto agree that (x) the Debentures and the Common Warrants (as defined in the Purchase Agreement) shall be treated as an "investment unit"

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within the meaning of Section 1273(c)(2) of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder, (y) the issue price of the investment unit will be allocated between the Debentures and such Common Warrants based on their relative fair market values on the Issuance Date for U.S. federal income tax purposes, as determined collectively by the Company and the Required Holders acting in good faith, and (z) no party hereto shall take a position contrary to the foregoing on any tax return unless required by an applicable change in law after the Issuance Date or the good faith resolution of a tax audit or other tax proceeding; (iii) the Company represents that it was not a "passive foreign investment company" for U.S. federal income tax purposes for the year ending December 31, 2024 and does not as of the date hereof have knowledge that it will be a "passive foreign investment company" for the year ending December 31, 2025 or the foreseeable future; (iv) the Company shall make due inquiry with its tax advisors regarding the Company's status as a "passive foreign investment company" for the year ending December 31, 2025 and each subsequent year; and (v) if the Company determines that it is a "passive foreign investment company" for any years during which the Holder has owned this Debenture, the Company will promptly notify the Holder of its determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;<u>PAYMENTS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have the right, but not the obligation, to redeem ("<u>Optional Redemption</u>") in cash a portion or all amounts outstanding under this Debenture at the Redemption Amount (as defined below) as described in this Section 2(a); *provided*, that (a) the Company provides the Holder with at least: (i) in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger," 30 Trading Days' prior written notice, or (ii) in the case of an Optional Redemption pursuant to clause (y) of the definition of "Closing Price Trigger," 5 Trading Days' prior written notice, of its desire to exercise an Optional Redemption (each, a "<u>Redemption Notice</u>"), (b) such Redemption Notice sets forth a redemption date for consummating the Optional Redemption (the "<u>Redemption Date</u>") that is scheduled to be a New York Business Day that occurs on or after the first anniversary date of the Issuance Date, (c) in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger," the Equity Conditions are satisfied on each Trading Day during the period commencing on the date the Redemption Notice is delivered to the Holder and ending on and including the date upon which the Redemption Amount is delivered to the Holder (the "<u>Redemption Equity Condition Period</u>"), (d) the Closing Price Trigger is satisfied as of the date the Redemption Notice is delivered to the Holder and (e) the Company must have, on or prior to 8:30 a.m., New York City time, on the Trading Day on which such Redemption Notice is delivered, publicly disclosed any material, non-public information regarding the Company (including the fact that the Company is effecting an Optional Redemption) on a Form 6-K or otherwise. Each Redemption Notice shall be irrevocable and shall (x) specify the outstanding Principal balance of this Debenture to be redeemed and the Redemption Amount and (y) in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger," certify that the Equity Conditions are satisfied as of the date of such Redemption Notice. The "<u>Redemption Amount</u>" shall be, (x) in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger", an amount equal to the outstanding Principal balance being redeemed by the Company, *plus* all accrued and unpaid Interest in respect of such Principal balance to, but not including, such Redemption Date, *plus* the Payment Premium in respect of such Principal balance and accrued and unpaid Interest and (y) in the case of an Optional Redemption pursuant to clause (y) of the definition of "<u>Closing Price</u> 

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<u>Trigger</u>", an amount equal to the *sum of* (A) the *product of* (*x*) the outstanding Principal balance being redeemed by the Company *multiplied by* (*y*) 108% *plus* (B) the Payment Premium with respect to all accrued and unpaid Interest in respect of such Principal balance to, but not including, such Redemption Date. After receipt of a Redemption Notice, the Holder shall have the right to elect to convert all or any portion of the outstanding Principal balance being redeemed by the Company (and accrued and unpaid Interest thereon) in accordance with Section (4) until the New York Close of Business on the New York Business Day immediately preceding the applicable Redemption Date. Provided that the Equity Conditions are satisfied (solely in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger") and the Company is not in possession of material non-public information, on the Redemption Date, the Company shall (x) deliver to the Holder the Redemption Amount with respect to the Principal amount redeemed to the extent not converted in accordance with the immediately preceding sentence and Section (4) and (y) in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger," certify in writing that the Equity Conditions have continued to have been satisfied on each Trading Day during the Redemption Equity Conditions Period and that the Company is not in possession of material non-public information. Any Optional Redemption in respect of less than all of the Principal outstanding under all the Debentures shall be applied ratably across all outstanding Debentures, including this Debenture. Notwithstanding the foregoing, this Section 2(a) will cease to have any force and effect if an Event of Default or Default has occurred hereunder, and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;On the Specified Repurchase Date, the Holder shall have right, at the Holder's option, to require the Company to repurchase for cash all of or any portion of the Principal of this Debenture at a repurchase price equal to the outstanding Principal balance to be so repurchased, *plus* all accrued and unpaid interest hereunder as of the Specified Repurchase Date. In order to exercise such right, the Holder must provide the Company notice of such exercise no later than the New York Close of Business on the fifth (5th) New York Business Day immediately preceding the Specified Repurchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If a Fundamental Change occurs at any time, the Holder shall have the right, at such Holder's option, to require the Company to repurchase for cash all or any portion of the Principal of this Debenture on the New York Business Day notified in writing (the "<u>Fundamental Change Repurchase Date</u>") by the Holder that is not more than twenty (20) Business Days after the later of (x) the date that the Company delivers to the Holder the Fundamental Change Company Notice (as defined below) and (y) the effective date of such Fundamental Change at a repurchase price equal to the outstanding Principal balance to be so repurchased, *plus* all accrued and unpaid interest hereunder as of the Fundamental Change Repurchase Date, *plus* the Payment Premium in respect of such Principal balance and accrued and unpaid Interest. In order to exercise such right, the Holder must provide the Company notice of such exercise no later than the New York Close of Business on the New York Business Day immediately preceding the Fundamental Change Repurchase Date. The Company shall provide notice of the occurrence of a Fundamental Change no later than the fifth (5<sup>th</sup>) New York Business Day after the occurrence of such Fundamental Change (the "<u>Fundamental Change Company Notice</u>").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Other than as specifically set forth in clause (a) above, the Company shall not have the right to make any early repayments, redemptions or repurchases without the consent or at the request of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;<u>EVENTS OF DEFAULT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;An "<u>Event of Default</u>", wherever used herein, means any one of the following events (whatever the reason and whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or regulation of any administrative or governmental body):

&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)&nbsp;&nbsp;&nbsp;&nbsp;The Company's or any Guarantor's failure (x) to pay to the Holder any amount of Principal after such payment is due, or any Redemption Amount, Payment Premium, Additional Amount, amount due pursuant to Section 4(b)(ii) or other amounts when and as due under this Debenture (other than Interest) or any other Transaction Document or (y) to pay to the Holder Interest or Additional Interest when and as due under this Debenture and such failure pursuant to this clause (y) continues for a period of two (2) Business Days (for the avoidance of doubt, the Event of Default set forth in this Section 3(a)(i) shall be immediate and not subject to cure);

&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)&nbsp;&nbsp;&nbsp;&nbsp;(A) The Company, any Guarantor or any Significant Subsidiary of the Company shall commence, or there shall be commenced against the Company, any Guarantor or any Significant Subsidiary of the Company, any proceeding under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or the Company, any Guarantor or any Significant Subsidiary of the Company commences, or there shall be commenced against the Company, any Guarantor or any Significant Subsidiary of the Company, any other proceeding under any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, liquidation or similar law of any jurisdiction whether now or hereafter in effect, which remains undismissed for a period of sixty one (61) days, including for the avoidance of doubt, as applicable, certain French law proceedings affecting creditors, including conciliation proceedings (*mandat ad hoc* or *procédure de conciliation*), safeguard proceedings (*procédure de sauvegarde*), accelerated safeguard (sauvegarde accélérée) and judicial reorganization or liquidation proceedings (*redressement* or *liquidation judiciaire*)); (B) the Company, any Guarantor or any Significant Subsidiary of the Company is adjudicated insolvent or bankrupt; (C) any order of relief or other order approving any such case or proceeding is entered; (D) the Company, any Guarantor or any Significant Subsidiary of the Company suffers any appointment of any custodian, private or court appointed receiver or the like for it or all or substantially all of its property which continues undischarged or unstayed for a period of sixty one (61) days; (E) the Company, any Guarantor or any Significant Subsidiary of the Company makes a general assignment of all or substantially all of its assets for the benefit of creditors; (F) the Company, any Guarantor or any Significant Subsidiary of the Company shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; (G) the Company, any Guarantor or any Significant Subsidiary of the Company shall call a meeting of its creditors with a view to restructuring its debts; or (H) the Company, any Guarantor or any Significant Subsidiary of the Company shall by any act or failure to act expressly indicate its consent to, approval of or acquiescence in any of the foregoing;

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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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Company or any Significant Subsidiary of the Company shall default in any of its obligations under any note, debenture, or any mortgage, credit agreement or other facility, indenture agreement, factoring agreement or other instrument under which there may be issued, or by which there may be secured or evidenced, any indebtedness for borrowed money or money due under any long term leasing or factoring arrangement of the Company or any Significant Subsidiary of the Company in an amount exceeding $5,000,000, whether such indebtedness now exists or shall hereafter be created and such default shall result in such indebtedness becoming or being declared due and payable prior to its stated maturity (for the avoidance of doubt, the Event of Default set forth in this Section 3(a)(iii) shall be immediate and not subject to cure);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;A final judgment or judgments for the payment of money aggregating in excess of $5,000,000 are rendered against the Company and/or any of its Subsidiaries and which judgments are not, within thirty (30) days after the entry thereof, bonded, discharged, settled or stayed pending appeal, or are not discharged within thirty (30) days after the expiration of such stay; *provided, however*, any judgment which is covered by insurance or an indemnity from a credit worthy party shall not be included in calculating the $5,000,000 amount set forth above so long as the Company provides the Holder a written statement from such insurer or indemnity provider to the effect that such judgment is covered by insurance or an indemnity and the applicable insurance or indemnity coverage has not been denied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;(A) Any failure to timely deliver an Event of Default Notice or a Fundamental Change Company Notice required pursuant to the Transaction Documents, or (B) any delivery of an Event of Default Notice, Fundamental Change Company Notice, or any other required notice or certification required pursuant to the Transaction Documents (including, for the avoidance of doubt, a required certification that the Equity Conditions have been satisfied or as to whether any Event of Default has occurred), in each case, that is materially false or inaccurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;The suspension from trading or failure of the ADSs to be trading or listed on the Company's Principal Market (measured in terms of trading volume for its ADSs) on which the ADSs are traded for a period of five (5) consecutive Trading Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;The Company's (A) failure to deliver the required number of ADSs to the Holder within one (1) Trading Day after the applicable ADS Delivery Date or Interest Payment Date (as applicable) or (B) notice, written or oral, to any Holder, including by way of public announcement, at any time, of its intention not to comply with a request for conversion of any Debenture into ADS that tendered for conversion in accordance with the provisions of the Debenture, other than pursuant to Section (4)(c) (for the avoidance of doubt, the Event of Default set forth in this Section 3(a)(vii) shall be immediate and not subject to cure);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;[*Reserved*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;The Company's failure to timely file with the Commission any Periodic Report that would cause the Company to lose its eligibility to register securities on Form F-3, on or before the due date of such filing as established by the Commission, it being understood, for the

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avoidance of doubt, that such due date includes any permitted filing deadline extension under Rule 12b-25 under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;Any representation or warranty made or deemed to be made by or on behalf of the Company or any Guarantor in or in connection with any Transaction Document, or any waiver hereunder or thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with any Transaction Document, shall prove to have been incorrect in any material respect when made or deemed made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;(A) Any material provision of any Transaction Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder, ceases to be in full force and effect; (B) the Company or any Guarantor contests in writing the validity or enforceability of any provision of any Transaction Document; or (C) the Company or any Guarantor denies in writing that it has any or further liability or obligation under any Transaction Document, or purports in writing to revoke, terminate (other than in line with the relevant termination provisions) or rescind any Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;The Company uses the net proceeds of the issuance of this Debenture, whether directly or indirectly, for any purpose other than the purchase of Bitcoin as required under Section 4(b) of the Purchase Agreement; provided, such restriction on the use of proceeds shall not apply in respect of any Bitcoin that is released in accordance with Section 19(f);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;Any breach of a material term set forth in (A) any other debenture, note, or instrument held by the Holder in the Company or (B) any written agreement between or among the Company and the Holder, in each case, beyond all applicable notice and cure periods set forth therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;&nbsp;&nbsp;(A) The Registration Statement (as defined in the Registration Rights Agreement) shall not have been filed, declared effective or remained in effect, in each case, as required by the Registration Rights Agreement; or (B) the Company fails to remove any restrictive legend on any certificate or any ADSs issued to the Holder pursuant to the Debenture or any Pre-Funded Warrants acquired by the Holder under the Purchase Agreement (including this Debenture) as and when required by the Debenture or the Purchase Agreement, unless otherwise then prohibited by applicable federal securities laws and such failure continues for more than five (5) Trading Days (for the avoidance of doubt, the Event of Default set forth in this Section 3(a)(xiv)(B) shall be immediate following such five (5) Trading Day period and not subject to cure);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)&nbsp;&nbsp;&nbsp;&nbsp;Any material provision of any Security Document shall at any time for any reason (other than pursuant to the express terms thereof or (other than action or inaction on the part of the Holder, the Collateral Agent or any of their respective agents)) cease to be valid and binding on or enforceable against the Company or any Guarantor, or the validity or enforceability thereof shall be contested by any party thereto or any other Person, or a proceeding shall be commenced by the Company, any Guarantor or any Subsidiary or any Governmental Entity having jurisdiction over any of them, seeking to establish the invalidity or unenforceability thereof, or the Company, any Guarantor or any Subsidiary shall deny in writing that it has any liability or obligation purported to be created under any Security Document;

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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;(xvi)&nbsp;&nbsp;&nbsp;&nbsp;Any Security Document shall for any reason fail or cease to create a valid and perfected and first priority Lien (as defined in the Guaranty and Security Agreement) in the applicable Collateral (as defined in the Guaranty and Security Agreement) in favor of the Collateral Agent for the benefit of the Holder of this Debenture and the holders of the Other Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)&nbsp;&nbsp;&nbsp;&nbsp;The Company or any Guarantor shall fail to observe or perform any covenant, agreement or warranty contained in, or otherwise commit any breach or default of any provision of (x) this Debenture (except as may be covered by Section (3)(a)(i) through (3)(a)(xvi) hereof and Section (3)(a)(xviii) hereof) other than Section 19 hereof (other than (x) the obligation to pay Additional Interest pursuant to Section 19(h), which shall be covered by Section 3(a)(i) hereof, (y) the obligation to issue Interest ADSs on the applicable Interest Payment Date pursuant to Section 19(h), which shall be covered by Section 3(a)(vii) hereof and (z) the obligation to deposit the Shortfall Amount into the Cash Collateral Account or otherwise deliver an Additional Interest Election Notice to the Holder pursuant to Section 19(c), which shall be covered by Section 3(a)(xviii) hereof) or any other Transaction Document (other than any Security Document) which is not cured or remedied within the time prescribed or if no time is prescribed either: (1) within five (5) Business Days after the earlier to occur of the Company becoming aware of such failure or of the Company receiving written notice thereof from a Holder, or (2) provided that such failure is curable or otherwise capable of remedy and on or before the fifth (5<sup>th</sup>) Business Day after the earlier to occur of the Company becoming aware of such failure or of the Company receiving written notice thereof from a Holder the Company or any Guarantor has commenced commercially reasonable efforts to effect such cure or remedy and is at all times thereafter continuing such commercially reasonable efforts to effect such cure or remedy, within twenty (20) Business Days after the earlier to occur of the Company becoming aware of such failure or of the Company receiving written notice thereof from a Holder or (y) Section 19 of this Debenture (other than (x) the obligation to pay Additional Interest pursuant to Section 19(h), which shall be covered by Section 3(a)(i) hereof, (y) the obligation to issue Interest ADSs on the applicable Interest Payment Date pursuant to Section 19(h), which shall be covered by Section 3(a)(vii) hereof and (z) the obligation to deposit the Shortfall Amount into the Cash Collateral Account or otherwise deliver an Additional Interest Election Notice to the Holder pursuant to Section 19(c), which shall be covered by Section 3(a)(xviii) hereof) or any Security Document which is not cured or remedied within the time prescribed or if not subject to cure, immediately upon such breach, default or any failure to observe or perform any covenant, agreement or warranty contained in Section 19 of this Debenture (other than (x) the obligation to pay Additional Interest pursuant to Section 19(h), which shall be covered by Section 3(a)(i) hereof, (y) the obligation to issue Interest ADSs on the applicable Interest Payment Date pursuant to Section 19(h), which shall be covered by Section 3(a)(vii) hereof and (z) the obligation to deposit the Shortfall Amount into the Cash Collateral Account or otherwise deliver an Additional Interest Election Notice to the Holder pursuant to Section 19(c), which shall be covered by Section 3(a)(xviii) hereof) or any Security Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)&nbsp;&nbsp;&nbsp;&nbsp;On or prior to the Make-Whole Date, the Company shall have failed to deposit any required Shortfall Amount into the Cash Collateral Account or otherwise deliver an Additional Interest Election Notice with respect to such Shortfall Amount to the Holder (for the

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avoidance of doubt, the Event of Default set forth in this Section 3(a)(xviii) shall be immediate and not subject to cure).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Promptly, but in no event later two (2) Business Day after the Company becomes aware of an Event of Default, the Company will provide written notice of such Event of Default to the Holder (an "<u>Event of Default Notice</u>"), which Event of Default Notice shall include (i) a reasonable description of the applicable Event of Default, (ii) the date on which the Event of Default occurred and (iii) the date on which the Default underlying such Event of Default initially occurred, if different than the date on which the Event of Default occurred. During the time that any portion of this Debenture is outstanding, if any Event of Default has occurred and is continuing (other than an event with respect to the Company described in Section (3)(a)(ii)), the Holder, by notice to the Company, may declare this Debenture (or any portion thereof) to become due and payable on the Business Day immediately following the date of such notice (the "<u>Event of Default Acceleration Date</u>") for cash in an amount equal to the Event of Default Acceleration Amount (at which point the underlying Event of Default may not be cured); *provided* that, in the case of any event with respect to the Company described in Section (3)(a)(ii), the full unpaid Principal amount of this Debenture, together with accrued and unpaid interest and other amounts owing in respect thereof and other Obligations accrued hereunder and under the other Transaction Documents, to the date of acceleration, shall automatically become due and payable, in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company. Furthermore, in addition to any other remedies, the Holder shall have the right (but not the obligation) to convert, at the Conversion Price, on one or more occasions all or part of the Conversion Amount in accordance with Section (4) and subject to the limitations in Section (4)(c) at any time after (x) an Event of Default has occurred and is continuing; *provided* that, upon receipt of a Conversion Notice arising after the occurrence and during the continuance of an Event of Default, the underlying Event of Default may not be cured, or (y) the Maturity Date; *provided* that this Debenture remains outstanding, at the Conversion Price. The Holder need not provide and the Company hereby waives any presentment, demand, protest or other notice of any kind, (other than required notice of conversion) and the Holder may immediately enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Such declaration may be rescinded and annulled by the Holder in writing at any time prior to payment hereunder. No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;<u>CONVERSION OF DEBENTURE</u>. This Debenture shall be convertible into Ordinary Shares deposited for the delivery of ADSs, on the terms and conditions set forth in this Section (4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Conversion Right</u>. Subject to the limitations of Section (4)(c), at any time or times on or after the Issuance Date, the Holder shall be entitled to convert any portion of the outstanding and unpaid Conversion Amount into fully paid and nonassessable Ordinary Shares deposited for the delivery of ADSs in accordance with Section (4)(b), at the Conversion Price (as defined below). The number of Ordinary Shares deposited for the delivery of ADSs issuable upon conversion of any Conversion Amount pursuant to this Section (4)(a) shall be equal to the quotient of (x) such Conversion Amount and (y) the Conversion Price. The Company shall not issue any fraction of an ADSs upon any conversion. All calculations under this Section (4) shall be rounded to the nearest $0.0001. If the issuance would result in the issuance of a fraction of an ADS, the Company

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shall round such fraction of an ADS up to the nearest whole ADS. The Company shall pay and indemnify the Holder for any and all transfer, stamp and similar taxes, including the French financial transaction tax provided for by Article 235 ter ZD of the French Tax Code, that may be paid or payable with respect to the issuance of Ordinary Shares and delivery of ADSs upon conversion of any Conversion Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Mechanics of Conversion</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Optional Conversion</u>. To convert any Conversion Amount into Ordinary Shares for the delivery of ADSs on any date (a "<u>Conversion Date</u>"), the Holder shall (A) transmit by email (or otherwise deliver), for receipt on or prior to 6:00 p.m., New York time, on such date (the "<u>Conversion Notice Date</u>"), a copy of an executed notice of conversion in the form attached hereto as Exhibit I (the "<u>Conversion Notice</u>") to the Company and (B) if required by Section (4)(b)(iii), surrender this Debenture to a nationally recognized overnight delivery service for delivery to the Company (or an indemnification undertaking reasonably satisfactory to the Company with respect to this Debenture in the case of its loss, theft or destruction). If (x) the Conversion Notice is delivered to the Company at or before 10:00 a.m., New York City time, then on or before the first (1st) Trading Day that is also a Paris Business Day (or if the Conversion Notice Date is not a Paris Business Day, the first (1<sup>st</sup>) Trading Day following the next Paris Business Day) following the date of receipt of such Conversion Notice (or such earlier date as required pursuant to the Exchange Act or other applicable law, rule or regulation for the settlement of a trade initiated on the applicable Conversion Date of such ADSs issuable pursuant to such Conversion Notice), the Company shall or (y) the Conversion Notice is delivered to the Company after 10:00 a.m., New York City time, then the Company shall use commercially reasonably efforts to, on or before the first (1<sup>st</sup>) Trading Day following receipt of such Conversion Notice (but in no event later than the second (2<sup>nd</sup>) Trading Date) (such date in the case of (x) or (y), the "<u>ADS Delivery Date</u>") (X) if legends are not required to be placed on certificates or the book-entry position of the ADS and provided that the Company's transfer agent is participating in the Depository Trust Company's ("<u>DTC</u>") Fast Automated Securities Transfer Program, instruct such transfer agent to credit such aggregate number of ADSs to which the Holder shall be entitled to the Holder's or its designee's balance account with DTC through its Deposit Withdrawal Agent Commission system or (Y) if the Company's transfer agent is not participating in the DTC Fast Automated Securities Transfer Program, or if restrictive legends are required to be placed on certificates or book-entry positions of the ADSs, issue and deliver to the address as specified in the Conversion Notice, a certificate or book-entry position, registered in the name of the Holder or its designee, for the number of ADSs to which the Holder shall be entitled. If this Debenture is physically surrendered for conversion and the outstanding Principal of this Debenture is greater than the Principal portion of the Conversion Amount being converted, then the Company shall as soon as practicable and in no event later than five (5) Business Days after receipt of this Debenture and at its own expense, issue and deliver to the Holder a new Debenture representing the outstanding Principal not converted.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Company's Failure to Timely Convert</u>. If the Company shall fail, for any reason or for no reason, on or prior to the applicable ADS Delivery Date (in the case of ADSs to be delivered pursuant to Section 4(b)(i)) or Interest Payment Date (in the case of any Interest ADSs to be delivered pursuant to Section 19(h)) to issue and deliver a certificate to the Holder or credit

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the Holder's balance account with DTC for the number of ADSs (the "<u>Undelivered ADSs</u>") to which the Holder is entitled pursuant to Section 4(b)(i) or Section 19(h), as applicable (a "<u>Conversion Failure</u>"), and if on or after such Trading Day the Holder purchases (in an open market transaction or otherwise) ADSs to deliver in satisfaction of a sale by the Holder of ADSs issuable pursuant to Section 4(b)(i) or Section 19(h) (as applicable) that the Holder anticipated receiving from the Company (a "<u>Buy-In</u>"), then, without limiting the Holder's right to pursue any other remedy available to it (whether hereunder, under applicable law or otherwise), the Holder will have the right, exercisable by notice to the Company, to cause the Company to either (x) pay, on or before the third (3<sup>rd</sup>) Business Day after the date such notice is delivered, cash to the Holder in an amount equal to the Holder's total purchase price (including reasonable and documented brokerage commissions and other reasonable and documented out of pocket expenses, if any) for the ADSs so purchased (the "<u>Buy-In Price</u>"), at which point the Company's obligation to deliver such certificate (and to issue such ADSs) shall terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such ADSs and pay cash to the Holder in an amount equal to the excess (if any) of the Buy- In Price over the product of (A) such number of ADSs multiplied by (B) the Closing Price of the ADSs on the Conversion Date or Interest Payment Date (as applicable). In addition to the foregoing, if the Company fails for any reason to deliver ADSs to the Holder by the applicable ADS Delivery Date or Interest Payment Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each one thousand dollars ($1,000) of Undelivered ADSs (based on the VWAP on the applicable ADS Delivery Date or Interest Payment Date), ten dollars ($10) per Trading Day (increasing to twenty dollars ($20) per Trading Day on the fifth (5<sup>th</sup>) Trading Day after such liquidated damages begin to accrue) for each Trading Day after the ADS Delivery Date or Interest Payment Date (as applicable) until the cash amount set forth in in this Section 4(b)(ii) is paid to the Holder or the ADSs are delivered to the Holder pursuant to this Section 4(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Book-Entry</u>. Notwithstanding anything to the contrary set forth herein, upon conversion, redemption or repurchase of any portion of this Debenture in accordance with the terms hereof, the Holder shall not be required to physically surrender this Debenture to the Company unless (A) the full Conversion Amount represented by this Debenture is being converted, redeemed or repurchased or (B) the Holder has provided the Company with prior written notice (which notice may be included in a Conversion Notice) requesting reissuance of this Debenture upon physical surrender of this Debenture. The Holder and the Company shall maintain records showing the Principal and Interest converted, redeemed and repurchased and the dates of such conversions, redemptions and repurchases or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of this Debenture upon any partial conversion, redemption or repurchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitations on Conversions</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Beneficial Ownership</u>. The Holder shall not have the right to convert any portion of this Debenture, and the Company shall not effect the conversion of any portion of this Debenture or otherwise issue ADSs pursuant to this Debenture, and any such conversion or issuance shall be null and avoid and treated as if never made (other than as set forth in this Section 4(c)(i)), to the extent that after giving effect to such conversion, the Holder, together with the other Attribution Parties, collectively would beneficially own (as determined in accordance

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with Section 13(d) of the Exchange Act and the rules promulgated thereunder) in excess of 4.99% of the number of ADSs outstanding immediately after giving effect to such conversion (the "<u>Beneficial Ownership Cap</u>"). For purposes of this Debenture, in determining the number of outstanding ADSs the Holder may acquire in connection with this Debenture without exceeding the Beneficial Ownership Cap, the Holder may rely on the number of outstanding ADSs as reflected in (x) the Company's most recent Periodic Reports, (y) a more recent public announcement by the Company or (z) any other written notice by the Company or the Company's transfer agent setting forth the number of ADSs outstanding (the "<u>Reported Outstanding ADS Number</u>"). If the Company receives a notice from the Holder related to the conversion of this Debenture or any issuance of ADSs in connection with this Debenture at a time when the actual number of outstanding ADSs is less than the Reported Outstanding ADS Number, the Company shall promptly notify the Holder in writing of the number of ADSs then outstanding and, to the extent that such conversion or issuance of ADSs would otherwise cause the Holder's beneficial ownership, as determined pursuant to this Section 4(c)(i), to exceed the Beneficial Ownership Cap, the Holder must notify the Company of a reduced number of ADSs to be issued pursuant to such notice. For any reason at any time, upon the written or oral request of the Holder, the Company shall within two (2) Trading Days confirm in writing or by electronic mail to the Holder the number of ADSs then outstanding. In any case, the number of outstanding ADSs shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Debenture, by the Holder and any other Attribution Party since the date as of which the Reported Outstanding ADS Number was reported. In the event that the issuance of ADSs to the Holder upon conversion of, or otherwise pursuant to, this Debenture results in the Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Beneficial Ownership Cap of the number of outstanding ADSs (as determined under Section 13(d) of the Exchange Act), the Holder shall have the right to convert any such portion of this Debenture to the extent it agrees to receive Pre-Funded Warrants (as defined in the Purchase Agreement) exercisable for such number of ADSs that would otherwise have caused such Holder (together with any affiliate thereof) to beneficially own (as determined in accordance with Section 13(d) of the Exchange Act and the rules promulgated thereunder) ADSs in excess of the Beneficial Ownership Cap. Upon delivery of a written notice to the Company, the Holder may from time to time increase or decrease the Beneficial Ownership Cap to any other percentage not in excess of 9.99% as specified in such notice; *provided that* (i) any such increase in the Beneficial Ownership Cap will not be effective until the sixty-first (61<sup>st</sup>) day after such notice is delivered to the Company and (ii) any such increase or decrease will apply only to the Holder and the other Attribution Parties and not to any other holder of Debentures that is not an Attribution Party of the Holder. For purposes of clarity, the ADSs issuable pursuant to the terms of this Debenture in excess of the Beneficial Ownership Cap shall not be deemed to be beneficially owned by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the Exchange Act. No prior inability to convert this Debenture or receive ADSs pursuant to this Debenture pursuant to this paragraph shall have any effect on the applicability of the provisions of this paragraph with respect to any subsequent determination of convertibility. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 4(c)(i) to the extent necessary to correct this paragraph or any portion of this paragraph which may be defective or inconsistent with the intended beneficial ownership limitation contained in this Section 4(c)(i) or to make changes or supplements necessary or desirable to properly give effect

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to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a successor holder of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained in this Debenture or in any other Transaction Document, (x) the Company shall not have the right to convert this Debenture and (y) there shall be no other limitations, including with respect to timing or amount, on conversions of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Provisions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;All calculations under this Section (4) shall be rounded to the nearest $0.0001 or whole ADS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants that it will at all times keep available for issuance, out of its authorized and unissued Ordinary Shares and ADSs, such number of Ordinary Shares and ADSs not less than the maximum number of ADSs (or Ordinary Shares represented by such ADSs) issuable upon conversion of this Debenture (assuming for purposes hereof that (x) this Debenture is convertible at the Conversion Price as of the date of determination and (y) any such conversion shall not take into account any limitations on the conversion of the Debenture set forth herein or therein (the "<u>Required Reserve Amount</u>"), provided that at no time shall the number of Ordinary Shares or ADSs reserved pursuant to this Section (4)(d)(ii) be reduced other than proportionally with respect to all Ordinary Shares and ADSs in connection with any conversion (other than pursuant to the conversion of this Debenture in accordance with its terms) and/or cancellation of this Debenture, or a reverse share split undertaken by the Company. If at any time the number of Ordinary Shares or ADSs reserved pursuant to this Section (4)(d)(ii) becomes less than the Required Reserve Amount, the Company will promptly take all corporate action necessary to promptly propose at a meeting of its shareholders an increase of its authorized share capital necessary to meet the Company's obligations pursuant to this Debenture, and the Company's Board of Directors will recommend that the Company's shareholders vote in favor of such increase. The Company covenants that, upon issuance in accordance with conversion of this Debenture in accordance with its terms, the Ordinary Shares and ADSs, when issued, will be validly issued, fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Nothing herein shall limit a Holder's right to pursue actual damages or declare an Event of Default pursuant to Section (3) herein for the Company's failure to deliver ADSs upon conversion in the manner and within the time period specified herein and such Holder shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief, in each case without the need to post a bond or provide other security. The exercise of any such rights shall not prohibit the Holder from seeking to enforce damages pursuant to any other Section hereof or under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is obligated, upon reasonable notice, to use its commercially reasonable efforts to cause its legal counsel to deliver legal opinions to the Company's transfer agent in connection with any legend removal upon the expiration of any holding period or other requirement for which the Underlying ADSs may bear legends restricting the transfer thereof;

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*provided, however*, that such Holder has delivered such reasonably requested representations to such transfer agent, the Company and the Company's legal counsel in connection with the request for such opinion. To the extent such opinions are not provided (either timely or at all other than because of an action or inaction of Holder, including the reasonably requested representations of Holder), then, in addition to being an Event of Default in accordance with Section (3)(a)(xv), the Company agrees to reimburse the Holder for all reasonable and documented costs incurred by the Holder in connection with any legal opinions paid for by the Holder in connection with sale or transfer of Underlying ADSs. To the extent such opinions are not provided (either timely or at all), the Holder shall notify the Company of any such costs and expenses it incurs that are referred to in this section from time to time and all reasonable amounts owed hereunder shall be paid by the Company with reasonable promptness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby expressly acknowledges and agrees that (i) the Purchase Agreement and all Transaction Documents to which it is a party are ratified and confirmed and shall remain in full force and effect, (ii) it has no set off, counterclaim, defense or other claim or dispute with respect to any Transaction Document, (iii) notwithstanding anything to the contrary in any Transaction Document, the term "Obligations" as used and defined in the Guaranty and Security Agreement and any Security Document shall include all Obligations under this Agreement and the other Transaction Documents, and (iv) all Obligations under this Debenture are duly secured by the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall undertake to maintain, as long as the Debenture is outstanding and remains convertible into ADSs, the effectiveness of a registration statement on Form F-6 relating to the ADSs and an adequate number of ADSs available for issuance thereunder such that ADSs can be delivered in accordance with the terms of this Debenture, and the Deposit Agreement or the Restricted Issuance Agreement, as applicable, upon conversion of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;The person in whose name any ADSs is issuable pursuant to this Debenture will be deemed to become the holder of record of such shares as of the delivery of the Conversion Notice to the Company, conferring, as of such time, upon such person, without limitation, all voting and other rights appurtenant to such shares; *provided*, that the Holder shall be deemed to have waived any voting rights of any such ADSs issued to the Holder that may arise during the period commencing on such Conversion Date, through, and including, such applicable ADS Delivery Date, as necessary, such that the aggregate voting rights of any ADSs (including such ADSs issued to the Holder) beneficially owned by the Holder and/or any Attribution Parties, collectively, on any such record date shall not exceed the Beneficial Ownership Cap as a result of any such conversion of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;<u>ADJUSTMENTS TO CONVERSION PRICE</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustment of Conversion Price</u>. As of the date of this Debenture, each ADS represents ten (10) Ordinary Shares of the Company. If the number of Ordinary Shares represented by the ADSs is changed for any reason other than one or more of the events described in Section (5)(b), the Company will make an appropriate adjustment to the Conversion Price to give effect to such change while preserving the Holder's economics (for example, if each ADS is

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changed from representing ten (10) Ordinary Shares to representing twenty (20) Ordinary Shares for any reason other than one or more of the events described in Section (5)(b), the adjusted Conversion Price would be the Conversion Price immediately prior to such adjustment divided by two).

Notwithstanding the adjustment provisions described below, if the Company distributes to holders of the Ordinary Shares any cash, rights, options, warrants, shares of capital stock or similar equity interest, evidences of indebtedness or other assets or property of the Company (but excluding Expiring Rights) and a corresponding distribution is not made to holders of the ADSs, but, instead, the ADSs will represent, in addition to the Ordinary Shares, such cash, rights, options, warrants, shares of capital stock or similar equity interest, evidences of indebtedness or other assets or property of the Company, then a Conversion Price adjustment described below shall not be made until and unless a corresponding distribution (if any) is made to holders of the ADSs, and such Conversion Price adjustment shall be based on the distribution made to the holders of the ADSs and not on the distribution made to the holders of the Ordinary Shares; *provided* that in the case of one or more partial distributions (with the ADSs continuing to represent, in addition to Ordinary Shares, any such cash, rights, options, warrants, shares of capital stock or similar equity interest, evidences of indebtedness or other assets or property of the Company that have not been distributed), the Company will make appropriate interim adjustments to account for such distributions consistent with the Conversion Price adjustments described below based on the distributions made to the holders of the ADSs.

The Company shall not, and is not permitted by current applicable law to, distribute to holders of the ADSs any cash, rights, options, warrants, shares of capital stock or similar equity interest, evidences of indebtedness or other assets or property of the Company unless a corresponding distribution is made to holders of the Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;For any particular event or transaction that would result in a Conversion Price adjustment under this Section (5)(b), the Company will first adjust the Conversion Price based on the Conversion Price adjustment under Sections (5)(b)(i) through (5)(b)(vii) (the "<u>Mandatory French Law Conversion Price Adjustment</u>"). After making the Mandatory French Law Conversion Price Adjustment to the Conversion Price, the Company will also calculate the Conversion Price adjustment for the same transaction or event under Section (5)(b)(viii) (assuming for such purpose that the Mandatory French Law Conversion Price Adjustment has not yet been made) (the "<u>U.S. Conversion Price Adjustment</u>"). The Company will then increase the Conversion Price as adjusted by the Mandatory French Law Conversion Price Adjustment by an amount equal to the U.S. Conversion Price Adjustment *minus* the Mandatory French Law Conversion Price Adjustment, but only if such amount is a positive number. The Company will make these calculations in good faith and, absent manifest error, the Company's determinations as to which Conversion Price adjustment shall apply and any Conversion Price adjustment calculations associated therewith will be final and binding on the Holder. In the event that the Company becomes organized under the laws of a jurisdiction other than the French Republic, the Company will provide for anti-dilution and other adjustments that it in good faith determines are as nearly equivalent as possible to the adjustments described in this Section (5)(b). For purposes of the adjustment provisions described below in this Section (5)(b), the number of outstanding Ordinary Shares (for purposes of determining the outstanding ordinary share capital and whether dividends or distributions are made to all of the holders of the Ordinary Shares) shall not include Ordinary

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Shares held in the treasury of the Company (directly or in the form of ADSs) so long as the Company does not pay any dividend or make any distribution on Ordinary Shares held in the treasury of the Company (directly or in the form of ADSs). In the event of any adjustments described below under Section (5)(b), the new Conversion Price will be calculated to four decimal places by rounding to the nearest ten-thousandth (with 0.00005 being rounded upwards to the nearest ten-thousandth, i.e., 0.0001). Any subsequent adjustments will be carried out on the basis of such newly calculated and rounded Conversion Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the provisions of Article L. 228-98 of the French Commercial Code, in the event of a reduction of the Company's Ordinary Share capital resulting from losses and realized through a shareholder approved decrease of the number of the Company's outstanding Ordinary Shares (a "<u>Share Reduction</u>"), the Conversion Price will be adjusted based on the following formula:

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| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS0** |
| **CP'** | **=** | **CP0** | **×** | **OS'** |

---

where,

CP0 =&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately prior to the Paris Open of Business on the Effective Date of the Share Reduction;

CP' =&nbsp;&nbsp;&nbsp;&nbsp; the Conversion Price in effect immediately after the Paris Open of Business on such Effective Date of the Share Reduction;

OS' =&nbsp;&nbsp;&nbsp;&nbsp; the number of Ordinary Shares comprising the Company's Ordinary Share capital immediately after the Effective Date of the Share Reduction; and

OS0 =&nbsp;&nbsp;&nbsp;&nbsp; the number of Ordinary Shares comprising the Company's Ordinary Share capital immediately before the Effective Date of the Share Reduction.

The terms and concepts described above are as understood under Article L. 228-98 of the French Commercial Code.

Pursuant to French law, any reduction in the Company's Ordinary Share capital requires shareholder approval at an extraordinary general shareholders' meeting following the recommendation of the Company's board of directors. The Ordinary Share capital may be reduced either by decreasing the nominal value of the outstanding Ordinary Shares or by reducing the number of outstanding Ordinary Shares. Pursuant to French law, holders of each class of shares of the Company's Ordinary Share capital must be treated equally.

For the avoidance of doubt, in accordance with the provisions of Article L. 228-98 of the French Commercial Code, in the event of a reduction of the Company's Ordinary Share capital resulting from losses and realized through a decrease in the nominal value (instead of a Share Reduction), if Holder converts this Debenture it will receive ADSs reflecting such decrease in nominal value rather than the Conversion Price adjustment described above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;In the event the Company issues to all of the holders of Ordinary Shares preferential subscription rights (as described below), the Conversion Price will be adjusted based on the following formula:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS'** |
| **CP'** | **=** | **CP0** | **×** | **OS' + FMV** |

---

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Close of Business on the last Trading Day of the subscription period for the preferential subscription rights (the "<u>Subscription Period</u>");

CP' = the Conversion Price in effect immediately after the Paris Close of Business on the last Trading Day of such Subscription Period;

OS' = the Value of the Ordinary Shares Ex-Right; and

FMV = the Value of the Preferential Subscription Right.

According to French law, if the Company issues additional Ordinary Shares or securities giving access to its ordinary share capital for cash or a set-off of cash debts, then-current holders of the Ordinary Shares will have preferential subscription rights to these securities on a pro rata basis. Preferential subscription rights entitle the individual or entity that holds them to subscribe pro rata based on the number of Ordinary Shares held by them to the issuance of any securities increasing, or that may result in an increase of, the Company's Ordinary Share capital by means of a cash payment or a set-off of cash debts. The preferential subscription rights are transferable during the Subscription Period relating to a particular offering.

The preferential subscription rights with respect to any particular offering may be waived at an extraordinary general meeting by a two-thirds vote of the Company's shareholders or individually by each shareholder.

To the extent required pursuant to Article L. 228-99 and Article R. 228-92 of the French Commercial Code, if the Company decides to issue, in any form whatsoever, new shares or securities giving access to the Company's Ordinary Share capital with preferential subscription rights reserved for the Company's shareholders, the Company will provide at least 14 calendar days' prior written notice to the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Company makes a "distribution for no consideration of Ordinary shares" to all of the holders of Ordinary Shares (as such terms are understood under Article R. 228-91(2°) of the French Commercial Code), or if the Company effects a share split or reverse share split, the Conversion Price will be adjusted based on the following formula:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS0** |
| **CP'** | **=** | **CP0** | **×** | **OS'** |

---

where,

------

CP0 = the Conversion Price in effect immediately prior to the Paris Close of Business on the Record Date of such dividend or distribution, or immediately prior to the Paris Open of Business on the Effective Date of such share split or reverse share split, as applicable;

CP' = the Conversion Price in effect immediately after the Paris Close of Business on the Record Date of such distribution, or immediately after the Paris Open of Business on the Effective Date of such share split or reverse share split, as applicable;

OS' = the number of Ordinary Shares comprising the Ordinary Share capital immediately after the Paris Close of Business on the Record Date of such dividend or distribution or after the Paris Open of Business on the Effective Date of such share split or reverse share split, as applicable; and

OS0 =&nbsp;&nbsp;&nbsp;&nbsp; the number of Ordinary Shares comprising the Ordinary Share capital immediately prior to the Paris Close of Business on the Record Date of such dividend or distribution or immediately prior to the Paris Open of Business on the Effective Date of such share split or reverse share split, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;In the event of a distribution of reserves or premiums (as such terms are understood under Article R. 228-91(3°) of the French Commercial Code) in cash or other assets (other than Ordinary Shares) to all of the holders of the Ordinary Shares, the Conversion Price will be adjusted based on the following formula:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS' — C** |
| **CP'** | **=** | **CP0** | **×** | **OS'** |

---

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Open of Business on the Ex-Dividend Date for such distribution;

CP' = the Conversion Price in effect immediately after the Paris Open of Business on the Ex-Dividend Date for such distribution;

OS' = the Value of the Ordinary Share immediately prior to the Paris Close of Business on the Date of such Distribution; and

C =&nbsp;&nbsp;&nbsp;&nbsp; the cash amount distributed per Ordinary Share or, if the distribution consists of assets other than cash, the Value of the Securities or Assets Distributed per Ordinary Share.

For the avoidance of doubt, in the event of a capital increase by incorporation of reserves or premiums (as such terms are understood under Article R. 228-91(3°) of the French Commercial Code) achieved by increasing the nominal value of the Ordinary Shares instead of a distribution of such reserves or premiums, the nominal value of the Ordinary Shares underlying ADS delivered to the Holder of this Debenture upon conversion thereof will be increased accordingly and no adjustment to the Conversion Price will be made in respect thereof.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Other than pursuant to a Share Reduction that results in an adjustment described in Section (5)(b)(i), in the event that the Company purchases, or any of the Company's Subsidiaries purchase, any of the Ordinary Shares (directly or in the form of ADS) at a price per Ordinary Share in cash and/or other consideration (the fair market value of which other consideration is reasonably determined by the Company or, at the Company's option, an Independent Expert) that is higher than the Ordinary Share Market Price, the Conversion Price will be adjusted by the Company based on the following formula

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS' — (PC% × RP)** |
| **CP'** | **=** | **CP0** | **×** | **OS' × (1 — PC%)** |

---

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Close of Business on the date such Ordinary Shares (directly or in the form of ADS) are repurchased (the "<u>Ordinary Share Repurchase Date</u>");

CR' = the Conversion Price in effect immediately after the Paris Close of Business on the Ordinary Share Repurchase Date;

OS' = the arithmetic average of the VWAP (divided by the number of Ordinary Shares then represented by one ADS) for each of the three Trading Days immediately preceding the Ordinary Share Repurchase Date;

PC% = means the percentage of the Company's outstanding Ordinary Share capital (directly or in the form of ADS) repurchased, expressed as a decimal rounded to the nearest hundredth (with 0.005 being rounded upwards to the nearest hundredth, i.e., 0.01); and

RP =&nbsp;&nbsp;&nbsp;&nbsp; the actual price (consisting of cash and/or other consideration (the fair market value of which other consideration is reasonably determined by the Company or, at the Company's option, an Independent Expert)) at which the Ordinary Shares are repurchased on a per share basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;In the event of a redemption (amortissement) (as such term is understood under Article R. 228-91(5°) of the French Commercial Code) of the Company's Ordinary Share capital, the Conversion Price will be adjusted based on the following formula:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS' — RP** |
| **CP'** | **=** | **CP0** | **×** | **OS'** |

---

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Close of Business on the Trading Day immediately preceding the Ex-Redemption Date;

CR' = the Conversion Price in effect immediately after the Paris Close of Business on the Trading Day immediately preceding the Ex-Redemption Date;

------

OS' = the arithmetic average of the VWAP (divided by the number of Ordinary Shares then represented by one ADS) for each of the three Trading Days immediately preceding the Ex-Redemption Date; and

RP =&nbsp;&nbsp;&nbsp;&nbsp; the amount of redemption (*amortissement*) per Ordinary Share.

A "redemption (*amortissement*)" is a reimbursement to the shareholders of all or part of the nominal value of the Ordinary Shares but without triggering any Ordinary Share capital decrease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;(1) In the event of a "modification" by the Company of the "distribution of profits" of the Company (modification de la répartition des bénéfices) (as such terms are understood under Article R. 228-91(4°) of the French Commercial Code), the Conversion Price will be adjusted based on the following formula:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS' - C** |
| **CP'** | **=** | **CP0** | **×** | **OS'** |

---

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Close of Business on the Effective Date of such modification by the Company of the distribution of its profits;

CP' = the Conversion Price in effect immediately after the Paris Close of Business on the Effective Date of such modification by the Company of the distribution of its profits;

OS' = the arithmetic average of the VWAP (divided by the number of Ordinary Shares then represented by one ADS) for each of the three Trading Days immediately preceding the Effective Date of such modification by the Company of the distribution of its profits; and

C =&nbsp;&nbsp;&nbsp;&nbsp;the reduction per Ordinary Share of the rights to profits, as reasonably determined by the Company or, at the Company's option, an Independent Expert.

Notwithstanding the above, if any modification by the Company of the distribution of its profits results from the issuance of preferential subscription rights for preferred shares that results in an adjustment to the Conversion Price pursuant to Section (5)(b)(ii), no adjustment to the Conversion Price will be made pursuant to this Section (5)(b)(vii)(1).

&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;(2) In the event of the creation of preferred shares that does not result in a "modification" by the Company of the "distribution of profits" (as such terms are understood under Article R. 228-91(4°) of the French Commercial Code), the adjustment of the Conversion Price, if necessary, will be determined by an Independent Expert.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;(1) If the Company issues to all or substantially all holders of the Ordinary Shares (directly or in the form of ADSs) any rights, options or warrants (other than to the extent such issuance constitutes (x) an issuance of preferential subscription rights that results in an adjustment to the Conversion Price pursuant to Section (5)(b)(ii) or (y) a distribution of reserves or premiums that results in an adjustment to the Conversion Price pursuant to Section (5)(b)(iv)) entitling them,

------

for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase Ordinary Shares (directly or in the form of ADSs) at a price per Ordinary Share that is less than the average of the Closing Prices of the Ordinary Shares or the ADSs, as the case may be *(divided by,* in the case of the ADSs, the number of Ordinary Shares then represented by one ADS), for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, the Conversion Price will be increased based on the following formula:

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| | | | | |
|:---|:---|:---|:---|:---|
| ***CP*1** | ***=*** | ***CP*0** | **×** | ***𝑂𝑆*0 *+ 𝑌*** |
| ***CP*1** | ***=*** | ***CP*0** | **×** | ***𝑂𝑆*0 *+ X*** |

---

where,

CP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately prior to the New York Open of Business on the Ex-Dividend Date for the ADSs for such issuance;

CP1&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately after the New York Open of Business on such Ex-Dividend Date;

OS0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the number of shares of Ordinary Shares (directly or in the form of ADSs) outstanding immediately prior to the New York Open of Business on such Ex-Dividend Date;

X&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the total number of shares of Ordinary Shares (directly or in the form of ADSs) issuable pursuant to such rights, options or warrants; and

Y&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the number of shares of Ordinary Shares equal to (i) the aggregate price payable to exercise such rights, options or warrants, *divided by* (ii) the quotient of (a) the average of the Closing Prices of the ADSs over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants *divided by* (b) the number of Ordinary Shares then represented by one ADS.

Any decrease made under this Section (5)(b)(viii)(1) shall be made successively whenever any such rights, options or warrants are issued and shall become effective immediately after the New York Open of Business on the Ex-Dividend Date for the ADSs for such issuance. To the extent that the Ordinary Shares or the ADSs are not delivered after the expiration of such rights, options or warrants, the Conversion Price shall be increased to the Conversion Price that would then be in effect had the increase with respect to the issuance of such rights, options or warrants been made on the basis of delivery of only the number of Ordinary Shares (directly or in the form of ADSs) actually delivered. If such rights, options or warrants are not so issued, the Conversion Price shall be increased to the Conversion Price that would then be in effect if such Ex-Dividend Date for such issuance had not occurred.

For purposes of this Section (5)(b)(viii)(1), in determining whether any rights, options or warrants entitle the holders of ADSs to subscribe for or purchase Ordinary Shares (directly or in the form of ADSs) at a price per Ordinary Share that is less than such average of the Closing Prices of the Ordinary Shares or the ADSs, as the case may be (divided by, in the case of the ADSs, the

------

number of Ordinary Shares represented by one ADS), for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, and in determining the aggregate offering price of such Ordinary Share or ADSs, there shall be taken into account any consideration received by the Company for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the Company in good faith.

&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;(2) &nbsp;&nbsp;&nbsp;&nbsp;If the Company distributes shares of its capital stock, evidences of its indebtedness, other assets or property of the Company or rights, options or warrants to acquire its capital stock or other securities of the Company, to all or substantially all holders of the Ordinary Shares (directly or in the form of ADSs), excluding: (i) any dividend, distribution, issuance, redemption, repurchase or other event for which an adjustment to the Conversion Price is specifically provided for in any of clauses (i), (ii), (iii), (iv), (v), (vi) and (vii) of Section (5)(b), (ii) dividends or distributions paid exclusively in cash as to which the adjustment provision set forth in Section (5)(b)(viii)(3) or Section (5)(b)(iv) shall apply; and (iii) Spin-Offs as to which the provisions set forth below in this Section (5)(b)(viii)(2) shall apply to the extent not specifically provided for pursuant to the adjustment provision set forth in Section (5)(b)(iv) (any of such shares of capital stock, evidences of indebtedness, other assets or property or rights, options or warrants to acquire capital stock or other securities, the "<u>Distributed Property</u>"), then the Conversion Price shall be decreased based on the following formula:

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| | | | | |
|:---|:---|:---|:---|:---|
| ***CP*1** | ***=*** | ***CP*0** | **×** | ***SP*0 *– FMV*** |
| ***CP*1** | ***=*** | ***CP*0** | **×** | ***SP*0** |

---

where,

CP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately prior to the New York Open of Business on the Ex-Dividend Date for the ADSs for such distribution;

CP1&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately after the New York Open of Business on such Ex-Dividend Date;

SP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the average of the Closing Prices of the ADSs (divided by the number of Ordinary Shares then represented by one ADS) over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and

FMV&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the fair market value (as determined in good faith by the Company) of the Distributed Property with respect to each outstanding Ordinary Share (directly or in the form of ADSs) on the Ex-Dividend Date for such distribution (converted into euros using an exchange rate in effect on the date of determination to the extent not already reflected in euros).

Any decrease made under the portion of this Section (5)(b)(viii)(2) above shall become effective immediately after the New York Open of Business on the Ex-Dividend Date for such distribution. If such distribution is not so paid or made, the Conversion Price shall be increased to the Conversion Price that would then be in effect if such distribution had not been declared. Notwithstanding the foregoing, if "FMV" (as defined above) is equal to or greater than "SP0" (as

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defined above), in lieu of the foregoing increase, the Holder of this Debenture shall receive, in respect of each $1,000 Principal of this Debenture, at the same time and upon the same terms as holders of the ADSs receive the Distributed Property, the amount and kind of Distributed Property such Holder would have received if such Holder owned a number of ADSs equal to the quotient of (x) $1,000 and the (y) Conversion Price that is in effect on the Ex-Dividend Date for the distribution. If the Company determines the "FMV" (as defined above) of any distribution for purposes of this Section (5)(b)(viii)(2) by reference to the actual or when-issued trading market for any securities, it shall in doing so consider the prices in such market over the same period used in computing the Closing Price of the ADSs over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution.

With respect to an adjustment pursuant to this Section (5)(b)(viii)(2) where there has been a payment of a dividend or other distribution on the Ordinary Shares (directly or in the form of ADSs) of capital stock of any class or series, or similar equity interest, of or relating to any Subsidiary or other business unit of the Company, that are, or, when issued, will be, listed or admitted for trading on a U.S. national securities exchange (a "<u>Spin-Off</u>"), the Conversion Price shall be increased based on the following formula:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***CP*1** | ***=*** | ***CP*0** | **×** | ***𝑀𝑃*0** |
| ***CP*1** | ***=*** | ***CP*0** | **×** | **𝐹𝑀𝑉 + 𝑀𝑃0** |

---

where,

CP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately prior to the end of the Valuation Period;

CP1&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately after the end of the Valuation Period;

FMV0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the average of the Closing Prices of the capital stock or similar equity interest distributed to holders of the Ordinary Shares (directly or in the form of ADSs) applicable to one Ordinary Share (determined by reference to the definition of Closing Price as set forth in Section (17) as if references therein to ADSs were to such capital stock or similar equity interest) over the first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date of the Spin-Off (the "<u>Valuation Period</u>"); *provided* that, if there is no Closing Price of the capital stock or similar equity interest distributed to holders of the Ordinary Shares (directly or in the form of ADSs) on such Ex-Dividend Date, the "<u>Valuation Period</u>" shall be the 10 consecutive Trading Day period after, and including the first Trading Day such Closing Price is available; and

MP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the average of the Closing Prices of the ADSs over the Valuation Period.

The decrease to the Conversion Price under the preceding paragraph shall occur at the New York Close of Business on the last Trading Day of the Valuation Period; *provided* that if the relevant Conversion Date occurs during the Valuation Period, references to "10" in the portion of this Section (5)(b)(viii)(2) related to Spin-Offs shall be deemed to be replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend Date of such Spin-Off and the

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Conversion Date in determining the Conversion Price. If the dividend or distribution that constitutes the Spin-Off is declared but not so paid or made, the Conversion Price shall be immediately increased, effective as of the date the Board of Directors determines not to pay or make such dividend or distribution, to the Conversion Price that would then be in effect if such dividend or distribution constituting the Spin-Off had not been declared or announced.

For purposes of this Section (5)(b)(viii)(2), rights, options or warrants distributed by the Company to all holders of the Ordinary Shares (directly or in the form of ADSs) entitling them to subscribe for or purchase the Company's capital stock, including Ordinary Shares (directly or in the form of ADSs) (either initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events ("<u>Trigger Event</u>"): (i) are deemed to be transferred with such Ordinary Shares (directly or in the form of ADSs); (ii) are not exercisable; and (iii) are also issued in respect of future issuances of Ordinary Shares (directly or in the form of ADSs), shall be deemed not to have been distributed for purposes of this Section (5)(b)(viii)(2) (and no adjustment to the Conversion Price under this Section (5)(b)(viii)(2) will be required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Price shall be made under this Section (5)(b)(viii)(2). If any such right, option or warrant, including any such existing rights, options or warrants distributed prior to the date of this Debenture, are subject to events, upon the occurrence of which such rights, options or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and the Ex-Dividend Date with respect to new rights, options or warrants with such rights (in which case the existing rights, options or warrants shall be deemed to terminate and expire on such date without exercise by any of the holders thereof). In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in the immediately preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Conversion Price under this Section (5)(b)(viii)(2) was made, (1) in the case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise by any holders thereof, upon such final redemption or purchase (x) the Conversion Price shall be readjusted as if such rights, options or warrants had not been issued and (y) the Conversion Price shall then again be readjusted to give effect to such distribution, deemed distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or purchase price received by a holder or holders of ADSs with respect to such rights, options or warrants (assuming such holder had retained such rights, options or warrants), made to all holders of ADS as of the date of such redemption or purchase, and (2) in the case of such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof, the Conversion Price shall be readjusted as if such rights, options and warrants had not been issued.

&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;(3) If any dividend or distribution is made to all or substantially all holders of the Ordinary Shares (directly or in the form of ADSs) (other than to the extent such dividend or distribution constitutes a distribution of reserves or premiums for which an adjustment is specifically provided for in Section (5)(b)(iv)) solely in cash, the Conversion Price shall be adjusted based on the following formula:

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---

| | | | | |
|:---|:---|:---|:---|:---|
| ***CP*1** | ***=*** | ***CP*0** | **×** | ***SP0 — C*** |
| ***CP*1** | ***=*** | ***CP*0** | **×** | ***SP*0** |

---

where,

CP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately prior to the New York Open of Business on the Ex-Dividend Date for the ADSs for such dividend or distribution;

CP1&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately after the New York Open of Business on the Ex-Dividend Date for such dividend or distribution;

SP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Closing Price of the ADSs (divided by the number of Ordinary Shares then represented by one ADS) on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and

C&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the amount in cash per Ordinary Share the Company distributes to all or substantially all holders of the Ordinary Shares (directly or in the form of ADSs).

Any decrease pursuant to this Section (5)(b)(viii)(3) shall become effective immediately after the New York Open of Business on the Ex-Dividend Date for the ADSs for such dividend or distribution. If such dividend or distribution is not so paid, the Conversion Price shall be increased, effective as of the date the Board of Directors determines not to make or pay such dividend or distribution, to be the Conversion Price that would then be in effect if such dividend or distribution had not been declared.

Notwithstanding the foregoing, if "C" (as defined above) is equal to or greater than "SP0" (as defined above), in lieu of the foregoing increase, the Holder of this Debenture shall receive, for each $1,000 principal amount of Debenture it holds, at the same time and upon the same terms as holders of ADS, the amount of cash that such Holder would have received if such Holder owned a number ADS equal to the quotient of $1,000 and the Conversion Price in effect on the Ex-Dividend Date for such cash dividend or distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding this Section (5)(b) or any other provision of this Debenture, if a Conversion Price adjustment becomes effective on any Ex-Dividend Date or Ex-Redemption Date, and the Holder has converted this Debenture on or after such Ex-Dividend Date or Ex-Redemption Date, as the case may be, and on or prior to the related Record Date would be treated as the record holder of the ADS (delivered or to be delivered in respect of such conversion) as of the related Conversion Date based on an adjusted Conversion Rate for such Ex-Dividend Date or Ex-Redemption Date, as applicable, then, notwithstanding the Conversion Price adjustment provisions in this Section (5)(b), the Conversion Price adjustment relating to such Ex-Dividend Date or Ex-Redemption Date, as applicable, shall not be made for such converting Holder. Instead, such Holder shall be treated as if such Holder were the record owner of the ADS on an unadjusted basis and participate in the related dividend, distribution or other event giving rise to such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;[*Reserved*].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;In the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;any recapitalization, reclassification or change of the ADSs or Ordinary Shares (other than changes resulting from a subdivision or combination),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;any consolidation, merger, combination or similar transaction involving the Company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;any sale, lease or other transfer to a third party of the consolidated assets of the Company and the Company's Subsidiaries substantially as an entirety or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;any statutory share exchange,

in each case, as a result of which the ADSs or the Ordinary Shares would be converted into, or exchanged for, stock, other securities, other property or assets (including cash or any combination thereof) (any such event, a "<u>Share Exchange Event</u>"), then, the Company or the successor or the acquiring company, as the case may be, will amend this Debenture to provide that, at and after the effective time of such Share Exchange Event, the right to convert each $1,000 Conversion Amount of this Debenture shall be changed into a right to convert each $1,000 Conversion Amount of this Debenture into the kind and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that a holder of a number of ADS equal to the quotient of (x) $1,000 and (y) the Conversion Price immediately prior to such Share Exchange Event would have owned or been entitled to receive (the "<u>Reference Property</u>", with each "<u>unit of Reference Property</u>" meaning the kind and amount of Reference Property that a holder of one ADSs is entitled to receive) upon such Share Exchange Event; *provided, however*, that at and after the effective time of the Share Exchange Event (I) any ADSs that the Company would have been required to deliver upon conversion of this Debenture (or any portion thereof) in accordance with Section (4) shall instead be deliverable in the amount and type of Reference Property that a holder of that number of ADSs would have received in such Share Exchange Event and (II) the VWAP shall be calculated based on the value of a unit of Reference Property.

If the Share Exchange Event causes the ADSs or Ordinary Shares to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined based in part upon any form of election of the holders of the Ordinary Shares), then (i) the Reference Property into which this Debenture will be convertible shall be deemed to be the weighted average of the types and amounts of consideration actually received by the holders of the ADSs and (ii) the unit of Reference Property for purposes of the immediately preceding paragraph shall refer to the consideration referred to in clause (i) attributable to one ADS. The Company shall notify the Holder of such weighted average as soon as practicable after such determination is made.

If the Reference Property in respect of any Share Exchange Event includes, in whole or in part, Common Equity, the amendment to this Debenture described in the second immediately preceding paragraph shall provide for anti-dilution and other adjustments that the Company in good faith determines are as nearly equivalent as is possible to the adjustments provided for in this Section (5) with respect to the portion of Reference Property constituting Common Equity. If, in the case of any Share Exchange Event, the Reference Property includes shares of stock, securities

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or other property or assets (including cash or any combination thereof) of a Person other than the Company or the successor or purchasing company, as the case may be, in such Share Exchange Event, then such supplemental indenture shall also be executed by such other Person and shall contain such additional provisions to protect the interests of the Holder of this Debenture as the Board of Directors shall reasonably consider necessary by reason of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Conversion Price is adjusted pursuant to this Section (5), the Company shall promptly provide the Holder with a written notice setting forth the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Company may reduce the Conversion Price with the prior written consent of the Required Holders, which may be given by the Required Holders in their sole discretion. The Company and the Holder agree that any such voluntary adjustment to the Conversion Price and any conversion of any portion of the Debenture based upon any such voluntary adjustment shall not constitute material non-public information with respect to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; If the Ordinary Shares cease to be represented by American Depositary Shares issued under a depositary receipt program sponsored by the Company: (i) each reference in this Debenture to the ADSs related to the terms of this Debenture will be deemed to have been replaced by a reference to the number of Ordinary Shares and other property, if any, represented by the ADSs on the last day on which the ADSs represented the Ordinary Shares as if such Ordinary Shares and other property had been distributed to holders of the ADSs on that day and (ii) all references to the VWAP of an ADS in this Debenture will be deemed to refer to the VWAP of an Ordinary Share, and other appropriate adjustments, including adjustments to the Conversion Price, will be made to reflect such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;<u>INDEMNIFICATION</u>. With respect to the Company's obligations under this Debenture and the other Transaction Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent permitted by law, the Company shall, and hereby does, indemnify, hold harmless and defend the Holder, its investment manager and their respective directors, officers, partners, employees, agents, representatives, and successors and assigns of, and each Person, if any, who controls Holder within the meaning of the Securities Act or the Exchange Act (each, an "<u>Indemnified Person</u>"), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable and documented attorneys' fees, amounts paid in settlement or expenses, joint or several (collectively, "<u>Claims</u>") incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the Commission, whether pending or threatened, whether or not an Indemnified Person is or may be a party thereto ("<u>Indemnified Damages</u>"), to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any material misrepresentation or breach of any representation or warranty made by the Company, the Guarantor or their Subsidiaries in any of the Transaction Documents, (ii) any material breach of any covenant, agreement or obligation of the Company, the Guarantor or their Subsidiaries in any of the Transaction Documents, (iii) any cause of action, suit, proceeding or claim brought or made against such Indemnified Person by a third

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party (including for these purposes a derivative action brought on behalf of the Company, the Guarantor or their Subsidiaries) or which otherwise involves such Indemnified Person that arises out of or results from (A) the execution, delivery, performance or enforcement of any of the Transaction Documents (including, without limitation, any hedging or similar activities in connection therewith), or (B) the status of such Holder either as an investor in the Company pursuant to the transactions contemplated by the Transaction Documents or as a holder of this Debenture (including, without limitation, any hedging or similar activities in connection therewith or as a party in interest or otherwise in any action or proceeding for injunctive or other equitable relief), in each case, except to the extent such Claims arise out of result from (aa) the gross negligence, willful misconduct, or fraud of such Indemnified Person, (bb) a material breach by such Indemnified Person of any provision of the Transaction Documents, (cc) actions or omissions by such Indemnified Person in violation of applicable law or outside the scope of authority granted under the Transaction Documents, (dd) disputes solely among Indemnified Persons, (ee) claims for payment of the purchase price or other consideration expressly provided for in the Transaction Documents, or (ff) taxes imposed on such Indemnified Person, except as otherwise expressly provided herein; (iv) any untrue statement or alleged untrue statement of a material fact in any filing made in any public filing (including, without limitation, any Periodic Reports) made by the Company with the Commission, or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading except to the extent that such untrue statements, alleged untrue statements, omissions or alleged omissions are (1) based upon information regarding Holder furnished in writing to Company by or on behalf of Holder expressly for use therein or Holder has omitted a material fact from such information or (2) directly result from any breach by Holder of the Transaction Documents; or (v) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, or any other law, including, without limitation, any state securities law. The Company shall reimburse the Indemnified Persons and each such controlling person promptly as such expenses are incurred and are due and payable, for any legal fees or disbursements or other reasonable expenses incurred by them in connection with investigating or defending any such Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Promptly after receipt by an Indemnified Person under this Section (6) of notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section (6), deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person; provided, however, that an Indemnified Person shall have the right to retain its own counsel with the fees and expenses of not more than one (1) counsel for such Indemnified Person to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of the Indemnified Person and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person and any other party represented by such counsel in such proceeding. The Indemnified Person shall cooperate fully with the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Person which relates to such action or claim. The indemnifying party shall keep the Indemnified Person fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party

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shall be liable for any settlement of any action, claim or proceeding effected without its prior written consent; provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Person of a release from all liability in respect to such claim or litigation. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Person with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person under this Section (6), except solely to the extent that the indemnifying party is actually prejudiced in its ability to defend such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The indemnification required by this Section (6) shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;<u>REISSUANCE OF THIS DEBENTURE</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer</u>. If this Debenture is to be transferred, the Holder shall surrender this Debenture to the Company, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Debenture (in accordance with Section (7)(d)), registered in the name of the registered transferee or assignee, representing the outstanding Principal being transferred by the Holder (along with any accrued and unpaid Interest thereof) and, if less than the entire outstanding Principal is being transferred, a new Debenture (in accordance with Section (7)(d)) to the Holder representing the outstanding Principal not being transferred. The Holder and any assignee, by acceptance of this Debenture, acknowledge and agree that, by reason of the provisions of Section (4)(b)(iii) following conversion or redemption of any portion of this Debenture, the outstanding Principal represented by this Debenture may be less than the Principal stated on the face of this Debenture. This Debenture is intended to be in "registered form" within the meaning of Section 5f.103-1(c) and Proposed Section 1.163-5(b) of the United States Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Lost, Stolen or Mutilated Debenture</u>. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Debenture, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Debenture, the Company shall execute and deliver to the Holder a new Debenture (in accordance with Section (7)(d)) representing the outstanding Principal.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Debenture Exchangeable for Different Denominations</u>. This Debenture is exchangeable, upon the surrender hereof by the Holder at the principal office of the Company, for one or more new Debentures (in accordance with Section (7)(d)) representing in the aggregate the outstanding Principal of this Debenture, and each such new Debenture will represent such portion of such outstanding Principal as is designated by the Holder at the time of such surrender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Issuance of New Debentures</u>. Whenever the Company is required to issue a new Debenture pursuant to the terms of this Debenture, such new Debenture (i) shall be of like tenor with this Debenture, (ii) shall represent, as indicated on the face of such new Debenture, the Principal remaining outstanding (or in the case of a new Debenture being issued pursuant to Section (7)(a) or Section (7)(c), the Principal designated by the Holder which, when added to the Principal represented by the other new Debentures issued in connection with such issuance, does not exceed the Principal remaining outstanding under this Debenture immediately prior to such issuance of new Debentures), (iii) shall have an issuance date, as indicated on the face of such new Debenture, which is the same as the Issuance Date of this Debenture, (iv) shall have the same rights and conditions as this Debenture, and (v) shall represent accrued and unpaid Interest from the Issuance Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;<u>NOTICES</u>. Any notices, consents, waivers or other communications required or permitted to be given under the terms hereof must be in writing by letter and email and will be deemed to have been delivered: upon the later of (A) either (i) receipt, when delivered personally or (ii) one (1) Business Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed to the party to receive the same and (B) receipt, when sent by electronic mail. The addresses and e-mail addresses for such communications shall be:

**If to the Company:** 

Sequans Communications S.A.

15-55 boulevard Charles de Gaulle

Les Portes de la Défense

92700 Colombes

Republic of France

Email: deborah@sequans.com

Attention: Chief Financial Officer

**With a copy (which shall not constitute notice) to:** 

Lowenstein Sandler LLP

1251 Avenue of the Americas, 18<sup>th</sup> Floor

New York, New York 10020

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| | |
|:---|:---|
| Attention: | Steven E. Siesser, Esq. |
| | Brooke A. Gillar, Esq. |
| Email: ssiesser@lowenstein.com; | Email: ssiesser@lowenstein.com; |
| | bgillar@lowenstein.com |

---

and

ARCHERS (AARPI)

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28 rue Dumont d'Urville 75116

Paris, France

Attention: Véronique Gedeon

Mark Richardson

Email: &nbsp;&nbsp;&nbsp;&nbsp;<u>mrichardson@archers.fr</u>;

vgedeon@archers.fr

**If to the Holder:**

MMCAP International Inc. SPC

Attention: Matthew MacIsaac

GundyCo ITF MMCAP International Inc.

595 Bay Street 7<sup>th</sup> Floor

Toronto, ON M5L 2C2

Email: matt@mmcap.ky

With a copy (which shall not constitute notice) to:

Seward & Kessel LLP

Edward S. Horton

One Battery Park Plaza

New York, NY 10004

Email: horton@sewkis.com

or at such other address and/or email and/or to the attention of such other person as the recipient party has specified by written notice given to each other party three (3) Business Days prior to the effectiveness of such change. Written confirmation of receipt (i) given by the recipient of such notice, consent, waiver or other communication, (ii) electronically generated by the sender's email service provider containing the time, date, recipient email address or (iii) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;&nbsp;&nbsp;<u>NO IMPAIRMENT</u>. Except as expressly provided herein, no provision of this Debenture shall alter or impair the obligations of the Company, which are absolute and unconditional, to pay the Principal of, Interest and other charges (if any) on, this Debenture at the time, place, and rate, and in the currency, herein prescribed. This Debenture is a direct obligation of the Company. As long as this Debenture is outstanding, the Company shall not and shall cause their subsidiaries not to, without the consent of the Holder, enter into any agreement, arrangement or transaction in or of which the terms thereof would restrict, materially delay, conflict with or impair the ability of the Company to perform its obligations under the this Debenture, including, without limitation, the obligation of the Company to make cash payments hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;&nbsp;&nbsp;&nbsp;This Debenture shall not entitle the Holder to any of the rights of a shareholder of the Company, including without limitation, the right to vote, to receive dividends and other distributions, or to receive any notice of, or to attend, meetings of shareholders or any other

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proceedings of the Company, unless and to the extent converted into ADSs in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;&nbsp;&nbsp;&nbsp;<u>CHOICE OF LAW; VENUE; WAIVER OF JURY TRIAL</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; <u>Governing Law</u>. This Debenture and the rights and obligations of the Parties hereunder shall, in all respects, be governed by, and construed in accordance with, the laws (excluding the principles of conflict of laws) of the State of New York (the "<u>Governing Jurisdiction</u>") (including Section 5-1401 and Section 5-1402 of the General Obligations Law of the State of New York), including all matters of construction, validity and performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Jurisdiction; Venue; Service</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby irrevocably consents to the non-exclusive personal jurisdiction of the state courts of the Governing Jurisdiction and, if a basis for federal jurisdiction exists, the non-exclusive personal jurisdiction of any United States District Court for the Governing Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that venue shall be proper in any court of the Governing Jurisdiction selected by the Holder or, if a basis for federal jurisdiction exists, in any United States District Court in the Governing Jurisdiction. The Company waives any right to object to the maintenance of any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, in any of the state or federal courts of the Governing Jurisdiction on the basis of improper venue or inconvenience of forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or tort or otherwise, brought by the Company against the Holder arising out of or based upon this Debenture or any matter relating to this Debenture, or any other Transaction Document, or any contemplated transaction, shall be brought in a court only in the Governing Jurisdiction. The Company shall not file any counterclaim against the Holder in any suit, claim, action, litigation or proceeding brought by the Holder against the Company in a jurisdiction outside of the Governing Jurisdiction unless under the rules of the court in which the Holder brought such suit, claim, action, litigation or proceeding the counterclaim is mandatory, and not permissive, and would be considered waived unless filed as a counterclaim in the suit, claim, action, litigation or proceeding instituted by the Holder against the Company. The Company agrees that any forum outside the Governing Jurisdiction is an inconvenient forum and that any suit, claim, action, litigation or proceeding brought by the Company against the Holder in any court outside the Governing Jurisdiction should be dismissed or transferred to a court located in the Governing Jurisdiction. Furthermore, the Company irrevocably and unconditionally agrees that it will not bring or commence any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Holder arising out of or based upon this Debenture or any matter relating to this Debenture, or any other Transaction Document, or any contemplated transaction, in any forum other than the courts of the State of New York sitting in the Borough of Manhattan in New York County, and the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts

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and agrees that all claims in respect of any such suit, claim, action, litigation or proceeding may be heard and determined in such New York State Court or, to the fullest extent permitted by applicable law, in such federal court. The Company and the Holder agree that a final judgment in any such suit, claim, action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Holder irrevocably consents to the service of process out of any of the aforementioned courts in any such suit, claim, action, litigation or proceeding by the mailing of copies thereof by registered or certified mail postage prepaid, to it at the address provided for notices in this Debenture, such service to become effective thirty (30) days after the date of mailing. The Company has irrevocably appointed Bitquans Holdings LLC, a Delaware limited liability company, c/o Capitol Services, Inc., 108 Lakeland Avenue, Dover DE, Kent County 19901, as its authorized agent for service of process upon which process may be served in any such suit or proceeding arising under this Debenture or any other Transaction Document, and the Company agrees that service of process upon such agent, and written notice of said service to the Company by the person serving the same to the address provided in Section (8), shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding arising under this Debenture or any other Transaction Document. The Company further agrees to take any and all action as may be necessary to maintain such designation and appointment of such agent in full force and effect for a period of five years from the date of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the Company or any of its properties, assets or revenues is or may hereafter become entitled to, or have attributed to them, any right of immunity, on the grounds of sovereignty, from any legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, or from attachment in aid of execution of judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Debenture, any other Transaction Document, the Deposit Agreement or the Restricted Issuance Agreement, the Company hereby irrevocably and unconditionally, to the extent permitted by applicable law, waives and agrees not to plead or claim any such immunity and consents to such relief and enforcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;Nothing herein shall affect the right of the Holder to serve process in any other manner permitted by law or to commence legal proceedings or to otherwise proceed against the Company or any other Person in the Governing Jurisdiction or in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;THE PARTIES MUTUALLY WAIVE ALL RIGHT TO TRIAL BY JURY OF ALL CLAIMS OF ANY KIND ARISING OUT OF OR BASED UPON THIS DEBENTURE OR ANY MATTER RELATING TO THIS DEBENTURE, OR ANY OTHER TRANSACTION DOCUMENT, OR ANY CONTEMPLATED TRANSACTION. THE PARTIES ACKNOWLEDGE THAT THIS IS A WAIVER OF A LEGAL RIGHT AND THAT THE PARTIES EACH MAKE THIS WAIVER VOLUNTARILY AND KNOWINGLY AFTER CONSULTATION WITH COUNSEL OF THEIR RESPECTIVE CHOICE. THE PARTIES

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AGREE THAT ALL SUCH CLAIMS SHALL BE TRIED BEFORE A JUDGE OF A COURT HAVING JURISDICTION, WITHOUT A JURY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)&nbsp;&nbsp;&nbsp;&nbsp;If the Company fails to strictly comply with the terms of this Debenture, then the Company shall reimburse the Holder promptly for all fees, costs and expenses, including, without limitation, attorneys' fees and expenses incurred by the Holder in any action in connection with this Debenture, including, without limitation, those incurred: (i) during any workout, attempted workout, and/or in connection with the rendering of legal advice as to the Holder's rights, remedies and obligations, (ii) collecting any sums which become due to the Holder, (iii) defending or prosecuting any proceeding or any counterclaim to any proceeding or appeal; or (iv) the protection, preservation or enforcement of any rights or remedies of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)&nbsp;&nbsp;&nbsp;&nbsp;This Debenture and all other Debentures issued pursuant to the Purchase Agreement (or any other secured convertible debenture purchase agreement entered into by the Company on or about the date of the Purchase Agreement for the issuance of substantially similar debentures) may be amended or modified by the written agreement of the Company and the Required Holders. This Debenture may not be amended unless in accordance with the foregoing sentence and in the event that the Required Holders agree to the amendment or modification of this Debenture or any other Debenture issued pursuant to the Purchase Agreement (or any other secured convertible debenture purchase agreement entered into by the Company on or about the date of the Purchase Agreement for the issuance of substantially similar debentures) such amendment or modification shall concurrently be made to all such Debentures.. Any waiver by the Holder of a breach of any provision of this Debenture shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Debenture. The failure of the Holder to insist upon strict adherence to any term of this Debenture on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Debenture. Any waiver must be in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)&nbsp;&nbsp;&nbsp;&nbsp;If any provision of this Debenture is invalid, illegal or unenforceable, the balance of this Debenture shall remain in effect, and if any provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances. If it shall be found that any Interest or other amount deemed Interest due hereunder shall violate applicable laws governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum permitted rate of interest. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Company from paying all or any portion of the Principal of or Interest on this Debenture as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Debenture, and the Company (to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impeded the execution of any power herein granted to the Holder, but will suffer and permit the execution of every such as though no such law has been enacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)&nbsp;&nbsp;&nbsp;&nbsp;<u>EXISTENCE AND MERGER</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Existence</u>. Subject to Section (15)(B), the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence. In accordance with the provisions of Article L. 228-98 of the French Commercial Code, the Company may change its corporate form or corporate purpose without requesting the approval of the Holder; provided that unless the Company receives the approval of the Holder, the Company's corporate form must be: (1) a société anonyme or société en commandite par actions, in either case, registered under the laws of France or (2) a corporation or entity treated as a corporation for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Company May Consolidate, Etc. on Certain Terms</u>. The Company shall not consolidate with, merge with or into, or sell, convey, transfer or lease all or substantially all of the consolidated properties and assets of the Company and its direct and indirect Subsidiaries, taken as a whole, to another Person (other than any such sale, conveyance, transfer or lease to one or more of the Company's direct or indirect Wholly Owned Subsidiaries), unless (i) the resulting, surviving or transferee Person (the "<u>Successor Company</u>"), if not the Company, shall be (1) a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and the Successor Company (if not the Company) shall expressly assume, by supplemental indenture all of the obligations of the Company under the Debentures or (2) a corporation or entity treated as a corporation for U.S. federal income tax purposes organized and existing under the laws of France; (ii) the Successor Company, if not the Company, expressly assumes all of the Company's obligations under this Agreement and the other Transaction Documents pursuant to documentation that is reasonably acceptable to the Required Holders; and (iii) and immediately after giving effect to such transaction, no Event of Default shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)&nbsp;&nbsp;&nbsp;&nbsp;<u>[</u>*<u>Reserved</u>*.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17)&nbsp;&nbsp;&nbsp;&nbsp;<u>CERTAIN DEFINITIONS</u>. For purposes of this Debenture, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;"<u>ADSs</u>" means the Company's (or Successor Company's) American Depositary Shares issued pursuant to the Deposit Agreement or the Restricted Issuance Agreement, each representing the number of the Ordinary Shares specified pursuant to the Deposit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;"<u>ADS Delivery Date</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Additional Amounts</u>" shall have the meaning set forth in Section (1)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Additional Interest Election Notice</u>" shall have the meaning set forth in Section 19(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Applicable Taxes</u>" shall have the meaning set forth in Section (1)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Attribution Parties</u>" means, collectively, the following persons and entities: (i) any investment vehicle, including, any funds, feeder funds or managed accounts, currently, or from

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time to time after the Issuance Date, directly or indirectly managed or advised by the Holder's investment manager or any of its affiliates or principals, (ii) any direct or indirect affiliates of the Holder or any of the foregoing, (iii) any person acting or who could be deemed to be acting as a "group" (within the meaning of Section 13(d)(3) of the Exchange Act) together with the Holder or any of the foregoing and (iv) any other Persons whose beneficial ownership of the ADSs would or could be aggregated with the Holder's and the other Attribution Parties for purposes of Section 13(d) of the Exchange Act. For clarity, the purpose of the foregoing is to subject collectively the Holder and all other Attribution Parties to the Beneficial Ownership Cap.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Beneficial Ownership Cap</u>" shall have the meaning set forth in Section (4)(c)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bitcoin</u>" means the Digital Asset commonly referred to as "Bitcoin" (BTC) in the cryptocurrency marketplace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bitcoin Cash Cap</u>" means $30,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bitcoin Conversion Deadline</u>" shall be July 27, 2025, provided that upon the request of the Company, the Collateral Agent may consent, to extend the Bitcoin Conversion Deadline by twenty (20) days, which consent shall not be unreasonably conditioned or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bitcoin Escrow Account</u>" means a securities account that is opened and maintained with the Custodian to hold Bitcoin constituting Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bloomberg</u>" means Bloomberg Financial Markets (or if not available, a similar service provider of national recognized standing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Board of Directors</u>" means the board of directors of the Company or a committee of such board duly authorized to act for it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Business Day</u>" means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or a day on which banking institutions in the State of New York, United States or Paris, France are authorized or required by law or other government action to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Buy-In</u>" shall have the meaning set forth in Section (4)(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Buy-In Price</u>" shall have the meaning set forth in Section (4)(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Cash Collateral Account</u>" means a deposit account that is opened and maintained with the Cash Collateral Bank to hold cash constituting Collateral including the net proceeds of the issuance of the Debentures.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Cash Collateral Bank</u>" means First National Bank Omaha d/b/a FNBO, or such other custodian as selected by the Company and reasonably acceptable to the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Cash Equivalents</u>" means, as of any date of determination, any of the following: (A) marketable securities (i) issued or directly and unconditionally guaranteed as to interest and principal by the United States Government, or (ii) issued by any agency of the United States Government, the obligations of which are backed by the full faith and credit of the United States, in each case maturing within one (1) year after such date; (B) marketable direct obligations issued by any state of the United States or any political subdivision of any such state or any public instrumentality thereof, in each case maturing within one (1) year after such date and having, at the time of the acquisition thereof, a rating of at least A-1 from Standard & Poor's Corporation or at least P-1 from Moody's Investors Service; (C) commercial paper maturing no more than one (1) year from the date of creation thereof and having, at the time of the acquisition thereof, a rating of at least A-1 from Standard & Poor's Corporation or at least P-1 from Moody's Investors Service; (D) certificates of deposit or bankers' acceptances maturing within one (1) year after such date and issued or accepted by any commercial bank organized under the laws of the United States or any state thereof, or the District of Columbia that (i) is at least "adequately capitalized" (as defined in the regulations of its primary federal banking regulator), and (ii) has Tier 1 capital (as defined in such regulations) of not less than $5,000,000,000; and (E) shares of any money market mutual fund that (i) has substantially all of its assets invested continuously in the types of investments referred to in clauses (A) and (B) above, (ii) has net assets of not less than $5,000,000,000, and (iii) has the highest rating obtainable from either Standard & Poor's Corporation or Moody's Investors Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Claims</u>" shall have the meaning set forth in Section (6)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Closing Loan-to-Collateral Ratio Compliance Level</u>" means 1.00 to 1.95.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Closing Price</u>" of the ADSs on any date means the closing sale price per ADS (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions for the principal U.S. national or regional securities exchange on which the ADSs are traded. If the ADSs are not listed for trading on a U.S. national or regional securities exchange on the relevant date, the "<u>Closing Price</u>" will be the last quoted bid price for the ADSs in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar organization. If the ADSs are not so quoted, the "<u>Closing Price</u>" will be the average of the mid-point of the last bid and ask prices for the ADSs (or such other security) on the relevant date from each of at least three nationally recognized independent investment banking firms selected by the Company for this purpose. In the event of any need to determine the "Closing Price" of any security other than ADSs, the Company shall determine the "<u>Closing Price</u>" of such security in a commercially reasonable manner using a substantially similar methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Closing Price Trigger</u>" (x) beginning on and including the 12-month anniversary of the Issuance Date, the Closing Price of the ADSs has been at least 130% of the Conversion Price then in effect for at least 20 Trading Days (whether or not consecutive) during any 30 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date on

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which the Company provides such Redemption Notice to the Holder (provided that the Equity Conditions are satisfied on each Trading Day of such thirty (30) consecutive Trading Day period) or (y) beginning on and including the 16-month anniversary of the Issuance Date, the Closing Price of the ADSs has been equal to or less than 40% of the Conversion Price then in effect for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date on which the Company provides such Redemption Notice to the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Collateral Agent</u>" means Hudson Bay PH XVI Ltd. in its capacity as collateral agent for the holders of the Debentures, together with any successor thereto in such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Collateral Documents</u>" shall have the meaning set forth in Section 19(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Commission</u>" means the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Common Equity</u>" of any Person means capital stock of such Person that is generally entitled (a) to vote in the election of directors of such Person or (b) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners, managers or others that will control the management or policies of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Company</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Control Agreement</u>" means each account control agreement or securities account control agreement, as applicable, in form and substance reasonably satisfactory to the Collateral Agent, between the Company, the Collateral Agent and the applicable Cash Collateral Bank or securities intermediary, including, for the avoidance of doubt, the blocked control agreements required pursuant to Section 4.01(b) of the Guaranty and Security Agreement, which shall provide for the sole and exclusive control of the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Conversion Amount</u>" means the portion of the Principal and accrued Interest to be converted, redeemed or otherwise with respect to which this determination is being made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Conversion Date</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Conversion Failure</u>" shall have the meaning set forth in Section (4)(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Conversion Notice</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Conversion Notice Date</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Conversion Price</u>" means, as of any Conversion Date, $2.10 per ADS, provided that, on the Reset Date, the Conversion Price shall be reset (but only if such reset would result in a downward adjustment to the Conversion Price) to the greater of (x) the product of (A) 1.2 and (B) the average of the VWAPs of the ADSs during the five VWAP Trading Days immediately preceding the Reset Date and (y) $1.40 (subject to adjustment pursuant to Section (5)). The Conversion Price shall be adjusted from time to time pursuant to the other terms and conditions of this Debenture.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Custodian</u>" means Coinbase, Inc., or such other custodian as selected by the Company and acceptable to the Collateral Agent in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Default</u>" means any event that is (or, after notice, passage of time or both, would be) an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Default Rate</u>" means an annual rate of 18.0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Deposit Agreement</u>" means the Amended and Restated Deposit Agreement, dated as of May 14, 2018, among the Company the Depositary and the owners and holders from time to time of the ADSs issued thereunder, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Depositary</u>" means the Bank of New York Mellon as custodian of the Ordinary Shares underlying the ADS delivered pursuant to the Deposit Agreement or the Restricted Issuance Agreement, or any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Digital Asset Market Value</u>" means, with respect to any Bitcoin, the seven (7) day moving average price of such Bitcoin for the seven (7) days immediately preceding any date of determination, as determined by reference to the CME Bitcoin Reference Rate – New York Variant (BRRNY).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq)&nbsp;&nbsp;&nbsp;&nbsp; "<u>Discounted VWAP</u>" means an amount equal to ninety-three percent (93%) of the average of the VWAPs of the ADSs during the five VWAP Trading Days immediately preceding the Interest Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Distributed Securities VWAP</u>" means the per security volume-weighted average price as displayed under the heading "Bloomberg VWAP" on the Bloomberg page applicable to the security in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable for such security, the market value of such security on a per security basis on such Trading Day reasonably determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by Company). The "<u>Distributed Securities VWAP</u>" will be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Debenture</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Debentures</u>" shall mean this Debenture and all of the Other Debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Disclosure</u>" shall have the meaning set forth in Section 18.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv)&nbsp;&nbsp;&nbsp;&nbsp;"<u>DTC</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Effective Date</u>" means the date upon which the applicable transaction or event is effective or consummated.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Equity Conditions</u>" will be deemed to be satisfied as of any date if all of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;(x) one or more Registration Statements (as defined in the Registration Rights Agreement) filed shall be effective and available for the resale of all remaining Underlying ADSs, and there shall not have been any suspension of such registration statement(s) or (y) all Underlying ADSs shall be eligible for sale by non-affiliates (as defined in Rule 144) of the Company without restriction pursuant to Rule 144 (and without any requirements as to volume, manner of sale, availability of current public information (whether or not then satisfied)) and without the need for registration under any applicable federal or state securities laws all Underlying ADSs shall be issuable without restrictive legend and be eligible for immediate sale without restriction pursuant to Section 3(a)(9) of the Securities Act and without the need for registration under any applicable federal or state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the ADSs are designated for quotation on a Principal Market and shall not have been suspended from trading on such exchange or market (other than suspensions of not more than two (2) Trading Days and occurring before the applicable date of determination due to business announcements by the Company) nor shall delisting or suspension by such exchange or market been threatened, commenced or pending either (A) in writing by such Principal Market or (B) by falling below the then effective minimum listing maintenance requirements of such Principal Market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;the ADS issuable upon conversion of the Conversion Amount may be issued in full without resulting in the Holder beneficially owning ADSs in excess of the Beneficial Ownership Cap;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;there shall not be a Default or Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;the Holder shall not have been in possession of any material, nonpublic information received from the Company or any of its agents or affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;the ADSs issuable upon conversion of the Conversion Amount (including ADSs underlying any Pre-Funded Warrants issued in connection with such conversion as contemplated by Section (4)(c)(i) in certain circumstances) are duly authorized, and upon delivery on the applicable ADS Delivery Date (or upon exercise of any such Pre-Funded Warrants) will be (i) validly issued, fully paid, non-assessable, free from preemptive rights and any lien or adverse claim and will be listed and eligible for trading without restriction on a Principal Market (ii) represented by book-entries at DTC and identified therein by an "unrestricted" CUSIP number; and (iii) not represented by any certificate that bears a legend referring to transfer restrictions under the Securities Act or other securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Ex-Dividend Date</u>" means, (a) for purposes of Sections (5)(b)(i)-(vii), the first date on which the Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of the Ordinary Shares on such exchange or market (in

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the form of due bills or otherwise) as determined by such exchange or market and (b) for purposes of Section (5)(b)(viii), the first date on which the ADSs trade on the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of the ADSs on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Ex-Redemption Date</u>" means (1) the first date on which the ADSs trade on the applicable exchange or in the applicable market, regular way, without the right to the redemption in question from the Company or, if applicable, from the seller of the ADSs on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market or (2) if the ADSs do not trade on any exchange or market, the Paris Business Day on which the redemption in question occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Expiring Rights</u>" means any rights, options or warrants to purchase Ordinary Shares or ADSs that expire on or prior to the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Event of Default</u>" shall have the meaning set forth in Section 3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Event of Default Acceleration Amount</u>" means the, with respect to the delivery of a notice pursuant to Section 3(b) declaring the Debenture to be due and payable immediately on account of an Event of Default, a cash amount equal to the greater of (x) the sum of (i) 115% of the outstanding Principal of the Debenture (or such lesser amount accelerated pursuant to such notice) and (ii) the accrued and unpaid interest and other amounts owing in respect thereof and (y) the product of (i) the quotient of the Conversion Amount as of the occurrence of the Event of Default and the Conversion Price as of the occurrence of the Event of Default multiplied by (ii) the highest VWAP occurring during each VWAP Trading Day during the period beginning on and including the date that the Event of Default occurred (or the date on which the Default underlying such Event of Default initially occurred, if different than the date on which the Event of Default occurred) and ending on the VWAP Trading Day immediately prior to the Event of Default Acceleration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Event of Default Acceleration Date</u>" shall have the meaning set forth in Section 3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Event of Default Notice</u>" shall have the meaning set forth in Section 3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg)&nbsp;&nbsp;&nbsp;&nbsp;"<u>FATCA</u>" shall have the meaning set forth in Section (1)(d)(4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh)&nbsp;&nbsp;&nbsp;&nbsp;"<u>French Commercial Code</u>" shall mean the French Code de commerce.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Fundamental Change</u>" shall be deemed to have occurred at the time on or after the date of the Purchase Agreement if any of the following occurs prior to the Maturity Date:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;an acquisition after the date hereof by an individual or legal entity or "group" (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether through legal or beneficial ownership of capital stock of the Company, by contract or otherwise) of in excess of fifty percent (50%) of the voting securities of the Company (except that the acquisition of voting securities by the Holder shall not constitute a Fundamental Change for purposes hereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the consummation of (A) any recapitalization, reclassification or change of the Ordinary Shares or the ADSs (other than changes resulting from a subdivision or a combination) as a result of which the Ordinary Shares or ADS would be converted into, or exchanged for, stock, other securities, other property or assets; (B) any share exchange, consolidation or merger of the Company pursuant to which the Ordinary Shares or ADSs will be converted into cash, securities or other property or assets; or (C) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to any Person other than one or more of the Company's Wholly Owned Subsidiaries; *provided, however*, that a transaction described in clause (A) or (B) in which the holders of all classes of the Company's Common Equity immediately prior to such transaction own, directly or indirectly, more than 50% of all classes of Common Equity of the continuing or surviving company or transferee or the parent thereof immediately after such transaction in substantially the same proportions relative to each other as such ownership immediately prior to such transaction shall not be a Fundamental Change pursuant to this clause (2);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;the shareholders of the Company approve any plan or proposal for dissolution of the Company that, if completed, would result in the liquidation of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;the ADSs (or other Common Equity or ADS in respect of Common Equity underlying this Debenture (or any portion hereof)) cease to be listed or quoted on any Principal Market.

If any transaction in which the Ordinary Shares are replaced by the equity securities of another entity occurs, references to the Company in this definition shall instead be references to such other entity.

For purposes of this definition of "Fundamental Change" above, any transaction that constitutes a Fundamental Change pursuant to both clause (1) and clause (2) of such definition (without giving effect to the proviso in clause (2)) shall be deemed a Fundamental Change solely under clause (2) of such definition (subject to the proviso in clause (2)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Fundamental Change Company Notice</u>" shall have the meaning set forth in Section (2)(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Fundamental Change Repurchase Date</u>" shall have the meaning set forth in Section (2)(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Governing Jurisdiction</u>" shall have the meaning set forth in Section (11)(a).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Grantors</u>" shall have the meaning given such term in the Guaranty and Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Guarantors</u>" means each of the guarantors from time to time party to the Guaranty and Security Agreement as a "guarantor" thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Guaranty and Security Agreement</u>" means that certain Guaranty and Security Agreement, dated on or about the Issuance Date, made by each of the Guarantors party thereto from time to time in favor of the Holder, as may be amended, restated, supplemented or otherwise modified from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Holder</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqq)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Indemnified Damages</u>" shall have the meaning set forth in Section (6)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrr)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Indemnified Person</u>" shall have the meaning set forth in Section (6)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sss)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Independent Expert</u>" means an independent financial institution of international repute or independent financial adviser with appropriate expertise, chosen by the Company at its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttt)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Interest ADS Notice</u>" shall have the meaning set forth in Section 19(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuu)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Interest Payment Date</u>" means (i) each March 1, June 1, September 1 and December 1 of each calendar year, beginning on September 1, 2025 and (ii) if not otherwise included in clause (i), the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvv)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Interest Rate</u>" shall have the meaning set forth in Section (1)(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(www)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Issuance Date</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Loan-to-Collateral Ratio</u>" means, as of any date of determination, the ratio of (a) the aggregate outstanding principal balance of all the Debentures issued pursuant to the Purchase Agreement to (b) the *sum of* (i) the aggregate Digital Asset Market Value of all Collateral consisting of Bitcoin, *plus* (ii) the aggregate value of all Collateral consisting of cash and Cash Equivalents held in the Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyy)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Loan-to-Collateral Ratio Compliance Level</u>" means 1.00 to 2.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzz)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Make-Whole Date</u>" shall have the meaning set forth in Section 19(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Mandatory French Law Conversion Price Adjustment</u>" shall have the meaning set forth in Section (5)(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Material Adverse Effect</u>" has the meaning given such term in the Purchase Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cccc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Maturity Date</u>" shall have the meaning set forth in Section (1)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dddd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>MNPI</u>" shall have the meaning set forth in Section 18.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>New York Close of Business</u>" means 5:00 p.m. (New York City time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ffff)&nbsp;&nbsp;&nbsp;&nbsp;"<u>New York Open of Business</u>" means 9:00 a.m. (New York City time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gggg)&nbsp;&nbsp;&nbsp;&nbsp;"<u>New York Business Day</u>" means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or a day on which banking institutions in the State of New York, United States are authorized or required by law or other government action to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhh)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Obligations</u>" means all of the Company's and each Guarantor's now existing and hereafter created or arising obligations, indebtedness and liabilities of any kind (whether primary or secondary, conditional or unconditional, contingent or noncontingent, joint or several) owed to the Holder, whether existing, created, incurred or arising in the Company's or such Guarantor's capacity as a borrower, guarantor, indemnitor, customer, purchaser, lessee, licensee, applicant, counterparty, debtor or other obligor, including (a) any loan amount, principal, interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), fee, charge, indemnification obligation, reimbursement obligation, royalty, premium, cost, expense, price, rent or other amount owed by the Company or such Guarantor to the Holder at any time, including future advances, protective advances and other financial accommodations, (b) any obligations, indebtedness or liabilities of the Company and the Guarantors to the Holder under any Transaction Document at any time, and (c) any of the foregoing that may have been, or that may be, acquired by the Holder from any third party, the Company or any Guarantor at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iiii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Optional Redemption</u>" shall have the meaning set forth in Section (2)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjjj)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Ordinary Share Market Price</u>" means the Closing Price of the ADSs (divided by the number of Ordinary Shares then represented by one ADS) on the date a binding agreement is made for the Company or any of its Subsidiaries to purchase Ordinary Shares (directly or in the form of ADSs) (or the immediately preceding Trading Day if such agreement (i) is not made on a Trading Day or (ii) if made on a Trading Day, is made prior to the availability of the Closing Price of the ADSs in respect of such Trading Day).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkkk)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Ordinary Share Repurchase Date</u>" shall have the meaning set forth in Section (5)(b)(v).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(llll)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Ordinary Shares</u>" means the ordinary shares of the Company, nominal value €0.01 per share.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmmm)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Other Debentures</u>" means any other debentures issued pursuant to the Purchase Agreement and any other debentures, notes, or other instruments issued in exchange, replacement, or modification of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnnn)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Paris Business Day</u>" means any day (other than a Saturday or a Sunday) that is not a day on which banking institutions in Paris, France are authorized or required by law or executive order to close or be closed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oooo)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Paris Open of Business</u>" means 9:00 a.m., Paris, France time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pppp)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Paris Close of Business</u>" means 5:00 p.m., Paris, France time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqqq)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Payment Premium</u>" means for payments made (i) within twelve (12) months of the date of this Debenture, 3.0% and (ii) from and after twelve (12) months of the date of this Debenture, 5.0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrrr)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Periodic Reports</u>" shall mean all of the Company's reports (in form and substance as required by the Commission under applicable laws and regulations) required to be filed by the Company with the Commission under applicable laws and regulations (including, without limitation, Regulation S-K), including annual reports (on Form 20-F) and reports on Form 6-K, for so long as any amounts are outstanding under this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ssss)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Person</u>" means a corporation, an association, a partnership, organization, a business, an individual, a government or political subdivision thereof or a governmental agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tttt)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Principal</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuuu)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Principal Market</u>" means the New York Stock Exchange; *provided however*, that in the event the Company's ADSs are ever listed or traded on any of the NYSE American, the Nasdaq Global Market, the Nasdaq Global Select Market or the Nasdaq Capital Market, or such successor thereto, the "<u>Principal Market</u>" shall mean that market on which the ADSs are then listed or traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvvv)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Purchase Agreement</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(wwww)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Record Date</u>" means, with respect to any dividend, distribution or other transaction or event in which the holders of the Ordinary Shares (directly or in the form of ADSs) (or other applicable security) have the right to receive any cash, securities or other property or in which the Ordinary Shares (directly or in the form of ADSs) (or such other security) are exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of security holders entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors, statute, contract or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxx)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Redemption Amount</u>" shall have the meaning set forth in Section (2)(a).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyyy)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Redemption Equity Condition Period</u>" shall have the meaning set forth in Section 2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzzz)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Redemption Date</u>" shall have the meaning set forth in Section (2)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaaa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Redemption Notice</u>" shall have the meaning set forth in Section (2)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbbb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Reference Property</u>" shall have the meaning set forth in Section (5)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccccc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Registration Rights Agreement</u>" has the meaning given such term in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddddd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Relevant Jurisdiction</u>" shall have the meaning set forth in Section (1)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeeee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Reported Outstanding ADS Number</u>" shall have the meaning set forth in Section 4(c)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fffff)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Required Holders</u>" has the meaning given such term in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggggg)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Required Disclosure Date</u>" means (x) if the Holder authorized the delivery of such MNPI, either (I) if the Company and the Holder have mutually agreed upon a date (as evidenced by an e-mail or other writing) of Disclosure of such MNPI, such agreed upon date or (II) otherwise, the seventh (7th) calendar day after the date the Holder first received any MNPI or (y) if the Holder did not authorize the delivery of such MNPI, the first (1st) Business Day after the Holder's receipt of such MNPI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhhh)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Required Reserve Amount</u>" shall have the meaning set forth in Section (4)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iiiii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Reset Date</u>" means the date that is the earlier of (i) nine (9) months following the effective date of the Registration Statement (as defined in the Registration Rights Agreement) and (ii) twelve (12) months following the Issuance Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjjjj)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Restricted Issuance Agreement</u>" means the restricted issuance agreement to be entered into as of the Issuance Date, by and among the Company, the Depositary, and the owners and beneficial owners of the ADSs delivered thereunder or, if amended or supplemented as provided therein, as so amended or supplemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkkkk)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Rule 144</u>" means Rule 144 promulgated under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lllll)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmmmm)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Security Documents</u>" means, collectively, the Guaranty and Security Agreement, the Control Agreement, any other control agreement applicable to the Bitcoin Escrow Account or Cash Collateral Account, any other security agreements, pledge agreements or other

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similar agreements delivered to the Holder, the Guaranty (if applicable) and each of the other agreements, instruments or documents that creates a lien or guaranty in favor of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnnnn)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Share Exchange Event</u>" shall have the meaning set forth in Section (5)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooooo)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Share Reduction</u>" shall have the meaning set forth in Section 5(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppppp)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Shortfall Amount</u>" shall have the meaning set forth in Section 19(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqqqq)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Shortfall Event</u>" shall have the meaning set forth in Section 19(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrrrr)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Significant Subsidiary</u>" of any Person means any Subsidiary of that Person that constitutes a "significant subsidiary" (as defined in Rule 1-02(w) of Regulation S-X under the Exchange Act) of that Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sssss)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Specified Repurchase Date</u>" means January 7, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttttt)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Spin-Off</u>" shall have the meaning set forth in Section (5)(b)(viii)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuuuu)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Subject Proceeds</u>" shall have the meaning set forth in Section 19(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvvvv)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Subscription Period</u>" shall have the meaning set forth in Section (5)(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(wwwww)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Subsidiary</u>" means, with respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of capital stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxxx)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Successor Company</u>" shall have the meaning set forth in Section (15)(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyyyy)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Trading Day</u>" means a day on which (i) trading in the ADSs (or other security for which a closing sale price must be determined) generally occurs on a Principal Market or, if the ADSs (or such other security) are not then listed on a Principal Market, on the principal other U.S. national or regional securities exchange on which the ADSs (or such other security) are then listed or, if the ADSs (or such other security) are not then listed on a U.S. national or regional securities exchange, on the principal other market on which the ADSs (or such other security) are then traded, and (ii) a Closing Price of the ADS (or closing sale price for such other security) is available on such securities exchange or market. If the ADSs (or such other security) are not so listed or traded, "<u>Trading Day</u>" means a New York Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzzzz)&nbsp;&nbsp;&nbsp;&nbsp; "<u>Transaction Document</u>" means (i) any Transaction Document (as defined in the Purchase Agreement) and (ii) any other Security Document entered into from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaaaa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Trigger Event</u>" shall have the meaning set forth in Section (5)(b)(viii)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbbbb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Underlying ADSs</u>" means the ADSs (including the Ordinary Shares represented by such ADSs) issuable upon conversion of this Debenture in accordance with the terms hereof and the ADSs underlying any Pre-Funded Warrants issued in connection with any conversion of this Debenture (or portion hereof) as contemplated by Section (4)(c)(i) in certain circumstances, in each case determined without regard to any limitations on such conversion set forth in this Debenture or any such Pre-Funded Warrants (including, for the avoidance of doubt, such limitation set forth in Section 4(c)(i)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cccccc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>unit of Reference Property</u>" shall have the meaning set forth in Section (5)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dddddd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Valuation Period</u>" shall have the meaning set forth in Section (5)(b)(viii)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeeeee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Value of the Ordinary Share Immediately prior to the Close of Business on the Date of such Distribution</u>" means the arithmetic average of the VWAP (divided by the number of Ordinary Shares then represented by one ADS) for each of the three Trading Days immediately preceding the Ex-Dividend Date for such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ffffff)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Value of the Ordinary Shares Ex-Right</u>" means the arithmetic average of the VWAP (divided by the number of Ordinary Shares then represented by one ADS) on each Trading Day included in the applicable Subscription Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gggggg)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Value of the Preferential Subscription Right</u>" means (i) the arithmetic average of the opening trading prices on any Principal Market for such preferential subscription rights on a per right basis, or on a similar market on which the preferential subscription rights have their principal listing on each Trading Day included in the applicable Subscription Period, or (ii) if the preferential subscription rights are not listed on a Principal Market or similar market, the value of such preferential subscription rights will be calculated as reasonably determined by the Company or, at the Company's option, an Independent Expert taking into account the fair market value or trading price of any corresponding ADS rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhhhh)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Value of the Securities or Assets Distributed per Ordinary Share</u>" means: (1) in the event of a distribution of securities that are already listed on any Principal Market or a similar market, the arithmetic average of the Distributed Securities VWAP of such securities during the three Trading Days immediately preceding the Ex-Dividend Date for such distribution; (2) in the event of a distribution of securities that are not already listed on any Principal Market or a similar market, but that are expected to be listed on any such market for at least three Trading Days within 10 Trading Days starting on the Ex-Dividend Date for such distribution, the arithmetic average of the Distributed Securities VWAP of such securities during the first three Trading Days included within this 10 trading day period during which such securities are listed on any Principal Market or a similar market; and (3) in all other cases not addressed in clause (1) or (2) of this definition, such value that is determined reasonably by the Company or, at the Company's option,

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an Independent Expert, no later than the Trading Day immediately preceding the Ex-Dividend Date for such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iiiiii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>VWAP</u>" means, for any VWAP Trading Day, the per share volume-weighted average price as displayed under the heading "Bloomberg VWAP" on Bloomberg page "SQNS AQR" (or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the market value of one ADS on such Trading Day reasonably determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by the Company). The "<u>VWAP</u>" shall be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjjjjj)&nbsp;&nbsp;&nbsp;&nbsp;"<u>VWAP Market Disruption Event</u>" means, with respect to any date, (A) the failure by the principal U.S. national or regional securities exchange on which the ADSs are then listed, or, if the ADSs are not then listed on a U.S. national or regional securities exchange, the principal, in terms of volume, on which the ADSs are then traded, to open for trading during its regular trading session on such date; or (B) the occurrence or existence, for more than one half hour period in the aggregate, of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the ADSs or in any options contracts or futures contracts relating to the ADSs, and such suspension or limitation occurs or exists at any time before 1:00 p.m., New York City time, on such date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkkkkk)&nbsp;&nbsp;&nbsp;&nbsp;"<u>VWAP Trading Day</u>" means a day on which (A) there is no VWAP Market Disruption Event; provided that the Holder, by written notice to the Company, may waive any such VWAP Market Disruption Event; and (B) trading in ADSs generally occurs on the principal U.S. national or regional securities exchange on which the ADSs are then listed or, if the ADSs are not then listed on a U.S. national or regional securities exchange, on the principal, in terms of volume, Principal Market on which the ADSs are then traded. If the ADSs are not so listed or traded, then "VWAP Trading Day" means a Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(llllll)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Wholly Owned Subsidiary</u>" means, with respect to any Person, any direct or indirect Subsidiary of such Person, except that, solely for purposes of this definition, the reference to "more than 50%" in the definition of "Subsidiary" shall be deemed replaced by a reference to "100%".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18)&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidential Information</u>. At any time after the Issuance Date if the Company, any of its Subsidiaries, or any of their respective officers, directors, employees or agents, provides the Holder with material non-public information relating to the Company or any of its Subsidiaries (each, the "<u>MNPI</u>"), the Company shall, on or prior to the applicable Required Disclosure Date, publicly disclose such MNPI on a Current Report on Form 6-K or otherwise (each, a "<u>Disclosure</u>"). From and after such Disclosure, the Company shall have disclosed all MNPI provided to the Holder by the Company or any of its Subsidiaries or any of their respective officers, directors, employees or agents. In addition, effective upon such Disclosure, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors,

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affiliates, employees or agents, on the one hand, and the Holder or any of its affiliates, on the other hand, shall terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19)&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral Coverage Requirement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;On or before the Bitcoin Conversion Deadline, the Company shall have used all the proceeds deposited in the Cash Collateral Account on the Issuance Date (other than up to eight hundred thousand dollars ($800,000) in the aggregate used to fund general and administrative costs and expenses related to the implementation of the Company's Bitcoin treasury strategy (the "<u>Bitcoin Strategy Expense Cap</u>")) to purchase, or cause any Grantor to purchase, Bitcoin, which Bitcoin shall be immediately delivered to the Bitcoin Escrow Account upon such purchase. For the avoidance of doubt, the Company shall not be responsible for any breach of this Section 19(a) if the reason for such breach is solely due to the Collateral Agent's breach of its obligations set forth in Section 19(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Prior to the Bitcoin Conversion Deadline, the Company shall not request a transfer or withdrawal of funds in excess of the Bitcoin Cash Cap from the Cash Collateral Account through any single transfer or withdrawal. Any funds transferred or withdrawn from the Cash Collateral Account shall only be used to promptly purchase Bitcoin that is immediately delivered to the Bitcoin Escrow Account upon such purchase (and to pay only customary transaction costs and commissions incurred in connection with such purchases) or to fund the implementation of the Company's Bitcoin treasury strategy in an amount up to the Bitcoin Strategy Expense Cap. Following any transfer or withdrawal of funds from the Cash Collateral Account, the Company shall not be permitted to request a transfer or withdrawal of additional funds from the Cash Collateral Account until such time as the Company has complied with the immediately preceding sentence, at which time the Company may again request a transfer or withdrawal of funds from the Cash Collateral Account to purchase or cause any Grantor to purchase additional Bitcoin up to the available Bitcoin Cash Cap. For example (and for illustrative purposes only), if (after expending proceeds to fund the implementation of the Company's Bitcoin treasury strategy in an amount equal to the Bitcoin Strategy Expense Cap), the Company transferred $30,000,000 from the Cash Collateral Account, it could not transfer additional funds from the Cash Collateral Account until it deposited the Bitcoin purchased with such $30,000,000 into the Bitcoin Escrow Account. So long as (i) no Default or Event of Default has occurred and is then continuing, and (ii) the Company has provided the Collateral Agent a notice, in the form attached hereto as <u>Exhibit II</u> (a "<u>Withdrawal Notice</u>"), and, for any requested transfers or withdrawals following the first transfer or withdrawal after the Issuance Date, supporting documentation from the Custodian of the Bitcoin Escrow Account (*e.g*., account statements, transaction history, escrow deposit receipts, or other similar documentation) reasonably satisfactory to the Collateral Agent evidencing that any previously withdrawn or transferred funds from the Cash Collateral Account were used by the Company to purchase Bitcoin that was deposited into the Bitcoin Escrow Account in accordance with the terms of this Section 19(b), then the Collateral Agent shall promptly provide instructions to the Cash Collateral Bank to release the funds from the Cash Collateral Account requested by the Company in the amount set forth in the Withdrawal Notice, which shall not exceed the available Bitcoin Cash Cap in accordance with this Section 19(b) and, for the avoidance of doubt, shall be used solely for the purchase of Bitcoin. For the avoidance of doubt, the Company may submit multiple Withdrawal Notices on any given Business Day, subject to the terms of this Section 19(b).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;As of the Issuance Date and immediately following the closing of the issuance of the Debentures and the Common Equity Private Placement (as defined in the Purchase Agreement), the Loan-to-Collateral Ratio shall be less than or equal to the Closing Loan-to-Collateral Ratio Compliance Level; provided that if, as of the Issuance Date, the Loan-to-Collateral Ratio is greater than the Loan-to-Collateral Ratio Compliance Level (a "<u>Shortfall Event</u>"), then on the ninetieth (90<sup>th</sup>) day following the Issuance Date (the "<u>Make-Whole Date</u>"), the Company shall cause to be deposited into the Cash Collateral Account such portion of the aggregate net proceeds received by the Company in respect of (i) the exercise of the Common Warrants and (ii) any Exempt At-the-Market Offering (as defined in the Purchase Agreement) prior to the Make-Whole Date (such aggregate proceeds, the "<u>Subject Proceeds</u>"), in an aggregate amount equal to the amount of additional collateral that would have been required to cause the Loan-to-Collateral Ratio to be equal to the Loan-to-Collateral Ratio Compliance Level (which shall include all proceeds deposited in the Cash Collateral Account on the Issuance Date that were transferred from the Cash Collateral Account to fund general and administrative costs and expenses related to the implementation of the Company's Bitcoin treasury strategy), as measured as of the Issuance Date (such amount, the "<u>Shortfall Amount</u>"); provided further that if the Subject Proceeds are less than the Shortfall Amount, the Company, in its sole discretion, may either: (1) cause additional cash to be deposited into the Cash Collateral Account in an amount equal to the difference between the Shortfall Amount and the Subject Proceeds, or (2) pay additional interest on the outstanding Principal balance hereof in accordance with Section 19(h), in which case the Company shall not be required to deposit any additional cash into the Cash Collateral Account. The Company shall provide the Holder with prompt written notice prior to the Marke-Whole Date (an "<u>Additional Interest Election Notice</u>") if it elects option (2) pursuant to the foregoing sentence.

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Collateral Agent prior to release. For the avoidance of doubt, the Company may only exercise the right granted pursuant to this Section 19(e) once.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Other than the Collateral used or released in accordance with the foregoing clauses (a), (d) or (e), or as provided in the following clause (g), the Company shall not (and shall not permit the Grantors to) transfer, permit any encumbrance or otherwise dispose of any Collateral other than the transfer of Bitcoin Collateral (or cash held in the Cash Collateral Account for the purchase of Bitcoin) to the Grantors (or from one Grantor to another Grantor); provided that (i) in the case of a transfer to the Grantors following the Issuance Date, the Grantors, to the extent not a Grantor party to the Guaranty and Security Agreement as of the Issuance Date, shall have first complied with Sections 2.05 and 4.03 of the Guaranty and Security Agreement and (ii) any cash, Cash Equivalents or Bitcoin transferred to the Grantors following the Issuance Date shall at all times remain on deposit in the Cash Collateral Account or Bitcoin Escrow Account (or any replacement Cash Collateral Account or Bitcoin Escrow Account approved by the Collateral Agent in its sole discretion at a custodian approved by the Collateral Agent in its sole discretion), as applicable, and subject to the first priority Lien and security interest in favor of the Collateral Agent for the benefit of the Secured Parties (as defined in the Guaranty and Security Agreement). For the avoidance of doubt, neither the Company nor any of its affiliates shall be subject to any restrictions under the Transaction Documents in respect of Bitcoin that has been released as, or that does not otherwise constitute, Bitcoin Collateral (including all Bitcoin that is not purchased with the net proceeds of the issuance of the Debentures or the Common Equity Private Placement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of this definition or anything in this Debenture or any other Transaction Document to the contrary, (i) the Collateral requirements thereunder shall not require any control agreement, lockbox or similar arrangement with respect to any deposit account, securities account, commodities account or other bank account, or otherwise take or perfect a security interest with control (other than with respect to the Bitcoin Escrow Account and/or the Cash Collateral Account to the extent required under the Debentures and the Collateral Documents); and (b) no actions (x) in any non-U.S. jurisdiction or (y) required by the laws of any non-U.S. jurisdiction shall be required to be taken to create, perfect or maintain any security interest or make enforceable any security interests or otherwise (it being understood that there shall be no Collateral Document (or other security agreements or pledge agreements) governed by any non-U.S. jurisdiction). As used in this Debenture, "<u>Collateral Documents</u>" means the Guaranty and Security Agreement, any control agreement with respect to the Bitcoin Escrow Account and/or the Cash Collateral Account (including financing statements under the UCC of the relevant states), and the escrow agreement or similar securities control agreement with respect to the Bitcoin Escrow Account, each as amended, supplemented, restated, renewed, replaced or otherwise modified from time to time, to secure any obligations under the Debentures or under which rights or remedies with respect to the Lien are governed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Interest</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;(1) &nbsp;&nbsp;&nbsp;&nbsp;If the Company elects to pay additional interest under Section 19(c), then from and after the Issuance Date until but not including the first anniversary of the Issuance Date (the "<u>Additional Interest Period</u>"), additional interest shall accrue on the outstanding Principal balance hereof at an annual rate equal to five percent (5.0%) (such

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interest, the "<u>Additional Interest</u>"). Additional Interest shall be calculated based on a 365- day year and the actual number of days elapsed, to the extent permitted by applicable law. Additional Interest shall accrue during the Additional Interest Period and shall be due and payable on each Interest Payment Date or upon the acceleration (including, for the avoidance of doubt, in connection with Section 3(b)), redemption (including, for the avoidance of doubt, in connection with Section 2(b) and Section 2(c)) or conversion of the outstanding Principal. At the election of the Company, Additional Interest shall be payable by either (A) issuing to Holder a number of Ordinary Shares, represented by ADSs (the "<u>Interest ADSs</u>") determined in accordance with the formula set forth in Section 19(h)(2) below, provided that (x) the Equity Conditions are satisfied as of the applicable Interest Payment Date and (y) the Company has notified the Holder in writing (an "<u>Interest ADS Notice</u>") that it has elected to pay the Additional Interest in Interest ADSs no later than ten (10) Trading Days prior to the applicable Interest Payment Date, or (B) in cash. Notwithstanding the foregoing, the ability of the Company to elect payment of Additional Interest in Interest ADSs shall be subject to the conversion limitations set forth in Section 4(c)(i), which shall apply *mutatis mutandis*. Failure to timely deliver an Interest ADS Notice to the Holder shall be deemed an election by the Company to pay the Additional Interest with respect to such Interest Payment Date in cash. Notwithstanding anything herein to the contrary, the Company will not have the right to, and will not, make any payment of Additional Interest (or any applicable portion thereof) in Interest ADSs if the Equity Conditions are not satisfied for each VWAP Trading Day occurring between the date of delivery of the Interest ADS Notice and the applicable Interest Payment Date (and the Company shall certify in writing to the Holder on the applicable Interest Payment Date that the Equity Conditions have continued to have been satisfied during such period), and such payment of Additional Interest (or any applicable portion thereof) shall instead be paid in cash on such Interest Payment Date, unless such failure of the Equity Conditions to be so satisfied is waived in writing by the Required Holders, which waiver may be granted or withheld by the Required Holders in their sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;If the Company elects to pay Additional Interest in Interest ADSs, the number of Interest ADSs issuable on any Interest Payment Date shall be equal to the quotient (rounded down to the nearest whole share, with cash paid in lieu of any fractional share) obtained by dividing (a) the amount of Additional Interest to be paid in Interest ADSs on such Interest Payment Date, by (b) the lower of (x) the Discounted VWAP and (y) the Conversion Price.

[*Signature Page Follows*]

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**IN WITNESS WHEREOF**, the Company has caused this Convertible Secured Debenture to be duly executed by a duly authorized officer as of the date set forth above.

---

| | |
|:---|:---|
| **<u>COMPANY</u>:** | **<u>COMPANY</u>:** |
| **SEQUANS COMMUNICATIONS S.A.**  | **SEQUANS COMMUNICATIONS S.A.**  |
| By: | /s/ Georges Karam |
| Name: | Georges Karam |
| Title: | Chief Executive Officer |

---

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**EXHIBIT I**

**<u>CONVERSION NOTICE</u>**

**(To be executed by the Holder in order to Convert the Secured Convertible Debenture)**

**To: Sequans Communications S.A.**

**Via Email:**

The undersigned hereby irrevocably elects to convert a portion of the outstanding and unpaid Conversion Amount of Secured Convertible Debenture No. SQNS-[3] into ADSs of Sequans Communications S.A., according to the conditions stated therein, as of the Conversion Date written below.

**Conversion Date:**

**Principal Amount to be Converted:**

**Accrued Interest to be Converted:**

**Total Conversion Amount to be Converted:**

**Conversion Price:**

**Number of ADSs to be issued:**

**Number of Pre-Funded Warrants, if any, to be issued:**

**Please issue the ADSs in the following name and deliver them to the following account:** 

**Issue to:**

**Broker DTC Participant Code:**

**Account Number:**

**Authorized Signature:**<br>

---

| |
|:---|
| **Name:** |
| **Title:** |

---

**Please issue and deliver the Pre-Funded Warrants, if any, to: _________________**

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**Exhibit II**

**<u>Withdrawal Notice</u>**

Hudson Bay PH XVI Ltd

[Address]

Attention: [_____]

Email Address: [_____]

Date:

**Re: Withdrawal Notice pursuant to the Secured Convertible Debentures, dated [_____], 2025**

**Cash Collateral Account No.** _____________

We refer to those certain Secured Convertible Debentures, issued on [●], 2025 in the aggregate principal amount of $[●]. Capitalized terms in this letter that are not otherwise defined shall have the same meaning given to them in the Secured Convertible Debentures.

Pursuant to Section [19(b)] of the Secured Convertible Debentures, the Company instructs Collateral Agent to cause the Cash Collateral Bank to release the portion of the funds in the Cash Collateral Account specified below to the Custodian, for the purchase of Bitcoin, as follows:

Amount (In numerals):

Amount (In writing):

Beneficiary:

City:

Country:

**US Instructions:**

Bank

Bank address

ABA Number:

Credit A/C Name:

Credit A/C #:

Credit A/C Address:

If Applicable:

FFC A/C Name:

FFC A/C #:

FFC A/C Address:

**<u>COMPANY</u>:**

**SEQUANS COMMUNICATIONS S.A.**

---

| | |
|:---|:---|
| By: |  |
| Name: | Georges Karam |
| Title: | Chief Executive Officer |

---

## Exhibit 4.8

**Exhibit 4.8**

***Execution Version***

**NEITHER THIS DEBENTURE NOR THE SECURITIES INTO WHICH THIS DEBENTURE IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE. THESE SECURITIES HAVE BEEN SOLD IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.**

**FOR PURPOSES OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>CODE</u>"), THIS DEBENTURE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT. THE HOLDER (AS DEFINED BELOW) MAY CONTACT DR. GEORGES KARAM AT +33 1 70 72 16 00, WHO WILL, NOT LATER THAN TEN DAYS AFTER THE DATE HEREOF, PROMPTLY MAKE AVAILABLE TO THE HOLDER, UPON REQUEST, THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND ISSUANCE DATE OF THIS DEBENTURE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THIS DEBENTURE, AND (3) THE YIELD TO MATURITY OF THIS DEBENTURE.**

**SEQUANS COMMUNICATIONS S.A.**

**SECURED CONVERTIBLE DEBENTURE**

**Principal Amount:&nbsp;&nbsp;&nbsp;&nbsp;$3,000,000**

**Debenture Issuance Date: July 7, 2025** 

**Debenture Number: SQNS-4**

FOR VALUE RECEIVED, Sequans Communications S.A., a société anonyme incorporated in the French Republic (the "<u>Company</u>"), hereby promises to pay to the order of MOORE Global Investments, LLC, or its registered assigns (the "<u>Holder</u>") the amount set out above as the principal amount (as reduced or increased pursuant to the terms hereof pursuant to redemption, conversion or otherwise, the "<u>Principal</u>") when due, whether upon the Maturity Date (as defined below), acceleration, or redemption (in each case in accordance with the terms hereof) and to pay interest ("<u>Interest</u>") on any outstanding Principal at the applicable Interest Rate from the date set out above as the Debenture Issuance Date (the "<u>Issuance Date</u>") until the same becomes due and payable, whether upon the Maturity Date or acceleration, conversion, redemption or otherwise (in each case in accordance with the terms hereof). This Secured Convertible Debenture (including all debentures issued in exchange, transfer or replacement hereof, this "<u>Debenture</u>") was originally issued pursuant to the Secured Convertible Debenture Purchase Agreement dated as of June 22, 2025, as it may be amended from time to time (the "<u>Purchase Agreement</u>") between the Company and the Buyers listed on the Schedule of Buyers attached thereto. Certain capitalized terms used

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herein are defined in Section (17). All Obligations owed by the Company to the Holder under this Debenture and each other Transaction Document are guaranteed by the Guarantors pursuant to the Guaranty and Security Agreement and secured by the Guarantors pursuant to the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>GENERAL TERMS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Maturity Date</u>. On the Maturity Date, the Company shall pay to the Holder an amount in cash representing all outstanding Principal, accrued and unpaid Interest, and any other amounts outstanding pursuant to the terms of this Debenture. The "<u>Maturity Date</u>" shall be July 7, 2028. Other than as specifically permitted by this Debenture under Section 2(a), the Company may not prepay or redeem any portion of the outstanding Principal and/or accrued and unpaid Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate and Payment of Interest</u>. (i) From and after the first anniversary date of the Issuance Date until, but not including, the second anniversary date of the Issuance Date, interest shall accrue on the outstanding Principal balance hereof at an annual rate equal to 6.00% and (ii) from and after the second anniversary date of the Issuance Date, interest shall accrue on the outstanding Principal balance hereof at an annual rate equal to 8.00% (such applicable interest rate, the "<u>Interest Rate</u>"), which Interest Rate shall, in connection with the occurrence of an Event of Default, increase to the Default Rate upon written notice executed by the Required Holders (as defined in the Purchase Agreement) to the Company retroactively to the date of the occurrence of such Event of Default. Interest shall be calculated based on a 365- day year and the actual number of days elapsed, to the extent permitted by applicable law. Interest shall accrue during the term of this Debenture and shall be due and payable on each Interest Payment Date or upon the acceleration (including, for the avoidance of doubt, in connection with Section 3(b)), redemption (including, for the avoidance of doubt, in connection with Section 2(b) and Section 2(c)) or conversion of the outstanding Principal. Additional Interest may be payable pursuant to Section 19(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment Dates</u>. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding</u>. All payments and deliveries made by, or on behalf of, the Company (or any Successor Company) under or with respect to this Debenture (including in connection with any conversion described in Section (4)), shall be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied ("<u>Applicable Taxes</u>") by or within France or any jurisdiction in which the Company (or any Successor Company) is, for tax purposes, organized or resident or doing business (each, as applicable, a "<u>Relevant Taxing Jurisdiction</u>") or through which payment is made or deemed made (together with each Relevant Taxing Jurisdiction, a "<u>Relevant Jurisdiction</u>," and in each case, any political subdivision or taxing authority thereof or therein), unless such withholding or deduction is required by law or by regulation or governmental policy having the force of law. In the event that any such withholding or deduction is so required in a Relevant Jurisdiction, the Company (or the Successor Company) shall pay such additional amounts ("<u>Additional Amounts</u>") as may be necessary to ensure that the net amount received by the Holder after such withholding or deduction (and after deducting any Applicable Taxes on the Additional

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Amounts) under a Relevant Jurisdiction shall equal the amounts that would have been received by such beneficial owner had no such withholding or deduction been required; *provided* that no Additional Amounts shall be payable for or on account of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;any tax, duty, assessment or other governmental charge that would not have been imposed but for:

&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;(i)&nbsp;&nbsp;&nbsp;&nbsp;the failure of the Holder to comply with a timely reasonable request from the Company, addressed to the Holder to provide certification or other documents concerning such Holder's nationality, residence, identity or connection with the Relevant Jurisdiction, or to make any declaration or satisfy any other reporting requirement relating to such matters, if and to the extent that due and timely compliance with such request is required by statute, regulation or administrative practice of the Relevant Jurisdiction in order to reduce or eliminate any withholding or deduction as to which Additional Amounts would have otherwise been payable to the Holder and so long as the completion, execution or submission of such certification or documents would not materially prejudice the legal or commercial position of the Holder;

&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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;(A) the existence of any present or former connection between the Holder and any non-cooperative jurisdiction (Etat ou territoire non coopératif) within the meaning of Section 238-0 A of the French tax code (as this list may be amended from time to time), or (B) the presentation of this Debenture (or any portion hereof) for payment or payment on this Debenture (or any portion hereof) otherwise made to a bank account open in a non-cooperative jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;any tax, duty, assessment or other governmental charge that is payable otherwise than by withholding or deduction from payments under or with respect to this Debenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;any tax required to be withheld or deducted under Sections 1471 to 1474 of the Code (or any amended or successor versions of such Sections that are substantively comparable and not materially more onerous to comply with) ("<u>FATCA</u>"), any agreement described in Section 1471(b) of the Code, or any current or future regulations or other official guidance thereunder, any intergovernmental agreement entered into in connection with FATCA, or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA; 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;(5)&nbsp;&nbsp;&nbsp;&nbsp;any combination of taxes, duties, assessments or other governmental charges referred to in the preceding clauses (1), (2), (3) or (4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Treatment</u>. (i) The parties hereto shall treat this Debenture as debt for U.S. federal (and applicable state and local) income tax purposes and shall prepare and file all tax returns consistent with, and not otherwise take any position inconsistent with, such treatment unless required by applicable law; (ii) the parties hereto agree that (x) the Debentures and the Common Warrants (as defined in the Purchase Agreement) shall be treated as an "investment unit"

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within the meaning of Section 1273(c)(2) of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder, (y) the issue price of the investment unit will be allocated between the Debentures and such Common Warrants based on their relative fair market values on the Issuance Date for U.S. federal income tax purposes, as determined collectively by the Company and the Required Holders acting in good faith, and (z) no party hereto shall take a position contrary to the foregoing on any tax return unless required by an applicable change in law after the Issuance Date or the good faith resolution of a tax audit or other tax proceeding; (iii) the Company represents that it was not a "passive foreign investment company" for U.S. federal income tax purposes for the year ending December 31, 2024 and does not as of the date hereof have knowledge that it will be a "passive foreign investment company" for the year ending December 31, 2025 or the foreseeable future; (iv) the Company shall make due inquiry with its tax advisors regarding the Company's status as a "passive foreign investment company" for the year ending December 31, 2025 and each subsequent year; and (v) if the Company determines that it is a "passive foreign investment company" for any years during which the Holder has owned this Debenture, the Company will promptly notify the Holder of its determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>PAYMENTS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have the right, but not the obligation, to redeem ("<u>Optional Redemption</u>") in cash a portion or all amounts outstanding under this Debenture at the Redemption Amount (as defined below) as described in this Section 2(a); *provided*, that (a) the Company provides the Holder with at least: (i) in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger," 30 Trading Days' prior written notice, or (ii) in the case of an Optional Redemption pursuant to clause (y) of the definition of "Closing Price Trigger," 5 Trading Days' prior written notice, of its desire to exercise an Optional Redemption (each, a "<u>Redemption Notice</u>"), (b) such Redemption Notice sets forth a redemption date for consummating the Optional Redemption (the "<u>Redemption Date</u>") that is scheduled to be a New York Business Day that occurs on or after the first anniversary date of the Issuance Date, (c) in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger," the Equity Conditions are satisfied on each Trading Day during the period commencing on the date the Redemption Notice is delivered to the Holder and ending on and including the date upon which the Redemption Amount is delivered to the Holder (the "<u>Redemption Equity Condition Period</u>"), (d) the Closing Price Trigger is satisfied as of the date the Redemption Notice is delivered to the Holder and (e) the Company must have, on or prior to 8:30 a.m., New York City time, on the Trading Day on which such Redemption Notice is delivered, publicly disclosed any material, non-public information regarding the Company (including the fact that the Company is effecting an Optional Redemption) on a Form 6-K or otherwise. Each Redemption Notice shall be irrevocable and shall (x) specify the outstanding Principal balance of this Debenture to be redeemed and the Redemption Amount and (y) in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger," certify that the Equity Conditions are satisfied as of the date of such Redemption Notice. The "<u>Redemption Amount</u>" shall be, (x) in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger", an amount equal to the outstanding Principal balance being redeemed by the Company, *plus* all accrued and unpaid Interest in respect of such Principal balance to, but not including, such Redemption Date, *plus* the Payment Premium in respect of such Principal balance and accrued and unpaid Interest and (y) in the case of an Optional Redemption pursuant to clause (y) of the definition of "<u>Closing Price</u>

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<u>Trigger</u>", an amount equal to the *sum of* (A) the *product of* (*x*) the outstanding Principal balance being redeemed by the Company *multiplied by* (*y*) 108% *plus* (B) the Payment Premium with respect to all accrued and unpaid Interest in respect of such Principal balance to, but not including, such Redemption Date. After receipt of a Redemption Notice, the Holder shall have the right to elect to convert all or any portion of the outstanding Principal balance being redeemed by the Company (and accrued and unpaid Interest thereon) in accordance with Section (4) until the New York Close of Business on the New York Business Day immediately preceding the applicable Redemption Date. Provided that the Equity Conditions are satisfied (solely in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger") and the Company is not in possession of material non-public information, on the Redemption Date, the Company shall (x) deliver to the Holder the Redemption Amount with respect to the Principal amount redeemed to the extent not converted in accordance with the immediately preceding sentence and Section (4) and (y) in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger," certify in writing that the Equity Conditions have continued to have been satisfied on each Trading Day during the Redemption Equity Conditions Period and that the Company is not in possession of material non-public information. Any Optional Redemption in respect of less than all of the Principal outstanding under all the Debentures shall be applied ratably across all outstanding Debentures, including this Debenture. Notwithstanding the foregoing, this Section 2(a) will cease to have any force and effect if an Event of Default or Default has occurred hereunder, and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;On the Specified Repurchase Date, the Holder shall have right, at the Holder's option, to require the Company to repurchase for cash all of or any portion of the Principal of this Debenture at a repurchase price equal to the outstanding Principal balance to be so repurchased, *plus* all accrued and unpaid interest hereunder as of the Specified Repurchase Date. In order to exercise such right, the Holder must provide the Company notice of such exercise no later than the New York Close of Business on the fifth (5th) New York Business Day immediately preceding the Specified Repurchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If a Fundamental Change occurs at any time, the Holder shall have the right, at such Holder's option, to require the Company to repurchase for cash all or any portion of the Principal of this Debenture on the New York Business Day notified in writing (the "<u>Fundamental Change Repurchase Date</u>") by the Holder that is not more than twenty (20) Business Days after the later of (x) the date that the Company delivers to the Holder the Fundamental Change Company Notice (as defined below) and (y) the effective date of such Fundamental Change at a repurchase price equal to the outstanding Principal balance to be so repurchased, *plus* all accrued and unpaid interest hereunder as of the Fundamental Change Repurchase Date, *plus* the Payment Premium in respect of such Principal balance and accrued and unpaid Interest. In order to exercise such right, the Holder must provide the Company notice of such exercise no later than the New York Close of Business on the New York Business Day immediately preceding the Fundamental Change Repurchase Date. The Company shall provide notice of the occurrence of a Fundamental Change no later than the fifth (5<sup>th</sup>) New York Business Day after the occurrence of such Fundamental Change (the "<u>Fundamental Change Company Notice</u>").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Other than as specifically set forth in clause (a) above, the Company shall not have the right to make any early repayments, redemptions or repurchases without the consent or at the request of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>EVENTS OF DEFAULT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;An "<u>Event of Default</u>", wherever used herein, means any one of the following events (whatever the reason and whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or regulation of any administrative or governmental body):

&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)&nbsp;&nbsp;&nbsp;&nbsp;The Company's or any Guarantor's failure (x) to pay to the Holder any amount of Principal after such payment is due, or any Redemption Amount, Payment Premium, Additional Amount, amount due pursuant to Section 4(b)(ii) or other amounts when and as due under this Debenture (other than Interest) or any other Transaction Document or (y) to pay to the Holder Interest or Additional Interest when and as due under this Debenture and such failure pursuant to this clause (y) continues for a period of two (2) Business Days (for the avoidance of doubt, the Event of Default set forth in this Section 3(a)(i) shall be immediate and not subject to cure);

&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)&nbsp;&nbsp;&nbsp;&nbsp;(A) The Company, any Guarantor or any Significant Subsidiary of the Company shall commence, or there shall be commenced against the Company, any Guarantor or any Significant Subsidiary of the Company, any proceeding under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or the Company, any Guarantor or any Significant Subsidiary of the Company commences, or there shall be commenced against the Company, any Guarantor or any Significant Subsidiary of the Company, any other proceeding under any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, liquidation or similar law of any jurisdiction whether now or hereafter in effect, which remains undismissed for a period of sixty one (61) days, including for the avoidance of doubt, as applicable, certain French law proceedings affecting creditors, including conciliation proceedings (*mandat ad hoc* or *procédure de conciliation*), safeguard proceedings (*procédure de sauvegarde*), accelerated safeguard (sauvegarde accélérée) and judicial reorganization or liquidation proceedings (*redressement* or *liquidation judiciaire*)); (B) the Company, any Guarantor or any Significant Subsidiary of the Company is adjudicated insolvent or bankrupt; (C) any order of relief or other order approving any such case or proceeding is entered; (D) the Company, any Guarantor or any Significant Subsidiary of the Company suffers any appointment of any custodian, private or court appointed receiver or the like for it or all or substantially all of its property which continues undischarged or unstayed for a period of sixty one (61) days; (E) the Company, any Guarantor or any Significant Subsidiary of the Company makes a general assignment of all or substantially all of its assets for the benefit of creditors; (F) the Company, any Guarantor or any Significant Subsidiary of the Company shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; (G) the Company, any Guarantor or any Significant Subsidiary of the Company shall call a meeting of its creditors with a view to restructuring its debts; or (H) the Company, any Guarantor or any Significant Subsidiary of the Company shall by any act or failure to act expressly indicate its consent to, approval of or acquiescence in any of the foregoing;

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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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Company or any Significant Subsidiary of the Company shall default in any of its obligations under any note, debenture, or any mortgage, credit agreement or other facility, indenture agreement, factoring agreement or other instrument under which there may be issued, or by which there may be secured or evidenced, any indebtedness for borrowed money or money due under any long term leasing or factoring arrangement of the Company or any Significant Subsidiary of the Company in an amount exceeding $5,000,000, whether such indebtedness now exists or shall hereafter be created and such default shall result in such indebtedness becoming or being declared due and payable prior to its stated maturity (for the avoidance of doubt, the Event of Default set forth in this Section 3(a)(iii) shall be immediate and not subject to cure);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;A final judgment or judgments for the payment of money aggregating in excess of $5,000,000 are rendered against the Company and/or any of its Subsidiaries and which judgments are not, within thirty (30) days after the entry thereof, bonded, discharged, settled or stayed pending appeal, or are not discharged within thirty (30) days after the expiration of such stay; *provided, however*, any judgment which is covered by insurance or an indemnity from a credit worthy party shall not be included in calculating the $5,000,000 amount set forth above so long as the Company provides the Holder a written statement from such insurer or indemnity provider to the effect that such judgment is covered by insurance or an indemnity and the applicable insurance or indemnity coverage has not been denied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;(A) Any failure to timely deliver an Event of Default Notice or a Fundamental Change Company Notice required pursuant to the Transaction Documents, or (B) any delivery of an Event of Default Notice, Fundamental Change Company Notice, or any other required notice or certification required pursuant to the Transaction Documents (including, for the avoidance of doubt, a required certification that the Equity Conditions have been satisfied or as to whether any Event of Default has occurred), in each case, that is materially false or inaccurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;The suspension from trading or failure of the ADSs to be trading or listed on the Company's Principal Market (measured in terms of trading volume for its ADSs) on which the ADSs are traded for a period of five (5) consecutive Trading Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;The Company's (A) failure to deliver the required number of ADSs to the Holder within one (1) Trading Day after the applicable ADS Delivery Date or Interest Payment Date (as applicable) or (B) notice, written or oral, to any Holder, including by way of public announcement, at any time, of its intention not to comply with a request for conversion of any Debenture into ADS that tendered for conversion in accordance with the provisions of the Debenture, other than pursuant to Section (4)(c) (for the avoidance of doubt, the Event of Default set forth in this Section 3(a)(vii) shall be immediate and not subject to cure);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;[*Reserved*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;The Company's failure to timely file with the Commission any Periodic Report that would cause the Company to lose its eligibility to register securities on Form F-3, on or before the due date of such filing as established by the Commission, it being understood, for the

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avoidance of doubt, that such due date includes any permitted filing deadline extension under Rule 12b-25 under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;Any representation or warranty made or deemed to be made by or on behalf of the Company or any Guarantor in or in connection with any Transaction Document, or any waiver hereunder or thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with any Transaction Document, shall prove to have been incorrect in any material respect when made or deemed made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;(A) Any material provision of any Transaction Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder, ceases to be in full force and effect; (B) the Company or any Guarantor contests in writing the validity or enforceability of any provision of any Transaction Document; or (C) the Company or any Guarantor denies in writing that it has any or further liability or obligation under any Transaction Document, or purports in writing to revoke, terminate (other than in line with the relevant termination provisions) or rescind any Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;The Company uses the net proceeds of the issuance of this Debenture, whether directly or indirectly, for any purpose other than the purchase of Bitcoin as required under Section 4(b) of the Purchase Agreement; provided, such restriction on the use of proceeds shall not apply in respect of any Bitcoin that is released in accordance with Section 19(f);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;Any breach of a material term set forth in (A) any other debenture, note, or instrument held by the Holder in the Company or (B) any written agreement between or among the Company and the Holder, in each case, beyond all applicable notice and cure periods set forth therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;&nbsp;&nbsp;(A) The Registration Statement (as defined in the Registration Rights Agreement) shall not have been filed, declared effective or remained in effect, in each case, as required by the Registration Rights Agreement; or (B) the Company fails to remove any restrictive legend on any certificate or any ADSs issued to the Holder pursuant to the Debenture or any Pre-Funded Warrants acquired by the Holder under the Purchase Agreement (including this Debenture) as and when required by the Debenture or the Purchase Agreement, unless otherwise then prohibited by applicable federal securities laws and such failure continues for more than five (5) Trading Days (for the avoidance of doubt, the Event of Default set forth in this Section 3(a)(xiv)(B) shall be immediate following such five (5) Trading Day period and not subject to cure);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)&nbsp;&nbsp;&nbsp;&nbsp;Any material provision of any Security Document shall at any time for any reason (other than pursuant to the express terms thereof or (other than action or inaction on the part of the Holder, the Collateral Agent or any of their respective agents)) cease to be valid and binding on or enforceable against the Company or any Guarantor, or the validity or enforceability thereof shall be contested by any party thereto or any other Person, or a proceeding shall be commenced by the Company, any Guarantor or any Subsidiary or any Governmental Entity having jurisdiction over any of them, seeking to establish the invalidity or unenforceability thereof, or the Company, any Guarantor or any Subsidiary shall deny in writing that it has any liability or obligation purported to be created under any Security Document;

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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;(xvi)&nbsp;&nbsp;&nbsp;&nbsp;Any Security Document shall for any reason fail or cease to create a valid and perfected and first priority Lien (as defined in the Guaranty and Security Agreement) in the applicable Collateral (as defined in the Guaranty and Security Agreement) in favor of the Collateral Agent for the benefit of the Holder of this Debenture and the holders of the Other Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)&nbsp;&nbsp;&nbsp;&nbsp;The Company or any Guarantor shall fail to observe or perform any covenant, agreement or warranty contained in, or otherwise commit any breach or default of any provision of (x) this Debenture (except as may be covered by Section (3)(a)(i) through (3)(a)(xvi) hereof and Section (3)(a)(xviii) hereof) other than Section 19 hereof (other than (x) the obligation to pay Additional Interest pursuant to Section 19(h), which shall be covered by Section 3(a)(i) hereof, (y) the obligation to issue Interest ADSs on the applicable Interest Payment Date pursuant to Section 19(h), which shall be covered by Section 3(a)(vii) hereof and (z) the obligation to deposit the Shortfall Amount into the Cash Collateral Account or otherwise deliver an Additional Interest Election Notice to the Holder pursuant to Section 19(c), which shall be covered by Section 3(a)(xviii) hereof) or any other Transaction Document (other than any Security Document) which is not cured or remedied within the time prescribed or if no time is prescribed either: (1) within five (5) Business Days after the earlier to occur of the Company becoming aware of such failure or of the Company receiving written notice thereof from a Holder, or (2) provided that such failure is curable or otherwise capable of remedy and on or before the fifth (5<sup>th</sup>) Business Day after the earlier to occur of the Company becoming aware of such failure or of the Company receiving written notice thereof from a Holder the Company or any Guarantor has commenced commercially reasonable efforts to effect such cure or remedy and is at all times thereafter continuing such commercially reasonable efforts to effect such cure or remedy, within twenty (20) Business Days after the earlier to occur of the Company becoming aware of such failure or of the Company receiving written notice thereof from a Holder or (y) Section 19 of this Debenture (other than (x) the obligation to pay Additional Interest pursuant to Section 19(h), which shall be covered by Section 3(a)(i) hereof, (y) the obligation to issue Interest ADSs on the applicable Interest Payment Date pursuant to Section 19(h), which shall be covered by Section 3(a)(vii) hereof and (z) the obligation to deposit the Shortfall Amount into the Cash Collateral Account or otherwise deliver an Additional Interest Election Notice to the Holder pursuant to Section 19(c), which shall be covered by Section 3(a)(xviii) hereof) or any Security Document which is not cured or remedied within the time prescribed or if not subject to cure, immediately upon such breach, default or any failure to observe or perform any covenant, agreement or warranty contained in Section 19 of this Debenture (other than (x) the obligation to pay Additional Interest pursuant to Section 19(h), which shall be covered by Section 3(a)(i) hereof, (y) the obligation to issue Interest ADSs on the applicable Interest Payment Date pursuant to Section 19(h), which shall be covered by Section 3(a)(vii) hereof and (z) the obligation to deposit the Shortfall Amount into the Cash Collateral Account or otherwise deliver an Additional Interest Election Notice to the Holder pursuant to Section 19(c), which shall be covered by Section 3(a)(xviii) hereof) or any Security Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)&nbsp;&nbsp;&nbsp;&nbsp;On or prior to the Make-Whole Date, the Company shall have failed to deposit any required Shortfall Amount into the Cash Collateral Account or otherwise deliver an Additional Interest Election Notice with respect to such Shortfall Amount to the Holder (for the

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avoidance of doubt, the Event of Default set forth in this Section 3(a)(xviii) shall be immediate and not subject to cure).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Promptly, but in no event later two (2) Business Day after the Company becomes aware of an Event of Default, the Company will provide written notice of such Event of Default to the Holder (an "<u>Event of Default Notice</u>"), which Event of Default Notice shall include (i) a reasonable description of the applicable Event of Default, (ii) the date on which the Event of Default occurred and (iii) the date on which the Default underlying such Event of Default initially occurred, if different than the date on which the Event of Default occurred. During the time that any portion of this Debenture is outstanding, if any Event of Default has occurred and is continuing (other than an event with respect to the Company described in Section (3)(a)(ii)), the Holder, by notice to the Company, may declare this Debenture (or any portion thereof) to become due and payable on the Business Day immediately following the date of such notice (the "<u>Event of Default Acceleration Date</u>") for cash in an amount equal to the Event of Default Acceleration Amount (at which point the underlying Event of Default may not be cured); *provided* that, in the case of any event with respect to the Company described in Section (3)(a)(ii), the full unpaid Principal amount of this Debenture, together with accrued and unpaid interest and other amounts owing in respect thereof and other Obligations accrued hereunder and under the other Transaction Documents, to the date of acceleration, shall automatically become due and payable, in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company. Furthermore, in addition to any other remedies, the Holder shall have the right (but not the obligation) to convert, at the Conversion Price, on one or more occasions all or part of the Conversion Amount in accordance with Section (4) and subject to the limitations in Section (4)(c) at any time after (x) an Event of Default has occurred and is continuing; *provided* that, upon receipt of a Conversion Notice arising after the occurrence and during the continuance of an Event of Default, the underlying Event of Default may not be cured, or (y) the Maturity Date; *provided* that this Debenture remains outstanding, at the Conversion Price. The Holder need not provide and the Company hereby waives any presentment, demand, protest or other notice of any kind, (other than required notice of conversion) and the Holder may immediately enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Such declaration may be rescinded and annulled by the Holder in writing at any time prior to payment hereunder. No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>CONVERSION OF DEBENTURE</u>. This Debenture shall be convertible into Ordinary Shares deposited for the delivery of ADSs, on the terms and conditions set forth in this Section (4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Conversion Right</u>. Subject to the limitations of Section (4)(c), at any time or times on or after the Issuance Date, the Holder shall be entitled to convert any portion of the outstanding and unpaid Conversion Amount into fully paid and nonassessable Ordinary Shares deposited for the delivery of ADSs in accordance with Section (4)(b), at the Conversion Price (as defined below). The number of Ordinary Shares deposited for the delivery of ADSs issuable upon conversion of any Conversion Amount pursuant to this Section (4)(a) shall be equal to the quotient of (x) such Conversion Amount and (y) the Conversion Price. The Company shall not issue any fraction of an ADSs upon any conversion. All calculations under this Section (4) shall be rounded to the nearest $0.0001. If the issuance would result in the issuance of a fraction of an ADS, the Company

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shall round such fraction of an ADS up to the nearest whole ADS. The Company shall pay and indemnify the Holder for any and all transfer, stamp and similar taxes, including the French financial transaction tax provided for by Article 235 ter ZD of the French Tax Code, that may be paid or payable with respect to the issuance of Ordinary Shares and delivery of ADSs upon conversion of any Conversion Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Mechanics of Conversion</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Optional Conversion</u>. To convert any Conversion Amount into Ordinary Shares for the delivery of ADSs on any date (a "<u>Conversion Date</u>"), the Holder shall (A) transmit by email (or otherwise deliver), for receipt on or prior to 6:00 p.m., New York time, on such date (the "<u>Conversion Notice Date</u>"), a copy of an executed notice of conversion in the form attached hereto as Exhibit I (the "<u>Conversion Notice</u>") to the Company and (B) if required by Section (4)(b)(iii), surrender this Debenture to a nationally recognized overnight delivery service for delivery to the Company (or an indemnification undertaking reasonably satisfactory to the Company with respect to this Debenture in the case of its loss, theft or destruction). If (x) the Conversion Notice is delivered to the Company at or before 10:00 a.m., New York City time, then on or before the first (1st) Trading Day that is also a Paris Business Day (or if the Conversion Notice Date is not a Paris Business Day, the first (1<sup>st</sup>) Trading Day following the next Paris Business Day) following the date of receipt of such Conversion Notice (or such earlier date as required pursuant to the Exchange Act or other applicable law, rule or regulation for the settlement of a trade initiated on the applicable Conversion Date of such ADSs issuable pursuant to such Conversion Notice), the Company shall or (y) the Conversion Notice is delivered to the Company after 10:00 a.m., New York City time, then the Company shall use commercially reasonably efforts to, on or before the first (1<sup>st</sup>) Trading Day following receipt of such Conversion Notice (but in no event later than the second (2<sup>nd</sup>) Trading Date) (such date in the case of (x) or (y), the "<u>ADS Delivery Date</u>") (X) if legends are not required to be placed on certificates or the book-entry position of the ADS and provided that the Company's transfer agent is participating in the Depository Trust Company's ("<u>DTC</u>") Fast Automated Securities Transfer Program, instruct such transfer agent to credit such aggregate number of ADSs to which the Holder shall be entitled to the Holder's or its designee's balance account with DTC through its Deposit Withdrawal Agent Commission system or (Y) if the Company's transfer agent is not participating in the DTC Fast Automated Securities Transfer Program, or if restrictive legends are required to be placed on certificates or book-entry positions of the ADSs, issue and deliver to the address as specified in the Conversion Notice, a certificate or book-entry position, registered in the name of the Holder or its designee, for the number of ADSs to which the Holder shall be entitled. If this Debenture is physically surrendered for conversion and the outstanding Principal of this Debenture is greater than the Principal portion of the Conversion Amount being converted, then the Company shall as soon as practicable and in no event later than five (5) Business Days after receipt of this Debenture and at its own expense, issue and deliver to the Holder a new Debenture representing the outstanding Principal not converted.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Company's Failure to Timely Convert</u>. If the Company shall fail, for any reason or for no reason, on or prior to the applicable ADS Delivery Date (in the case of ADSs to be delivered pursuant to Section 4(b)(i)) or Interest Payment Date (in the case of any Interest ADSs to be delivered pursuant to Section 19(h)) to issue and deliver a certificate to the Holder or credit

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the Holder's balance account with DTC for the number of ADSs (the "<u>Undelivered ADSs</u>") to which the Holder is entitled pursuant to Section 4(b)(i) or Section 19(h), as applicable (a "<u>Conversion Failure</u>"), and if on or after such Trading Day the Holder purchases (in an open market transaction or otherwise) ADSs to deliver in satisfaction of a sale by the Holder of ADSs issuable pursuant to Section 4(b)(i) or Section 19(h) (as applicable) that the Holder anticipated receiving from the Company (a "<u>Buy-In</u>"), then, without limiting the Holder's right to pursue any other remedy available to it (whether hereunder, under applicable law or otherwise), the Holder will have the right, exercisable by notice to the Company, to cause the Company to either (x) pay, on or before the third (3<sup>rd</sup>) Business Day after the date such notice is delivered, cash to the Holder in an amount equal to the Holder's total purchase price (including reasonable and documented brokerage commissions and other reasonable and documented out of pocket expenses, if any) for the ADSs so purchased (the "<u>Buy-In Price</u>"), at which point the Company's obligation to deliver such certificate (and to issue such ADSs) shall terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such ADSs and pay cash to the Holder in an amount equal to the excess (if any) of the Buy- In Price over the product of (A) such number of ADSs multiplied by (B) the Closing Price of the ADSs on the Conversion Date or Interest Payment Date (as applicable). In addition to the foregoing, if the Company fails for any reason to deliver ADSs to the Holder by the applicable ADS Delivery Date or Interest Payment Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each one thousand dollars ($1,000) of Undelivered ADSs (based on the VWAP on the applicable ADS Delivery Date or Interest Payment Date), ten dollars ($10) per Trading Day (increasing to twenty dollars ($20) per Trading Day on the fifth (5<sup>th</sup>) Trading Day after such liquidated damages begin to accrue) for each Trading Day after the ADS Delivery Date or Interest Payment Date (as applicable) until the cash amount set forth in in this Section 4(b)(ii) is paid to the Holder or the ADSs are delivered to the Holder pursuant to this Section 4(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Book-Entry</u>. Notwithstanding anything to the contrary set forth herein, upon conversion, redemption or repurchase of any portion of this Debenture in accordance with the terms hereof, the Holder shall not be required to physically surrender this Debenture to the Company unless (A) the full Conversion Amount represented by this Debenture is being converted, redeemed or repurchased or (B) the Holder has provided the Company with prior written notice (which notice may be included in a Conversion Notice) requesting reissuance of this Debenture upon physical surrender of this Debenture. The Holder and the Company shall maintain records showing the Principal and Interest converted, redeemed and repurchased and the dates of such conversions, redemptions and repurchases or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of this Debenture upon any partial conversion, redemption or repurchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitations on Conversions</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Beneficial Ownership</u>. The Holder shall not have the right to convert any portion of this Debenture, and the Company shall not effect the conversion of any portion of this Debenture or otherwise issue ADSs pursuant to this Debenture, and any such conversion or issuance shall be null and avoid and treated as if never made (other than as set forth in this Section 4(c)(i)), to the extent that after giving effect to such conversion, the Holder, together with the other Attribution Parties, collectively would beneficially own (as determined in accordance

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with Section 13(d) of the Exchange Act and the rules promulgated thereunder) in excess of 4.99% of the number of ADSs outstanding immediately after giving effect to such conversion (the "<u>Beneficial Ownership Cap</u>"). For purposes of this Debenture, in determining the number of outstanding ADSs the Holder may acquire in connection with this Debenture without exceeding the Beneficial Ownership Cap, the Holder may rely on the number of outstanding ADSs as reflected in (x) the Company's most recent Periodic Reports, (y) a more recent public announcement by the Company or (z) any other written notice by the Company or the Company's transfer agent setting forth the number of ADSs outstanding (the "<u>Reported Outstanding ADS Number</u>"). If the Company receives a notice from the Holder related to the conversion of this Debenture or any issuance of ADSs in connection with this Debenture at a time when the actual number of outstanding ADSs is less than the Reported Outstanding ADS Number, the Company shall promptly notify the Holder in writing of the number of ADSs then outstanding and, to the extent that such conversion or issuance of ADSs would otherwise cause the Holder's beneficial ownership, as determined pursuant to this Section 4(c)(i), to exceed the Beneficial Ownership Cap, the Holder must notify the Company of a reduced number of ADSs to be issued pursuant to such notice. For any reason at any time, upon the written or oral request of the Holder, the Company shall within two (2) Trading Days confirm in writing or by electronic mail to the Holder the number of ADSs then outstanding. In any case, the number of outstanding ADSs shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Debenture, by the Holder and any other Attribution Party since the date as of which the Reported Outstanding ADS Number was reported. In the event that the issuance of ADSs to the Holder upon conversion of, or otherwise pursuant to, this Debenture results in the Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Beneficial Ownership Cap of the number of outstanding ADSs (as determined under Section 13(d) of the Exchange Act), the Holder shall have the right to convert any such portion of this Debenture to the extent it agrees to receive Pre-Funded Warrants (as defined in the Purchase Agreement) exercisable for such number of ADSs that would otherwise have caused such Holder (together with any affiliate thereof) to beneficially own (as determined in accordance with Section 13(d) of the Exchange Act and the rules promulgated thereunder) ADSs in excess of the Beneficial Ownership Cap. Upon delivery of a written notice to the Company, the Holder may from time to time increase or decrease the Beneficial Ownership Cap to any other percentage not in excess of 9.99% as specified in such notice; *provided that* (i) any such increase in the Beneficial Ownership Cap will not be effective until the sixty-first (61<sup>st</sup>) day after such notice is delivered to the Company and (ii) any such increase or decrease will apply only to the Holder and the other Attribution Parties and not to any other holder of Debentures that is not an Attribution Party of the Holder. For purposes of clarity, the ADSs issuable pursuant to the terms of this Debenture in excess of the Beneficial Ownership Cap shall not be deemed to be beneficially owned by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the Exchange Act. No prior inability to convert this Debenture or receive ADSs pursuant to this Debenture pursuant to this paragraph shall have any effect on the applicability of the provisions of this paragraph with respect to any subsequent determination of convertibility. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 4(c)(i) to the extent necessary to correct this paragraph or any portion of this paragraph which may be defective or inconsistent with the intended beneficial ownership limitation contained in this Section 4(c)(i) or to make changes or supplements necessary or desirable to properly give effect

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to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a successor holder of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained in this Debenture or in any other Transaction Document, (x) the Company shall not have the right to convert this Debenture and (y) there shall be no other limitations, including with respect to timing or amount, on conversions of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Provisions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;All calculations under this Section (4) shall be rounded to the nearest $0.0001 or whole ADS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants that it will at all times keep available for issuance, out of its authorized and unissued Ordinary Shares and ADSs, such number of Ordinary Shares and ADSs not less than the maximum number of ADSs (or Ordinary Shares represented by such ADSs) issuable upon conversion of this Debenture (assuming for purposes hereof that (x) this Debenture is convertible at the Conversion Price as of the date of determination and (y) any such conversion shall not take into account any limitations on the conversion of the Debenture set forth herein or therein (the "<u>Required Reserve Amount</u>"), provided that at no time shall the number of Ordinary Shares or ADSs reserved pursuant to this Section (4)(d)(ii) be reduced other than proportionally with respect to all Ordinary Shares and ADSs in connection with any conversion (other than pursuant to the conversion of this Debenture in accordance with its terms) and/or cancellation of this Debenture, or a reverse share split undertaken by the Company. If at any time the number of Ordinary Shares or ADSs reserved pursuant to this Section (4)(d)(ii) becomes less than the Required Reserve Amount, the Company will promptly take all corporate action necessary to promptly propose at a meeting of its shareholders an increase of its authorized share capital necessary to meet the Company's obligations pursuant to this Debenture, and the Company's Board of Directors will recommend that the Company's shareholders vote in favor of such increase. The Company covenants that, upon issuance in accordance with conversion of this Debenture in accordance with its terms, the Ordinary Shares and ADSs, when issued, will be validly issued, fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Nothing herein shall limit a Holder's right to pursue actual damages or declare an Event of Default pursuant to Section (3) herein for the Company's failure to deliver ADSs upon conversion in the manner and within the time period specified herein and such Holder shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief, in each case without the need to post a bond or provide other security. The exercise of any such rights shall not prohibit the Holder from seeking to enforce damages pursuant to any other Section hereof or under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is obligated, upon reasonable notice, to use its commercially reasonable efforts to cause its legal counsel to deliver legal opinions to the Company's transfer agent in connection with any legend removal upon the expiration of any holding period or other requirement for which the Underlying ADSs may bear legends restricting the transfer thereof;

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*provided, however*, that such Holder has delivered such reasonably requested representations to such transfer agent, the Company and the Company's legal counsel in connection with the request for such opinion. To the extent such opinions are not provided (either timely or at all other than because of an action or inaction of Holder, including the reasonably requested representations of Holder), then, in addition to being an Event of Default in accordance with Section (3)(a)(xv), the Company agrees to reimburse the Holder for all reasonable and documented costs incurred by the Holder in connection with any legal opinions paid for by the Holder in connection with sale or transfer of Underlying ADSs. To the extent such opinions are not provided (either timely or at all), the Holder shall notify the Company of any such costs and expenses it incurs that are referred to in this section from time to time and all reasonable amounts owed hereunder shall be paid by the Company with reasonable promptness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby expressly acknowledges and agrees that (i) the Purchase Agreement and all Transaction Documents to which it is a party are ratified and confirmed and shall remain in full force and effect, (ii) it has no set off, counterclaim, defense or other claim or dispute with respect to any Transaction Document, (iii) notwithstanding anything to the contrary in any Transaction Document, the term "Obligations" as used and defined in the Guaranty and Security Agreement and any Security Document shall include all Obligations under this Agreement and the other Transaction Documents, and (iv) all Obligations under this Debenture are duly secured by the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall undertake to maintain, as long as the Debenture is outstanding and remains convertible into ADSs, the effectiveness of a registration statement on Form F-6 relating to the ADSs and an adequate number of ADSs available for issuance thereunder such that ADSs can be delivered in accordance with the terms of this Debenture, and the Deposit Agreement or the Restricted Issuance Agreement, as applicable, upon conversion of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;The person in whose name any ADSs is issuable pursuant to this Debenture will be deemed to become the holder of record of such shares as of the delivery of the Conversion Notice to the Company, conferring, as of such time, upon such person, without limitation, all voting and other rights appurtenant to such shares; *provided*, that the Holder shall be deemed to have waived any voting rights of any such ADSs issued to the Holder that may arise during the period commencing on such Conversion Date, through, and including, such applicable ADS Delivery Date, as necessary, such that the aggregate voting rights of any ADSs (including such ADSs issued to the Holder) beneficially owned by the Holder and/or any Attribution Parties, collectively, on any such record date shall not exceed the Beneficial Ownership Cap as a result of any such conversion of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <u>ADJUSTMENTS TO CONVERSION PRICE</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustment of Conversion Price</u>. As of the date of this Debenture, each ADS represents ten (10) Ordinary Shares of the Company. If the number of Ordinary Shares represented by the ADSs is changed for any reason other than one or more of the events described in Section (5)(b), the Company will make an appropriate adjustment to the Conversion Price to give effect to such change while preserving the Holder's economics (for example, if each ADS is

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changed from representing ten (10) Ordinary Shares to representing twenty (20) Ordinary Shares for any reason other than one or more of the events described in Section (5)(b), the adjusted Conversion Price would be the Conversion Price immediately prior to such adjustment divided by two).

Notwithstanding the adjustment provisions described below, if the Company distributes to holders of the Ordinary Shares any cash, rights, options, warrants, shares of capital stock or similar equity interest, evidences of indebtedness or other assets or property of the Company (but excluding Expiring Rights) and a corresponding distribution is not made to holders of the ADSs, but, instead, the ADSs will represent, in addition to the Ordinary Shares, such cash, rights, options, warrants, shares of capital stock or similar equity interest, evidences of indebtedness or other assets or property of the Company, then a Conversion Price adjustment described below shall not be made until and unless a corresponding distribution (if any) is made to holders of the ADSs, and such Conversion Price adjustment shall be based on the distribution made to the holders of the ADSs and not on the distribution made to the holders of the Ordinary Shares; *provided* that in the case of one or more partial distributions (with the ADSs continuing to represent, in addition to Ordinary Shares, any such cash, rights, options, warrants, shares of capital stock or similar equity interest, evidences of indebtedness or other assets or property of the Company that have not been distributed), the Company will make appropriate interim adjustments to account for such distributions consistent with the Conversion Price adjustments described below based on the distributions made to the holders of the ADSs.

The Company shall not, and is not permitted by current applicable law to, distribute to holders of the ADSs any cash, rights, options, warrants, shares of capital stock or similar equity interest, evidences of indebtedness or other assets or property of the Company unless a corresponding distribution is made to holders of the Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;For any particular event or transaction that would result in a Conversion Price adjustment under this Section (5)(b), the Company will first adjust the Conversion Price based on the Conversion Price adjustment under Sections (5)(b)(i) through (5)(b)(vii) (the "<u>Mandatory French Law Conversion Price Adjustment</u>"). After making the Mandatory French Law Conversion Price Adjustment to the Conversion Price, the Company will also calculate the Conversion Price adjustment for the same transaction or event under Section (5)(b)(viii) (assuming for such purpose that the Mandatory French Law Conversion Price Adjustment has not yet been made) (the "<u>U.S. Conversion Price Adjustment</u>"). The Company will then increase the Conversion Price as adjusted by the Mandatory French Law Conversion Price Adjustment by an amount equal to the U.S. Conversion Price Adjustment *minus* the Mandatory French Law Conversion Price Adjustment, but only if such amount is a positive number. The Company will make these calculations in good faith and, absent manifest error, the Company's determinations as to which Conversion Price adjustment shall apply and any Conversion Price adjustment calculations associated therewith will be final and binding on the Holder. In the event that the Company becomes organized under the laws of a jurisdiction other than the French Republic, the Company will provide for anti-dilution and other adjustments that it in good faith determines are as nearly equivalent as possible to the adjustments described in this Section (5)(b). For purposes of the adjustment provisions described below in this Section (5)(b), the number of outstanding Ordinary

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Shares (for purposes of determining the outstanding ordinary share capital and whether dividends or distributions are made to all of the holders of the Ordinary Shares) shall not include Ordinary Shares held in the treasury of the Company (directly or in the form of ADSs) so long as the Company does not pay any dividend or make any distribution on Ordinary Shares held in the treasury of the Company (directly or in the form of ADSs). In the event of any adjustments described below under Section (5)(b), the new Conversion Price will be calculated to four decimal places by rounding to the nearest ten-thousandth (with 0.00005 being rounded upwards to the nearest ten-thousandth, i.e., 0.0001). Any subsequent adjustments will be carried out on the basis of such newly calculated and rounded Conversion Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the provisions of Article L. 228-98 of the French Commercial Code, in the event of a reduction of the Company's Ordinary Share capital resulting from losses and realized through a shareholder approved decrease of the number of the Company's outstanding Ordinary Shares (a "<u>Share Reduction</u>"), the Conversion Price will be adjusted based on the following formula:

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| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS0** |
| **CP'** | **=** | **CP0** | **×** | **OS'** |

---

where,

CP0 =&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately prior to the Paris Open of Business on the Effective Date of the Share Reduction;

CP' =&nbsp;&nbsp;&nbsp;&nbsp; the Conversion Price in effect immediately after the Paris Open of Business on such Effective Date of the Share Reduction;

OS' =&nbsp;&nbsp;&nbsp;&nbsp; the number of Ordinary Shares comprising the Company's Ordinary Share capital immediately after the Effective Date of the Share Reduction; and

OS0 =&nbsp;&nbsp;&nbsp;&nbsp; the number of Ordinary Shares comprising the Company's Ordinary Share capital immediately before the Effective Date of the Share Reduction.

The terms and concepts described above are as understood under Article L. 228-98 of the French Commercial Code.

Pursuant to French law, any reduction in the Company's Ordinary Share capital requires shareholder approval at an extraordinary general shareholders' meeting following the recommendation of the Company's board of directors. The Ordinary Share capital may be reduced either by decreasing the nominal value of the outstanding Ordinary Shares or by reducing the number of outstanding Ordinary Shares. Pursuant to French law, holders of each class of shares of the Company's Ordinary Share capital must be treated equally.

For the avoidance of doubt, in accordance with the provisions of Article L. 228-98 of the French Commercial Code, in the event of a reduction of the Company's Ordinary Share capital resulting from losses and realized through a decrease in the nominal value (instead of a Share Reduction), if Holder converts this Debenture it will receive ADSs reflecting such decrease in nominal value rather than the Conversion Price adjustment described above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;In the event the Company issues to all of the holders of Ordinary Shares preferential subscription rights (as described below), the Conversion Price will be adjusted based on the following formula:

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| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS'** |
| **CP'** | **=** | **CP0** | **×** | **OS' + FMV** |

---

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Close of Business on the last Trading Day of the subscription period for the preferential subscription rights (the "<u>Subscription Period</u>");

CP' = the Conversion Price in effect immediately after the Paris Close of Business on the last Trading Day of such Subscription Period;

OS' = the Value of the Ordinary Shares Ex-Right; and

FMV = the Value of the Preferential Subscription Right.

According to French law, if the Company issues additional Ordinary Shares or securities giving access to its ordinary share capital for cash or a set-off of cash debts, then-current holders of the Ordinary Shares will have preferential subscription rights to these securities on a pro rata basis. Preferential subscription rights entitle the individual or entity that holds them to subscribe pro rata based on the number of Ordinary Shares held by them to the issuance of any securities increasing, or that may result in an increase of, the Company's Ordinary Share capital by means of a cash payment or a set-off of cash debts. The preferential subscription rights are transferable during the Subscription Period relating to a particular offering.

The preferential subscription rights with respect to any particular offering may be waived at an extraordinary general meeting by a two-thirds vote of the Company's shareholders or individually by each shareholder.

To the extent required pursuant to Article L. 228-99 and Article R. 228-92 of the French Commercial Code, if the Company decides to issue, in any form whatsoever, new shares or securities giving access to the Company's Ordinary Share capital with preferential subscription rights reserved for the Company's shareholders, the Company will provide at least 14 calendar days' prior written notice to the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Company makes a "distribution for no consideration of Ordinary shares" to all of the holders of Ordinary Shares (as such terms are understood under Article R. 228-91(2°) of the French Commercial Code), or if the Company effects a share split or reverse share split, the Conversion Price will be adjusted based on the following formula:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS0** |
| **CP'** | **=** | **CP0** | **×** | **OS'** |

---

where,

------

CP0 = the Conversion Price in effect immediately prior to the Paris Close of Business on the Record Date of such dividend or distribution, or immediately prior to the Paris Open of Business on the Effective Date of such share split or reverse share split, as applicable;

CP' = the Conversion Price in effect immediately after the Paris Close of Business on the Record Date of such distribution, or immediately after the Paris Open of Business on the Effective Date of such share split or reverse share split, as applicable;

OS' = the number of Ordinary Shares comprising the Ordinary Share capital immediately after the Paris Close of Business on the Record Date of such dividend or distribution or after the Paris Open of Business on the Effective Date of such share split or reverse share split, as applicable; and

OS0 = the number of Ordinary Shares comprising the Ordinary Share capital immediately prior to the Paris Close of Business on the Record Date of such dividend or distribution or immediately prior to the Paris Open of Business on the Effective Date of such share split or reverse share split, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;In the event of a distribution of reserves or premiums (as such terms are understood under Article R. 228-91(3°) of the French Commercial Code) in cash or other assets (other than Ordinary Shares) to all of the holders of the Ordinary Shares, the Conversion Price will be adjusted based on the following formula:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS' – C** |
| **CP'** | **=** | **CP0** | **×** | **OS'** |

---

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Open of Business on the Ex-Dividend Date for such distribution;

CP' = the Conversion Price in effect immediately after the Paris Open of Business on the Ex-Dividend Date for such distribution;

OS' = the Value of the Ordinary Share immediately prior to the Paris Close of Business on the Date of such Distribution; and

C =&nbsp;&nbsp;&nbsp;&nbsp; the cash amount distributed per Ordinary Share or, if the distribution consists of assets other than cash, the Value of the Securities or Assets Distributed per Ordinary Share.

For the avoidance of doubt, in the event of a capital increase by incorporation of reserves or premiums (as such terms are understood under Article R. 228-91(3°) of the French Commercial Code) achieved by increasing the nominal value of the Ordinary Shares instead of a distribution of such reserves or premiums, the nominal value of the Ordinary Shares underlying ADS delivered to the Holder of this Debenture upon conversion thereof will be increased accordingly and no adjustment to the Conversion Price will be made in respect thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Other than pursuant to a Share Reduction that results in an adjustment described in Section (5)(b)(i), in the event that the Company purchases, or any of the Company's Subsidiaries purchase, any of the Ordinary Shares (directly or in the form of ADS) at a price per Ordinary Share in cash and/or other consideration (the fair market value of which other consideration is reasonably determined by the Company or, at the Company's option, an Independent Expert) that is higher than the Ordinary Share Market Price, the Conversion Price will be adjusted by the Company based on the following formula

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS' – (PC% x RP)** |
| **CP'** | **=** | **CP0** | **×** | **OS' x (1 – PC%)** |

---

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Close of Business on the date such Ordinary Shares (directly or in the form of ADS) are repurchased (the "<u>Ordinary Share Repurchase Date</u>");

CR' = the Conversion Price in effect immediately after the Paris Close of Business on the Ordinary Share Repurchase Date;

OS' = the arithmetic average of the VWAP (divided by the number of Ordinary Shares then represented by one ADS) for each of the three Trading Days immediately preceding the Ordinary Share Repurchase Date;

PC% = means the percentage of the Company's outstanding Ordinary Share capital (directly or in the form of ADS) repurchased, expressed as a decimal rounded to the nearest hundredth (with 0.005 being rounded upwards to the nearest hundredth, i.e., 0.01); and

RP =&nbsp;&nbsp;&nbsp;&nbsp; the actual price (consisting of cash and/or other consideration (the fair market value of which other consideration is reasonably determined by the Company or, at the Company's option, an Independent Expert)) at which the Ordinary Shares are repurchased on a per share basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;In the event of a redemption (amortissement) (as such term is understood under Article R. 228-91(5°) of the French Commercial Code) of the Company's Ordinary Share capital, the Conversion Price will be adjusted based on the following formula:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS' – RP** |
| **CP'** | **=** | **CP0** | **×** | **OS'** |

---

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Close of Business on the Trading Day immediately preceding the Ex-Redemption Date;

CR' = the Conversion Price in effect immediately after the Paris Close of Business on the Trading Day immediately preceding the Ex-Redemption Date;

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OS' = the arithmetic average of the VWAP (divided by the number of Ordinary Shares then represented by one ADS) for each of the three Trading Days immediately preceding the Ex-Redemption Date; and

RP =&nbsp;&nbsp;&nbsp;&nbsp; the amount of redemption (*amortissement*) per Ordinary Share.

A "redemption (*amortissement*)" is a reimbursement to the shareholders of all or part of the nominal value of the Ordinary Shares but without triggering any Ordinary Share capital decrease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;(1) In the event of a "modification" by the Company of the "distribution of profits" of the Company (modification de la répartition des bénéfices) (as such terms are understood under Article R. 228-91(4°) of the French Commercial Code), the Conversion Price will be adjusted based on the following formula:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CP'** | **=** | **CP0** | **×** | **OS' – C** |
| **CP'** | **=** | **CP0** | **×** | **OS'** |

---

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Close of Business on the Effective Date of such modification by the Company of the distribution of its profits;

CP' = the Conversion Price in effect immediately after the Paris Close of Business on the Effective Date of such modification by the Company of the distribution of its profits;

OS' = the arithmetic average of the VWAP (divided by the number of Ordinary Shares then represented by one ADS) for each of the three Trading Days immediately preceding the Effective Date of such modification by the Company of the distribution of its profits; and

C =&nbsp;&nbsp;&nbsp;&nbsp;the reduction per Ordinary Share of the rights to profits, as reasonably determined by the Company or, at the Company's option, an Independent Expert.

Notwithstanding the above, if any modification by the Company of the distribution of its profits results from the issuance of preferential subscription rights for preferred shares that results in an adjustment to the Conversion Price pursuant to Section (5)(b)(ii), no adjustment to the Conversion Price will be made pursuant to this Section (5)(b)(vii)(1).

&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;(2) In the event of the creation of preferred shares that does not result in a "modification" by the Company of the "distribution of profits" (as such terms are understood under Article R. 228-91(4°) of the French Commercial Code), the adjustment of the Conversion Price, if necessary, will be determined by an Independent Expert.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;(1) If the Company issues to all or substantially all holders of the Ordinary Shares (directly or in the form of ADSs) any rights, options or warrants (other than to the extent such issuance constitutes (x) an issuance of preferential subscription rights that results in an adjustment to the Conversion Price pursuant to Section (5)(b)(ii) or (y) a distribution of reserves or premiums that results in an adjustment to the Conversion Price pursuant to Section (5)(b)(iv)) entitling them,

------

for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase Ordinary Shares (directly or in the form of ADSs) at a price per Ordinary Share that is less than the average of the Closing Prices of the Ordinary Shares or the ADSs, as the case may be *(divided by,* in the case of the ADSs, the number of Ordinary Shares then represented by one ADS), for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, the Conversion Price will be increased based on the following formula:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***CP1*** | ***=*** | ***CP0*** | ***×*** | ***OS0 + Y*** |
| ***CP1*** | ***=*** | ***CP0*** | ***×*** | ***OS0 + X*** |

---

where,

CP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately prior to the New York Open of Business on the Ex-Dividend Date for the ADSs for such issuance;

CP1&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately after the New York Open of Business on such Ex-Dividend Date;

OS0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the number of shares of Ordinary Shares (directly or in the form of ADSs) outstanding immediately prior to the New York Open of Business on such Ex-Dividend Date;

X&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the total number of shares of Ordinary Shares (directly or in the form of ADSs) issuable pursuant to such rights, options or warrants; and

Y&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the number of shares of Ordinary Shares equal to (i) the aggregate price payable to exercise such rights, options or warrants, *divided by* (ii) the quotient of (a) the average of the Closing Prices of the ADSs over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants *divided by* (b) the number of Ordinary Shares then represented by one ADS.

Any decrease made under this Section (5)(b)(viii)(1) shall be made successively whenever any such rights, options or warrants are issued and shall become effective immediately after the New York Open of Business on the Ex-Dividend Date for the ADSs for such issuance. To the extent that the Ordinary Shares or the ADSs are not delivered after the expiration of such rights, options or warrants, the Conversion Price shall be increased to the Conversion Price that would then be in effect had the increase with respect to the issuance of such rights, options or warrants been made on the basis of delivery of only the number of Ordinary Shares (directly or in the form of ADSs) actually delivered. If such rights, options or warrants are not so issued, the Conversion Price shall be increased to the Conversion Price that would then be in effect if such Ex-Dividend Date for such issuance had not occurred.

For purposes of this Section (5)(b)(viii)(1), in determining whether any rights, options or warrants entitle the holders of ADSs to subscribe for or purchase Ordinary Shares (directly or in the form of ADSs) at a price per Ordinary Share that is less than such average of the Closing Prices of the Ordinary Shares or the ADSs, as the case may be (divided by, in the case of the ADSs, the

------

number of Ordinary Shares represented by one ADS), for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, and in determining the aggregate offering price of such Ordinary Share or ADSs, there shall be taken into account any consideration received by the Company for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the Company in good faith.

&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;(2) &nbsp;&nbsp;&nbsp;&nbsp;If the Company distributes shares of its capital stock, evidences of its indebtedness, other assets or property of the Company or rights, options or warrants to acquire its capital stock or other securities of the Company, to all or substantially all holders of the Ordinary Shares (directly or in the form of ADSs), excluding: (i) any dividend, distribution, issuance, redemption, repurchase or other event for which an adjustment to the Conversion Price is specifically provided for in any of clauses (i), (ii), (iii), (iv), (v), (vi) and (vii) of Section (5)(b), (ii) dividends or distributions paid exclusively in cash as to which the adjustment provision set forth in Section (5)(b)(viii)(3) or Section (5)(b)(iv) shall apply; and (iii) Spin-Offs as to which the provisions set forth below in this Section (5)(b)(viii)(2) shall apply to the extent not specifically provided for pursuant to the adjustment provision set forth in Section (5)(b)(iv) (any of such shares of capital stock, evidences of indebtedness, other assets or property or rights, options or warrants to acquire capital stock or other securities, the "<u>Distributed Property</u>"), then the Conversion Price shall be decreased based on the following formula:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***CP1*** | ***=*** | ***CP0*** | ***×*** | ***SP0 – FMV*** |
| ***CP1*** | ***=*** | ***CP0*** | ***×*** | ***SP0*** |

---

where,

CP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately prior to the New York Open of Business on the Ex-Dividend Date for the ADSs for such distribution;

CP1&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately after the New York Open of Business on such Ex-Dividend Date;

SP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the average of the Closing Prices of the ADSs (divided by the number of Ordinary Shares then represented by one ADS) over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and

FMV&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the fair market value (as determined in good faith by the Company) of the Distributed Property with respect to each outstanding Ordinary Share (directly or in the form of ADSs) on the Ex-Dividend Date for such distribution (converted into euros using an exchange rate in effect on the date of determination to the extent not already reflected in euros).

Any decrease made under the portion of this Section (5)(b)(viii)(2) above shall become effective immediately after the New York Open of Business on the Ex-Dividend Date for such distribution. If such distribution is not so paid or made, the Conversion Price shall be increased to the Conversion Price that would then be in effect if such distribution had not been declared. Notwithstanding the foregoing, if "FMV" (as defined above) is equal to or greater than "SP0" (as

------

defined above), in lieu of the foregoing increase, the Holder of this Debenture shall receive, in respect of each $1,000 Principal of this Debenture, at the same time and upon the same terms as holders of the ADSs receive the Distributed Property, the amount and kind of Distributed Property such Holder would have received if such Holder owned a number of ADSs equal to the quotient of (x) $1,000 and the (y) Conversion Price that is in effect on the Ex-Dividend Date for the distribution. If the Company determines the "FMV" (as defined above) of any distribution for purposes of this Section (5)(b)(viii)(2) by reference to the actual or when-issued trading market for any securities, it shall in doing so consider the prices in such market over the same period used in computing the Closing Price of the ADSs over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution.

With respect to an adjustment pursuant to this Section (5)(b)(viii)(2) where there has been a payment of a dividend or other distribution on the Ordinary Shares (directly or in the form of ADSs) of capital stock of any class or series, or similar equity interest, of or relating to any Subsidiary or other business unit of the Company, that are, or, when issued, will be, listed or admitted for trading on a U.S. national securities exchange (a "<u>Spin-Off</u>"), the Conversion Price shall be increased based on the following formula:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***CP1*** | ***=*** | ***CP0*** | ***×*** | ***MP0*** |
| ***CP1*** | ***=*** | ***CP0*** | ***×*** | ***FMV + MP0*** |

---

where,

CP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately prior to the end of the Valuation Period;

CP1&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately after the end of the Valuation Period;

FMV0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the average of the Closing Prices of the capital stock or similar equity interest distributed to holders of the Ordinary Shares (directly or in the form of ADSs) applicable to one Ordinary Share (determined by reference to the definition of Closing Price as set forth in Section (17) as if references therein to ADSs were to such capital stock or similar equity interest) over the first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date of the Spin-Off (the "<u>Valuation Period</u>"); *provided* that, if there is no Closing Price of the capital stock or similar equity interest distributed to holders of the Ordinary Shares (directly or in the form of ADSs) on such Ex-Dividend Date, the "<u>Valuation Period</u>" shall be the 10 consecutive Trading Day period after, and including the first Trading Day such Closing Price is available; and

MP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the average of the Closing Prices of the ADSs over the Valuation Period.

The decrease to the Conversion Price under the preceding paragraph shall occur at the New York Close of Business on the last Trading Day of the Valuation Period; *provided* that if the relevant Conversion Date occurs during the Valuation Period, references to "10" in the portion of this Section (5)(b)(viii)(2) related to Spin-Offs shall be deemed to be replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend Date of such Spin-Off and the

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Conversion Date in determining the Conversion Price. If the dividend or distribution that constitutes the Spin-Off is declared but not so paid or made, the Conversion Price shall be immediately increased, effective as of the date the Board of Directors determines not to pay or make such dividend or distribution, to the Conversion Price that would then be in effect if such dividend or distribution constituting the Spin-Off had not been declared or announced.

For purposes of this Section (5)(b)(viii)(2), rights, options or warrants distributed by the Company to all holders of the Ordinary Shares (directly or in the form of ADSs) entitling them to subscribe for or purchase the Company's capital stock, including Ordinary Shares (directly or in the form of ADSs) (either initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events ("<u>Trigger Event</u>"): (i) are deemed to be transferred with such Ordinary Shares (directly or in the form of ADSs); (ii) are not exercisable; and (iii) are also issued in respect of future issuances of Ordinary Shares (directly or in the form of ADSs), shall be deemed not to have been distributed for purposes of this Section (5)(b)(viii)(2) (and no adjustment to the Conversion Price under this Section (5)(b)(viii)(2) will be required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Price shall be made under this Section (5)(b)(viii)(2). If any such right, option or warrant, including any such existing rights, options or warrants distributed prior to the date of this Debenture, are subject to events, upon the occurrence of which such rights, options or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and the Ex-Dividend Date with respect to new rights, options or warrants with such rights (in which case the existing rights, options or warrants shall be deemed to terminate and expire on such date without exercise by any of the holders thereof). In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in the immediately preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Conversion Price under this Section (5)(b)(viii)(2) was made, (1) in the case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise by any holders thereof, upon such final redemption or purchase (x) the Conversion Price shall be readjusted as if such rights, options or warrants had not been issued and (y) the Conversion Price shall then again be readjusted to give effect to such distribution, deemed distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or purchase price received by a holder or holders of ADSs with respect to such rights, options or warrants (assuming such holder had retained such rights, options or warrants), made to all holders of ADS as of the date of such redemption or purchase, and (2) in the case of such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof, the Conversion Price shall be readjusted as if such rights, options and warrants had not been issued.

&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;(3) If any dividend or distribution is made to all or substantially all holders of the Ordinary Shares (directly or in the form of ADSs) (other than to the extent such dividend or distribution constitutes a distribution of reserves or premiums for which an adjustment is specifically provided for in Section (5)(b)(iv)) solely in cash, the Conversion Price shall be adjusted based on the following formula:

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---

| | | | | |
|:---|:---|:---|:---|:---|
| ***CP1*** | ***=*** | ***CP0*** | ***×*** | ***SP0 – C*** |
| ***CP1*** | ***=*** | ***CP0*** | ***×*** | ***SP0*** |

---

where,

CP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately prior to the New York Open of Business on the Ex-Dividend Date for the ADSs for such dividend or distribution;

CP1&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately after the New York Open of Business on the Ex-Dividend Date for such dividend or distribution;

SP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Closing Price of the ADSs (divided by the number of Ordinary Shares then represented by one ADS) on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and

C&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the amount in cash per Ordinary Share the Company distributes to all or substantially all holders of the Ordinary Shares (directly or in the form of ADSs).

Any decrease pursuant to this Section (5)(b)(viii)(3) shall become effective immediately after the New York Open of Business on the Ex-Dividend Date for the ADSs for such dividend or distribution. If such dividend or distribution is not so paid, the Conversion Price shall be increased, effective as of the date the Board of Directors determines not to make or pay such dividend or distribution, to be the Conversion Price that would then be in effect if such dividend or distribution had not been declared.

Notwithstanding the foregoing, if "C" (as defined above) is equal to or greater than "SP0" (as defined above), in lieu of the foregoing increase, the Holder of this Debenture shall receive, for each $1,000 principal amount of Debenture it holds, at the same time and upon the same terms as holders of ADS, the amount of cash that such Holder would have received if such Holder owned a number ADS equal to the quotient of $1,000 and the Conversion Price in effect on the Ex-Dividend Date for such cash dividend or distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding this Section (5)(b) or any other provision of this Debenture, if a Conversion Price adjustment becomes effective on any Ex-Dividend Date or Ex-Redemption Date, and the Holder has converted this Debenture on or after such Ex-Dividend Date or Ex-Redemption Date, as the case may be, and on or prior to the related Record Date would be treated as the record holder of the ADS (delivered or to be delivered in respect of such conversion) as of the related Conversion Date based on an adjusted Conversion Rate for such Ex-Dividend Date or Ex-Redemption Date, as applicable, then, notwithstanding the Conversion Price adjustment provisions in this Section (5)(b), the Conversion Price adjustment relating to such Ex-Dividend Date or Ex-Redemption Date, as applicable, shall not be made for such converting Holder. Instead, such Holder shall be treated as if such Holder were the record owner of the ADS on an unadjusted basis and participate in the related dividend, distribution or other event giving rise to such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;[*Reserved*].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;In the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;any recapitalization, reclassification or change of the ADSs or Ordinary Shares (other than changes resulting from a subdivision or combination),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;any consolidation, merger, combination or similar transaction involving the Company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;any sale, lease or other transfer to a third party of the consolidated assets of the Company and the Company's Subsidiaries substantially as an entirety or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;any statutory share exchange,

in each case, as a result of which the ADSs or the Ordinary Shares would be converted into, or exchanged for, stock, other securities, other property or assets (including cash or any combination thereof) (any such event, a "<u>Share Exchange Event</u>"), then, the Company or the successor or the acquiring company, as the case may be, will amend this Debenture to provide that, at and after the effective time of such Share Exchange Event, the right to convert each $1,000 Conversion Amount of this Debenture shall be changed into a right to convert each $1,000 Conversion Amount of this Debenture into the kind and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that a holder of a number of ADS equal to the quotient of (x) $1,000 and (y) the Conversion Price immediately prior to such Share Exchange Event would have owned or been entitled to receive (the "<u>Reference Property</u>", with each "<u>unit of Reference Property</u>" meaning the kind and amount of Reference Property that a holder of one ADSs is entitled to receive) upon such Share Exchange Event; *provided, however*, that at and after the effective time of the Share Exchange Event (I) any ADSs that the Company would have been required to deliver upon conversion of this Debenture (or any portion thereof) in accordance with Section (4) shall instead be deliverable in the amount and type of Reference Property that a holder of that number of ADSs would have received in such Share Exchange Event and (II) the VWAP shall be calculated based on the value of a unit of Reference Property.

If the Share Exchange Event causes the ADSs or Ordinary Shares to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined based in part upon any form of election of the holders of the Ordinary Shares), then (i) the Reference Property into which this Debenture will be convertible shall be deemed to be the weighted average of the types and amounts of consideration actually received by the holders of the ADSs and (ii) the unit of Reference Property for purposes of the immediately preceding paragraph shall refer to the consideration referred to in clause (i) attributable to one ADS. The Company shall notify the Holder of such weighted average as soon as practicable after such determination is made.

If the Reference Property in respect of any Share Exchange Event includes, in whole or in part, Common Equity, the amendment to this Debenture described in the second immediately preceding paragraph shall provide for anti-dilution and other adjustments that the Company in good faith determines are as nearly equivalent as is possible to the adjustments provided for in this Section (5) with respect to the portion of Reference Property constituting Common Equity. If, in the case of any Share Exchange Event, the Reference Property includes shares of stock, securities

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or other property or assets (including cash or any combination thereof) of a Person other than the Company or the successor or purchasing company, as the case may be, in such Share Exchange Event, then such supplemental indenture shall also be executed by such other Person and shall contain such additional provisions to protect the interests of the Holder of this Debenture as the Board of Directors shall reasonably consider necessary by reason of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Conversion Price is adjusted pursuant to this Section (5), the Company shall promptly provide the Holder with a written notice setting forth the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Company may reduce the Conversion Price with the prior written consent of the Required Holders, which may be given by the Required Holders in their sole discretion. The Company and the Holder agree that any such voluntary adjustment to the Conversion Price and any conversion of any portion of the Debenture based upon any such voluntary adjustment shall not constitute material non-public information with respect to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; If the Ordinary Shares cease to be represented by American Depositary Shares issued under a depositary receipt program sponsored by the Company: (i) each reference in this Debenture to the ADSs related to the terms of this Debenture will be deemed to have been replaced by a reference to the number of Ordinary Shares and other property, if any, represented by the ADSs on the last day on which the ADSs represented the Ordinary Shares as if such Ordinary Shares and other property had been distributed to holders of the ADSs on that day and (ii) all references to the VWAP of an ADS in this Debenture will be deemed to refer to the VWAP of an Ordinary Share, and other appropriate adjustments, including adjustments to the Conversion Price, will be made to reflect such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) <u>INDEMNIFICATION</u>. With respect to the Company's obligations under this Debenture and the other Transaction Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent permitted by law, the Company shall, and hereby does, indemnify, hold harmless and defend the Holder, its investment manager and their respective directors, officers, partners, employees, agents, representatives, and successors and assigns of, and each Person, if any, who controls Holder within the meaning of the Securities Act or the Exchange Act (each, an "<u>Indemnified Person</u>"), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable and documented attorneys' fees, amounts paid in settlement or expenses, joint or several (collectively, "<u>Claims</u>") incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the Commission, whether pending or threatened, whether or not an Indemnified Person is or may be a party thereto ("<u>Indemnified Damages</u>"), to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any material misrepresentation or breach of any representation or warranty made by the Company, the Guarantor or their Subsidiaries in any of the Transaction Documents, (ii) any material breach of any covenant, agreement or obligation of the Company, the Guarantor or their Subsidiaries in any of the Transaction Documents, (iii) any cause of action, suit, proceeding or claim brought or made against such Indemnified Person by a third

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party (including for these purposes a derivative action brought on behalf of the Company, the Guarantor or their Subsidiaries) or which otherwise involves such Indemnified Person that arises out of or results from (A) the execution, delivery, performance or enforcement of any of the Transaction Documents (including, without limitation, any hedging or similar activities in connection therewith), or (B) the status of such Holder either as an investor in the Company pursuant to the transactions contemplated by the Transaction Documents or as a holder of this Debenture (including, without limitation, any hedging or similar activities in connection therewith or as a party in interest or otherwise in any action or proceeding for injunctive or other equitable relief), in each case, except to the extent such Claims arise out of result from (aa) the gross negligence, willful misconduct, or fraud of such Indemnified Person, (bb) a material breach by such Indemnified Person of any provision of the Transaction Documents, (cc) actions or omissions by such Indemnified Person in violation of applicable law or outside the scope of authority granted under the Transaction Documents, (dd) disputes solely among Indemnified Persons, (ee) claims for payment of the purchase price or other consideration expressly provided for in the Transaction Documents, or (ff) taxes imposed on such Indemnified Person, except as otherwise expressly provided herein; (iv) any untrue statement or alleged untrue statement of a material fact in any filing made in any public filing (including, without limitation, any Periodic Reports) made by the Company with the Commission, or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading except to the extent that such untrue statements, alleged untrue statements, omissions or alleged omissions are (1) based upon information regarding Holder furnished in writing to Company by or on behalf of Holder expressly for use therein or Holder has omitted a material fact from such information or (2) directly result from any breach by Holder of the Transaction Documents; or (v) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, or any other law, including, without limitation, any state securities law. The Company shall reimburse the Indemnified Persons and each such controlling person promptly as such expenses are incurred and are due and payable, for any legal fees or disbursements or other reasonable expenses incurred by them in connection with investigating or defending any such Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Promptly after receipt by an Indemnified Person under this Section (6) of notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section (6), deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person; provided, however, that an Indemnified Person shall have the right to retain its own counsel with the fees and expenses of not more than one (1) counsel for such Indemnified Person to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of the Indemnified Person and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person and any other party represented by such counsel in such proceeding. The Indemnified Person shall cooperate fully with the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Person which relates to such action or claim. The indemnifying party

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shall keep the Indemnified Person fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its prior written consent; provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Person of a release from all liability in respect to such claim or litigation. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Person with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person under this Section (6), except solely to the extent that the indemnifying party is actually prejudiced in its ability to defend such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The indemnification required by this Section (6) shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) <u>REISSUANCE OF THIS DEBENTURE</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer</u>. If this Debenture is to be transferred, the Holder shall surrender this Debenture to the Company, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Debenture (in accordance with Section (7)(d)), registered in the name of the registered transferee or assignee, representing the outstanding Principal being transferred by the Holder (along with any accrued and unpaid Interest thereof) and, if less than the entire outstanding Principal is being transferred, a new Debenture (in accordance with Section (7)(d)) to the Holder representing the outstanding Principal not being transferred. The Holder and any assignee, by acceptance of this Debenture, acknowledge and agree that, by reason of the provisions of Section (4)(b)(iii) following conversion or redemption of any portion of this Debenture, the outstanding Principal represented by this Debenture may be less than the Principal stated on the face of this Debenture. This Debenture is intended to be in "registered form" within the meaning of Section 5f.103-1(c) and Proposed Section 1.163-5(b) of the United States Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Lost, Stolen or Mutilated Debenture</u>. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Debenture, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Debenture, the Company shall execute and deliver to the Holder a new Debenture (in accordance with Section (7)(d)) representing the outstanding Principal.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Debenture Exchangeable for Different Denominations</u>. This Debenture is exchangeable, upon the surrender hereof by the Holder at the principal office of the Company, for one or more new Debentures (in accordance with Section (7)(d)) representing in the aggregate the outstanding Principal of this Debenture, and each such new Debenture will represent such portion of such outstanding Principal as is designated by the Holder at the time of such surrender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Issuance of New Debentures</u>. Whenever the Company is required to issue a new Debenture pursuant to the terms of this Debenture, such new Debenture (i) shall be of like tenor with this Debenture, (ii) shall represent, as indicated on the face of such new Debenture, the Principal remaining outstanding (or in the case of a new Debenture being issued pursuant to Section (7)(a) or Section (7)(c), the Principal designated by the Holder which, when added to the Principal represented by the other new Debentures issued in connection with such issuance, does not exceed the Principal remaining outstanding under this Debenture immediately prior to such issuance of new Debentures), (iii) shall have an issuance date, as indicated on the face of such new Debenture, which is the same as the Issuance Date of this Debenture, (iv) shall have the same rights and conditions as this Debenture, and (v) shall represent accrued and unpaid Interest from the Issuance Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) <u>NOTICES</u>. Any notices, consents, waivers or other communications required or permitted to be given under the terms hereof must be in writing by letter and email and will be deemed to have been delivered: upon the later of (A) either (i) receipt, when delivered personally or (ii) one (1) Business Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed to the party to receive the same and (B) receipt, when sent by electronic mail. The addresses and e-mail addresses for such communications shall be:

**If to the Company:** 

Sequans Communications S.A.

15-55 boulevard Charles de Gaulle

Les Portes de la Défense

92700 Colombes

Republic of France

Email: deborah@sequans.com

Attention: Chief Financial Officer

**With a copy (which shall not constitute notice) to:** 

Lowenstein Sandler LLP

1251 Avenue of the Americas, 18<sup>th</sup> Floor

New York, New York 10020

Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steven E. Siesser, Esq.

Brooke A. Gillar, Esq.

Email: ssiesser@lowenstein.com;

bgillar@lowenstein.com

and

ARCHERS (AARPI)

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28 rue Dumont d'Urville 75116

Paris, France

Attention: Véronique Gedeon

Mark Richardson

Email: <u>mrichardson@archers.fr</u>;

vgedeon@archers.fr

**If to the Holder:**

MOORE GLOBAL INVESTMENTS, LLC

c/o Moore Capital Management, LP

11 Times Sq., Fl. 40

New York, NY 10036

Attention: James Kaye

Email: corporate.actions@moorecap.com; legal.notices@moorecap.com

With a copy (which shall not constitute notice) to:

c/o Moore Capital Management, LP

Legal Department

11 Times Sq., Fl. 39

New York, NY 10036

Email: legal.notices@moorecap.com

or at such other address and/or email and/or to the attention of such other person as the recipient party has specified by written notice given to each other party three (3) Business Days prior to the effectiveness of such change. Written confirmation of receipt (i) given by the recipient of such notice, consent, waiver or other communication, (ii) electronically generated by the sender's email service provider containing the time, date, recipient email address or (iii) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) <u>NO IMPAIRMENT</u>. Except as expressly provided herein, no provision of this Debenture shall alter or impair the obligations of the Company, which are absolute and unconditional, to pay the Principal of, Interest and other charges (if any) on, this Debenture at the time, place, and rate, and in the currency, herein prescribed. This Debenture is a direct obligation of the Company. As long as this Debenture is outstanding, the Company shall not and shall cause their subsidiaries not to, without the consent of the Holder, enter into any agreement, arrangement or transaction in or of which the terms thereof would restrict, materially delay, conflict with or impair the ability of the Company to perform its obligations under the this Debenture, including, without limitation, the obligation of the Company to make cash payments hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;&nbsp;&nbsp;&nbsp;This Debenture shall not entitle the Holder to any of the rights of a shareholder of the Company, including without limitation, the right to vote, to receive dividends and other distributions, or to receive any notice of, or to attend, meetings of shareholders or any other

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proceedings of the Company, unless and to the extent converted into ADSs in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;&nbsp;&nbsp;&nbsp;<u>CHOICE OF LAW; VENUE; WAIVER OF JURY TRIAL</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; <u>Governing Law</u>. This Debenture and the rights and obligations of the Parties hereunder shall, in all respects, be governed by, and construed in accordance with, the laws (excluding the principles of conflict of laws) of the State of New York (the "<u>Governing Jurisdiction</u>") (including Section 5-1401 and Section 5-1402 of the General Obligations Law of the State of New York), including all matters of construction, validity and performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Jurisdiction; Venue; Service</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby irrevocably consents to the non-exclusive personal jurisdiction of the state courts of the Governing Jurisdiction and, if a basis for federal jurisdiction exists, the non-exclusive personal jurisdiction of any United States District Court for the Governing Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that venue shall be proper in any court of the Governing Jurisdiction selected by the Holder or, if a basis for federal jurisdiction exists, in any United States District Court in the Governing Jurisdiction. The Company waives any right to object to the maintenance of any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, in any of the state or federal courts of the Governing Jurisdiction on the basis of improper venue or inconvenience of forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or tort or otherwise, brought by the Company against the Holder arising out of or based upon this Debenture or any matter relating to this Debenture, or any other Transaction Document, or any contemplated transaction, shall be brought in a court only in the Governing Jurisdiction. The Company shall not file any counterclaim against the Holder in any suit, claim, action, litigation or proceeding brought by the Holder against the Company in a jurisdiction outside of the Governing Jurisdiction unless under the rules of the court in which the Holder brought such suit, claim, action, litigation or proceeding the counterclaim is mandatory, and not permissive, and would be considered waived unless filed as a counterclaim in the suit, claim, action, litigation or proceeding instituted by the Holder against the Company. The Company agrees that any forum outside the Governing Jurisdiction is an inconvenient forum and that any suit, claim, action, litigation or proceeding brought by the Company against the Holder in any court outside the Governing Jurisdiction should be dismissed or transferred to a court located in the Governing Jurisdiction. Furthermore, the Company irrevocably and unconditionally agrees that it will not bring or commence any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Holder arising out of or based upon this Debenture or any matter relating to this Debenture, or any other Transaction Document, or any contemplated transaction, in any forum other than the courts of the State of New York sitting in the Borough of Manhattan in New York County, and the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts

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and agrees that all claims in respect of any such suit, claim, action, litigation or proceeding may be heard and determined in such New York State Court or, to the fullest extent permitted by applicable law, in such federal court. The Company and the Holder agree that a final judgment in any such suit, claim, action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Holder irrevocably consents to the service of process out of any of the aforementioned courts in any such suit, claim, action, litigation or proceeding by the mailing of copies thereof by registered or certified mail postage prepaid, to it at the address provided for notices in this Debenture, such service to become effective thirty (30) days after the date of mailing. The Company has irrevocably appointed Bitquans Holdings LLC, a Delaware limited liability company, c/o Capitol Services, Inc., 108 Lakeland Avenue, Dover DE, Kent County 19901, as its authorized agent for service of process upon which process may be served in any such suit or proceeding arising under this Debenture or any other Transaction Document, and the Company agrees that service of process upon such agent, and written notice of said service to the Company by the person serving the same to the address provided in Section (8), shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding arising under this Debenture or any other Transaction Document. The Company further agrees to take any and all action as may be necessary to maintain such designation and appointment of such agent in full force and effect for a period of five years from the date of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the Company or any of its properties, assets or revenues is or may hereafter become entitled to, or have attributed to them, any right of immunity, on the grounds of sovereignty, from any legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, or from attachment in aid of execution of judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Debenture, any other Transaction Document, the Deposit Agreement or the Restricted Issuance Agreement, the Company hereby irrevocably and unconditionally, to the extent permitted by applicable law, waives and agrees not to plead or claim any such immunity and consents to such relief and enforcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;Nothing herein shall affect the right of the Holder to serve process in any other manner permitted by law or to commence legal proceedings or to otherwise proceed against the Company or any other Person in the Governing Jurisdiction or in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;THE PARTIES MUTUALLY WAIVE ALL RIGHT TO TRIAL BY JURY OF ALL CLAIMS OF ANY KIND ARISING OUT OF OR BASED UPON THIS DEBENTURE OR ANY MATTER RELATING TO THIS DEBENTURE, OR ANY OTHER TRANSACTION DOCUMENT, OR ANY CONTEMPLATED TRANSACTION. THE PARTIES ACKNOWLEDGE THAT THIS IS A WAIVER OF A LEGAL RIGHT AND THAT THE PARTIES EACH MAKE THIS WAIVER VOLUNTARILY AND KNOWINGLY AFTER CONSULTATION WITH COUNSEL OF THEIR RESPECTIVE CHOICE. THE PARTIES

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AGREE THAT ALL SUCH CLAIMS SHALL BE TRIED BEFORE A JUDGE OF A COURT HAVING JURISDICTION, WITHOUT A JURY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)&nbsp;&nbsp;&nbsp;&nbsp;If the Company fails to strictly comply with the terms of this Debenture, then the Company shall reimburse the Holder promptly for all fees, costs and expenses, including, without limitation, attorneys' fees and expenses incurred by the Holder in any action in connection with this Debenture, including, without limitation, those incurred: (i) during any workout, attempted workout, and/or in connection with the rendering of legal advice as to the Holder's rights, remedies and obligations, (ii) collecting any sums which become due to the Holder, (iii) defending or prosecuting any proceeding or any counterclaim to any proceeding or appeal; or (iv) the protection, preservation or enforcement of any rights or remedies of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)&nbsp;&nbsp;&nbsp;&nbsp;This Debenture and all other Debentures issued pursuant to the Purchase Agreement (or any other secured convertible debenture purchase agreement entered into by the Company on or about the date of the Purchase Agreement for the issuance of substantially similar debentures) may be amended or modified by the written agreement of the Company and the Required Holders. This Debenture may not be amended unless in accordance with the foregoing sentence and in the event that the Required Holders agree to the amendment or modification of this Debenture or any other Debenture issued pursuant to the Purchase Agreement (or any other secured convertible debenture purchase agreement entered into by the Company on or about the date of the Purchase Agreement for the issuance of substantially similar debentures) such amendment or modification shall concurrently be made to all such Debentures.. Any waiver by the Holder of a breach of any provision of this Debenture shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Debenture. The failure of the Holder to insist upon strict adherence to any term of this Debenture on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Debenture. Any waiver must be in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)&nbsp;&nbsp;&nbsp;&nbsp;If any provision of this Debenture is invalid, illegal or unenforceable, the balance of this Debenture shall remain in effect, and if any provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances. If it shall be found that any Interest or other amount deemed Interest due hereunder shall violate applicable laws governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum permitted rate of interest. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Company from paying all or any portion of the Principal of or Interest on this Debenture as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Debenture, and the Company (to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impeded the execution of any power herein granted to the Holder, but will suffer and permit the execution of every such as though no such law has been enacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)&nbsp;&nbsp;&nbsp;&nbsp;<u>EXISTENCE AND MERGER</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Existence</u>. Subject to Section (15)(B), the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence. In accordance with the provisions of Article L. 228-98 of the French Commercial Code, the Company may change its corporate form or corporate purpose without requesting the approval of the Holder; provided that unless the Company receives the approval of the Holder, the Company's corporate form must be: (1) a société anonyme or société en commandite par actions, in either case, registered under the laws of France or (2) a corporation or entity treated as a corporation for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Company May Consolidate, Etc. on Certain Terms</u>. The Company shall not consolidate with, merge with or into, or sell, convey, transfer or lease all or substantially all of the consolidated properties and assets of the Company and its direct and indirect Subsidiaries, taken as a whole, to another Person (other than any such sale, conveyance, transfer or lease to one or more of the Company's direct or indirect Wholly Owned Subsidiaries), unless (i) the resulting, surviving or transferee Person (the "<u>Successor Company</u>"), if not the Company, shall be (1) a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and the Successor Company (if not the Company) shall expressly assume, by supplemental indenture all of the obligations of the Company under the Debentures or (2) a corporation or entity treated as a corporation for U.S. federal income tax purposes organized and existing under the laws of France; (ii) the Successor Company, if not the Company, expressly assumes all of the Company's obligations under this Agreement and the other Transaction Documents pursuant to documentation that is reasonably acceptable to the Required Holders; and (iii) and immediately after giving effect to such transaction, no Event of Default shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)&nbsp;&nbsp;&nbsp;&nbsp;<u>[</u>*<u>Reserved</u>*.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17)&nbsp;&nbsp;&nbsp;&nbsp;<u>CERTAIN DEFINITIONS</u>. For purposes of this Debenture, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;"<u>ADSs</u>" means the Company's (or Successor Company's) American Depositary Shares issued pursuant to the Deposit Agreement or the Restricted Issuance Agreement, each representing the number of the Ordinary Shares specified pursuant to the Deposit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;"<u>ADS Delivery Date</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Additional Amounts</u>" shall have the meaning set forth in Section (1)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Additional Interest Election Notice</u>" shall have the meaning set forth in Section 19(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Applicable Taxes</u>" shall have the meaning set forth in Section (1)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Attribution Parties</u>" means, collectively, the following persons and entities: (i) any investment vehicle, including, any funds, feeder funds or managed accounts, currently, or from

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time to time after the Issuance Date, directly or indirectly managed or advised by the Holder's investment manager or any of its affiliates or principals, (ii) any direct or indirect affiliates of the Holder or any of the foregoing, (iii) any person acting or who could be deemed to be acting as a "group" (within the meaning of Section 13(d)(3) of the Exchange Act) together with the Holder or any of the foregoing and (iv) any other Persons whose beneficial ownership of the ADSs would or could be aggregated with the Holder's and the other Attribution Parties for purposes of Section 13(d) of the Exchange Act. For clarity, the purpose of the foregoing is to subject collectively the Holder and all other Attribution Parties to the Beneficial Ownership Cap.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Beneficial Ownership Cap</u>" shall have the meaning set forth in Section (4)(c)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bitcoin</u>" means the Digital Asset commonly referred to as "Bitcoin" (BTC) in the cryptocurrency marketplace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bitcoin Cash Cap</u>" means $30,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bitcoin Conversion Deadline</u>" shall be July 27, 2025, provided that upon the request of the Company, the Collateral Agent may consent, to extend the Bitcoin Conversion Deadline by twenty (20) days, which consent shall not be unreasonably conditioned or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bitcoin Escrow Account</u>" means a securities account that is opened and maintained with the Custodian to hold Bitcoin constituting Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bloomberg</u>" means Bloomberg Financial Markets (or if not available, a similar service provider of national recognized standing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Board of Directors</u>" means the board of directors of the Company or a committee of such board duly authorized to act for it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Business Day</u>" means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or a day on which banking institutions in the State of New York, United States or Paris, France are authorized or required by law or other government action to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Buy-In</u>" shall have the meaning set forth in Section (4)(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Buy-In Price</u>" shall have the meaning set forth in Section (4)(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Cash Collateral Account</u>" means a deposit account that is opened and maintained with the Cash Collateral Bank to hold cash constituting Collateral including the net proceeds of the issuance of the Debentures.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Cash Collateral Bank</u>" means First National Bank Omaha d/b/a FNBO, or such other custodian as selected by the Company and reasonably acceptable to the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Cash Equivalents</u>" means, as of any date of determination, any of the following: (A) marketable securities (i) issued or directly and unconditionally guaranteed as to interest and principal by the United States Government, or (ii) issued by any agency of the United States Government, the obligations of which are backed by the full faith and credit of the United States, in each case maturing within one (1) year after such date; (B) marketable direct obligations issued by any state of the United States or any political subdivision of any such state or any public instrumentality thereof, in each case maturing within one (1) year after such date and having, at the time of the acquisition thereof, a rating of at least A-1 from Standard & Poor's Corporation or at least P-1 from Moody's Investors Service; (C) commercial paper maturing no more than one (1) year from the date of creation thereof and having, at the time of the acquisition thereof, a rating of at least A-1 from Standard & Poor's Corporation or at least P-1 from Moody's Investors Service; (D) certificates of deposit or bankers' acceptances maturing within one (1) year after such date and issued or accepted by any commercial bank organized under the laws of the United States or any state thereof, or the District of Columbia that (i) is at least "adequately capitalized" (as defined in the regulations of its primary federal banking regulator), and (ii) has Tier 1 capital (as defined in such regulations) of not less than $5,000,000,000; and (E) shares of any money market mutual fund that (i) has substantially all of its assets invested continuously in the types of investments referred to in clauses (A) and (B) above, (ii) has net assets of not less than $5,000,000,000, and (iii) has the highest rating obtainable from either Standard & Poor's Corporation or Moody's Investors Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Claims</u>" shall have the meaning set forth in Section (6)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Closing Loan-to-Collateral Ratio Compliance Level</u>" means 1.00 to 1.95.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Closing Price</u>" of the ADSs on any date means the closing sale price per ADS (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions for the principal U.S. national or regional securities exchange on which the ADSs are traded. If the ADSs are not listed for trading on a U.S. national or regional securities exchange on the relevant date, the "<u>Closing Price</u>" will be the last quoted bid price for the ADSs in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar organization. If the ADSs are not so quoted, the "<u>Closing Price</u>" will be the average of the mid-point of the last bid and ask prices for the ADSs (or such other security) on the relevant date from each of at least three nationally recognized independent investment banking firms selected by the Company for this purpose. In the event of any need to determine the "Closing Price" of any security other than ADSs, the Company shall determine the "<u>Closing Price</u>" of such security in a commercially reasonable manner using a substantially similar methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Closing Price Trigger</u>" (x) beginning on and including the 12-month anniversary of the Issuance Date, the Closing Price of the ADSs has been at least 130% of the Conversion Price then in effect for at least 20 Trading Days (whether or not consecutive) during any 30 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date on

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which the Company provides such Redemption Notice to the Holder (provided that the Equity Conditions are satisfied on each Trading Day of such thirty (30) consecutive Trading Day period) or (y) beginning on and including the 16-month anniversary of the Issuance Date, the Closing Price of the ADSs has been equal to or less than 40% of the Conversion Price then in effect for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date on which the Company provides such Redemption Notice to the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Collateral Agent</u>" means Hudson Bay PH XVI Ltd. in its capacity as collateral agent for the holders of the Debentures, together with any successor thereto in such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Collateral Documents</u>" shall have the meaning set forth in Section 19(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Commission</u>" means the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Common Equity</u>" of any Person means capital stock of such Person that is generally entitled (a) to vote in the election of directors of such Person or (b) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners, managers or others that will control the management or policies of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Company</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Control Agreement</u>" means each account control agreement or securities account control agreement, as applicable, in form and substance reasonably satisfactory to the Collateral Agent, between the Company, the Collateral Agent and the applicable Cash Collateral Bank or securities intermediary, including, for the avoidance of doubt, the blocked control agreements required pursuant to Section 4.01(b) of the Guaranty and Security Agreement, which shall provide for the sole and exclusive control of the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Conversion Amount</u>" means the portion of the Principal and accrued Interest to be converted, redeemed or otherwise with respect to which this determination is being made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Conversion Date</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Conversion Failure</u>" shall have the meaning set forth in Section (4)(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Conversion Notice</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Conversion Notice Date</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Conversion Price</u>" means, as of any Conversion Date, $2.10 per ADS, provided that, on the Reset Date, the Conversion Price shall be reset (but only if such reset would result in a downward adjustment to the Conversion Price) to the greater of (x) the product of (A) 1.2 and (B) the average of the VWAPs of the ADSs during the five VWAP Trading Days immediately preceding the Reset Date and (y) $1.40 (subject to adjustment pursuant to Section (5)). The Conversion Price shall be adjusted from time to time pursuant to the other terms and conditions of this Debenture.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Custodian</u>" means Coinbase, Inc., or such other custodian as selected by the Company and acceptable to the Collateral Agent in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Default</u>" means any event that is (or, after notice, passage of time or both, would be) an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Default Rate</u>" means an annual rate of 18.0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Deposit Agreement</u>" means the Amended and Restated Deposit Agreement, dated as of May 14, 2018, among the Company the Depositary and the owners and holders from time to time of the ADSs issued thereunder, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Depositary</u>" means the Bank of New York Mellon as custodian of the Ordinary Shares underlying the ADS delivered pursuant to the Deposit Agreement or the Restricted Issuance Agreement, or any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Digital Asset Market Value</u>" means, with respect to any Bitcoin, the seven (7) day moving average price of such Bitcoin for the seven (7) days immediately preceding any date of determination, as determined by reference to the CME Bitcoin Reference Rate – New York Variant (BRRNY).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq)&nbsp;&nbsp;&nbsp;&nbsp; "<u>Discounted VWAP</u>" means an amount equal to ninety-three percent (93%) of the average of the VWAPs of the ADSs during the five VWAP Trading Days immediately preceding the Interest Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Distributed Securities VWAP</u>" means the per security volume-weighted average price as displayed under the heading "Bloomberg VWAP" on the Bloomberg page applicable to the security in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable for such security, the market value of such security on a per security basis on such Trading Day reasonably determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by Company). The "<u>Distributed Securities VWAP</u>" will be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Debenture</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Debentures</u>" shall mean this Debenture and all of the Other Debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Disclosure</u>" shall have the meaning set forth in Section 18.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv)&nbsp;&nbsp;&nbsp;&nbsp;"<u>DTC</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Effective Date</u>" means the date upon which the applicable transaction or event is effective or consummated.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Equity Conditions</u>" will be deemed to be satisfied as of any date if all of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;(x) one or more Registration Statements (as defined in the Registration Rights Agreement) filed shall be effective and available for the resale of all remaining Underlying ADSs, and there shall not have been any suspension of such registration statement(s) or (y) all Underlying ADSs shall be eligible for sale by non-affiliates (as defined in Rule 144) of the Company without restriction pursuant to Rule 144 (and without any requirements as to volume, manner of sale, availability of current public information (whether or not then satisfied)) and without the need for registration under any applicable federal or state securities laws all Underlying ADSs shall be issuable without restrictive legend and be eligible for immediate sale without restriction pursuant to Section 3(a)(9) of the Securities Act and without the need for registration under any applicable federal or state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the ADSs are designated for quotation on a Principal Market and shall not have been suspended from trading on such exchange or market (other than suspensions of not more than two (2) Trading Days and occurring before the applicable date of determination due to business announcements by the Company) nor shall delisting or suspension by such exchange or market been threatened, commenced or pending either (A) in writing by such Principal Market or (B) by falling below the then effective minimum listing maintenance requirements of such Principal Market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;the ADS issuable upon conversion of the Conversion Amount may be issued in full without resulting in the Holder beneficially owning ADSs in excess of the Beneficial Ownership Cap;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;there shall not be a Default or Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;the Holder shall not have been in possession of any material, nonpublic information received from the Company or any of its agents or affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;the ADSs issuable upon conversion of the Conversion Amount (including ADSs underlying any Pre-Funded Warrants issued in connection with such conversion as contemplated by Section (4)(c)(i) in certain circumstances) are duly authorized, and upon delivery on the applicable ADS Delivery Date (or upon exercise of any such Pre-Funded Warrants) will be (i) validly issued, fully paid, non-assessable, free from preemptive rights and any lien or adverse claim and will be listed and eligible for trading without restriction on a Principal Market (ii) represented by book-entries at DTC and identified therein by an "unrestricted" CUSIP number; and (iii) not represented by any certificate that bears a legend referring to transfer restrictions under the Securities Act or other securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Ex-Dividend Date</u>" means, (a) for purposes of Sections (5)(b)(i)-(vii), the first date on which the Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of the Ordinary Shares on such exchange or market (in

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the form of due bills or otherwise) as determined by such exchange or market and (b) for purposes of Section (5)(b)(viii), the first date on which the ADSs trade on the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of the ADSs on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Ex-Redemption Date</u>" means (1) the first date on which the ADSs trade on the applicable exchange or in the applicable market, regular way, without the right to the redemption in question from the Company or, if applicable, from the seller of the ADSs on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market or (2) if the ADSs do not trade on any exchange or market, the Paris Business Day on which the redemption in question occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Expiring Rights</u>" means any rights, options or warrants to purchase Ordinary Shares or ADSs that expire on or prior to the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Event of Default</u>" shall have the meaning set forth in Section 3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Event of Default Acceleration Amount</u>" means the, with respect to the delivery of a notice pursuant to Section 3(b) declaring the Debenture to be due and payable immediately on account of an Event of Default, a cash amount equal to the greater of (x) the sum of (i) 115% of the outstanding Principal of the Debenture (or such lesser amount accelerated pursuant to such notice) and (ii) the accrued and unpaid interest and other amounts owing in respect thereof and (y) the product of (i) the quotient of the Conversion Amount as of the occurrence of the Event of Default and the Conversion Price as of the occurrence of the Event of Default multiplied by (ii) the highest VWAP occurring during each VWAP Trading Day during the period beginning on and including the date that the Event of Default occurred (or the date on which the Default underlying such Event of Default initially occurred, if different than the date on which the Event of Default occurred) and ending on the VWAP Trading Day immediately prior to the Event of Default Acceleration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Event of Default Acceleration Date</u>" shall have the meaning set forth in Section 3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Event of Default Notice</u>" shall have the meaning set forth in Section 3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg)&nbsp;&nbsp;&nbsp;&nbsp;"<u>FATCA</u>" shall have the meaning set forth in Section (1)(d)(4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh)&nbsp;&nbsp;&nbsp;&nbsp;"<u>French Commercial Code</u>" shall mean the French Code de commerce.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Fundamental Change</u>" shall be deemed to have occurred at the time on or after the date of the Purchase Agreement if any of the following occurs prior to the Maturity Date:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;an acquisition after the date hereof by an individual or legal entity or "group" (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether through legal or beneficial ownership of capital stock of the Company, by contract or otherwise) of in excess of fifty percent (50%) of the voting securities of the Company (except that the acquisition of voting securities by the Holder shall not constitute a Fundamental Change for purposes hereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the consummation of (A) any recapitalization, reclassification or change of the Ordinary Shares or the ADSs (other than changes resulting from a subdivision or a combination) as a result of which the Ordinary Shares or ADS would be converted into, or exchanged for, stock, other securities, other property or assets; (B) any share exchange, consolidation or merger of the Company pursuant to which the Ordinary Shares or ADSs will be converted into cash, securities or other property or assets; or (C) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to any Person other than one or more of the Company's Wholly Owned Subsidiaries; *provided, however*, that a transaction described in clause (A) or (B) in which the holders of all classes of the Company's Common Equity immediately prior to such transaction own, directly or indirectly, more than 50% of all classes of Common Equity of the continuing or surviving company or transferee or the parent thereof immediately after such transaction in substantially the same proportions relative to each other as such ownership immediately prior to such transaction shall not be a Fundamental Change pursuant to this clause (2);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;the shareholders of the Company approve any plan or proposal for dissolution of the Company that, if completed, would result in the liquidation of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;the ADSs (or other Common Equity or ADS in respect of Common Equity underlying this Debenture (or any portion hereof)) cease to be listed or quoted on any Principal Market.

If any transaction in which the Ordinary Shares are replaced by the equity securities of another entity occurs, references to the Company in this definition shall instead be references to such other entity.

For purposes of this definition of "Fundamental Change" above, any transaction that constitutes a Fundamental Change pursuant to both clause (1) and clause (2) of such definition (without giving effect to the proviso in clause (2)) shall be deemed a Fundamental Change solely under clause (2) of such definition (subject to the proviso in clause (2)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Fundamental Change Company Notice</u>" shall have the meaning set forth in Section (2)(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Fundamental Change Repurchase Date</u>" shall have the meaning set forth in Section (2)(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Governing Jurisdiction</u>" shall have the meaning set forth in Section (11)(a).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Grantors</u>" shall have the meaning given such term in the Guaranty and Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Guarantors</u>" means each of the guarantors from time to time party to the Guaranty and Security Agreement as a "guarantor" thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Guaranty and Security Agreement</u>" means that certain Guaranty and Security Agreement, dated on or about the Issuance Date, made by each of the Guarantors party thereto from time to time in favor of the Holder, as may be amended, restated, supplemented or otherwise modified from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Holder</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqq)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Indemnified Damages</u>" shall have the meaning set forth in Section (6)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrr)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Indemnified Person</u>" shall have the meaning set forth in Section (6)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sss)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Independent Expert</u>" means an independent financial institution of international repute or independent financial adviser with appropriate expertise, chosen by the Company at its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttt)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Interest ADS Notice</u>" shall have the meaning set forth in Section 19(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuu)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Interest Payment Date</u>" means (i) each March 1, June 1, September 1 and December 1 of each calendar year, beginning on September 1, 2025 and (ii) if not otherwise included in clause (i), the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvv)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Interest Rate</u>" shall have the meaning set forth in Section (1)(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(www)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Issuance Date</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Loan-to-Collateral Ratio</u>" means, as of any date of determination, the ratio of (a) the aggregate outstanding principal balance of all the Debentures issued pursuant to the Purchase Agreement to (b) the *sum of* (i) the aggregate Digital Asset Market Value of all Collateral consisting of Bitcoin, *plus* (ii) the aggregate value of all Collateral consisting of cash and Cash Equivalents held in the Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyy)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Loan-to-Collateral Ratio Compliance Level</u>" means 1.00 to 2.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzz)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Make-Whole Date</u>" shall have the meaning set forth in Section 19(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Mandatory French Law Conversion Price Adjustment</u>" shall have the meaning set forth in Section (5)(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Material Adverse Effect</u>" has the meaning given such term in the Purchase Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cccc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Maturity Date</u>" shall have the meaning set forth in Section (1)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dddd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>MNPI</u>" shall have the meaning set forth in Section 18.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>New York Close of Business</u>" means 5:00 p.m. (New York City time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ffff)&nbsp;&nbsp;&nbsp;&nbsp;"<u>New York Open of Business</u>" means 9:00 a.m. (New York City time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gggg)&nbsp;&nbsp;&nbsp;&nbsp;"<u>New York Business Day</u>" means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or a day on which banking institutions in the State of New York, United States are authorized or required by law or other government action to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhh)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Obligations</u>" means all of the Company's and each Guarantor's now existing and hereafter created or arising obligations, indebtedness and liabilities of any kind (whether primary or secondary, conditional or unconditional, contingent or noncontingent, joint or several) owed to the Holder, whether existing, created, incurred or arising in the Company's or such Guarantor's capacity as a borrower, guarantor, indemnitor, customer, purchaser, lessee, licensee, applicant, counterparty, debtor or other obligor, including (a) any loan amount, principal, interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), fee, charge, indemnification obligation, reimbursement obligation, royalty, premium, cost, expense, price, rent or other amount owed by the Company or such Guarantor to the Holder at any time, including future advances, protective advances and other financial accommodations, (b) any obligations, indebtedness or liabilities of the Company and the Guarantors to the Holder under any Transaction Document at any time, and (c) any of the foregoing that may have been, or that may be, acquired by the Holder from any third party, the Company or any Guarantor at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iiii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Optional Redemption</u>" shall have the meaning set forth in Section (2)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjjj)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Ordinary Share Market Price</u>" means the Closing Price of the ADSs (divided by the number of Ordinary Shares then represented by one ADS) on the date a binding agreement is made for the Company or any of its Subsidiaries to purchase Ordinary Shares (directly or in the form of ADSs) (or the immediately preceding Trading Day if such agreement (i) is not made on a Trading Day or (ii) if made on a Trading Day, is made prior to the availability of the Closing Price of the ADSs in respect of such Trading Day).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkkk)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Ordinary Share Repurchase Date</u>" shall have the meaning set forth in Section (5)(b)(v).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(llll)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Ordinary Shares</u>" means the ordinary shares of the Company, nominal value €0.01 per share.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmmm)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Other Debentures</u>" means any other debentures issued pursuant to the Purchase Agreement and any other debentures, notes, or other instruments issued in exchange, replacement, or modification of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnnn)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Paris Business Day</u>" means any day (other than a Saturday or a Sunday) that is not a day on which banking institutions in Paris, France are authorized or required by law or executive order to close or be closed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oooo)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Paris Open of Business</u>" means 9:00 a.m., Paris, France time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pppp)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Paris Close of Business</u>" means 5:00 p.m., Paris, France time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqqq)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Payment Premium</u>" means for payments made (i) within twelve (12) months of the date of this Debenture, 3.0% and (ii) from and after twelve (12) months of the date of this Debenture, 5.0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrrr)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Periodic Reports</u>" shall mean all of the Company's reports (in form and substance as required by the Commission under applicable laws and regulations) required to be filed by the Company with the Commission under applicable laws and regulations (including, without limitation, Regulation S-K), including annual reports (on Form 20-F) and reports on Form 6-K, for so long as any amounts are outstanding under this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ssss)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Person</u>" means a corporation, an association, a partnership, organization, a business, an individual, a government or political subdivision thereof or a governmental agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tttt)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Principal</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuuu)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Principal Market</u>" means the New York Stock Exchange; *provided however*, that in the event the Company's ADSs are ever listed or traded on any of the NYSE American, the Nasdaq Global Market, the Nasdaq Global Select Market or the Nasdaq Capital Market, or such successor thereto, the "<u>Principal Market</u>" shall mean that market on which the ADSs are then listed or traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvvv)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Purchase Agreement</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(wwww)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Record Date</u>" means, with respect to any dividend, distribution or other transaction or event in which the holders of the Ordinary Shares (directly or in the form of ADSs) (or other applicable security) have the right to receive any cash, securities or other property or in which the Ordinary Shares (directly or in the form of ADSs) (or such other security) are exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of security holders entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors, statute, contract or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxx)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Redemption Amount</u>" shall have the meaning set forth in Section (2)(a).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyyy)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Redemption Equity Condition Period</u>" shall have the meaning set forth in Section 2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzzz)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Redemption Date</u>" shall have the meaning set forth in Section (2)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaaa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Redemption Notice</u>" shall have the meaning set forth in Section (2)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbbb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Reference Property</u>" shall have the meaning set forth in Section (5)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccccc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Registration Rights Agreement</u>" has the meaning given such term in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddddd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Relevant Jurisdiction</u>" shall have the meaning set forth in Section (1)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeeee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Reported Outstanding ADS Number</u>" shall have the meaning set forth in Section 4(c)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fffff)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Required Holders</u>" has the meaning given such term in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggggg)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Required Disclosure Date</u>" means (x) if the Holder authorized the delivery of such MNPI, either (I) if the Company and the Holder have mutually agreed upon a date (as evidenced by an e-mail or other writing) of Disclosure of such MNPI, such agreed upon date or (II) otherwise, the seventh (7th) calendar day after the date the Holder first received any MNPI or (y) if the Holder did not authorize the delivery of such MNPI, the first (1st) Business Day after the Holder's receipt of such MNPI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhhh)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Required Reserve Amount</u>" shall have the meaning set forth in Section (4)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iiiii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Reset Date</u>" means the date that is the earlier of (i) nine (9) months following the effective date of the Registration Statement (as defined in the Registration Rights Agreement) and (ii) twelve (12) months following the Issuance Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjjjj)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Restricted Issuance Agreement</u>" means the restricted issuance agreement to be entered into as of the Issuance Date, by and among the Company, the Depositary, and the owners and beneficial owners of the ADSs delivered thereunder or, if amended or supplemented as provided therein, as so amended or supplemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkkkk)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Rule 144</u>" means Rule 144 promulgated under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lllll)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmmmm)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Security Documents</u>" means, collectively, the Guaranty and Security Agreement, the Control Agreement, any other control agreement applicable to the Bitcoin Escrow Account or Cash Collateral Account, any other security agreements, pledge agreements or other

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similar agreements delivered to the Holder, the Guaranty (if applicable) and each of the other agreements, instruments or documents that creates a lien or guaranty in favor of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnnnn)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Share Exchange Event</u>" shall have the meaning set forth in Section (5)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooooo)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Share Reduction</u>" shall have the meaning set forth in Section 5(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppppp)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Shortfall Amount</u>" shall have the meaning set forth in Section 19(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqqqq)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Shortfall Event</u>" shall have the meaning set forth in Section 19(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrrrr)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Significant Subsidiary</u>" of any Person means any Subsidiary of that Person that constitutes a "significant subsidiary" (as defined in Rule 1-02(w) of Regulation S-X under the Exchange Act) of that Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sssss)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Specified Repurchase Date</u>" means January 7, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttttt)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Spin-Off</u>" shall have the meaning set forth in Section (5)(b)(viii)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuuuu)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Subject Proceeds</u>" shall have the meaning set forth in Section 19(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvvvv)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Subscription Period</u>" shall have the meaning set forth in Section (5)(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(wwwww)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Subsidiary</u>" means, with respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of capital stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxxx)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Successor Company</u>" shall have the meaning set forth in Section (15)(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyyyy)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Trading Day</u>" means a day on which (i) trading in the ADSs (or other security for which a closing sale price must be determined) generally occurs on a Principal Market or, if the ADSs (or such other security) are not then listed on a Principal Market, on the principal other U.S. national or regional securities exchange on which the ADSs (or such other security) are then listed or, if the ADSs (or such other security) are not then listed on a U.S. national or regional securities exchange, on the principal other market on which the ADSs (or such other security) are then traded, and (ii) a Closing Price of the ADS (or closing sale price for such other security) is available on such securities exchange or market. If the ADSs (or such other security) are not so listed or traded, "<u>Trading Day</u>" means a New York Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzzzz)&nbsp;&nbsp;&nbsp;&nbsp; "<u>Transaction Document</u>" means (i) any Transaction Document (as defined in the Purchase Agreement) and (ii) any other Security Document entered into from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaaaa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Trigger Event</u>" shall have the meaning set forth in Section (5)(b)(viii)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbbbb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Underlying ADSs</u>" means the ADSs (including the Ordinary Shares represented by such ADSs) issuable upon conversion of this Debenture in accordance with the terms hereof and the ADSs underlying any Pre-Funded Warrants issued in connection with any conversion of this Debenture (or portion hereof) as contemplated by Section (4)(c)(i) in certain circumstances, in each case determined without regard to any limitations on such conversion set forth in this Debenture or any such Pre-Funded Warrants (including, for the avoidance of doubt, such limitation set forth in Section 4(c)(i)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cccccc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>unit of Reference Property</u>" shall have the meaning set forth in Section (5)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dddddd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Valuation Period</u>" shall have the meaning set forth in Section (5)(b)(viii)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeeeee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Value of the Ordinary Share Immediately prior to the Close of Business on the Date of such Distribution</u>" means the arithmetic average of the VWAP (divided by the number of Ordinary Shares then represented by one ADS) for each of the three Trading Days immediately preceding the Ex-Dividend Date for such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ffffff)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Value of the Ordinary Shares Ex-Right</u>" means the arithmetic average of the VWAP (divided by the number of Ordinary Shares then represented by one ADS) on each Trading Day included in the applicable Subscription Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gggggg)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Value of the Preferential Subscription Right</u>" means (i) the arithmetic average of the opening trading prices on any Principal Market for such preferential subscription rights on a per right basis, or on a similar market on which the preferential subscription rights have their principal listing on each Trading Day included in the applicable Subscription Period, or (ii) if the preferential subscription rights are not listed on a Principal Market or similar market, the value of such preferential subscription rights will be calculated as reasonably determined by the Company or, at the Company's option, an Independent Expert taking into account the fair market value or trading price of any corresponding ADS rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhhhh)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Value of the Securities or Assets Distributed per Ordinary Share</u>" means: (1) in the event of a distribution of securities that are already listed on any Principal Market or a similar market, the arithmetic average of the Distributed Securities VWAP of such securities during the three Trading Days immediately preceding the Ex-Dividend Date for such distribution; (2) in the event of a distribution of securities that are not already listed on any Principal Market or a similar market, but that are expected to be listed on any such market for at least three Trading Days within 10 Trading Days starting on the Ex-Dividend Date for such distribution, the arithmetic average of the Distributed Securities VWAP of such securities during the first three Trading Days included within this 10 trading day period during which such securities are listed on any Principal Market or a similar market; and (3) in all other cases not addressed in clause (1) or (2) of this definition, such value that is determined reasonably by the Company or, at the Company's option,

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an Independent Expert, no later than the Trading Day immediately preceding the Ex-Dividend Date for such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iiiiii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>VWAP</u>" means, for any VWAP Trading Day, the per share volume-weighted average price as displayed under the heading "Bloomberg VWAP" on Bloomberg page "SQNS AQR" (or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the market value of one ADS on such Trading Day reasonably determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by the Company). The "<u>VWAP</u>" shall be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjjjjj)&nbsp;&nbsp;&nbsp;&nbsp;"<u>VWAP Market Disruption Event</u>" means, with respect to any date, (A) the failure by the principal U.S. national or regional securities exchange on which the ADSs are then listed, or, if the ADSs are not then listed on a U.S. national or regional securities exchange, the principal, in terms of volume, on which the ADSs are then traded, to open for trading during its regular trading session on such date; or (B) the occurrence or existence, for more than one half hour period in the aggregate, of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the ADSs or in any options contracts or futures contracts relating to the ADSs, and such suspension or limitation occurs or exists at any time before 1:00 p.m., New York City time, on such date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkkkkk)&nbsp;&nbsp;&nbsp;&nbsp;"<u>VWAP Trading Day</u>" means a day on which (A) there is no VWAP Market Disruption Event; provided that the Holder, by written notice to the Company, may waive any such VWAP Market Disruption Event; and (B) trading in ADSs generally occurs on the principal U.S. national or regional securities exchange on which the ADSs are then listed or, if the ADSs are not then listed on a U.S. national or regional securities exchange, on the principal, in terms of volume, Principal Market on which the ADSs are then traded. If the ADSs are not so listed or traded, then "VWAP Trading Day" means a Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(llllll)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Wholly Owned Subsidiary</u>" means, with respect to any Person, any direct or indirect Subsidiary of such Person, except that, solely for purposes of this definition, the reference to "more than 50%" in the definition of "Subsidiary" shall be deemed replaced by a reference to "100%".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18)&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidential Information</u>. At any time after the Issuance Date if the Company, any of its Subsidiaries, or any of their respective officers, directors, employees or agents, provides the Holder with material non-public information relating to the Company or any of its Subsidiaries (each, the "<u>MNPI</u>"), the Company shall, on or prior to the applicable Required Disclosure Date, publicly disclose such MNPI on a Current Report on Form 6-K or otherwise (each, a "<u>Disclosure</u>"). From and after such Disclosure, the Company shall have disclosed all MNPI provided to the Holder by the Company or any of its Subsidiaries or any of their respective officers, directors, employees or agents. In addition, effective upon such Disclosure, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors,

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affiliates, employees or agents, on the one hand, and the Holder or any of its affiliates, on the other hand, shall terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19)&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral Coverage Requirement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;On or before the Bitcoin Conversion Deadline, the Company shall have used all the proceeds deposited in the Cash Collateral Account on the Issuance Date (other than up to eight hundred thousand dollars ($800,000) in the aggregate used to fund general and administrative costs and expenses related to the implementation of the Company's Bitcoin treasury strategy (the "<u>Bitcoin Strategy Expense Cap</u>")) to purchase, or cause any Grantor to purchase, Bitcoin, which Bitcoin shall be immediately delivered to the Bitcoin Escrow Account upon such purchase. For the avoidance of doubt, the Company shall not be responsible for any breach of this Section 19(a) if the reason for such breach is solely due to the Collateral Agent's breach of its obligations set forth in Section 19(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Prior to the Bitcoin Conversion Deadline, the Company shall not request a transfer or withdrawal of funds in excess of the Bitcoin Cash Cap from the Cash Collateral Account through any single transfer or withdrawal. Any funds transferred or withdrawn from the Cash Collateral Account shall only be used to promptly purchase Bitcoin that is immediately delivered to the Bitcoin Escrow Account upon such purchase (and to pay only customary transaction costs and commissions incurred in connection with such purchases) or to fund the implementation of the Company's Bitcoin treasury strategy in an amount up to the Bitcoin Strategy Expense Cap. Following any transfer or withdrawal of funds from the Cash Collateral Account, the Company shall not be permitted to request a transfer or withdrawal of additional funds from the Cash Collateral Account until such time as the Company has complied with the immediately preceding sentence, at which time the Company may again request a transfer or withdrawal of funds from the Cash Collateral Account to purchase or cause any Grantor to purchase additional Bitcoin up to the available Bitcoin Cash Cap. For example (and for illustrative purposes only), if (after expending proceeds to fund the implementation of the Company's Bitcoin treasury strategy in an amount equal to the Bitcoin Strategy Expense Cap), the Company transferred $30,000,000 from the Cash Collateral Account, it could not transfer additional funds from the Cash Collateral Account until it deposited the Bitcoin purchased with such $30,000,000 into the Bitcoin Escrow Account. So long as (i) no Default or Event of Default has occurred and is then continuing, and (ii) the Company has provided the Collateral Agent a notice, in the form attached hereto as <u>Exhibit II</u> (a "<u>Withdrawal Notice</u>"), and, for any requested transfers or withdrawals following the first transfer or withdrawal after the Issuance Date, supporting documentation from the Custodian of the Bitcoin Escrow Account (*e.g*., account statements, transaction history, escrow deposit receipts, or other similar documentation) reasonably satisfactory to the Collateral Agent evidencing that any previously withdrawn or transferred funds from the Cash Collateral Account were used by the Company to purchase Bitcoin that was deposited into the Bitcoin Escrow Account in accordance with the terms of this Section 19(b), then the Collateral Agent shall promptly provide instructions to the Cash Collateral Bank to release the funds from the Cash Collateral Account requested by the Company in the amount set forth in the Withdrawal Notice, which shall not exceed the available Bitcoin Cash Cap in accordance with this Section 19(b) and, for the avoidance of doubt, shall be used solely for the purchase of Bitcoin. For the avoidance of doubt, the Company may submit multiple Withdrawal Notices on any given Business Day, subject to the terms of this Section 19(b).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;As of the Issuance Date and immediately following the closing of the issuance of the Debentures and the Common Equity Private Placement (as defined in the Purchase Agreement), the Loan-to-Collateral Ratio shall be less than or equal to the Closing Loan-to-Collateral Ratio Compliance Level; provided that if, as of the Issuance Date, the Loan-to-Collateral Ratio is greater than the Loan-to-Collateral Ratio Compliance Level (a "<u>Shortfall Event</u>"), then on the ninetieth (90<sup>th</sup>) day following the Issuance Date (the "<u>Make-Whole Date</u>"), the Company shall cause to be deposited into the Cash Collateral Account such portion of the aggregate net proceeds received by the Company in respect of (i) the exercise of the Common Warrants and (ii) any Exempt At-the-Market Offering (as defined in the Purchase Agreement) prior to the Make-Whole Date (such aggregate proceeds, the "<u>Subject Proceeds</u>"), in an aggregate amount equal to the amount of additional collateral that would have been required to cause the Loan-to-Collateral Ratio to be equal to the Loan-to-Collateral Ratio Compliance Level (which shall include all proceeds deposited in the Cash Collateral Account on the Issuance Date that were transferred from the Cash Collateral Account to fund general and administrative costs and expenses related to the implementation of the Company's Bitcoin treasury strategy), as measured as of the Issuance Date (such amount, the "<u>Shortfall Amount</u>"); provided further that if the Subject Proceeds are less than the Shortfall Amount, the Company, in its sole discretion, may either: (1) cause additional cash to be deposited into the Cash Collateral Account in an amount equal to the difference between the Shortfall Amount and the Subject Proceeds, or (2) pay additional interest on the outstanding Principal balance hereof in accordance with Section 19(h), in which case the Company shall not be required to deposit any additional cash into the Cash Collateral Account. The Company shall provide the Holder with prompt written notice prior to the Marke-Whole Date (an "<u>Additional Interest Election Notice</u>") if it elects option (2) pursuant to the foregoing sentence.

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Collateral Agent prior to release. For the avoidance of doubt, the Company may only exercise the right granted pursuant to this Section 19(e) once.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Other than the Collateral used or released in accordance with the foregoing clauses (a), (d) or (e), or as provided in the following clause (g), the Company shall not (and shall not permit the Grantors to) transfer, permit any encumbrance or otherwise dispose of any Collateral other than the transfer of Bitcoin Collateral (or cash held in the Cash Collateral Account for the purchase of Bitcoin) to the Grantors (or from one Grantor to another Grantor); provided that (i) in the case of a transfer to the Grantors following the Issuance Date, the Grantors, to the extent not a Grantor party to the Guaranty and Security Agreement as of the Issuance Date, shall have first complied with Sections 2.05 and 4.03 of the Guaranty and Security Agreement and (ii) any cash, Cash Equivalents or Bitcoin transferred to the Grantors following the Issuance Date shall at all times remain on deposit in the Cash Collateral Account or Bitcoin Escrow Account (or any replacement Cash Collateral Account or Bitcoin Escrow Account approved by the Collateral Agent in its sole discretion at a custodian approved by the Collateral Agent in its sole discretion), as applicable, and subject to the first priority Lien and security interest in favor of the Collateral Agent for the benefit of the Secured Parties (as defined in the Guaranty and Security Agreement). For the avoidance of doubt, neither the Company nor any of its affiliates shall be subject to any restrictions under the Transaction Documents in respect of Bitcoin that has been released as, or that does not otherwise constitute, Bitcoin Collateral (including all Bitcoin that is not purchased with the net proceeds of the issuance of the Debentures or the Common Equity Private Placement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of this definition or anything in this Debenture or any other Transaction Document to the contrary, (i) the Collateral requirements thereunder shall not require any control agreement, lockbox or similar arrangement with respect to any deposit account, securities account, commodities account or other bank account, or otherwise take or perfect a security interest with control (other than with respect to the Bitcoin Escrow Account and/or the Cash Collateral Account to the extent required under the Debentures and the Collateral Documents); and (b) no actions (x) in any non-U.S. jurisdiction or (y) required by the laws of any non-U.S. jurisdiction shall be required to be taken to create, perfect or maintain any security interest or make enforceable any security interests or otherwise (it being understood that there shall be no Collateral Document (or other security agreements or pledge agreements) governed by any non-U.S. jurisdiction). As used in this Debenture, "<u>Collateral Documents</u>" means the Guaranty and Security Agreement, any control agreement with respect to the Bitcoin Escrow Account and/or the Cash Collateral Account (including financing statements under the UCC of the relevant states), and the escrow agreement or similar securities control agreement with respect to the Bitcoin Escrow Account, each as amended, supplemented, restated, renewed, replaced or otherwise modified from time to time, to secure any obligations under the Debentures or under which rights or remedies with respect to the Lien are governed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Interest</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;(1) &nbsp;&nbsp;&nbsp;&nbsp;If the Company elects to pay additional interest under Section 19(c), then from and after the Issuance Date until but not including the first anniversary of the Issuance Date (the "<u>Additional Interest Period</u>"), additional interest shall accrue on the outstanding Principal balance hereof at an annual rate equal to five percent (5.0%) (such

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interest, the "<u>Additional Interest</u>"). Additional Interest shall be calculated based on a 365- day year and the actual number of days elapsed, to the extent permitted by applicable law. Additional Interest shall accrue during the Additional Interest Period and shall be due and payable on each Interest Payment Date or upon the acceleration (including, for the avoidance of doubt, in connection with Section 3(b)), redemption (including, for the avoidance of doubt, in connection with Section 2(b) and Section 2(c)) or conversion of the outstanding Principal. At the election of the Company, Additional Interest shall be payable by either (A) issuing to Holder a number of Ordinary Shares, represented by ADSs (the "<u>Interest ADSs</u>") determined in accordance with the formula set forth in Section 19(h)(2) below, provided that (x) the Equity Conditions are satisfied as of the applicable Interest Payment Date and (y) the Company has notified the Holder in writing (an "<u>Interest ADS Notice</u>") that it has elected to pay the Additional Interest in Interest ADSs no later than ten (10) Trading Days prior to the applicable Interest Payment Date, or (B) in cash. Notwithstanding the foregoing, the ability of the Company to elect payment of Additional Interest in Interest ADSs shall be subject to the conversion limitations set forth in Section 4(c)(i), which shall apply *mutatis mutandis*. Failure to timely deliver an Interest ADS Notice to the Holder shall be deemed an election by the Company to pay the Additional Interest with respect to such Interest Payment Date in cash. Notwithstanding anything herein to the contrary, the Company will not have the right to, and will not, make any payment of Additional Interest (or any applicable portion thereof) in Interest ADSs if the Equity Conditions are not satisfied for each VWAP Trading Day occurring between the date of delivery of the Interest ADS Notice and the applicable Interest Payment Date (and the Company shall certify in writing to the Holder on the applicable Interest Payment Date that the Equity Conditions have continued to have been satisfied during such period), and such payment of Additional Interest (or any applicable portion thereof) shall instead be paid in cash on such Interest Payment Date, unless such failure of the Equity Conditions to be so satisfied is waived in writing by the Required Holders, which waiver may be granted or withheld by the Required Holders in their sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;If the Company elects to pay Additional Interest in Interest ADSs, the number of Interest ADSs issuable on any Interest Payment Date shall be equal to the quotient (rounded down to the nearest whole share, with cash paid in lieu of any fractional share) obtained by dividing (a) the amount of Additional Interest to be paid in Interest ADSs on such Interest Payment Date, by (b) the lower of (x) the Discounted VWAP and (y) the Conversion Price.

[*Signature Page Follows*]

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**IN WITNESS WHEREOF**, the Company has caused this Convertible Secured Debenture to be duly executed by a duly authorized officer as of the date set forth above.

---

| | |
|:---|:---|
| **<u>COMPANY</u>:** | **<u>COMPANY</u>:** |
| **SEQUANS COMMUNICATIONS S.A.** | **SEQUANS COMMUNICATIONS S.A.** |
| By: | &nbsp;&nbsp;/s/ Georges Karam |
| Name: | &nbsp;&nbsp;Georges Karam |
| Title: | &nbsp;&nbsp;Chief Executive Officer |

---

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**EXHIBIT I**

**<u>CONVERSION NOTICE</u>**

**(To be executed by the Holder in order to Convert the Secured Convertible Debenture)**

**To: Sequans Communications S.A.**

**Via Email:**

The undersigned hereby irrevocably elects to convert a portion of the outstanding and unpaid Conversion Amount of Secured Convertible Debenture No. SQNS-[4] into ADSs of Sequans Communications S.A., according to the conditions stated therein, as of the Conversion Date written below.

**Conversion Date:**

**Principal Amount to be Converted:**

**Accrued Interest to be Converted:**

**Total Conversion Amount to be Converted:**

**Conversion Price:**

**Number of ADSs to be issued:**

**Number of Pre-Funded Warrants, if any, to be issued:**

**Please issue the ADSs in the following name and deliver them to the following account:** 

**Issue to:**

**Broker DTC Participant Code:**

**Account Number:**

**Authorized Signature:**

**Name:**

**Title:**

**Please issue and deliver the Pre-Funded Warrants, if any, to:**

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**Exhibit II**

**<u>Withdrawal Notice</u>**

Hudson Bay PH XVI Ltd

[Address]

Attention: [_____]

Email Address: [_____]

Date:

**Re: Withdrawal Notice pursuant to the Secured Convertible Debentures, dated [_____], 2025**

**Cash Collateral Account No. _____________**

We refer to those certain Secured Convertible Debentures, issued on [●], 2025 in the aggregate principal amount of $[●]. Capitalized terms in this letter that are not otherwise defined shall have the same meaning given to them in the Secured Convertible Debentures.

Pursuant to Section [19(b)] of the Secured Convertible Debentures, the Company instructs Collateral Agent to cause the Cash Collateral Bank to release the portion of the funds in the Cash Collateral Account specified below to the Custodian, for the purchase of Bitcoin, as follows:

Amount (In numerals):

Amount (In writing):

Beneficiary:

City:

Country:

**US Instructions:**

Bank

Bank address

ABA Number:

Credit A/C Name:

Credit A/C #:

Credit A/C Address:

If Applicable:

FFC A/C Name:

FFC A/C #:

FFC A/C Address:

---

| | |
|:---|:---|
| **<u>COMPANY:</u>** | **<u>COMPANY:</u>** |
| **SEQUANS COMMUNICATIONS S.A.** | **SEQUANS COMMUNICATIONS S.A.** |
| By: |  |
| Name: | Georges Karam |
| Title: | Chief Executive Officer |

---

## Exhibit 4.9

**Exhibit 4.9**

***Execution Version***

**NEITHER THIS DEBENTURE NOR THE SECURITIES INTO WHICH THIS DEBENTURE IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE. THESE SECURITIES HAVE BEEN SOLD IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.**

**FOR PURPOSES OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>CODE</u>"), THIS DEBENTURE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT. THE HOLDER (AS DEFINED BELOW) MAY CONTACT DR. GEORGES KARAM AT +33 1 70 72 16 00, WHO WILL, NOT LATER THAN TEN DAYS AFTER THE DATE HEREOF, PROMPTLY MAKE AVAILABLE TO THE HOLDER, UPON REQUEST, THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND ISSUANCE DATE OF THIS DEBENTURE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THIS DEBENTURE, AND (3) THE YIELD TO MATURITY OF THIS DEBENTURE.**

**SEQUANS COMMUNICATIONS S.A.**

**SECURED CONVERTIBLE DEBENTURE**

**Principal Amount:&nbsp;&nbsp;&nbsp;&nbsp;$10,000,000**

**Debenture Issuance Date: July 7, 2025** 

**Debenture Number: SQNS-5**

FOR VALUE RECEIVED, Sequans Communications S.A., a société anonyme incorporated in the French Republic (the "<u>Company</u>"), hereby promises to pay to the order of AFOB FIP MS, LLC, or its registered assigns (the "<u>Holder</u>") the amount set out above as the principal amount (as reduced or increased pursuant to the terms hereof pursuant to redemption, conversion or otherwise, the "<u>Principal</u>") when due, whether upon the Maturity Date (as defined below), acceleration, or redemption (in each case in accordance with the terms hereof) and to pay interest ("<u>Interest</u>") on any outstanding Principal at the applicable Interest Rate from the date set out above as the Debenture Issuance Date (the "<u>Issuance Date</u>") until the same becomes due and payable, whether upon the Maturity Date or acceleration, conversion, redemption or otherwise (in each case in accordance with the terms hereof). This Secured Convertible Debenture (including all debentures issued in exchange, transfer or replacement hereof, this "<u>Debenture</u>") was originally issued pursuant to the Secured Convertible Debenture Purchase Agreement dated as of June 22, 2025, as it may be amended from time to time (the "<u>Purchase Agreement</u>") between the Company and the Buyers listed on the Schedule of Buyers attached thereto. Certain capitalized terms used herein are

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defined in Section (17). All Obligations owed by the Company to the Holder under this Debenture and each other Transaction Document are guaranteed by the Guarantors pursuant to the Guaranty and Security Agreement and secured by the Guarantors pursuant to the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;<u>GENERAL TERMS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Maturity Date</u>. On the Maturity Date, the Company shall pay to the Holder an amount in cash representing all outstanding Principal, accrued and unpaid Interest, and any other amounts outstanding pursuant to the terms of this Debenture. The "<u>Maturity Date</u>" shall be July 7, 2028. Other than as specifically permitted by this Debenture under Section 2(a), the Company may not prepay or redeem any portion of the outstanding Principal and/or accrued and unpaid Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate and Payment of Interest</u>. (i) From and after the first anniversary date of the Issuance Date until, but not including, the second anniversary date of the Issuance Date, interest shall accrue on the outstanding Principal balance hereof at an annual rate equal to 6.00% and (ii) from and after the second anniversary date of the Issuance Date, interest shall accrue on the outstanding Principal balance hereof at an annual rate equal to 8.00% (such applicable interest rate, the "<u>Interest Rate</u>"), which Interest Rate shall, in connection with the occurrence of an Event of Default, increase to the Default Rate upon written notice executed by the Required Holders (as defined in the Purchase Agreement) to the Company retroactively to the date of the occurrence of such Event of Default. Interest shall be calculated based on a 365- day year and the actual number of days elapsed, to the extent permitted by applicable law. Interest shall accrue during the term of this Debenture and shall be due and payable on each Interest Payment Date or upon the acceleration (including, for the avoidance of doubt, in connection with Section 3(b)), redemption (including, for the avoidance of doubt, in connection with Section 2(b) and Section 2(c)) or conversion of the outstanding Principal. Additional Interest may be payable pursuant to Section 19(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment Dates</u>. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding</u>. All payments and deliveries made by, or on behalf of, the Company (or any Successor Company) under or with respect to this Debenture (including in connection with any conversion described in Section (4)), shall be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied ("<u>Applicable Taxes</u>") by or within France or any jurisdiction in which the Company (or any Successor Company) is, for tax purposes, organized or resident or doing business (each, as applicable, a "<u>Relevant Taxing Jurisdiction</u>") or through which payment is made or deemed made (together with each Relevant Taxing Jurisdiction, a "<u>Relevant Jurisdiction</u>," and in each case, any political subdivision or taxing authority thereof or therein), unless such withholding or deduction is required by law or by regulation or governmental policy having the force of law. In the event that any such withholding or deduction is so required in a Relevant Jurisdiction, the Company (or the Successor Company) shall pay such additional amounts ("<u>Additional Amounts</u>") as may be necessary to ensure that the net amount received by the Holder after such withholding or deduction (and after deducting any Applicable Taxes on the Additional Amounts) under a Relevant Jurisdiction shall equal the amounts that would have been received by

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such beneficial owner had no such withholding or deduction been required; *provided* that no Additional Amounts shall be payable for or on account of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;any tax, duty, assessment or other governmental charge that would not have been imposed but for:

&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;(i)&nbsp;&nbsp;&nbsp;&nbsp;the failure of the Holder to comply with a timely reasonable request from the Company, addressed to the Holder to provide certification or other documents concerning such Holder's nationality, residence, identity or connection with the Relevant Jurisdiction, or to make any declaration or satisfy any other reporting requirement relating to such matters, if and to the extent that due and timely compliance with such request is required by statute, regulation or administrative practice of the Relevant Jurisdiction in order to reduce or eliminate any withholding or deduction as to which Additional Amounts would have otherwise been payable to the Holder and so long as the completion, execution or submission of such certification or documents would not materially prejudice the legal or commercial position of the Holder;

&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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;(A) the existence of any present or former connection between the Holder and any non-cooperative jurisdiction (Etat ou territoire non coopératif) within the meaning of Section 238-0 A of the French tax code (as this list may be amended from time to time), or (B) the presentation of this Debenture (or any portion hereof) for payment or payment on this Debenture (or any portion hereof) otherwise made to a bank account open in a non-cooperative jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;any tax, duty, assessment or other governmental charge that is payable otherwise than by withholding or deduction from payments under or with respect to this Debenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;any tax required to be withheld or deducted under Sections 1471 to 1474 of the Code (or any amended or successor versions of such Sections that are substantively comparable and not materially more onerous to comply with) ("<u>FATCA</u>"), any agreement described in Section 1471(b) of the Code, or any current or future regulations or other official guidance thereunder, any intergovernmental agreement entered into in connection with FATCA, or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA; 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;(5)&nbsp;&nbsp;&nbsp;&nbsp;any combination of taxes, duties, assessments or other governmental charges referred to in the preceding clauses (1), (2), (3) or (4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Treatment</u>. (i) The parties hereto shall treat this Debenture as debt for U.S. federal (and applicable state and local) income tax purposes and shall prepare and file all tax returns consistent with, and not otherwise take any position inconsistent with, such treatment unless required by applicable law; (ii) the parties hereto agree that (x) the Debentures and the Common Warrants (as defined in the Purchase Agreement) shall be treated as an "investment unit" within the meaning of Section 1273(c)(2) of the Internal Revenue Code of 1986, as amended, and

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the Treasury Regulations thereunder, (y) the issue price of the investment unit will be allocated between the Debentures and such Common Warrants based on their relative fair market values on the Issuance Date for U.S. federal income tax purposes, as determined collectively by the Company and the Required Holders acting in good faith, and (z) no party hereto shall take a position contrary to the foregoing on any tax return unless required by an applicable change in law after the Issuance Date or the good faith resolution of a tax audit or other tax proceeding; (iii) the Company represents that it was not a "passive foreign investment company" for U.S. federal income tax purposes for the year ending December 31, 2024 and does not as of the date hereof have knowledge that it will be a "passive foreign investment company" for the year ending December 31, 2025 or the foreseeable future; (iv) the Company shall make due inquiry with its tax advisors regarding the Company's status as a "passive foreign investment company" for the year ending December 31, 2025 and each subsequent year; and (v) if the Company determines that it is a "passive foreign investment company" for any years during which the Holder has owned this Debenture, the Company will promptly notify the Holder of its determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;<u>PAYMENTS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have the right, but not the obligation, to redeem ("<u>Optional Redemption</u>") in cash a portion or all amounts outstanding under this Debenture at the Redemption Amount (as defined below) as described in this Section 2(a); *provided*, that (a) the Company provides the Holder with at least: (i) in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger," 30 Trading Days' prior written notice, or (ii) in the case of an Optional Redemption pursuant to clause (y) of the definition of "Closing Price Trigger," 5 Trading Days' prior written notice, of its desire to exercise an Optional Redemption (each, a "<u>Redemption Notice</u>"), (b) such Redemption Notice sets forth a redemption date for consummating the Optional Redemption (the "<u>Redemption Date</u>") that is scheduled to be a New York Business Day that occurs on or after the first anniversary date of the Issuance Date, (c) in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger," the Equity Conditions are satisfied on each Trading Day during the period commencing on the date the Redemption Notice is delivered to the Holder and ending on and including the date upon which the Redemption Amount is delivered to the Holder (the "<u>Redemption Equity Condition Period</u>"), (d) the Closing Price Trigger is satisfied as of the date the Redemption Notice is delivered to the Holder and (e) the Company must have, on or prior to 8:30 a.m., New York City time, on the Trading Day on which such Redemption Notice is delivered, publicly disclosed any material, non-public information regarding the Company (including the fact that the Company is effecting an Optional Redemption) on a Form 6-K or otherwise. Each Redemption Notice shall be irrevocable and shall (x) specify the outstanding Principal balance of this Debenture to be redeemed and the Redemption Amount and (y) in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger," certify that the Equity Conditions are satisfied as of the date of such Redemption Notice. The "<u>Redemption Amount</u>" shall be, (x) in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger", an amount equal to the outstanding Principal balance being redeemed by the Company, *plus* all accrued and unpaid Interest in respect of such Principal balance to, but not including, such Redemption Date, *plus* the Payment Premium in respect of such Principal balance and accrued and unpaid Interest and (y) in the case of an Optional Redemption pursuant to clause (y) of the definition of "<u>Closing Price Trigger</u>", an amount equal to the *sum of* (A) the *product of* (*x*) the outstanding Principal balance

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being redeemed by the Company *multiplied by* (*y*) 108% *plus* (B) the Payment Premium with respect to all accrued and unpaid Interest in respect of such Principal balance to, but not including, such Redemption Date. After receipt of a Redemption Notice, the Holder shall have the right to elect to convert all or any portion of the outstanding Principal balance being redeemed by the Company (and accrued and unpaid Interest thereon) in accordance with Section (4) until the New York Close of Business on the New York Business Day immediately preceding the applicable Redemption Date. Provided that the Equity Conditions are satisfied (solely in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger") and the Company is not in possession of material non-public information, on the Redemption Date, the Company shall (x) deliver to the Holder the Redemption Amount with respect to the Principal amount redeemed to the extent not converted in accordance with the immediately preceding sentence and Section (4) and (y) in the case of an Optional Redemption pursuant to clause (x) of the definition of "Closing Price Trigger," certify in writing that the Equity Conditions have continued to have been satisfied on each Trading Day during the Redemption Equity Conditions Period and that the Company is not in possession of material non-public information. Any Optional Redemption in respect of less than all of the Principal outstanding under all the Debentures shall be applied ratably across all outstanding Debentures, including this Debenture. Notwithstanding the foregoing, this Section 2(a) will cease to have any force and effect if an Event of Default or Default has occurred hereunder, and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;On the Specified Repurchase Date, the Holder shall have right, at the Holder's option, to require the Company to repurchase for cash all of or any portion of the Principal of this Debenture at a repurchase price equal to the outstanding Principal balance to be so repurchased, *plus* all accrued and unpaid interest hereunder as of the Specified Repurchase Date. In order to exercise such right, the Holder must provide the Company notice of such exercise no later than the New York Close of Business on the fifth (5th) New York Business Day immediately preceding the Specified Repurchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If a Fundamental Change occurs at any time, the Holder shall have the right, at such Holder's option, to require the Company to repurchase for cash all or any portion of the Principal of this Debenture on the New York Business Day notified in writing (the "<u>Fundamental Change Repurchase Date</u>") by the Holder that is not more than twenty (20) Business Days after the later of (x) the date that the Company delivers to the Holder the Fundamental Change Company Notice (as defined below) and (y) the effective date of such Fundamental Change at a repurchase price equal to the outstanding Principal balance to be so repurchased, *plus* all accrued and unpaid interest hereunder as of the Fundamental Change Repurchase Date, *plus* the Payment Premium in respect of such Principal balance and accrued and unpaid Interest. In order to exercise such right, the Holder must provide the Company notice of such exercise no later than the New York Close of Business on the New York Business Day immediately preceding the Fundamental Change Repurchase Date. The Company shall provide notice of the occurrence of a Fundamental Change no later than the fifth (5<sup>th</sup>) New York Business Day after the occurrence of such Fundamental Change (the "<u>Fundamental Change Company Notice</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Other than as specifically set forth in clause (a) above, the Company shall not have the right to make any early repayments, redemptions or repurchases without the consent or at the request of the Holder.

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(3)&nbsp;&nbsp;&nbsp;&nbsp;<u>EVENTS OF DEFAULT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;An "<u>Event of Default</u>", wherever used herein, means any one of the following events (whatever the reason and whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or regulation of any administrative or governmental body):

&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)&nbsp;&nbsp;&nbsp;&nbsp;The Company's or any Guarantor's failure (x) to pay to the Holder any amount of Principal after such payment is due, or any Redemption Amount, Payment Premium, Additional Amount, amount due pursuant to Section 4(b)(ii) or other amounts when and as due under this Debenture (other than Interest) or any other Transaction Document or (y) to pay to the Holder Interest or Additional Interest when and as due under this Debenture and such failure pursuant to this clause (y) continues for a period of two (2) Business Days (for the avoidance of doubt, the Event of Default set forth in this Section 3(a)(i) shall be immediate and not subject to cure);

&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)&nbsp;&nbsp;&nbsp;&nbsp;(A) The Company, any Guarantor or any Significant Subsidiary of the Company shall commence, or there shall be commenced against the Company, any Guarantor or any Significant Subsidiary of the Company, any proceeding under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or the Company, any Guarantor or any Significant Subsidiary of the Company commences, or there shall be commenced against the Company, any Guarantor or any Significant Subsidiary of the Company, any other proceeding under any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, liquidation or similar law of any jurisdiction whether now or hereafter in effect, which remains undismissed for a period of sixty one (61) days, including for the avoidance of doubt, as applicable, certain French law proceedings affecting creditors, including conciliation proceedings (*mandat ad hoc* or *procédure de conciliation*), safeguard proceedings (*procédure de sauvegarde*), accelerated safeguard (sauvegarde accélérée) and judicial reorganization or liquidation proceedings (*redressement* or *liquidation judiciaire*)); (B) the Company, any Guarantor or any Significant Subsidiary of the Company is adjudicated insolvent or bankrupt; (C) any order of relief or other order approving any such case or proceeding is entered; (D) the Company, any Guarantor or any Significant Subsidiary of the Company suffers any appointment of any custodian, private or court appointed receiver or the like for it or all or substantially all of its property which continues undischarged or unstayed for a period of sixty one (61) days; (E) the Company, any Guarantor or any Significant Subsidiary of the Company makes a general assignment of all or substantially all of its assets for the benefit of creditors; (F) the Company, any Guarantor or any Significant Subsidiary of the Company shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; (G) the Company, any Guarantor or any Significant Subsidiary of the Company shall call a meeting of its creditors with a view to restructuring its debts; or (H) the Company, any Guarantor or any Significant Subsidiary of the Company shall by any act or failure to act expressly indicate its consent to, approval of or acquiescence in any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Company or any Significant Subsidiary of the Company shall default in any of its obligations under any note, debenture, or any mortgage, credit agreement or other

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facility, indenture agreement, factoring agreement or other instrument under which there may be issued, or by which there may be secured or evidenced, any indebtedness for borrowed money or money due under any long term leasing or factoring arrangement of the Company or any Significant Subsidiary of the Company in an amount exceeding $5,000,000, whether such indebtedness now exists or shall hereafter be created and such default shall result in such indebtedness becoming or being declared due and payable prior to its stated maturity (for the avoidance of doubt, the Event of Default set forth in this Section 3(a)(iii) shall be immediate and not subject to cure);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;A final judgment or judgments for the payment of money aggregating in excess of $5,000,000 are rendered against the Company and/or any of its Subsidiaries and which judgments are not, within thirty (30) days after the entry thereof, bonded, discharged, settled or stayed pending appeal, or are not discharged within thirty (30) days after the expiration of such stay; *provided, however*, any judgment which is covered by insurance or an indemnity from a credit worthy party shall not be included in calculating the $5,000,000 amount set forth above so long as the Company provides the Holder a written statement from such insurer or indemnity provider to the effect that such judgment is covered by insurance or an indemnity and the applicable insurance or indemnity coverage has not been denied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;(A) Any failure to timely deliver an Event of Default Notice or a Fundamental Change Company Notice required pursuant to the Transaction Documents, or (B) any delivery of an Event of Default Notice, Fundamental Change Company Notice, or any other required notice or certification required pursuant to the Transaction Documents (including, for the avoidance of doubt, a required certification that the Equity Conditions have been satisfied or as to whether any Event of Default has occurred), in each case, that is materially false or inaccurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;The suspension from trading or failure of the ADSs to be trading or listed on the Company's Principal Market (measured in terms of trading volume for its ADSs) on which the ADSs are traded for a period of five (5) consecutive Trading Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;The Company's (A) failure to deliver the required number of ADSs to the Holder within one (1) Trading Day after the applicable ADS Delivery Date or Interest Payment Date (as applicable) or (B) notice, written or oral, to any Holder, including by way of public announcement, at any time, of its intention not to comply with a request for conversion of any Debenture into ADS that tendered for conversion in accordance with the provisions of the Debenture, other than pursuant to Section (4)(c) (for the avoidance of doubt, the Event of Default set forth in this Section 3(a)(vii) shall be immediate and not subject to cure);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;[*Reserved*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;The Company's failure to timely file with the Commission any Periodic Report that would cause the Company to lose its eligibility to register securities on Form F-3, on or before the due date of such filing as established by the Commission, it being understood, for the avoidance of doubt, that such due date includes any permitted filing deadline extension under Rule 12b-25 under the Exchange Act;

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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;(x)&nbsp;&nbsp;&nbsp;&nbsp;Any representation or warranty made or deemed to be made by or on behalf of the Company or any Guarantor in or in connection with any Transaction Document, or any waiver hereunder or thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with any Transaction Document, shall prove to have been incorrect in any material respect when made or deemed made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;(A) Any material provision of any Transaction Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder, ceases to be in full force and effect; (B) the Company or any Guarantor contests in writing the validity or enforceability of any provision of any Transaction Document; or (C) the Company or any Guarantor denies in writing that it has any or further liability or obligation under any Transaction Document, or purports in writing to revoke, terminate (other than in line with the relevant termination provisions) or rescind any Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;The Company uses the net proceeds of the issuance of this Debenture, whether directly or indirectly, for any purpose other than the purchase of Bitcoin as required under Section 4(b) of the Purchase Agreement; provided, such restriction on the use of proceeds shall not apply in respect of any Bitcoin that is released in accordance with Section 19(f);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;Any breach of a material term set forth in (A) any other debenture, note, or instrument held by the Holder in the Company or (B) any written agreement between or among the Company and the Holder, in each case, beyond all applicable notice and cure periods set forth therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;&nbsp;&nbsp;(A) The Registration Statement (as defined in the Registration Rights Agreement) shall not have been filed, declared effective or remained in effect, in each case, as required by the Registration Rights Agreement; or (B) the Company fails to remove any restrictive legend on any certificate or any ADSs issued to the Holder pursuant to the Debenture or any Pre-Funded Warrants acquired by the Holder under the Purchase Agreement (including this Debenture) as and when required by the Debenture or the Purchase Agreement, unless otherwise then prohibited by applicable federal securities laws and such failure continues for more than five (5) Trading Days (for the avoidance of doubt, the Event of Default set forth in this Section 3(a)(xiv)(B) shall be immediate following such five (5) Trading Day period and not subject to cure);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)&nbsp;&nbsp;&nbsp;&nbsp;Any material provision of any Security Document shall at any time for any reason (other than pursuant to the express terms thereof or (other than action or inaction on the part of the Holder, the Collateral Agent or any of their respective agents)) cease to be valid and binding on or enforceable against the Company or any Guarantor, or the validity or enforceability thereof shall be contested by any party thereto or any other Person, or a proceeding shall be commenced by the Company, any Guarantor or any Subsidiary or any Governmental Entity having jurisdiction over any of them, seeking to establish the invalidity or unenforceability thereof, or the Company, any Guarantor or any Subsidiary shall deny in writing that it has any liability or obligation purported to be created under any Security Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)&nbsp;&nbsp;&nbsp;&nbsp;Any Security Document shall for any reason fail or cease to create a valid and perfected and first priority Lien (as defined in the Guaranty and Security Agreement) in the

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applicable Collateral (as defined in the Guaranty and Security Agreement) in favor of the Collateral Agent for the benefit of the Holder of this Debenture and the holders of the Other Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)&nbsp;&nbsp;&nbsp;&nbsp;The Company or any Guarantor shall fail to observe or perform any covenant, agreement or warranty contained in, or otherwise commit any breach or default of any provision of (x) this Debenture (except as may be covered by Section (3)(a)(i) through (3)(a)(xvi) hereof and Section (3)(a)(xviii) hereof) other than Section 19 hereof (other than (x) the obligation to pay Additional Interest pursuant to Section 19(h), which shall be covered by Section 3(a)(i) hereof, (y) the obligation to issue Interest ADSs on the applicable Interest Payment Date pursuant to Section 19(h), which shall be covered by Section 3(a)(vii) hereof and (z) the obligation to deposit the Shortfall Amount into the Cash Collateral Account or otherwise deliver an Additional Interest Election Notice to the Holder pursuant to Section 19(c), which shall be covered by Section 3(a)(xviii) hereof) or any other Transaction Document (other than any Security Document) which is not cured or remedied within the time prescribed or if no time is prescribed either: (1) within five (5) Business Days after the earlier to occur of the Company becoming aware of such failure or of the Company receiving written notice thereof from a Holder, or (2) provided that such failure is curable or otherwise capable of remedy and on or before the fifth (5<sup>th</sup>) Business Day after the earlier to occur of the Company becoming aware of such failure or of the Company receiving written notice thereof from a Holder the Company or any Guarantor has commenced commercially reasonable efforts to effect such cure or remedy and is at all times thereafter continuing such commercially reasonable efforts to effect such cure or remedy, within twenty (20) Business Days after the earlier to occur of the Company becoming aware of such failure or of the Company receiving written notice thereof from a Holder or (y) Section 19 of this Debenture (other than (x) the obligation to pay Additional Interest pursuant to Section 19(h), which shall be covered by Section 3(a)(i) hereof, (y) the obligation to issue Interest ADSs on the applicable Interest Payment Date pursuant to Section 19(h), which shall be covered by Section 3(a)(vii) hereof and (z) the obligation to deposit the Shortfall Amount into the Cash Collateral Account or otherwise deliver an Additional Interest Election Notice to the Holder pursuant to Section 19(c), which shall be covered by Section 3(a)(xviii) hereof) or any Security Document which is not cured or remedied within the time prescribed or if not subject to cure, immediately upon such breach, default or any failure to observe or perform any covenant, agreement or warranty contained in Section 19 of this Debenture (other than (x) the obligation to pay Additional Interest pursuant to Section 19(h), which shall be covered by Section 3(a)(i) hereof, (y) the obligation to issue Interest ADSs on the applicable Interest Payment Date pursuant to Section 19(h), which shall be covered by Section 3(a)(vii) hereof and (z) the obligation to deposit the Shortfall Amount into the Cash Collateral Account or otherwise deliver an Additional Interest Election Notice to the Holder pursuant to Section 19(c), which shall be covered by Section 3(a)(xviii) hereof) or any Security Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)&nbsp;&nbsp;&nbsp;&nbsp;On or prior to the Make-Whole Date, the Company shall have failed to deposit any required Shortfall Amount into the Cash Collateral Account or otherwise deliver an Additional Interest Election Notice with respect to such Shortfall Amount to the Holder (for the avoidance of doubt, the Event of Default set forth in this Section 3(a)(xviii) shall be immediate and not subject to cure).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Promptly, but in no event later two (2) Business Day after the Company becomes aware of an Event of Default, the Company will provide written notice of such Event of Default to the Holder (an "<u>Event of Default Notice</u>"), which Event of Default Notice shall include (i) a reasonable description of the applicable Event of Default, (ii) the date on which the Event of Default occurred and (iii) the date on which the Default underlying such Event of Default initially occurred, if different than the date on which the Event of Default occurred. During the time that any portion of this Debenture is outstanding, if any Event of Default has occurred and is continuing (other than an event with respect to the Company described in Section (3)(a)(ii)), the Holder, by notice to the Company, may declare this Debenture (or any portion thereof) to become due and payable on the Business Day immediately following the date of such notice (the "<u>Event of Default Acceleration Date</u>") for cash in an amount equal to the Event of Default Acceleration Amount (at which point the underlying Event of Default may not be cured); *provided* that, in the case of any event with respect to the Company described in Section (3)(a)(ii), the full unpaid Principal amount of this Debenture, together with accrued and unpaid interest and other amounts owing in respect thereof and other Obligations accrued hereunder and under the other Transaction Documents, to the date of acceleration, shall automatically become due and payable, in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company. Furthermore, in addition to any other remedies, the Holder shall have the right (but not the obligation) to convert, at the Conversion Price, on one or more occasions all or part of the Conversion Amount in accordance with Section (4) and subject to the limitations in Section (4)(c) at any time after (x) an Event of Default has occurred and is continuing; *provided* that, upon receipt of a Conversion Notice arising after the occurrence and during the continuance of an Event of Default, the underlying Event of Default may not be cured, or (y) the Maturity Date; *provided* that this Debenture remains outstanding, at the Conversion Price. The Holder need not provide and the Company hereby waives any presentment, demand, protest or other notice of any kind, (other than required notice of conversion) and the Holder may immediately enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Such declaration may be rescinded and annulled by the Holder in writing at any time prior to payment hereunder. No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;<u>CONVERSION OF DEBENTURE</u>. This Debenture shall be convertible into Ordinary Shares deposited for the delivery of ADSs, on the terms and conditions set forth in this Section (4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Conversion Right</u>. Subject to the limitations of Section (4)(c), at any time or times on or after the Issuance Date, the Holder shall be entitled to convert any portion of the outstanding and unpaid Conversion Amount into fully paid and nonassessable Ordinary Shares deposited for the delivery of ADSs in accordance with Section (4)(b), at the Conversion Price (as defined below). The number of Ordinary Shares deposited for the delivery of ADSs issuable upon conversion of any Conversion Amount pursuant to this Section (4)(a) shall be equal to the quotient of (x) such Conversion Amount and (y) the Conversion Price. The Company shall not issue any fraction of an ADSs upon any conversion. All calculations under this Section (4) shall be rounded to the nearest $0.0001. If the issuance would result in the issuance of a fraction of an ADS, the Company shall round such fraction of an ADS up to the nearest whole ADS. The Company shall pay and indemnify the Holder for any and all transfer, stamp and similar taxes, including the French financial transaction tax provided for by Article 235 ter ZD of the French Tax Code, that may be

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paid or payable with respect to the issuance of Ordinary Shares and delivery of ADSs upon conversion of any Conversion Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Mechanics of Conversion</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Optional Conversion</u>. To convert any Conversion Amount into Ordinary Shares for the delivery of ADSs on any date (a "<u>Conversion Date</u>"), the Holder shall (A) transmit by email (or otherwise deliver), for receipt on or prior to 6:00 p.m., New York time, on such date (the "<u>Conversion Notice Date</u>"), a copy of an executed notice of conversion in the form attached hereto as Exhibit I (the "<u>Conversion Notice</u>") to the Company and (B) if required by Section (4)(b)(iii), surrender this Debenture to a nationally recognized overnight delivery service for delivery to the Company (or an indemnification undertaking reasonably satisfactory to the Company with respect to this Debenture in the case of its loss, theft or destruction). If (x) the Conversion Notice is delivered to the Company at or before 10:00 a.m., New York City time, then on or before the first (1st) Trading Day that is also a Paris Business Day (or if the Conversion Notice Date is not a Paris Business Day, the first (1<sup>st</sup>) Trading Day following the next Paris Business Day) following the date of receipt of such Conversion Notice (or such earlier date as required pursuant to the Exchange Act or other applicable law, rule or regulation for the settlement of a trade initiated on the applicable Conversion Date of such ADSs issuable pursuant to such Conversion Notice), the Company shall or (y) the Conversion Notice is delivered to the Company after 10:00 a.m., New York City time, then the Company shall use commercially reasonably efforts to, on or before the first (1<sup>st</sup>) Trading Day following receipt of such Conversion Notice (but in no event later than the second (2<sup>nd</sup>) Trading Date) (such date in the case of (x) or (y), the "<u>ADS Delivery Date</u>") (X) if legends are not required to be placed on certificates or the book-entry position of the ADS and provided that the Company's transfer agent is participating in the Depository Trust Company's ("<u>DTC</u>") Fast Automated Securities Transfer Program, instruct such transfer agent to credit such aggregate number of ADSs to which the Holder shall be entitled to the Holder's or its designee's balance account with DTC through its Deposit Withdrawal Agent Commission system or (Y) if the Company's transfer agent is not participating in the DTC Fast Automated Securities Transfer Program, or if restrictive legends are required to be placed on certificates or book-entry positions of the ADSs, issue and deliver to the address as specified in the Conversion Notice, a certificate or book-entry position, registered in the name of the Holder or its designee, for the number of ADSs to which the Holder shall be entitled. If this Debenture is physically surrendered for conversion and the outstanding Principal of this Debenture is greater than the Principal portion of the Conversion Amount being converted, then the Company shall as soon as practicable and in no event later than five (5) Business Days after receipt of this Debenture and at its own expense, issue and deliver to the Holder a new Debenture representing the outstanding Principal not converted.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Company's Failure to Timely Convert</u>. If the Company shall fail, for any reason or for no reason, on or prior to the applicable ADS Delivery Date (in the case of ADSs to be delivered pursuant to Section 4(b)(i)) or Interest Payment Date (in the case of any Interest ADSs to be delivered pursuant to Section 19(h)) to issue and deliver a certificate to the Holder or credit the Holder's balance account with DTC for the number of ADSs (the "<u>Undelivered ADSs</u>") to which the Holder is entitled pursuant to Section 4(b)(i) or Section 19(h), as applicable (a "<u>Conversion Failure</u>"), and if on or after such Trading Day the Holder purchases (in an open

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market transaction or otherwise) ADSs to deliver in satisfaction of a sale by the Holder of ADSs issuable pursuant to Section 4(b)(i) or Section 19(h) (as applicable) that the Holder anticipated receiving from the Company (a "<u>Buy-In</u>"), then, without limiting the Holder's right to pursue any other remedy available to it (whether hereunder, under applicable law or otherwise), the Holder will have the right, exercisable by notice to the Company, to cause the Company to either (x) pay, on or before the third (3<sup>rd</sup>) Business Day after the date such notice is delivered, cash to the Holder in an amount equal to the Holder's total purchase price (including reasonable and documented brokerage commissions and other reasonable and documented out of pocket expenses, if any) for the ADSs so purchased (the "<u>Buy-In Price</u>"), at which point the Company's obligation to deliver such certificate (and to issue such ADSs) shall terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such ADSs and pay cash to the Holder in an amount equal to the excess (if any) of the Buy- In Price over the product of (A) such number of ADSs multiplied by (B) the Closing Price of the ADSs on the Conversion Date or Interest Payment Date (as applicable). In addition to the foregoing, if the Company fails for any reason to deliver ADSs to the Holder by the applicable ADS Delivery Date or Interest Payment Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each one thousand dollars ($1,000) of Undelivered ADSs (based on the VWAP on the applicable ADS Delivery Date or Interest Payment Date), ten dollars ($10) per Trading Day (increasing to twenty dollars ($20) per Trading Day on the fifth (5<sup>th</sup>) Trading Day after such liquidated damages begin to accrue) for each Trading Day after the ADS Delivery Date or Interest Payment Date (as applicable) until the cash amount set forth in in this Section 4(b)(ii) is paid to the Holder or the ADSs are delivered to the Holder pursuant to this Section 4(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Book-Entry</u>. Notwithstanding anything to the contrary set forth herein, upon conversion, redemption or repurchase of any portion of this Debenture in accordance with the terms hereof, the Holder shall not be required to physically surrender this Debenture to the Company unless (A) the full Conversion Amount represented by this Debenture is being converted, redeemed or repurchased or (B) the Holder has provided the Company with prior written notice (which notice may be included in a Conversion Notice) requesting reissuance of this Debenture upon physical surrender of this Debenture. The Holder and the Company shall maintain records showing the Principal and Interest converted, redeemed and repurchased and the dates of such conversions, redemptions and repurchases or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of this Debenture upon any partial conversion, redemption or repurchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitations on Conversions</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Beneficial Ownership</u>. The Holder shall not have the right to convert any portion of this Debenture, and the Company shall not effect the conversion of any portion of this Debenture or otherwise issue ADSs pursuant to this Debenture, and any such conversion or issuance shall be null and avoid and treated as if never made (other than as set forth in this Section 4(c)(i)), to the extent that after giving effect to such conversion, the Holder, together with the other Attribution Parties, collectively would beneficially own (as determined in accordance with Section 13(d) of the Exchange Act and the rules promulgated thereunder) in excess of 4.99% of the number of ADSs outstanding immediately after giving effect to such conversion (the "<u>Beneficial Ownership Cap</u>"). For purposes of this Debenture, in determining the number of

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outstanding ADSs the Holder may acquire in connection with this Debenture without exceeding the Beneficial Ownership Cap, the Holder may rely on the number of outstanding ADSs as reflected in (x) the Company's most recent Periodic Reports, (y) a more recent public announcement by the Company or (z) any other written notice by the Company or the Company's transfer agent setting forth the number of ADSs outstanding (the "<u>Reported Outstanding ADS Number</u>"). If the Company receives a notice from the Holder related to the conversion of this Debenture or any issuance of ADSs in connection with this Debenture at a time when the actual number of outstanding ADSs is less than the Reported Outstanding ADS Number, the Company shall promptly notify the Holder in writing of the number of ADSs then outstanding and, to the extent that such conversion or issuance of ADSs would otherwise cause the Holder's beneficial ownership, as determined pursuant to this Section 4(c)(i), to exceed the Beneficial Ownership Cap, the Holder must notify the Company of a reduced number of ADSs to be issued pursuant to such notice. For any reason at any time, upon the written or oral request of the Holder, the Company shall within two (2) Trading Days confirm in writing or by electronic mail to the Holder the number of ADSs then outstanding. In any case, the number of outstanding ADSs shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Debenture, by the Holder and any other Attribution Party since the date as of which the Reported Outstanding ADS Number was reported. In the event that the issuance of ADSs to the Holder upon conversion of, or otherwise pursuant to, this Debenture results in the Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Beneficial Ownership Cap of the number of outstanding ADSs (as determined under Section 13(d) of the Exchange Act), the Holder shall have the right to convert any such portion of this Debenture to the extent it agrees to receive Pre-Funded Warrants (as defined in the Purchase Agreement) exercisable for such number of ADSs that would otherwise have caused such Holder (together with any affiliate thereof) to beneficially own (as determined in accordance with Section 13(d) of the Exchange Act and the rules promulgated thereunder) ADSs in excess of the Beneficial Ownership Cap. Upon delivery of a written notice to the Company, the Holder may from time to time increase or decrease the Beneficial Ownership Cap to any other percentage not in excess of 9.99% as specified in such notice; *provided that* (i) any such increase in the Beneficial Ownership Cap will not be effective until the sixty-first (61<sup>st</sup>) day after such notice is delivered to the Company and (ii) any such increase or decrease will apply only to the Holder and the other Attribution Parties and not to any other holder of Debentures that is not an Attribution Party of the Holder. For purposes of clarity, the ADSs issuable pursuant to the terms of this Debenture in excess of the Beneficial Ownership Cap shall not be deemed to be beneficially owned by the Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the Exchange Act. No prior inability to convert this Debenture or receive ADSs pursuant to this Debenture pursuant to this paragraph shall have any effect on the applicability of the provisions of this paragraph with respect to any subsequent determination of convertibility. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 4(c)(i) to the extent necessary to correct this paragraph or any portion of this paragraph which may be defective or inconsistent with the intended beneficial ownership limitation contained in this Section 4(c)(i) or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a successor holder of this Debenture.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained in this Debenture or in any other Transaction Document, (x) the Company shall not have the right to convert this Debenture and (y) there shall be no other limitations, including with respect to timing or amount, on conversions of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Provisions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;All calculations under this Section (4) shall be rounded to the nearest $0.0001 or whole ADS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Company covenants that it will at all times keep available for issuance, out of its authorized and unissued Ordinary Shares and ADSs, such number of Ordinary Shares and ADSs not less than the maximum number of ADSs (or Ordinary Shares represented by such ADSs) issuable upon conversion of this Debenture (assuming for purposes hereof that (x) this Debenture is convertible at the Conversion Price as of the date of determination and (y) any such conversion shall not take into account any limitations on the conversion of the Debenture set forth herein or therein (the "<u>Required Reserve Amount</u>"), provided that at no time shall the number of Ordinary Shares or ADSs reserved pursuant to this Section (4)(d)(ii) be reduced other than proportionally with respect to all Ordinary Shares and ADSs in connection with any conversion (other than pursuant to the conversion of this Debenture in accordance with its terms) and/or cancellation of this Debenture, or a reverse share split undertaken by the Company. If at any time the number of Ordinary Shares or ADSs reserved pursuant to this Section (4)(d)(ii) becomes less than the Required Reserve Amount, the Company will promptly take all corporate action necessary to promptly propose at a meeting of its shareholders an increase of its authorized share capital necessary to meet the Company's obligations pursuant to this Debenture, and the Company's Board of Directors will recommend that the Company's shareholders vote in favor of such increase. The Company covenants that, upon issuance in accordance with conversion of this Debenture in accordance with its terms, the Ordinary Shares and ADSs, when issued, will be validly issued, fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Nothing herein shall limit a Holder's right to pursue actual damages or declare an Event of Default pursuant to Section (3) herein for the Company's failure to deliver ADSs upon conversion in the manner and within the time period specified herein and such Holder shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief, in each case without the need to post a bond or provide other security. The exercise of any such rights shall not prohibit the Holder from seeking to enforce damages pursuant to any other Section hereof or under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is obligated, upon reasonable notice, to use its commercially reasonable efforts to cause its legal counsel to deliver legal opinions to the Company's transfer agent in connection with any legend removal upon the expiration of any holding period or other requirement for which the Underlying ADSs may bear legends restricting the transfer thereof; *provided, however*, that such Holder has delivered such reasonably requested representations to such transfer agent, the Company and the Company's legal counsel in connection with the request for such opinion. To the extent such opinions are not provided (either timely or at all other than

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because of an action or inaction of Holder, including the reasonably requested representations of Holder), then, in addition to being an Event of Default in accordance with Section (3)(a)(xv), the Company agrees to reimburse the Holder for all reasonable and documented costs incurred by the Holder in connection with any legal opinions paid for by the Holder in connection with sale or transfer of Underlying ADSs. To the extent such opinions are not provided (either timely or at all), the Holder shall notify the Company of any such costs and expenses it incurs that are referred to in this section from time to time and all reasonable amounts owed hereunder shall be paid by the Company with reasonable promptness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby expressly acknowledges and agrees that (i) the Purchase Agreement and all Transaction Documents to which it is a party are ratified and confirmed and shall remain in full force and effect, (ii) it has no set off, counterclaim, defense or other claim or dispute with respect to any Transaction Document, (iii) notwithstanding anything to the contrary in any Transaction Document, the term "Obligations" as used and defined in the Guaranty and Security Agreement and any Security Document shall include all Obligations under this Agreement and the other Transaction Documents, and (iv) all Obligations under this Debenture are duly secured by the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall undertake to maintain, as long as the Debenture is outstanding and remains convertible into ADSs, the effectiveness of a registration statement on Form F-6 relating to the ADSs and an adequate number of ADSs available for issuance thereunder such that ADSs can be delivered in accordance with the terms of this Debenture, and the Deposit Agreement or the Restricted Issuance Agreement, as applicable, upon conversion of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;The person in whose name any ADSs is issuable pursuant to this Debenture will be deemed to become the holder of record of such shares as of the delivery of the Conversion Notice to the Company, conferring, as of such time, upon such person, without limitation, all voting and other rights appurtenant to such shares; *provided*, that the Holder shall be deemed to have waived any voting rights of any such ADSs issued to the Holder that may arise during the period commencing on such Conversion Date, through, and including, such applicable ADS Delivery Date, as necessary, such that the aggregate voting rights of any ADSs (including such ADSs issued to the Holder) beneficially owned by the Holder and/or any Attribution Parties, collectively, on any such record date shall not exceed the Beneficial Ownership Cap as a result of any such conversion of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;<u>ADJUSTMENTS TO CONVERSION PRICE</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustment of Conversion Price</u>. As of the date of this Debenture, each ADS represents ten (10) Ordinary Shares of the Company. If the number of Ordinary Shares represented by the ADSs is changed for any reason other than one or more of the events described in Section (5)(b), the Company will make an appropriate adjustment to the Conversion Price to give effect to such change while preserving the Holder's economics (for example, if each ADS is changed from representing ten (10) Ordinary Shares to representing twenty (20) Ordinary Shares for any reason other than one or more of the events described in Section (5)(b), the adjusted

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Conversion Price would be the Conversion Price immediately prior to such adjustment divided by two).

Notwithstanding the adjustment provisions described below, if the Company distributes to holders of the Ordinary Shares any cash, rights, options, warrants, shares of capital stock or similar equity interest, evidences of indebtedness or other assets or property of the Company (but excluding Expiring Rights) and a corresponding distribution is not made to holders of the ADSs, but, instead, the ADSs will represent, in addition to the Ordinary Shares, such cash, rights, options, warrants, shares of capital stock or similar equity interest, evidences of indebtedness or other assets or property of the Company, then a Conversion Price adjustment described below shall not be made until and unless a corresponding distribution (if any) is made to holders of the ADSs, and such Conversion Price adjustment shall be based on the distribution made to the holders of the ADSs and not on the distribution made to the holders of the Ordinary Shares; *provided* that in the case of one or more partial distributions (with the ADSs continuing to represent, in addition to Ordinary Shares, any such cash, rights, options, warrants, shares of capital stock or similar equity interest, evidences of indebtedness or other assets or property of the Company that have not been distributed), the Company will make appropriate interim adjustments to account for such distributions consistent with the Conversion Price adjustments described below based on the distributions made to the holders of the ADSs.

The Company shall not, and is not permitted by current applicable law to, distribute to holders of the ADSs any cash, rights, options, warrants, shares of capital stock or similar equity interest, evidences of indebtedness or other assets or property of the Company unless a corresponding distribution is made to holders of the Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;For any particular event or transaction that would result in a Conversion Price adjustment under this Section (5)(b), the Company will first adjust the Conversion Price based on the Conversion Price adjustment under Sections (5)(b)(i) through (5)(b)(vii) (the "<u>Mandatory French Law Conversion Price Adjustment</u>"). After making the Mandatory French Law Conversion Price Adjustment to the Conversion Price, the Company will also calculate the Conversion Price adjustment for the same transaction or event under Section (5)(b)(viii) (assuming for such purpose that the Mandatory French Law Conversion Price Adjustment has not yet been made) (the "<u>U.S. Conversion Price Adjustment</u>"). The Company will then increase the Conversion Price as adjusted by the Mandatory French Law Conversion Price Adjustment by an amount equal to the U.S. Conversion Price Adjustment *minus* the Mandatory French Law Conversion Price Adjustment, but only if such amount is a positive number. The Company will make these calculations in good faith and, absent manifest error, the Company's determinations as to which Conversion Price adjustment shall apply and any Conversion Price adjustment calculations associated therewith will be final and binding on the Holder. In the event that the Company becomes organized under the laws of a jurisdiction other than the French Republic, the Company will provide for anti-dilution and other adjustments that it in good faith determines are as nearly equivalent as possible to the adjustments described in this Section (5)(b). For purposes of the adjustment provisions described below in this Section (5)(b), the number of outstanding Ordinary Shares (for purposes of determining the outstanding ordinary share capital and whether dividends or distributions are made to all of the holders of the Ordinary Shares) shall not include Ordinary Shares held in the treasury of the Company (directly or in the form of ADSs) so long as the Company does not pay any dividend or make any distribution on Ordinary Shares held in the

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treasury of the Company (directly or in the form of ADSs). In the event of any adjustments described below under Section (5)(b), the new Conversion Price will be calculated to four decimal places by rounding to the nearest ten-thousandth (with 0.00005 being rounded upwards to the nearest ten-thousandth, i.e., 0.0001). Any subsequent adjustments will be carried out on the basis of such newly calculated and rounded Conversion Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the provisions of Article L. 228-98 of the French Commercial Code, in the event of a reduction of the Company's Ordinary Share capital resulting from losses and realized through a shareholder approved decrease of the number of the Company's outstanding Ordinary Shares (a "<u>Share Reduction</u>"), the Conversion Price will be adjusted based on the following formula:

CP' = CP0 × OS0 <br> OS'

where,

CP0 =&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately prior to the Paris Open of Business on the Effective Date of the Share Reduction;

CP' =&nbsp;&nbsp;&nbsp;&nbsp; the Conversion Price in effect immediately after the Paris Open of Business on such Effective Date of the Share Reduction;

OS' =&nbsp;&nbsp;&nbsp;&nbsp; the number of Ordinary Shares comprising the Company's Ordinary Share capital immediately after the Effective Date of the Share Reduction; and

OS0 =&nbsp;&nbsp;&nbsp;&nbsp; the number of Ordinary Shares comprising the Company's Ordinary Share capital immediately before the Effective Date of the Share Reduction.

The terms and concepts described above are as understood under Article L. 228-98 of the French Commercial Code.

Pursuant to French law, any reduction in the Company's Ordinary Share capital requires shareholder approval at an extraordinary general shareholders' meeting following the recommendation of the Company's board of directors. The Ordinary Share capital may be reduced either by decreasing the nominal value of the outstanding Ordinary Shares or by reducing the number of outstanding Ordinary Shares. Pursuant to French law, holders of each class of shares of the Company's Ordinary Share capital must be treated equally.

For the avoidance of doubt, in accordance with the provisions of Article L. 228-98 of the French Commercial Code, in the event of a reduction of the Company's Ordinary Share capital resulting from losses and realized through a decrease in the nominal value (instead of a Share Reduction), if Holder converts this Debenture it will receive ADSs reflecting such decrease in nominal value rather than the Conversion Price adjustment described above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;In the event the Company issues to all of the holders of Ordinary Shares preferential subscription rights (as described below), the Conversion Price will be adjusted based on the following formula:

CP' = CP0 × OS' <br> OS' + FMV

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Close of Business on the last Trading Day of the subscription period for the preferential subscription rights (the "<u>Subscription Period</u>");

CP' = the Conversion Price in effect immediately after the Paris Close of Business on the last Trading Day of such Subscription Period;

OS' = the Value of the Ordinary Shares Ex-Right; and

FMV = the Value of the Preferential Subscription Right.

According to French law, if the Company issues additional Ordinary Shares or securities giving access to its ordinary share capital for cash or a set-off of cash debts, then-current holders of the Ordinary Shares will have preferential subscription rights to these securities on a pro rata basis. Preferential subscription rights entitle the individual or entity that holds them to subscribe pro rata based on the number of Ordinary Shares held by them to the issuance of any securities increasing, or that may result in an increase of, the Company's Ordinary Share capital by means of a cash payment or a set-off of cash debts. The preferential subscription rights are transferable during the Subscription Period relating to a particular offering.

The preferential subscription rights with respect to any particular offering may be waived at an extraordinary general meeting by a two-thirds vote of the Company's shareholders or individually by each shareholder.

To the extent required pursuant to Article L. 228-99 and Article R. 228-92 of the French Commercial Code, if the Company decides to issue, in any form whatsoever, new shares or securities giving access to the Company's Ordinary Share capital with preferential subscription rights reserved for the Company's shareholders, the Company will provide at least 14 calendar days' prior written notice to the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Company makes a "distribution for no consideration of Ordinary shares" to all of the holders of Ordinary Shares (as such terms are understood under Article R. 228-91(2°) of the French Commercial Code), or if the Company effects a share split or reverse share split, the Conversion Price will be adjusted based on the following formula:

CP' = CP0 × OS0 <br> OS'

where,

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CP0 = the Conversion Price in effect immediately prior to the Paris Close of Business on the Record Date of such dividend or distribution, or immediately prior to the Paris Open of Business on the Effective Date of such share split or reverse share split, as applicable;

CP' = the Conversion Price in effect immediately after the Paris Close of Business on the Record Date of such distribution, or immediately after the Paris Open of Business on the Effective Date of such share split or reverse share split, as applicable;

OS' = the number of Ordinary Shares comprising the Ordinary Share capital immediately after the Paris Close of Business on the Record Date of such dividend or distribution or after the Paris Open of Business on the Effective Date of such share split or reverse share split, as applicable; and

OS0 =&nbsp;&nbsp;&nbsp;&nbsp; the number of Ordinary Shares comprising the Ordinary Share capital immediately prior to the Paris Close of Business on the Record Date of such dividend or distribution or immediately prior to the Paris Open of Business on the Effective Date of such share split or reverse share split, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;In the event of a distribution of reserves or premiums (as such terms are understood under Article R. 228-91(3°) of the French Commercial Code) in cash or other assets (other than Ordinary Shares) to all of the holders of the Ordinary Shares, the Conversion Price will be adjusted based on the following formula:

CP' = CP0 × OS' – C <br> OS'

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Open of Business on the Ex-Dividend Date for such distribution;

CP' = the Conversion Price in effect immediately after the Paris Open of Business on the Ex-Dividend Date for such distribution;

OS' = the Value of the Ordinary Share immediately prior to the Paris Close of Business on the Date of such Distribution; and

C =&nbsp;&nbsp;&nbsp;&nbsp; the cash amount distributed per Ordinary Share or, if the distribution consists of assets other than cash, the Value of the Securities or Assets Distributed per Ordinary Share.

For the avoidance of doubt, in the event of a capital increase by incorporation of reserves or premiums (as such terms are understood under Article R. 228-91(3°) of the French Commercial Code) achieved by increasing the nominal value of the Ordinary Shares instead of a distribution of such reserves or premiums, the nominal value of the Ordinary Shares underlying ADS delivered to the Holder of this Debenture upon conversion thereof will be increased accordingly and no adjustment to the Conversion Price will be made in respect thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Other than pursuant to a Share Reduction that results in an adjustment described in Section (5)(b)(i), in the event that the Company purchases, or any of the Company's Subsidiaries purchase, any of the Ordinary Shares (directly or in the form of ADS) at a price per Ordinary Share in cash and/or other consideration (the fair market value of which other consideration is reasonably determined by the Company or, at the Company's option, an Independent Expert) that is higher than the Ordinary Share Market Price, the Conversion Price will be adjusted by the Company based on the following formula

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| | | | | |
|:---|:---|:---|:---|:---|
| CP' | = | CP0 | × | OS' – (PC% x RP) |
| CP' | = | CP0 | × | OS' x (1 – PC%) |

---

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Close of Business on the date such Ordinary Shares (directly or in the form of ADS) are repurchased (the "<u>Ordinary Share Repurchase Date</u>");

CR' = the Conversion Price in effect immediately after the Paris Close of Business on the Ordinary Share Repurchase Date;

OS' = the arithmetic average of the VWAP (divided by the number of Ordinary Shares then represented by one ADS) for each of the three Trading Days immediately preceding the Ordinary Share Repurchase Date;

PC% = means the percentage of the Company's outstanding Ordinary Share capital (directly or in the form of ADS) repurchased, expressed as a decimal rounded to the nearest hundredth (with 0.005 being rounded upwards to the nearest hundredth, i.e., 0.01); and

RP =&nbsp;&nbsp;&nbsp;&nbsp; the actual price (consisting of cash and/or other consideration (the fair market value of which other consideration is reasonably determined by the Company or, at the Company's option, an Independent Expert)) at which the Ordinary Shares are repurchased on a per share basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;In the event of a redemption (amortissement) (as such term is understood under Article R. 228-91(5°) of the French Commercial Code) of the Company's Ordinary Share capital, the Conversion Price will be adjusted based on the following formula:

CP' = CP0 × OS' – RP <br> OS'

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Close of Business on the Trading Day immediately preceding the Ex-Redemption Date;

CR' = the Conversion Price in effect immediately after the Paris Close of Business on the Trading Day immediately preceding the Ex-Redemption Date;

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OS' = the arithmetic average of the VWAP (divided by the number of Ordinary Shares then represented by one ADS) for each of the three Trading Days immediately preceding the Ex-Redemption Date; and

RP =&nbsp;&nbsp;&nbsp;&nbsp; the amount of redemption (*amortissement*) per Ordinary Share.

A "redemption (*amortissement*)" is a reimbursement to the shareholders of all or part of the nominal value of the Ordinary Shares but without triggering any Ordinary Share capital decrease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;(1) In the event of a "modification" by the Company of the "distribution of profits" of the Company (modification de la répartition des bénéfices) (as such terms are understood under Article R. 228-91(4°) of the French Commercial Code), the Conversion Price will be adjusted based on the following formula:

CP' = CP0 × OS' – C <br> OS'

where,

CP0 = the Conversion Price in effect immediately prior to the Paris Close of Business on the Effective Date of such modification by the Company of the distribution of its profits;

CP' = the Conversion Price in effect immediately after the Paris Close of Business on the Effective Date of such modification by the Company of the distribution of its profits;

OS' = the arithmetic average of the VWAP (divided by the number of Ordinary Shares then represented by one ADS) for each of the three Trading Days immediately preceding the Effective Date of such modification by the Company of the distribution of its profits; and

C =&nbsp;&nbsp;&nbsp;&nbsp;the reduction per Ordinary Share of the rights to profits, as reasonably determined by the Company or, at the Company's option, an Independent Expert.

Notwithstanding the above, if any modification by the Company of the distribution of its profits results from the issuance of preferential subscription rights for preferred shares that results in an adjustment to the Conversion Price pursuant to Section (5)(b)(ii), no adjustment to the Conversion Price will be made pursuant to this Section (5)(b)(vii)(1).

&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;(2) In the event of the creation of preferred shares that does not result in a "modification" by the Company of the "distribution of profits" (as such terms are understood under Article R. 228-91(4°) of the French Commercial Code), the adjustment of the Conversion Price, if necessary, will be determined by an Independent Expert.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;(1) If the Company issues to all or substantially all holders of the Ordinary Shares (directly or in the form of ADSs) any rights, options or warrants (other than to the extent such issuance constitutes (x) an issuance of preferential subscription rights that results in an adjustment to the Conversion Price pursuant to Section (5)(b)(ii) or (y) a distribution of reserves or premiums that results in an adjustment to the Conversion Price pursuant to Section (5)(b)(iv)) entitling them,

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for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase Ordinary Shares (directly or in the form of ADSs) at a price per Ordinary Share that is less than the average of the Closing Prices of the Ordinary Shares or the ADSs, as the case may be *(divided by,* in the case of the ADSs, the number of Ordinary Shares then represented by one ADS), for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, the Conversion Price will be increased based on the following formula:

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| | | | | |
|:---|:---|:---|:---|:---|
| *CP1* | *=* | *CP0* | *×* | *OS0 + Y* |
| *CP1* | *=* | *CP0* | *×* | *OS0 + X* |

---

where,

CP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately prior to the New York Open of Business on the Ex-Dividend Date for the ADSs for such issuance;

CP1&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately after the New York Open of Business on such Ex-Dividend Date;

OS0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the number of shares of Ordinary Shares (directly or in the form of ADSs) outstanding immediately prior to the New York Open of Business on such Ex-Dividend Date;

X&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the total number of shares of Ordinary Shares (directly or in the form of ADSs) issuable pursuant to such rights, options or warrants; and

Y&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the number of shares of Ordinary Shares equal to (i) the aggregate price payable to exercise such rights, options or warrants, *divided by* (ii) the quotient of (a) the average of the Closing Prices of the ADSs over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants *divided by* (b) the number of Ordinary Shares then represented by one ADS.

Any decrease made under this Section (5)(b)(viii)(1) shall be made successively whenever any such rights, options or warrants are issued and shall become effective immediately after the New York Open of Business on the Ex-Dividend Date for the ADSs for such issuance. To the extent that the Ordinary Shares or the ADSs are not delivered after the expiration of such rights, options or warrants, the Conversion Price shall be increased to the Conversion Price that would then be in effect had the increase with respect to the issuance of such rights, options or warrants been made on the basis of delivery of only the number of Ordinary Shares (directly or in the form of ADSs) actually delivered. If such rights, options or warrants are not so issued, the Conversion Price shall be increased to the Conversion Price that would then be in effect if such Ex-Dividend Date for such issuance had not occurred.

For purposes of this Section (5)(b)(viii)(1), in determining whether any rights, options or warrants entitle the holders of ADSs to subscribe for or purchase Ordinary Shares (directly or in the form of ADSs) at a price per Ordinary Share that is less than such average of the Closing Prices of the Ordinary Shares or the ADSs, as the case may be (divided by, in the case of the ADSs, the

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number of Ordinary Shares represented by one ADS), for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, and in determining the aggregate offering price of such Ordinary Share or ADSs, there shall be taken into account any consideration received by the Company for such rights, options or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the Company in good faith.

&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;(2) &nbsp;&nbsp;&nbsp;&nbsp;If the Company distributes shares of its capital stock, evidences of its indebtedness, other assets or property of the Company or rights, options or warrants to acquire its capital stock or other securities of the Company, to all or substantially all holders of the Ordinary Shares (directly or in the form of ADSs), excluding: (i) any dividend, distribution, issuance, redemption, repurchase or other event for which an adjustment to the Conversion Price is specifically provided for in any of clauses (i), (ii), (iii), (iv), (v), (vi) and (vii) of Section (5)(b), (ii) dividends or distributions paid exclusively in cash as to which the adjustment provision set forth in Section (5)(b)(viii)(3) or Section (5)(b)(iv) shall apply; and (iii) Spin-Offs as to which the provisions set forth below in this Section (5)(b)(viii)(2) shall apply to the extent not specifically provided for pursuant to the adjustment provision set forth in Section (5)(b)(iv) (any of such shares of capital stock, evidences of indebtedness, other assets or property or rights, options or warrants to acquire capital stock or other securities, the "<u>Distributed Property</u>"), then the Conversion Price shall be decreased based on the following formula:

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| | | | | |
|:---|:---|:---|:---|:---|
| *CP1* | *=* | *CP0* | *×* | *SP0 – FMV* |
| *CP1* | *=* | *CP0* | *×* | *SP0* |

---

where,

CP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately prior to the New York Open of Business on the Ex-Dividend Date for the ADSs for such distribution;

CP1&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately after the New York Open of Business on such Ex-Dividend Date;

SP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the average of the Closing Prices of the ADSs (divided by the number of Ordinary Shares then represented by one ADS) over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and

FMV&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the fair market value (as determined in good faith by the Company) of the Distributed Property with respect to each outstanding Ordinary Share (directly or in the form of ADSs) on the Ex-Dividend Date for such distribution (converted into euros using an exchange rate in effect on the date of determination to the extent not already reflected in euros).

Any decrease made under the portion of this Section (5)(b)(viii)(2) above shall become effective immediately after the New York Open of Business on the Ex-Dividend Date for such distribution. If such distribution is not so paid or made, the Conversion Price shall be increased to the Conversion Price that would then be in effect if such distribution had not been declared. Notwithstanding the foregoing, if "FMV" (as defined above) is equal to or greater than "SP0" (as

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defined above), in lieu of the foregoing increase, the Holder of this Debenture shall receive, in respect of each $1,000 Principal of this Debenture, at the same time and upon the same terms as holders of the ADSs receive the Distributed Property, the amount and kind of Distributed Property such Holder would have received if such Holder owned a number of ADSs equal to the quotient of (x) $1,000 and the (y) Conversion Price that is in effect on the Ex-Dividend Date for the distribution. If the Company determines the "FMV" (as defined above) of any distribution for purposes of this Section (5)(b)(viii)(2) by reference to the actual or when-issued trading market for any securities, it shall in doing so consider the prices in such market over the same period used in computing the Closing Price of the ADSs over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution.

With respect to an adjustment pursuant to this Section (5)(b)(viii)(2) where there has been a payment of a dividend or other distribution on the Ordinary Shares (directly or in the form of ADSs) of capital stock of any class or series, or similar equity interest, of or relating to any Subsidiary or other business unit of the Company, that are, or, when issued, will be, listed or admitted for trading on a U.S. national securities exchange (a "<u>Spin-Off</u>"), the Conversion Price shall be increased based on the following formula:

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| | | | | |
|:---|:---|:---|:---|:---|
| *CP1* | *=* | *CP0* | *×* | *MP0* |
| *CP1* | *=* | *CP0* | *×* | *FMV + MP0* |

---

where,

CP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately prior to the end of the Valuation Period;

CP1&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately after the end of the Valuation Period;

FMV0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the average of the Closing Prices of the capital stock or similar equity interest distributed to holders of the Ordinary Shares (directly or in the form of ADSs) applicable to one Ordinary Share (determined by reference to the definition of Closing Price as set forth in Section (17) as if references therein to ADSs were to such capital stock or similar equity interest) over the first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date of the Spin-Off (the "<u>Valuation Period</u>"); *provided* that, if there is no Closing Price of the capital stock or similar equity interest distributed to holders of the Ordinary Shares (directly or in the form of ADSs) on such Ex-Dividend Date, the "<u>Valuation Period</u>" shall be the 10 consecutive Trading Day period after, and including the first Trading Day such Closing Price is available; and

MP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the average of the Closing Prices of the ADSs over the Valuation Period.

The decrease to the Conversion Price under the preceding paragraph shall occur at the New York Close of Business on the last Trading Day of the Valuation Period; *provided* that if the relevant Conversion Date occurs during the Valuation Period, references to "10" in the portion of this Section (5)(b)(viii)(2) related to Spin-Offs shall be deemed to be replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend Date of such Spin-Off and the

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Conversion Date in determining the Conversion Price. If the dividend or distribution that constitutes the Spin-Off is declared but not so paid or made, the Conversion Price shall be immediately increased, effective as of the date the Board of Directors determines not to pay or make such dividend or distribution, to the Conversion Price that would then be in effect if such dividend or distribution constituting the Spin-Off had not been declared or announced.

For purposes of this Section (5)(b)(viii)(2), rights, options or warrants distributed by the Company to all holders of the Ordinary Shares (directly or in the form of ADSs) entitling them to subscribe for or purchase the Company's capital stock, including Ordinary Shares (directly or in the form of ADSs) (either initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events ("<u>Trigger Event</u>"): (i) are deemed to be transferred with such Ordinary Shares (directly or in the form of ADSs); (ii) are not exercisable; and (iii) are also issued in respect of future issuances of Ordinary Shares (directly or in the form of ADSs), shall be deemed not to have been distributed for purposes of this Section (5)(b)(viii)(2) (and no adjustment to the Conversion Price under this Section (5)(b)(viii)(2) will be required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Price shall be made under this Section (5)(b)(viii)(2). If any such right, option or warrant, including any such existing rights, options or warrants distributed prior to the date of this Debenture, are subject to events, upon the occurrence of which such rights, options or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and the Ex-Dividend Date with respect to new rights, options or warrants with such rights (in which case the existing rights, options or warrants shall be deemed to terminate and expire on such date without exercise by any of the holders thereof). In addition, in the event of any distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in the immediately preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Conversion Price under this Section (5)(b)(viii)(2) was made, (1) in the case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise by any holders thereof, upon such final redemption or purchase (x) the Conversion Price shall be readjusted as if such rights, options or warrants had not been issued and (y) the Conversion Price shall then again be readjusted to give effect to such distribution, deemed distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or purchase price received by a holder or holders of ADSs with respect to such rights, options or warrants (assuming such holder had retained such rights, options or warrants), made to all holders of ADS as of the date of such redemption or purchase, and (2) in the case of such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof, the Conversion Price shall be readjusted as if such rights, options and warrants had not been issued.

&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;(3) If any dividend or distribution is made to all or substantially all holders of the Ordinary Shares (directly or in the form of ADSs) (other than to the extent such dividend or distribution constitutes a distribution of reserves or premiums for which an adjustment is specifically provided for in Section (5)(b)(iv)) solely in cash, the Conversion Price shall be adjusted based on the following formula:

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---

| | | | | |
|:---|:---|:---|:---|:---|
| *CP1* | *=* | *CP0* | *×* | *SP0 – C* |
| *CP1* | *=* | *CP0* | *×* | *SP0* |

---

where,

CP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately prior to the New York Open of Business on the Ex-Dividend Date for the ADSs for such dividend or distribution;

CP1&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Conversion Price in effect immediately after the New York Open of Business on the Ex-Dividend Date for such dividend or distribution;

SP0&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the Closing Price of the ADSs (divided by the number of Ordinary Shares then represented by one ADS) on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and

C&nbsp;&nbsp;&nbsp;&nbsp;=&nbsp;&nbsp;&nbsp;&nbsp;the amount in cash per Ordinary Share the Company distributes to all or substantially all holders of the Ordinary Shares (directly or in the form of ADSs).

Any decrease pursuant to this Section (5)(b)(viii)(3) shall become effective immediately after the New York Open of Business on the Ex-Dividend Date for the ADSs for such dividend or distribution. If such dividend or distribution is not so paid, the Conversion Price shall be increased, effective as of the date the Board of Directors determines not to make or pay such dividend or distribution, to be the Conversion Price that would then be in effect if such dividend or distribution had not been declared.

Notwithstanding the foregoing, if "C" (as defined above) is equal to or greater than "SP0" (as defined above), in lieu of the foregoing increase, the Holder of this Debenture shall receive, for each $1,000 principal amount of Debenture it holds, at the same time and upon the same terms as holders of ADS, the amount of cash that such Holder would have received if such Holder owned a number ADS equal to the quotient of $1,000 and the Conversion Price in effect on the Ex-Dividend Date for such cash dividend or distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding this Section (5)(b) or any other provision of this Debenture, if a Conversion Price adjustment becomes effective on any Ex-Dividend Date or Ex-Redemption Date, and the Holder has converted this Debenture on or after such Ex-Dividend Date or Ex-Redemption Date, as the case may be, and on or prior to the related Record Date would be treated as the record holder of the ADS (delivered or to be delivered in respect of such conversion) as of the related Conversion Date based on an adjusted Conversion Rate for such Ex-Dividend Date or Ex-Redemption Date, as applicable, then, notwithstanding the Conversion Price adjustment provisions in this Section (5)(b), the Conversion Price adjustment relating to such Ex-Dividend Date or Ex-Redemption Date, as applicable, shall not be made for such converting Holder. Instead, such Holder shall be treated as if such Holder were the record owner of the ADS on an unadjusted basis and participate in the related dividend, distribution or other event giving rise to such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;[*Reserved*].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;In the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;any recapitalization, reclassification or change of the ADSs or Ordinary Shares (other than changes resulting from a subdivision or combination),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;any consolidation, merger, combination or similar transaction involving the Company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;any sale, lease or other transfer to a third party of the consolidated assets of the Company and the Company's Subsidiaries substantially as an entirety or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;any statutory share exchange,

in each case, as a result of which the ADSs or the Ordinary Shares would be converted into, or exchanged for, stock, other securities, other property or assets (including cash or any combination thereof) (any such event, a "<u>Share Exchange Event</u>"), then, the Company or the successor or the acquiring company, as the case may be, will amend this Debenture to provide that, at and after the effective time of such Share Exchange Event, the right to convert each $1,000 Conversion Amount of this Debenture shall be changed into a right to convert each $1,000 Conversion Amount of this Debenture into the kind and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that a holder of a number of ADS equal to the quotient of (x) $1,000 and (y) the Conversion Price immediately prior to such Share Exchange Event would have owned or been entitled to receive (the "<u>Reference Property</u>", with each "<u>unit of Reference Property</u>" meaning the kind and amount of Reference Property that a holder of one ADSs is entitled to receive) upon such Share Exchange Event; *provided, however*, that at and after the effective time of the Share Exchange Event (I) any ADSs that the Company would have been required to deliver upon conversion of this Debenture (or any portion thereof) in accordance with Section (4) shall instead be deliverable in the amount and type of Reference Property that a holder of that number of ADSs would have received in such Share Exchange Event and (II) the VWAP shall be calculated based on the value of a unit of Reference Property.

If the Share Exchange Event causes the ADSs or Ordinary Shares to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined based in part upon any form of election of the holders of the Ordinary Shares), then (i) the Reference Property into which this Debenture will be convertible shall be deemed to be the weighted average of the types and amounts of consideration actually received by the holders of the ADSs and (ii) the unit of Reference Property for purposes of the immediately preceding paragraph shall refer to the consideration referred to in clause (i) attributable to one ADS. The Company shall notify the Holder of such weighted average as soon as practicable after such determination is made.

If the Reference Property in respect of any Share Exchange Event includes, in whole or in part, Common Equity, the amendment to this Debenture described in the second immediately preceding paragraph shall provide for anti-dilution and other adjustments that the Company in good faith determines are as nearly equivalent as is possible to the adjustments provided for in this Section (5) with respect to the portion of Reference Property constituting Common Equity. If, in the case of any Share Exchange Event, the Reference Property includes shares of stock, securities

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or other property or assets (including cash or any combination thereof) of a Person other than the Company or the successor or purchasing company, as the case may be, in such Share Exchange Event, then such supplemental indenture shall also be executed by such other Person and shall contain such additional provisions to protect the interests of the Holder of this Debenture as the Board of Directors shall reasonably consider necessary by reason of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Conversion Price is adjusted pursuant to this Section (5), the Company shall promptly provide the Holder with a written notice setting forth the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Company may reduce the Conversion Price with the prior written consent of the Required Holders, which may be given by the Required Holders in their sole discretion. The Company and the Holder agree that any such voluntary adjustment to the Conversion Price and any conversion of any portion of the Debenture based upon any such voluntary adjustment shall not constitute material non-public information with respect to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; If the Ordinary Shares cease to be represented by American Depositary Shares issued under a depositary receipt program sponsored by the Company: (i) each reference in this Debenture to the ADSs related to the terms of this Debenture will be deemed to have been replaced by a reference to the number of Ordinary Shares and other property, if any, represented by the ADSs on the last day on which the ADSs represented the Ordinary Shares as if such Ordinary Shares and other property had been distributed to holders of the ADSs on that day and (ii) all references to the VWAP of an ADS in this Debenture will be deemed to refer to the VWAP of an Ordinary Share, and other appropriate adjustments, including adjustments to the Conversion Price, will be made to reflect such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;<u>INDEMNIFICATION</u>. With respect to the Company's obligations under this Debenture and the other Transaction Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent permitted by law, the Company shall, and hereby does, indemnify, hold harmless and defend the Holder, its investment manager and their respective directors, officers, partners, employees, agents, representatives, and successors and assigns of, and each Person, if any, who controls Holder within the meaning of the Securities Act or the Exchange Act (each, an "<u>Indemnified Person</u>"), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable and documented attorneys' fees, amounts paid in settlement or expenses, joint or several (collectively, "<u>Claims</u>") incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the Commission, whether pending or threatened, whether or not an Indemnified Person is or may be a party thereto ("<u>Indemnified Damages</u>"), to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any material misrepresentation or breach of any representation or warranty made by the Company, the Guarantor or their Subsidiaries in any of the Transaction Documents, (ii) any material breach of any covenant, agreement or obligation of the Company, the Guarantor or their Subsidiaries in any of the Transaction Documents, (iii) any cause of action, suit, proceeding or claim brought or made against such Indemnified Person by a third

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party (including for these purposes a derivative action brought on behalf of the Company, the Guarantor or their Subsidiaries) or which otherwise involves such Indemnified Person that arises out of or results from (A) the execution, delivery, performance or enforcement of any of the Transaction Documents (including, without limitation, any hedging or similar activities in connection therewith), or (B) the status of such Holder either as an investor in the Company pursuant to the transactions contemplated by the Transaction Documents or as a holder of this Debenture (including, without limitation, any hedging or similar activities in connection therewith or as a party in interest or otherwise in any action or proceeding for injunctive or other equitable relief), in each case, except to the extent such Claims arise out of result from (aa) the gross negligence, willful misconduct, or fraud of such Indemnified Person, (bb) a material breach by such Indemnified Person of any provision of the Transaction Documents, (cc) actions or omissions by such Indemnified Person in violation of applicable law or outside the scope of authority granted under the Transaction Documents, (dd) disputes solely among Indemnified Persons, (ee) claims for payment of the purchase price or other consideration expressly provided for in the Transaction Documents, or (ff) taxes imposed on such Indemnified Person, except as otherwise expressly provided herein; (iv) any untrue statement or alleged untrue statement of a material fact in any filing made in any public filing (including, without limitation, any Periodic Reports) made by the Company with the Commission, or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading except to the extent that such untrue statements, alleged untrue statements, omissions or alleged omissions are (1) based upon information regarding Holder furnished in writing to Company by or on behalf of Holder expressly for use therein or Holder has omitted a material fact from such information or (2) directly result from any breach by Holder of the Transaction Documents; or (v) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, or any other law, including, without limitation, any state securities law. The Company shall reimburse the Indemnified Persons and each such controlling person promptly as such expenses are incurred and are due and payable, for any legal fees or disbursements or other reasonable expenses incurred by them in connection with investigating or defending any such Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Promptly after receipt by an Indemnified Person under this Section (6) of notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section (6), deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person; provided, however, that an Indemnified Person shall have the right to retain its own counsel with the fees and expenses of not more than one (1) counsel for such Indemnified Person to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of the Indemnified Person and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person and any other party represented by such counsel in such proceeding. The Indemnified Person shall cooperate fully with the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Person which relates to such action or claim. The indemnifying party

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shall keep the Indemnified Person fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its prior written consent; provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Person of a release from all liability in respect to such claim or litigation. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Person with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person under this Section (6), except solely to the extent that the indemnifying party is actually prejudiced in its ability to defend such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The indemnification required by this Section (6) shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;<u>REISSUANCE OF THIS DEBENTURE</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer</u>. If this Debenture is to be transferred, the Holder shall surrender this Debenture to the Company, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Debenture (in accordance with Section (7)(d)), registered in the name of the registered transferee or assignee, representing the outstanding Principal being transferred by the Holder (along with any accrued and unpaid Interest thereof) and, if less than the entire outstanding Principal is being transferred, a new Debenture (in accordance with Section (7)(d)) to the Holder representing the outstanding Principal not being transferred. The Holder and any assignee, by acceptance of this Debenture, acknowledge and agree that, by reason of the provisions of Section (4)(b)(iii) following conversion or redemption of any portion of this Debenture, the outstanding Principal represented by this Debenture may be less than the Principal stated on the face of this Debenture. This Debenture is intended to be in "registered form" within the meaning of Section 5f.103-1(c) and Proposed Section 1.163-5(b) of the United States Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Lost, Stolen or Mutilated Debenture</u>. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Debenture, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Debenture, the Company shall execute and deliver to the Holder a new Debenture (in accordance with Section (7)(d)) representing the outstanding Principal.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Debenture Exchangeable for Different Denominations</u>. This Debenture is exchangeable, upon the surrender hereof by the Holder at the principal office of the Company, for one or more new Debentures (in accordance with Section (7)(d)) representing in the aggregate the outstanding Principal of this Debenture, and each such new Debenture will represent such portion of such outstanding Principal as is designated by the Holder at the time of such surrender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Issuance of New Debentures</u>. Whenever the Company is required to issue a new Debenture pursuant to the terms of this Debenture, such new Debenture (i) shall be of like tenor with this Debenture, (ii) shall represent, as indicated on the face of such new Debenture, the Principal remaining outstanding (or in the case of a new Debenture being issued pursuant to Section (7)(a) or Section (7)(c), the Principal designated by the Holder which, when added to the Principal represented by the other new Debentures issued in connection with such issuance, does not exceed the Principal remaining outstanding under this Debenture immediately prior to such issuance of new Debentures), (iii) shall have an issuance date, as indicated on the face of such new Debenture, which is the same as the Issuance Date of this Debenture, (iv) shall have the same rights and conditions as this Debenture, and (v) shall represent accrued and unpaid Interest from the Issuance Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;<u>NOTICES</u>. Any notices, consents, waivers or other communications required or permitted to be given under the terms hereof must be in writing by letter and email and will be deemed to have been delivered: upon the later of (A) either (i) receipt, when delivered personally or (ii) one (1) Business Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed to the party to receive the same and (B) receipt, when sent by electronic mail. The addresses and e-mail addresses for such communications shall be:

**If to the Company:** 

Sequans Communications S.A.

15-55 boulevard Charles de Gaulle

Les Portes de la Défense

92700 Colombes

Republic of France

Email: deborah@sequans.com

Attention: Chief Financial Officer

**With a copy (which shall not constitute notice) to:** 

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| | | |
|:---|:---|:---|
| Lowenstein Sandler LLP | Lowenstein Sandler LLP | Lowenstein Sandler LLP |
| 1251 Avenue of the Americas, 18th Floor | 1251 Avenue of the Americas, 18th Floor | 1251 Avenue of the Americas, 18th Floor |
| New York, New York 10020 | New York, New York 10020 | New York, New York 10020 |
| Attention: | | Steven E. Siesser, Esq. |
| | | Brooke A. Gillar, Esq. |
| Email: | ssiesser@lowenstein.com; | ssiesser@lowenstein.com; |
| | bgillar@lowenstein.com | bgillar@lowenstein.com |

---

and

ARCHERS (AARPI)

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28 rue Dumont d'Urville 75116

Paris, France

Attention: Véronique Gedeon

Mark Richardson

Email: &nbsp;&nbsp;&nbsp;&nbsp;<u>mrichardson@archers.fr</u>;

vgedeon@archers.fr

**If to the Holder:**

AFOB FIP MS, LLC

Attention: John Rijo

1011 Lake Street, Suite 311

Oak Park, IL 60301

Email: JRijo@StairwayCapital.com

With a copy (which shall not constitute notice) to:

c/o Equitec Group

David Barclay, Attorney at Law

1011 Lake Street, Suite 311

Oak Park, IL 60301

Email: DBarclay@eqtc.com

or at such other address and/or email and/or to the attention of such other person as the recipient party has specified by written notice given to each other party three (3) Business Days prior to the effectiveness of such change. Written confirmation of receipt (i) given by the recipient of such notice, consent, waiver or other communication, (ii) electronically generated by the sender's email service provider containing the time, date, recipient email address or (iii) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;&nbsp;&nbsp;<u>NO IMPAIRMENT</u>. Except as expressly provided herein, no provision of this Debenture shall alter or impair the obligations of the Company, which are absolute and unconditional, to pay the Principal of, Interest and other charges (if any) on, this Debenture at the time, place, and rate, and in the currency, herein prescribed. This Debenture is a direct obligation of the Company. As long as this Debenture is outstanding, the Company shall not and shall cause their subsidiaries not to, without the consent of the Holder, enter into any agreement, arrangement or transaction in or of which the terms thereof would restrict, materially delay, conflict with or impair the ability of the Company to perform its obligations under the this Debenture, including, without limitation, the obligation of the Company to make cash payments hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;&nbsp;&nbsp;&nbsp;This Debenture shall not entitle the Holder to any of the rights of a shareholder of the Company, including without limitation, the right to vote, to receive dividends and other distributions, or to receive any notice of, or to attend, meetings of shareholders or any other proceedings of the Company, unless and to the extent converted into ADSs in accordance with the terms hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;&nbsp;&nbsp;&nbsp;<u>CHOICE OF LAW; VENUE; WAIVER OF JURY TRIAL</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; <u>Governing Law</u>. This Debenture and the rights and obligations of the Parties hereunder shall, in all respects, be governed by, and construed in accordance with, the laws (excluding the principles of conflict of laws) of the State of New York (the "<u>Governing Jurisdiction</u>") (including Section 5-1401 and Section 5-1402 of the General Obligations Law of the State of New York), including all matters of construction, validity and performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Jurisdiction; Venue; Service</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby irrevocably consents to the non-exclusive personal jurisdiction of the state courts of the Governing Jurisdiction and, if a basis for federal jurisdiction exists, the non-exclusive personal jurisdiction of any United States District Court for the Governing Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that venue shall be proper in any court of the Governing Jurisdiction selected by the Holder or, if a basis for federal jurisdiction exists, in any United States District Court in the Governing Jurisdiction. The Company waives any right to object to the maintenance of any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, in any of the state or federal courts of the Governing Jurisdiction on the basis of improper venue or inconvenience of forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or tort or otherwise, brought by the Company against the Holder arising out of or based upon this Debenture or any matter relating to this Debenture, or any other Transaction Document, or any contemplated transaction, shall be brought in a court only in the Governing Jurisdiction. The Company shall not file any counterclaim against the Holder in any suit, claim, action, litigation or proceeding brought by the Holder against the Company in a jurisdiction outside of the Governing Jurisdiction unless under the rules of the court in which the Holder brought such suit, claim, action, litigation or proceeding the counterclaim is mandatory, and not permissive, and would be considered waived unless filed as a counterclaim in the suit, claim, action, litigation or proceeding instituted by the Holder against the Company. The Company agrees that any forum outside the Governing Jurisdiction is an inconvenient forum and that any suit, claim, action, litigation or proceeding brought by the Company against the Holder in any court outside the Governing Jurisdiction should be dismissed or transferred to a court located in the Governing Jurisdiction. Furthermore, the Company irrevocably and unconditionally agrees that it will not bring or commence any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Holder arising out of or based upon this Debenture or any matter relating to this Debenture, or any other Transaction Document, or any contemplated transaction, in any forum other than the courts of the State of New York sitting in the Borough of Manhattan in New York County, and the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any such suit, claim, action, litigation or proceeding may be heard and determined in such New York State Court or, to the fullest extent permitted by

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applicable law, in such federal court. The Company and the Holder agree that a final judgment in any such suit, claim, action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Holder irrevocably consents to the service of process out of any of the aforementioned courts in any such suit, claim, action, litigation or proceeding by the mailing of copies thereof by registered or certified mail postage prepaid, to it at the address provided for notices in this Debenture, such service to become effective thirty (30) days after the date of mailing. The Company has irrevocably appointed Bitquans Holdings LLC, a Delaware limited liability company, c/o Capitol Services, Inc., 108 Lakeland Avenue, Dover DE, Kent County 19901, as its authorized agent for service of process upon which process may be served in any such suit or proceeding arising under this Debenture or any other Transaction Document, and the Company agrees that service of process upon such agent, and written notice of said service to the Company by the person serving the same to the address provided in Section (8), shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding arising under this Debenture or any other Transaction Document. The Company further agrees to take any and all action as may be necessary to maintain such designation and appointment of such agent in full force and effect for a period of five years from the date of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the Company or any of its properties, assets or revenues is or may hereafter become entitled to, or have attributed to them, any right of immunity, on the grounds of sovereignty, from any legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, or from attachment in aid of execution of judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Debenture, any other Transaction Document, the Deposit Agreement or the Restricted Issuance Agreement, the Company hereby irrevocably and unconditionally, to the extent permitted by applicable law, waives and agrees not to plead or claim any such immunity and consents to such relief and enforcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;Nothing herein shall affect the right of the Holder to serve process in any other manner permitted by law or to commence legal proceedings or to otherwise proceed against the Company or any other Person in the Governing Jurisdiction or in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;THE PARTIES MUTUALLY WAIVE ALL RIGHT TO TRIAL BY JURY OF ALL CLAIMS OF ANY KIND ARISING OUT OF OR BASED UPON THIS DEBENTURE OR ANY MATTER RELATING TO THIS DEBENTURE, OR ANY OTHER TRANSACTION DOCUMENT, OR ANY CONTEMPLATED TRANSACTION. THE PARTIES ACKNOWLEDGE THAT THIS IS A WAIVER OF A LEGAL RIGHT AND THAT THE PARTIES EACH MAKE THIS WAIVER VOLUNTARILY AND KNOWINGLY AFTER CONSULTATION WITH COUNSEL OF THEIR RESPECTIVE CHOICE. THE PARTIES AGREE THAT ALL SUCH CLAIMS SHALL BE TRIED BEFORE A JUDGE OF A COURT HAVING JURISDICTION, WITHOUT A JURY.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)&nbsp;&nbsp;&nbsp;&nbsp;If the Company fails to strictly comply with the terms of this Debenture, then the Company shall reimburse the Holder promptly for all fees, costs and expenses, including, without limitation, attorneys' fees and expenses incurred by the Holder in any action in connection with this Debenture, including, without limitation, those incurred: (i) during any workout, attempted workout, and/or in connection with the rendering of legal advice as to the Holder's rights, remedies and obligations, (ii) collecting any sums which become due to the Holder, (iii) defending or prosecuting any proceeding or any counterclaim to any proceeding or appeal; or (iv) the protection, preservation or enforcement of any rights or remedies of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)&nbsp;&nbsp;&nbsp;&nbsp;This Debenture and all other Debentures issued pursuant to the Purchase Agreement (or any other secured convertible debenture purchase agreement entered into by the Company on or about the date of the Purchase Agreement for the issuance of substantially similar debentures) may be amended or modified by the written agreement of the Company and the Required Holders. This Debenture may not be amended unless in accordance with the foregoing sentence and in the event that the Required Holders agree to the amendment or modification of this Debenture or any other Debenture issued pursuant to the Purchase Agreement (or any other secured convertible debenture purchase agreement entered into by the Company on or about the date of the Purchase Agreement for the issuance of substantially similar debentures) such amendment or modification shall concurrently be made to all such Debentures.. Any waiver by the Holder of a breach of any provision of this Debenture shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Debenture. The failure of the Holder to insist upon strict adherence to any term of this Debenture on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Debenture. Any waiver must be in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)&nbsp;&nbsp;&nbsp;&nbsp;If any provision of this Debenture is invalid, illegal or unenforceable, the balance of this Debenture shall remain in effect, and if any provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances. If it shall be found that any Interest or other amount deemed Interest due hereunder shall violate applicable laws governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum permitted rate of interest. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Company from paying all or any portion of the Principal of or Interest on this Debenture as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Debenture, and the Company (to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impeded the execution of any power herein granted to the Holder, but will suffer and permit the execution of every such as though no such law has been enacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)&nbsp;&nbsp;&nbsp;&nbsp;<u>EXISTENCE AND MERGER</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Existence</u>. Subject to Section (15)(B), the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence. In

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accordance with the provisions of Article L. 228-98 of the French Commercial Code, the Company may change its corporate form or corporate purpose without requesting the approval of the Holder; provided that unless the Company receives the approval of the Holder, the Company's corporate form must be: (1) a société anonyme or société en commandite par actions, in either case, registered under the laws of France or (2) a corporation or entity treated as a corporation for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Company May Consolidate, Etc. on Certain Terms</u>. The Company shall not consolidate with, merge with or into, or sell, convey, transfer or lease all or substantially all of the consolidated properties and assets of the Company and its direct and indirect Subsidiaries, taken as a whole, to another Person (other than any such sale, conveyance, transfer or lease to one or more of the Company's direct or indirect Wholly Owned Subsidiaries), unless (i) the resulting, surviving or transferee Person (the "<u>Successor Company</u>"), if not the Company, shall be (1) a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and the Successor Company (if not the Company) shall expressly assume, by supplemental indenture all of the obligations of the Company under the Debentures or (2) a corporation or entity treated as a corporation for U.S. federal income tax purposes organized and existing under the laws of France; (ii) the Successor Company, if not the Company, expressly assumes all of the Company's obligations under this Agreement and the other Transaction Documents pursuant to documentation that is reasonably acceptable to the Required Holders; and (iii) and immediately after giving effect to such transaction, no Event of Default shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)&nbsp;&nbsp;&nbsp;&nbsp;<u>[</u>*<u>Reserved</u>*.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17)&nbsp;&nbsp;&nbsp;&nbsp;<u>CERTAIN DEFINITIONS</u>. For purposes of this Debenture, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;"<u>ADSs</u>" means the Company's (or Successor Company's) American Depositary Shares issued pursuant to the Deposit Agreement or the Restricted Issuance Agreement, each representing the number of the Ordinary Shares specified pursuant to the Deposit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;"<u>ADS Delivery Date</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Additional Amounts</u>" shall have the meaning set forth in Section (1)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Additional Interest Election Notice</u>" shall have the meaning set forth in Section 19(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Applicable Taxes</u>" shall have the meaning set forth in Section (1)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Attribution Parties</u>" means, collectively, the following persons and entities: (i) any investment vehicle, including, any funds, feeder funds or managed accounts, currently, or from time to time after the Issuance Date, directly or indirectly managed or advised by the Holder's investment manager or any of its affiliates or principals, (ii) any direct or indirect affiliates of the Holder or any of the foregoing, (iii) any person acting or who could be deemed to be acting as a

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"group" (within the meaning of Section 13(d)(3) of the Exchange Act) together with the Holder or any of the foregoing and (iv) any other Persons whose beneficial ownership of the ADSs would or could be aggregated with the Holder's and the other Attribution Parties for purposes of Section 13(d) of the Exchange Act. For clarity, the purpose of the foregoing is to subject collectively the Holder and all other Attribution Parties to the Beneficial Ownership Cap.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Beneficial Ownership Cap</u>" shall have the meaning set forth in Section (4)(c)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bitcoin</u>" means the Digital Asset commonly referred to as "Bitcoin" (BTC) in the cryptocurrency marketplace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bitcoin Cash Cap</u>" means $30,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bitcoin Conversion Deadline</u>" shall be July 27, 2025, provided that upon the request of the Company, the Collateral Agent may consent, to extend the Bitcoin Conversion Deadline by twenty (20) days, which consent shall not be unreasonably conditioned or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bitcoin Escrow Account</u>" means a securities account that is opened and maintained with the Custodian to hold Bitcoin constituting Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bloomberg</u>" means Bloomberg Financial Markets (or if not available, a similar service provider of national recognized standing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Board of Directors</u>" means the board of directors of the Company or a committee of such board duly authorized to act for it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Business Day</u>" means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or a day on which banking institutions in the State of New York, United States or Paris, France are authorized or required by law or other government action to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Buy-In</u>" shall have the meaning set forth in Section (4)(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Buy-In Price</u>" shall have the meaning set forth in Section (4)(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Cash Collateral Account</u>" means a deposit account that is opened and maintained with the Cash Collateral Bank to hold cash constituting Collateral including the net proceeds of the issuance of the Debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Cash Collateral Bank</u>" means First National Bank Omaha d/b/a FNBO, or such other custodian as selected by the Company and reasonably acceptable to the Collateral Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Cash Equivalents</u>" means, as of any date of determination, any of the following: (A) marketable securities (i) issued or directly and unconditionally guaranteed as to interest and principal by the United States Government, or (ii) issued by any agency of the United States Government, the obligations of which are backed by the full faith and credit of the United States, in each case maturing within one (1) year after such date; (B) marketable direct obligations issued by any state of the United States or any political subdivision of any such state or any public instrumentality thereof, in each case maturing within one (1) year after such date and having, at the time of the acquisition thereof, a rating of at least A-1 from Standard & Poor's Corporation or at least P-1 from Moody's Investors Service; (C) commercial paper maturing no more than one (1) year from the date of creation thereof and having, at the time of the acquisition thereof, a rating of at least A-1 from Standard & Poor's Corporation or at least P-1 from Moody's Investors Service; (D) certificates of deposit or bankers' acceptances maturing within one (1) year after such date and issued or accepted by any commercial bank organized under the laws of the United States or any state thereof, or the District of Columbia that (i) is at least "adequately capitalized" (as defined in the regulations of its primary federal banking regulator), and (ii) has Tier 1 capital (as defined in such regulations) of not less than $5,000,000,000; and (E) shares of any money market mutual fund that (i) has substantially all of its assets invested continuously in the types of investments referred to in clauses (A) and (B) above, (ii) has net assets of not less than $5,000,000,000, and (iii) has the highest rating obtainable from either Standard & Poor's Corporation or Moody's Investors Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Claims</u>" shall have the meaning set forth in Section (6)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Closing Loan-to-Collateral Ratio Compliance Level</u>" means 1.00 to 1.95.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Closing Price</u>" of the ADSs on any date means the closing sale price per ADS (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions for the principal U.S. national or regional securities exchange on which the ADSs are traded. If the ADSs are not listed for trading on a U.S. national or regional securities exchange on the relevant date, the "<u>Closing Price</u>" will be the last quoted bid price for the ADSs in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar organization. If the ADSs are not so quoted, the "<u>Closing Price</u>" will be the average of the mid-point of the last bid and ask prices for the ADSs (or such other security) on the relevant date from each of at least three nationally recognized independent investment banking firms selected by the Company for this purpose. In the event of any need to determine the "Closing Price" of any security other than ADSs, the Company shall determine the "<u>Closing Price</u>" of such security in a commercially reasonable manner using a substantially similar methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Closing Price Trigger</u>" (x) beginning on and including the 12-month anniversary of the Issuance Date, the Closing Price of the ADSs has been at least 130% of the Conversion Price then in effect for at least 20 Trading Days (whether or not consecutive) during any 30 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date on which the Company provides such Redemption Notice to the Holder (provided that the Equity Conditions are satisfied on each Trading Day of such thirty (30) consecutive Trading Day period) or (y) beginning on and including the 16-month anniversary of the Issuance Date, the Closing Price

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of the ADSs has been equal to or less than 40% of the Conversion Price then in effect for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date on which the Company provides such Redemption Notice to the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Collateral Agent</u>" means Hudson Bay PH XVI Ltd. in its capacity as collateral agent for the holders of the Debentures, together with any successor thereto in such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Collateral Documents</u>" shall have the meaning set forth in Section 19(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Commission</u>" means the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Common Equity</u>" of any Person means capital stock of such Person that is generally entitled (a) to vote in the election of directors of such Person or (b) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners, managers or others that will control the management or policies of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Company</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Control Agreement</u>" means each account control agreement or securities account control agreement, as applicable, in form and substance reasonably satisfactory to the Collateral Agent, between the Company, the Collateral Agent and the applicable Cash Collateral Bank or securities intermediary, including, for the avoidance of doubt, the blocked control agreements required pursuant to Section 4.01(b) of the Guaranty and Security Agreement, which shall provide for the sole and exclusive control of the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Conversion Amount</u>" means the portion of the Principal and accrued Interest to be converted, redeemed or otherwise with respect to which this determination is being made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Conversion Date</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Conversion Failure</u>" shall have the meaning set forth in Section (4)(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Conversion Notice</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Conversion Notice Date</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Conversion Price</u>" means, as of any Conversion Date, $2.10 per ADS, provided that, on the Reset Date, the Conversion Price shall be reset (but only if such reset would result in a downward adjustment to the Conversion Price) to the greater of (x) the product of (A) 1.2 and (B) the average of the VWAPs of the ADSs during the five VWAP Trading Days immediately preceding the Reset Date and (y) $1.40 (subject to adjustment pursuant to Section (5)). The Conversion Price shall be adjusted from time to time pursuant to the other terms and conditions of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Custodian</u>" means Coinbase, Inc., or such other custodian as selected by the Company and acceptable to the Collateral Agent in its sole discretion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Default</u>" means any event that is (or, after notice, passage of time or both, would be) an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Default Rate</u>" means an annual rate of 18.0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Deposit Agreement</u>" means the Amended and Restated Deposit Agreement, dated as of May 14, 2018, among the Company the Depositary and the owners and holders from time to time of the ADSs issued thereunder, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Depositary</u>" means the Bank of New York Mellon as custodian of the Ordinary Shares underlying the ADS delivered pursuant to the Deposit Agreement or the Restricted Issuance Agreement, or any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Digital Asset Market Value</u>" means, with respect to any Bitcoin, the seven (7) day moving average price of such Bitcoin for the seven (7) days immediately preceding any date of determination, as determined by reference to the CME Bitcoin Reference Rate – New York Variant (BRRNY).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq)&nbsp;&nbsp;&nbsp;&nbsp; "<u>Discounted VWAP</u>" means an amount equal to ninety-three percent (93%) of the average of the VWAPs of the ADSs during the five VWAP Trading Days immediately preceding the Interest Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Distributed Securities VWAP</u>" means the per security volume-weighted average price as displayed under the heading "Bloomberg VWAP" on the Bloomberg page applicable to the security in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable for such security, the market value of such security on a per security basis on such Trading Day reasonably determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by Company). The "<u>Distributed Securities VWAP</u>" will be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Debenture</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Debentures</u>" shall mean this Debenture and all of the Other Debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Disclosure</u>" shall have the meaning set forth in Section 18.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv)&nbsp;&nbsp;&nbsp;&nbsp;"<u>DTC</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Effective Date</u>" means the date upon which the applicable transaction or event is effective or consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Equity Conditions</u>" will be deemed to be satisfied as of any date if all of the following conditions:

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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;(1)&nbsp;&nbsp;&nbsp;&nbsp;(x) one or more Registration Statements (as defined in the Registration Rights Agreement) filed shall be effective and available for the resale of all remaining Underlying ADSs, and there shall not have been any suspension of such registration statement(s) or (y) all Underlying ADSs shall be eligible for sale by non-affiliates (as defined in Rule 144) of the Company without restriction pursuant to Rule 144 (and without any requirements as to volume, manner of sale, availability of current public information (whether or not then satisfied)) and without the need for registration under any applicable federal or state securities laws all Underlying ADSs shall be issuable without restrictive legend and be eligible for immediate sale without restriction pursuant to Section 3(a)(9) of the Securities Act and without the need for registration under any applicable federal or state securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the ADSs are designated for quotation on a Principal Market and shall not have been suspended from trading on such exchange or market (other than suspensions of not more than two (2) Trading Days and occurring before the applicable date of determination due to business announcements by the Company) nor shall delisting or suspension by such exchange or market been threatened, commenced or pending either (A) in writing by such Principal Market or (B) by falling below the then effective minimum listing maintenance requirements of such Principal Market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;the ADS issuable upon conversion of the Conversion Amount may be issued in full without resulting in the Holder beneficially owning ADSs in excess of the Beneficial Ownership Cap;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;there shall not be a Default or Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;the Holder shall not have been in possession of any material, nonpublic information received from the Company or any of its agents or affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;the ADSs issuable upon conversion of the Conversion Amount (including ADSs underlying any Pre-Funded Warrants issued in connection with such conversion as contemplated by Section (4)(c)(i) in certain circumstances) are duly authorized, and upon delivery on the applicable ADS Delivery Date (or upon exercise of any such Pre-Funded Warrants) will be (i) validly issued, fully paid, non-assessable, free from preemptive rights and any lien or adverse claim and will be listed and eligible for trading without restriction on a Principal Market (ii) represented by book-entries at DTC and identified therein by an "unrestricted" CUSIP number; and (iii) not represented by any certificate that bears a legend referring to transfer restrictions under the Securities Act or other securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Ex-Dividend Date</u>" means, (a) for purposes of Sections (5)(b)(i)-(vii), the first date on which the Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of the Ordinary Shares on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market and (b) for purposes of Section (5)(b)(viii), the first date on which the ADSs trade on the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution

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in question, from the Company or, if applicable, from the seller of the ADSs on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Ex-Redemption Date</u>" means (1) the first date on which the ADSs trade on the applicable exchange or in the applicable market, regular way, without the right to the redemption in question from the Company or, if applicable, from the seller of the ADSs on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market or (2) if the ADSs do not trade on any exchange or market, the Paris Business Day on which the redemption in question occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Expiring Rights</u>" means any rights, options or warrants to purchase Ordinary Shares or ADSs that expire on or prior to the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Event of Default</u>" shall have the meaning set forth in Section 3(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Event of Default Acceleration Amount</u>" means the, with respect to the delivery of a notice pursuant to Section 3(b) declaring the Debenture to be due and payable immediately on account of an Event of Default, a cash amount equal to the greater of (x) the sum of (i) 115% of the outstanding Principal of the Debenture (or such lesser amount accelerated pursuant to such notice) and (ii) the accrued and unpaid interest and other amounts owing in respect thereof and (y) the product of (i) the quotient of the Conversion Amount as of the occurrence of the Event of Default and the Conversion Price as of the occurrence of the Event of Default multiplied by (ii) the highest VWAP occurring during each VWAP Trading Day during the period beginning on and including the date that the Event of Default occurred (or the date on which the Default underlying such Event of Default initially occurred, if different than the date on which the Event of Default occurred) and ending on the VWAP Trading Day immediately prior to the Event of Default Acceleration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Event of Default Acceleration Date</u>" shall have the meaning set forth in Section 3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Event of Default Notice</u>" shall have the meaning set forth in Section 3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg)&nbsp;&nbsp;&nbsp;&nbsp;"<u>FATCA</u>" shall have the meaning set forth in Section (1)(d)(4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh)&nbsp;&nbsp;&nbsp;&nbsp;"<u>French Commercial Code</u>" shall mean the French Code de commerce.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Fundamental Change</u>" shall be deemed to have occurred at the time on or after the date of the Purchase Agreement if any of the following occurs prior to the Maturity Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;an acquisition after the date hereof by an individual or legal entity or "group" (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether through legal or beneficial ownership of capital stock of the Company, by contract or otherwise) of in excess of fifty percent (50%) of the voting securities of the Company (except that the

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acquisition of voting securities by the Holder shall not constitute a Fundamental Change for purposes hereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the consummation of (A) any recapitalization, reclassification or change of the Ordinary Shares or the ADSs (other than changes resulting from a subdivision or a combination) as a result of which the Ordinary Shares or ADS would be converted into, or exchanged for, stock, other securities, other property or assets; (B) any share exchange, consolidation or merger of the Company pursuant to which the Ordinary Shares or ADSs will be converted into cash, securities or other property or assets; or (C) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to any Person other than one or more of the Company's Wholly Owned Subsidiaries; *provided, however*, that a transaction described in clause (A) or (B) in which the holders of all classes of the Company's Common Equity immediately prior to such transaction own, directly or indirectly, more than 50% of all classes of Common Equity of the continuing or surviving company or transferee or the parent thereof immediately after such transaction in substantially the same proportions relative to each other as such ownership immediately prior to such transaction shall not be a Fundamental Change pursuant to this clause (2);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;the shareholders of the Company approve any plan or proposal for dissolution of the Company that, if completed, would result in the liquidation of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;the ADSs (or other Common Equity or ADS in respect of Common Equity underlying this Debenture (or any portion hereof)) cease to be listed or quoted on any Principal Market.

If any transaction in which the Ordinary Shares are replaced by the equity securities of another entity occurs, references to the Company in this definition shall instead be references to such other entity.

For purposes of this definition of "Fundamental Change" above, any transaction that constitutes a Fundamental Change pursuant to both clause (1) and clause (2) of such definition (without giving effect to the proviso in clause (2)) shall be deemed a Fundamental Change solely under clause (2) of such definition (subject to the proviso in clause (2)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Fundamental Change Company Notice</u>" shall have the meaning set forth in Section (2)(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Fundamental Change Repurchase Date</u>" shall have the meaning set forth in Section (2)(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Governing Jurisdiction</u>" shall have the meaning set forth in Section (11)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Grantors</u>" shall have the meaning given such term in the Guaranty and Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Guarantors</u>" means each of the guarantors from time to time party to the Guaranty and Security Agreement as a "guarantor" thereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Guaranty and Security Agreement</u>" means that certain Guaranty and Security Agreement, dated on or about the Issuance Date, made by each of the Guarantors party thereto from time to time in favor of the Holder, as may be amended, restated, supplemented or otherwise modified from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Holder</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqq)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Indemnified Damages</u>" shall have the meaning set forth in Section (6)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrr)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Indemnified Person</u>" shall have the meaning set forth in Section (6)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sss)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Independent Expert</u>" means an independent financial institution of international repute or independent financial adviser with appropriate expertise, chosen by the Company at its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttt)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Interest ADS Notice</u>" shall have the meaning set forth in Section 19(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuu)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Interest Payment Date</u>" means (i) each March 1, June 1, September 1 and December 1 of each calendar year, beginning on September 1, 2025 and (ii) if not otherwise included in clause (i), the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvv)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Interest Rate</u>" shall have the meaning set forth in Section (1)(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(www)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Issuance Date</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Loan-to-Collateral Ratio</u>" means, as of any date of determination, the ratio of (a) the aggregate outstanding principal balance of all the Debentures issued pursuant to the Purchase Agreement to (b) the *sum of* (i) the aggregate Digital Asset Market Value of all Collateral consisting of Bitcoin, *plus* (ii) the aggregate value of all Collateral consisting of cash and Cash Equivalents held in the Cash Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyy)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Loan-to-Collateral Ratio Compliance Level</u>" means 1.00 to 2.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzz)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Make-Whole Date</u>" shall have the meaning set forth in Section 19(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Mandatory French Law Conversion Price Adjustment</u>" shall have the meaning set forth in Section (5)(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Material Adverse Effect</u>" has the meaning given such term in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cccc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Maturity Date</u>" shall have the meaning set forth in Section (1)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dddd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>MNPI</u>" shall have the meaning set forth in Section 18.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>New York Close of Business</u>" means 5:00 p.m. (New York City time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ffff)&nbsp;&nbsp;&nbsp;&nbsp;"<u>New York Open of Business</u>" means 9:00 a.m. (New York City time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gggg)&nbsp;&nbsp;&nbsp;&nbsp;"<u>New York Business Day</u>" means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or a day on which banking institutions in the State of New York, United States are authorized or required by law or other government action to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhh)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Obligations</u>" means all of the Company's and each Guarantor's now existing and hereafter created or arising obligations, indebtedness and liabilities of any kind (whether primary or secondary, conditional or unconditional, contingent or noncontingent, joint or several) owed to the Holder, whether existing, created, incurred or arising in the Company's or such Guarantor's capacity as a borrower, guarantor, indemnitor, customer, purchaser, lessee, licensee, applicant, counterparty, debtor or other obligor, including (a) any loan amount, principal, interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), fee, charge, indemnification obligation, reimbursement obligation, royalty, premium, cost, expense, price, rent or other amount owed by the Company or such Guarantor to the Holder at any time, including future advances, protective advances and other financial accommodations, (b) any obligations, indebtedness or liabilities of the Company and the Guarantors to the Holder under any Transaction Document at any time, and (c) any of the foregoing that may have been, or that may be, acquired by the Holder from any third party, the Company or any Guarantor at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iiii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Optional Redemption</u>" shall have the meaning set forth in Section (2)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjjj)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Ordinary Share Market Price</u>" means the Closing Price of the ADSs (divided by the number of Ordinary Shares then represented by one ADS) on the date a binding agreement is made for the Company or any of its Subsidiaries to purchase Ordinary Shares (directly or in the form of ADSs) (or the immediately preceding Trading Day if such agreement (i) is not made on a Trading Day or (ii) if made on a Trading Day, is made prior to the availability of the Closing Price of the ADSs in respect of such Trading Day).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkkk)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Ordinary Share Repurchase Date</u>" shall have the meaning set forth in Section (5)(b)(v).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(llll)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Ordinary Shares</u>" means the ordinary shares of the Company, nominal value €0.01 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmmm)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Other Debentures</u>" means any other debentures issued pursuant to the Purchase Agreement and any other debentures, notes, or other instruments issued in exchange, replacement, or modification of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnnn)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Paris Business Day</u>" means any day (other than a Saturday or a Sunday) that is not a day on which banking institutions in Paris, France are authorized or required by law or executive order to close or be closed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oooo)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Paris Open of Business</u>" means 9:00 a.m., Paris, France time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pppp)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Paris Close of Business</u>" means 5:00 p.m., Paris, France time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqqq)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Payment Premium</u>" means for payments made (i) within twelve (12) months of the date of this Debenture, 3.0% and (ii) from and after twelve (12) months of the date of this Debenture, 5.0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrrr)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Periodic Reports</u>" shall mean all of the Company's reports (in form and substance as required by the Commission under applicable laws and regulations) required to be filed by the Company with the Commission under applicable laws and regulations (including, without limitation, Regulation S-K), including annual reports (on Form 20-F) and reports on Form 6-K, for so long as any amounts are outstanding under this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ssss)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Person</u>" means a corporation, an association, a partnership, organization, a business, an individual, a government or political subdivision thereof or a governmental agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tttt)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Principal</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuuu)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Principal Market</u>" means the New York Stock Exchange; *provided however*, that in the event the Company's ADSs are ever listed or traded on any of the NYSE American, the Nasdaq Global Market, the Nasdaq Global Select Market or the Nasdaq Capital Market, or such successor thereto, the "<u>Principal Market</u>" shall mean that market on which the ADSs are then listed or traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvvv)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Purchase Agreement</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(wwww)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Record Date</u>" means, with respect to any dividend, distribution or other transaction or event in which the holders of the Ordinary Shares (directly or in the form of ADSs) (or other applicable security) have the right to receive any cash, securities or other property or in which the Ordinary Shares (directly or in the form of ADSs) (or such other security) are exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of security holders entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors, statute, contract or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxx)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Redemption Amount</u>" shall have the meaning set forth in Section (2)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyyy)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Redemption Equity Condition Period</u>" shall have the meaning set forth in Section 2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzzz)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Redemption Date</u>" shall have the meaning set forth in Section (2)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaaa)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Redemption Notice</u>" shall have the meaning set forth in Section (2)(a).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbbb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Reference Property</u>" shall have the meaning set forth in Section (5)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccccc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Registration Rights Agreement</u>" has the meaning given such term in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddddd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Relevant Jurisdiction</u>" shall have the meaning set forth in Section (1)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeeee)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Reported Outstanding ADS Number</u>" shall have the meaning set forth in Section 4(c)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fffff)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Required Holders</u>" has the meaning given such term in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggggg)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Required Disclosure Date</u>" means (x) if the Holder authorized the delivery of such MNPI, either (I) if the Company and the Holder have mutually agreed upon a date (as evidenced by an e-mail or other writing) of Disclosure of such MNPI, such agreed upon date or (II) otherwise, the seventh (7th) calendar day after the date the Holder first received any MNPI or (y) if the Holder did not authorize the delivery of such MNPI, the first (1st) Business Day after the Holder's receipt of such MNPI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhhh)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Required Reserve Amount</u>" shall have the meaning set forth in Section (4)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iiiii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Reset Date</u>" means the date that is the earlier of (i) nine (9) months following the effective date of the Registration Statement (as defined in the Registration Rights Agreement) and (ii) twelve (12) months following the Issuance Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjjjj)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Restricted Issuance Agreement</u>" means the restricted issuance agreement to be entered into as of the Issuance Date, by and among the Company, the Depositary, and the owners and beneficial owners of the ADSs delivered thereunder or, if amended or supplemented as provided therein, as so amended or supplemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkkkk)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Rule 144</u>" means Rule 144 promulgated under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lllll)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmmmm)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Security Documents</u>" means, collectively, the Guaranty and Security Agreement, the Control Agreement, any other control agreement applicable to the Bitcoin Escrow Account or Cash Collateral Account, any other security agreements, pledge agreements or other similar agreements delivered to the Holder, the Guaranty (if applicable) and each of the other agreements, instruments or documents that creates a lien or guaranty in favor of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnnnn) "<u>Share Exchange Event</u>" shall have the meaning set forth in Section (5)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooooo)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Share Reduction</u>" shall have the meaning set forth in Section 5(b)(i).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppppp) "<u>Shortfall Amount</u>" shall have the meaning set forth in Section 19(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqqqq) "<u>Shortfall Event</u>" shall have the meaning set forth in Section 19(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrrrr)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Significant Subsidiary</u>" of any Person means any Subsidiary of that Person that constitutes a "significant subsidiary" (as defined in Rule 1-02(w) of Regulation S-X under the Exchange Act) of that Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sssss)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Specified Repurchase Date</u>" means January 7, 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttttt)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Spin-Off</u>" shall have the meaning set forth in Section (5)(b)(viii)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuuuu) "<u>Subject Proceeds</u>" shall have the meaning set forth in Section 19(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvvvv) "<u>Subscription Period</u>" shall have the meaning set forth in Section (5)(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(wwwww)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Subsidiary</u>" means, with respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of capital stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxxx) "<u>Successor Company</u>" shall have the meaning set forth in Section (15)(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyyyy) "<u>Trading Day</u>" means a day on which (i) trading in the ADSs (or other security for which a closing sale price must be determined) generally occurs on a Principal Market or, if the ADSs (or such other security) are not then listed on a Principal Market, on the principal other U.S. national or regional securities exchange on which the ADSs (or such other security) are then listed or, if the ADSs (or such other security) are not then listed on a U.S. national or regional securities exchange, on the principal other market on which the ADSs (or such other security) are then traded, and (ii) a Closing Price of the ADS (or closing sale price for such other security) is available on such securities exchange or market. If the ADSs (or such other security) are not so listed or traded, "<u>Trading Day</u>" means a New York Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzzzz)&nbsp;&nbsp;&nbsp;&nbsp; "<u>Transaction Document</u>" means (i) any Transaction Document (as defined in the Purchase Agreement) and (ii) any other Security Document entered into from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaaaa) "<u>Trigger Event</u>" shall have the meaning set forth in Section (5)(b)(viii)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbbbb)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Underlying ADSs</u>" means the ADSs (including the Ordinary Shares represented by such ADSs) issuable upon conversion of this Debenture in accordance with the terms hereof and the ADSs underlying any Pre-Funded Warrants issued in connection with any conversion of this Debenture (or portion hereof) as contemplated by Section (4)(c)(i) in certain circumstances, in each case determined without regard to any limitations on such conversion set

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forth in this Debenture or any such Pre-Funded Warrants (including, for the avoidance of doubt, such limitation set forth in Section 4(c)(i)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cccccc)&nbsp;&nbsp;&nbsp;&nbsp;"<u>unit of Reference Property</u>" shall have the meaning set forth in Section (5)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dddddd)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Valuation Period</u>" shall have the meaning set forth in Section (5)(b)(viii)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeeeee) "<u>Value of the Ordinary Share Immediately prior to the Close of Business on the Date of such Distribution</u>" means the arithmetic average of the VWAP (divided by the number of Ordinary Shares then represented by one ADS) for each of the three Trading Days immediately preceding the Ex-Dividend Date for such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ffffff)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Value of the Ordinary Shares Ex-Right</u>" means the arithmetic average of the VWAP (divided by the number of Ordinary Shares then represented by one ADS) on each Trading Day included in the applicable Subscription Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gggggg)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Value of the Preferential Subscription Right</u>" means (i) the arithmetic average of the opening trading prices on any Principal Market for such preferential subscription rights on a per right basis, or on a similar market on which the preferential subscription rights have their principal listing on each Trading Day included in the applicable Subscription Period, or (ii) if the preferential subscription rights are not listed on a Principal Market or similar market, the value of such preferential subscription rights will be calculated as reasonably determined by the Company or, at the Company's option, an Independent Expert taking into account the fair market value or trading price of any corresponding ADS rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhhhh)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Value of the Securities or Assets Distributed per Ordinary Share</u>" means: (1) in the event of a distribution of securities that are already listed on any Principal Market or a similar market, the arithmetic average of the Distributed Securities VWAP of such securities during the three Trading Days immediately preceding the Ex-Dividend Date for such distribution; (2) in the event of a distribution of securities that are not already listed on any Principal Market or a similar market, but that are expected to be listed on any such market for at least three Trading Days within 10 Trading Days starting on the Ex-Dividend Date for such distribution, the arithmetic average of the Distributed Securities VWAP of such securities during the first three Trading Days included within this 10 trading day period during which such securities are listed on any Principal Market or a similar market; and (3) in all other cases not addressed in clause (1) or (2) of this definition, such value that is determined reasonably by the Company or, at the Company's option, an Independent Expert, no later than the Trading Day immediately preceding the Ex-Dividend Date for such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iiiiii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>VWAP</u>" means, for any VWAP Trading Day, the per share volume-weighted average price as displayed under the heading "Bloomberg VWAP" on Bloomberg page "SQNS AQR" (or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the market

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value of one ADS on such Trading Day reasonably determined, using a volume-weighted average method, by a nationally recognized independent investment banking firm retained for this purpose by the Company). The "<u>VWAP</u>" shall be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjjjjj)&nbsp;&nbsp;&nbsp;&nbsp;"<u>VWAP Market Disruption Event</u>" means, with respect to any date, (A) the failure by the principal U.S. national or regional securities exchange on which the ADSs are then listed, or, if the ADSs are not then listed on a U.S. national or regional securities exchange, the principal, in terms of volume, on which the ADSs are then traded, to open for trading during its regular trading session on such date; or (B) the occurrence or existence, for more than one half hour period in the aggregate, of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant exchange or otherwise) in the ADSs or in any options contracts or futures contracts relating to the ADSs, and such suspension or limitation occurs or exists at any time before 1:00 p.m., New York City time, on such date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkkkkk)&nbsp;&nbsp;&nbsp;&nbsp;"<u>VWAP Trading Day</u>" means a day on which (A) there is no VWAP Market Disruption Event; provided that the Holder, by written notice to the Company, may waive any such VWAP Market Disruption Event; and (B) trading in ADSs generally occurs on the principal U.S. national or regional securities exchange on which the ADSs are then listed or, if the ADSs are not then listed on a U.S. national or regional securities exchange, on the principal, in terms of volume, Principal Market on which the ADSs are then traded. If the ADSs are not so listed or traded, then "VWAP Trading Day" means a Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(llllll)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Wholly Owned Subsidiary</u>" means, with respect to any Person, any direct or indirect Subsidiary of such Person, except that, solely for purposes of this definition, the reference to "more than 50%" in the definition of "Subsidiary" shall be deemed replaced by a reference to "100%".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18)&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidential Information</u>. At any time after the Issuance Date if the Company, any of its Subsidiaries, or any of their respective officers, directors, employees or agents, provides the Holder with material non-public information relating to the Company or any of its Subsidiaries (each, the "<u>MNPI</u>"), the Company shall, on or prior to the applicable Required Disclosure Date, publicly disclose such MNPI on a Current Report on Form 6-K or otherwise (each, a "<u>Disclosure</u>"). From and after such Disclosure, the Company shall have disclosed all MNPI provided to the Holder by the Company or any of its Subsidiaries or any of their respective officers, directors, employees or agents. In addition, effective upon such Disclosure, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates, employees or agents, on the one hand, and the Holder or any of its affiliates, on the other hand, shall terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19)&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral Coverage Requirement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;On or before the Bitcoin Conversion Deadline, the Company shall have used all the proceeds deposited in the Cash Collateral Account on the Issuance Date (other than up to eight hundred thousand dollars ($800,000) in the aggregate used to fund general and administrative

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costs and expenses related to the implementation of the Company's Bitcoin treasury strategy (the "<u>Bitcoin Strategy Expense Cap</u>")) to purchase, or cause any Grantor to purchase, Bitcoin, which Bitcoin shall be immediately delivered to the Bitcoin Escrow Account upon such purchase. For the avoidance of doubt, the Company shall not be responsible for any breach of this Section 19(a) if the reason for such breach is solely due to the Collateral Agent's breach of its obligations set forth in Section 19(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Prior to the Bitcoin Conversion Deadline, the Company shall not request a transfer or withdrawal of funds in excess of the Bitcoin Cash Cap from the Cash Collateral Account through any single transfer or withdrawal. Any funds transferred or withdrawn from the Cash Collateral Account shall only be used to promptly purchase Bitcoin that is immediately delivered to the Bitcoin Escrow Account upon such purchase (and to pay only customary transaction costs and commissions incurred in connection with such purchases) or to fund the implementation of the Company's Bitcoin treasury strategy in an amount up to the Bitcoin Strategy Expense Cap. Following any transfer or withdrawal of funds from the Cash Collateral Account, the Company shall not be permitted to request a transfer or withdrawal of additional funds from the Cash Collateral Account until such time as the Company has complied with the immediately preceding sentence, at which time the Company may again request a transfer or withdrawal of funds from the Cash Collateral Account to purchase or cause any Grantor to purchase additional Bitcoin up to the available Bitcoin Cash Cap. For example (and for illustrative purposes only), if (after expending proceeds to fund the implementation of the Company's Bitcoin treasury strategy in an amount equal to the Bitcoin Strategy Expense Cap), the Company transferred $30,000,000 from the Cash Collateral Account, it could not transfer additional funds from the Cash Collateral Account until it deposited the Bitcoin purchased with such $30,000,000 into the Bitcoin Escrow Account. So long as (i) no Default or Event of Default has occurred and is then continuing, and (ii) the Company has provided the Collateral Agent a notice, in the form attached hereto as <u>Exhibit II</u> (a "<u>Withdrawal Notice</u>"), and, for any requested transfers or withdrawals following the first transfer or withdrawal after the Issuance Date, supporting documentation from the Custodian of the Bitcoin Escrow Account (*e.g*., account statements, transaction history, escrow deposit receipts, or other similar documentation) reasonably satisfactory to the Collateral Agent evidencing that any previously withdrawn or transferred funds from the Cash Collateral Account were used by the Company to purchase Bitcoin that was deposited into the Bitcoin Escrow Account in accordance with the terms of this Section 19(b), then the Collateral Agent shall promptly provide instructions to the Cash Collateral Bank to release the funds from the Cash Collateral Account requested by the Company in the amount set forth in the Withdrawal Notice, which shall not exceed the available Bitcoin Cash Cap in accordance with this Section 19(b) and, for the avoidance of doubt, shall be used solely for the purchase of Bitcoin. For the avoidance of doubt, the Company may submit multiple Withdrawal Notices on any given Business Day, subject to the terms of this Section 19(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;As of the Issuance Date and immediately following the closing of the issuance of the Debentures and the Common Equity Private Placement (as defined in the Purchase Agreement), the Loan-to-Collateral Ratio shall be less than or equal to the Closing Loan-to-Collateral Ratio Compliance Level; provided that if, as of the Issuance Date, the Loan-to-Collateral Ratio is greater than the Loan-to-Collateral Ratio Compliance Level (a "<u>Shortfall Event</u>"), then on the ninetieth (90<sup>th</sup>) day following the Issuance Date (the "<u>Make-Whole Date</u>"), the Company shall cause to be deposited into the Cash Collateral Account such portion of the

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aggregate net proceeds received by the Company in respect of (i) the exercise of the Common Warrants and (ii) any Exempt At-the-Market Offering (as defined in the Purchase Agreement) prior to the Make-Whole Date (such aggregate proceeds, the "<u>Subject Proceeds</u>"), in an aggregate amount equal to the amount of additional collateral that would have been required to cause the Loan-to-Collateral Ratio to be equal to the Loan-to-Collateral Ratio Compliance Level (which shall include all proceeds deposited in the Cash Collateral Account on the Issuance Date that were transferred from the Cash Collateral Account to fund general and administrative costs and expenses related to the implementation of the Company's Bitcoin treasury strategy), as measured as of the Issuance Date (such amount, the "<u>Shortfall Amount</u>"); provided further that if the Subject Proceeds are less than the Shortfall Amount, the Company, in its sole discretion, may either: (1) cause additional cash to be deposited into the Cash Collateral Account in an amount equal to the difference between the Shortfall Amount and the Subject Proceeds, or (2) pay additional interest on the outstanding Principal balance hereof in accordance with Section 19(h), in which case the Company shall not be required to deposit any additional cash into the Cash Collateral Account. The Company shall provide the Holder with prompt written notice prior to the Marke-Whole Date (an "<u>Additional Interest Election Notice</u>") if it elects option (2) pursuant to the foregoing sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Other than the Collateral used or released in accordance with the foregoing clauses (a), (d) or (e), or as provided in the following clause (g), the Company shall not (and shall not permit the Grantors to) transfer, permit any encumbrance or otherwise dispose of any Collateral other than the transfer of Bitcoin Collateral (or cash held in the Cash Collateral Account for the

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purchase of Bitcoin) to the Grantors (or from one Grantor to another Grantor); provided that (i) in the case of a transfer to the Grantors following the Issuance Date, the Grantors, to the extent not a Grantor party to the Guaranty and Security Agreement as of the Issuance Date, shall have first complied with Sections 2.05 and 4.03 of the Guaranty and Security Agreement and (ii) any cash, Cash Equivalents or Bitcoin transferred to the Grantors following the Issuance Date shall at all times remain on deposit in the Cash Collateral Account or Bitcoin Escrow Account (or any replacement Cash Collateral Account or Bitcoin Escrow Account approved by the Collateral Agent in its sole discretion at a custodian approved by the Collateral Agent in its sole discretion), as applicable, and subject to the first priority Lien and security interest in favor of the Collateral Agent for the benefit of the Secured Parties (as defined in the Guaranty and Security Agreement). For the avoidance of doubt, neither the Company nor any of its affiliates shall be subject to any restrictions under the Transaction Documents in respect of Bitcoin that has been released as, or that does not otherwise constitute, Bitcoin Collateral (including all Bitcoin that is not purchased with the net proceeds of the issuance of the Debentures or the Common Equity Private Placement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of this definition or anything in this Debenture or any other Transaction Document to the contrary, (i) the Collateral requirements thereunder shall not require any control agreement, lockbox or similar arrangement with respect to any deposit account, securities account, commodities account or other bank account, or otherwise take or perfect a security interest with control (other than with respect to the Bitcoin Escrow Account and/or the Cash Collateral Account to the extent required under the Debentures and the Collateral Documents); and (b) no actions (x) in any non-U.S. jurisdiction or (y) required by the laws of any non-U.S. jurisdiction shall be required to be taken to create, perfect or maintain any security interest or make enforceable any security interests or otherwise (it being understood that there shall be no Collateral Document (or other security agreements or pledge agreements) governed by any non-U.S. jurisdiction). As used in this Debenture, "<u>Collateral Documents</u>" means the Guaranty and Security Agreement, any control agreement with respect to the Bitcoin Escrow Account and/or the Cash Collateral Account (including financing statements under the UCC of the relevant states), and the escrow agreement or similar securities control agreement with respect to the Bitcoin Escrow Account, each as amended, supplemented, restated, renewed, replaced or otherwise modified from time to time, to secure any obligations under the Debentures or under which rights or remedies with respect to the Lien are governed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Interest</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;(1) &nbsp;&nbsp;&nbsp;&nbsp;If the Company elects to pay additional interest under Section 19(c), then from and after the Issuance Date until but not including the first anniversary of the Issuance Date (the "<u>Additional Interest Period</u>"), additional interest shall accrue on the outstanding Principal balance hereof at an annual rate equal to five percent (5.0%) (such interest, the "<u>Additional Interest</u>"). Additional Interest shall be calculated based on a 365- day year and the actual number of days elapsed, to the extent permitted by applicable law. Additional Interest shall accrue during the Additional Interest Period and shall be due and payable on each Interest Payment Date or upon the acceleration (including, for the avoidance of doubt, in connection with Section 3(b)), redemption (including, for the avoidance of doubt, in connection with Section 2(b) and Section 2(c)) or conversion of the outstanding Principal. At the election of the Company, Additional Interest shall be

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payable by either (A) issuing to Holder a number of Ordinary Shares, represented by ADSs (the "<u>Interest ADSs</u>") determined in accordance with the formula set forth in Section 19(h)(2) below, provided that (x) the Equity Conditions are satisfied as of the applicable Interest Payment Date and (y) the Company has notified the Holder in writing (an "<u>Interest ADS Notice</u>") that it has elected to pay the Additional Interest in Interest ADSs no later than ten (10) Trading Days prior to the applicable Interest Payment Date, or (B) in cash. Notwithstanding the foregoing, the ability of the Company to elect payment of Additional Interest in Interest ADSs shall be subject to the conversion limitations set forth in Section 4(c)(i), which shall apply *mutatis mutandis*. Failure to timely deliver an Interest ADS Notice to the Holder shall be deemed an election by the Company to pay the Additional Interest with respect to such Interest Payment Date in cash. Notwithstanding anything herein to the contrary, the Company will not have the right to, and will not, make any payment of Additional Interest (or any applicable portion thereof) in Interest ADSs if the Equity Conditions are not satisfied for each VWAP Trading Day occurring between the date of delivery of the Interest ADS Notice and the applicable Interest Payment Date (and the Company shall certify in writing to the Holder on the applicable Interest Payment Date that the Equity Conditions have continued to have been satisfied during such period), and such payment of Additional Interest (or any applicable portion thereof) shall instead be paid in cash on such Interest Payment Date, unless such failure of the Equity Conditions to be so satisfied is waived in writing by the Required Holders, which waiver may be granted or withheld by the Required Holders in their sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;If the Company elects to pay Additional Interest in Interest ADSs, the number of Interest ADSs issuable on any Interest Payment Date shall be equal to the quotient (rounded down to the nearest whole share, with cash paid in lieu of any fractional share) obtained by dividing (a) the amount of Additional Interest to be paid in Interest ADSs on such Interest Payment Date, by (b) the lower of (x) the Discounted VWAP and (y) the Conversion Price.

[*Signature Page Follows*]

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**IN WITNESS WHEREOF**, the Company has caused this Convertible Secured Debenture to be duly executed by a duly authorized officer as of the date set forth above.

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| | |
|:---|:---|
| **<u>COMPANY</u>:** | **<u>COMPANY</u>:** |
| **SEQUANS COMMUNICATIONS S.A.** | **SEQUANS COMMUNICATIONS S.A.** |
| By: | /s/ Georges Karam |
| Name: | Georges Karam |
| Title: | Chief Executive Officer |

---

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**EXHIBIT I**

**<u>CONVERSION NOTICE</u>**

**(To be executed by the Holder in order to Convert the Secured Convertible Debenture)**

**To: Sequans Communications S.A.**

**Via Email:**

The undersigned hereby irrevocably elects to convert a portion of the outstanding and unpaid Conversion Amount of Secured Convertible Debenture No. SQNS-[5] into ADSs of Sequans Communications S.A., according to the conditions stated therein, as of the Conversion Date written below.

**Conversion Date:**

**Principal Amount to be Converted:**

**Accrued Interest to be Converted:**

**Total Conversion Amount to be Converted:**

**Conversion Price:**

**Number of ADSs to be issued:**

**Number of Pre-Funded Warrants, if any, to be issued:**

**Please issue the ADSs in the following name and deliver them to the following account:** 

**Issue to:**

**Broker DTC Participant Code:**

**Account Number:**

**Authorized Signature:**

**Name:**

**Title:**

**Please issue and deliver the Pre-Funded Warrants, if any, to:**

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**Exhibit II**

**<u>Withdrawal Notice</u>**

Hudson Bay PH XVI Ltd

[Address]

Attention: [_____]

Email Address: [_____]

Date:

**Re: Withdrawal Notice pursuant to the Secured Convertible Debentures, dated [_____], 2025**

**Cash Collateral Account No. _____________**

We refer to those certain Secured Convertible Debentures, issued on [●], 2025 in the aggregate principal amount of $[●]. Capitalized terms in this letter that are not otherwise defined shall have the same meaning given to them in the Secured Convertible Debentures.

Pursuant to Section [19(b)] of the Secured Convertible Debentures, the Company instructs Collateral Agent to cause the Cash Collateral Bank to release the portion of the funds in the Cash Collateral Account specified below to the Custodian, for the purchase of Bitcoin, as follows:

Amount (In numerals):

Amount (In writing):

Beneficiary:

City:

Country:

**US Instructions:**

Bank

Bank address

ABA Number:

Credit A/C Name:

Credit A/C #:

Credit A/C Address:

If Applicable:

FFC A/C Name:

FFC A/C #:

FFC A/C Address:

**<u>COMPANY</u>:**

**SEQUANS COMMUNICATIONS S.A.**

By:&nbsp;&nbsp;&nbsp;&nbsp;___________________________

Name:&nbsp;&nbsp;&nbsp;&nbsp;Georges Karam

Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer

## Exhibit 5.1

**Exhibit 5.1**

**Execution Version**

![archersa.jpg](archersa.jpg)

**ARCHERS**

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| |
|:---|
| **Archers A.A.R.P.I.** |
| 28 rue Dumont d'Urville |
| 75116 Paris |
| France |
| Siren: 509 676 316 |
| T: +33 (0)1 45 02 07 07 |
| F: +33 (0)1 45 02 07 08 |
| archers.fr |

---

July 16<sup>th</sup>, 2025

Sequans Communications S.A.

Forest, 15-55 boulevard Charles de Gaulle,

92700 Colombes, France

**Re:&nbsp;&nbsp;&nbsp;&nbsp;Registration Statement on Form F-3 of Sequans Communications S.A.**

Ladies and Gentlemen,

We have acted as special French counsel to Sequans Communications S.A., a société anonyme incorporated in the French Republic, registered with the Nanterre Registry of Commerce and Companies under number 450 249 677 R.C.S. Nanterre (the "Company") and have examined the Registration Statement on Form F-3 (the "Registration Statement") filed by the Company with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act") in relation to the proposed resale or other disposition by the Selling Securityholders identified in the "Selling Securityholders" section of this prospectus, or any of their transferees or other successors-in-interest, of up to 1,822,500,010 of the Company's ordinary shares represented by up to 182,250,001 American Depositary Shares, or ADSs, consisting of: (i) up to 1,350,000,030 ordinary shares represented by 135,000,003 ADSs (the "Conversion Shares"), or pre-funded warrants (the "Pre-Funded Warrants") in lieu thereof, issuable upon the conversion of secured convertible debentures held by the Selling Securityholders (the "Secured Convertible Debentures"), (ii) 270,000,000 ordinary shares represented by 27,000,000 ADSs as "Interest ADSs" (as defined in the Secured Convertible Debentures), and (iii) 202,499,980 ordinary shares represented by 20,249,998 American Depositary Shares (the "Warrant Shares"), or Pre-Funded

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**ARCHERS**

Warrants in lieu thereof, issuable upon the exercise of common warrants (the "Warrants").

The offering of Conversion Shares, the ordinary shares issued after the exercise of the Pre-Funded Warrants ("<u>Pre-Funded Warrant Shares</u>"), Interest ADSs and Warrant Shares (collectively, the "<u>Securities</u>") is set forth in the prospectus contained in the Registration Statement (the "<u>Prospectus</u>"), as supplemented by one or more supplements to the Prospectus.

In connection with the preparation and filing of the Registration Statement, we have been asked to provide opinions on certain matters, as set out below. We have taken instruction in this regard solely from the Company.

Based on the foregoing and subject to further limitations, qualifications and assumptions and to any matters not disclosed to us, we are of the opinion that the Securities will be validly issued, fully paid up, may be freely traded (*librement négociables*) and will be non-assessable (for the purposes of this opinion, the term "non-assessable", which has no recognized meaning under French law, shall mean that no present or future holder of the Securities will be subject to personal liability, by reason of being such a holder, for additional payments or calls for further funds by the Company or any other person after the issuance of the Securities).

For the purpose of this opinion, we have assumed that: (i) the Registration Statement, and any amendments thereto, will have become effective under the Securities Act (and will remain effective at the time of issuance of any Securities thereunder); (ii) any prospectus supplement, to the extent required by applicable law and the relevant rules and regulations of the Commission will be timely filed with the Commission; (iii) the resolutions authorizing the Company to issue and offer the Securities as adopted by the extraordinary shareholders' meeting and/or, the Board of Directors, as applicable, will be in full force and effect at all times at which the Securities are issued and offered by the Company; (iv) the definitive terms of the Securities have been established in accordance with the authorizing resolutions adopted by the extraordinary shareholders' meeting and/or the Board of Directors, as applicable, the Company's by-laws and applicable law; (v) the Company will issue and deliver the Securities in the manner contemplated in the Registration Statement and the amount of Securities issued will remain within the limits of the then authorized but unissued amounts of such Securities; (vi) all Securities will be issued in compliance with applicable securities and corporate law; (vii) any deposit agreement, warrant agreement,subscription contract agreement will constitute a valid and binding obligation of each party thereto; (viii) we do not undertake or accept any obligation to update this opinion to reflect subsequent changes in French law or factual matters arising after the date of effectiveness of the Registration Statement; (ix) this opinion is subject to any limitation arising from ad hoc mandate (mandat ad hoc), conciliation (conciliation), accelerated safeguard (sauvegarde accélérée), accelerated financial safeguard (sauvegarde financière accélérée), safeguard (sauvegarde), judicial reorganisation (redressement judiciaire), judicial liquidation (liquidation judiciaire) (including a provision that creditors' proofs of debts denominated in foreign currencies

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![archersa.jpg](archersa.jpg)

**ARCHERS**

would be converted into euros at the rate applicable on the date of the court decision instituting the accelerated safeguard (sauvegarde accélérée), the accelerated financial safeguard (sauvegarde financière accélérée), the safeguard (sauvegarde), the judicial reorganisation (redressement judiciaire) and the judicial liquidation (liquidation judiciaire) proceedings), insolvency, moratorium and other laws of general application affecting the rights of creditors; and (x) notice of any change affecting the status of the Company may not be filed immediately with the Registre du commerce et des sociétés and as a consequence may not immediately appear on an extrait K-bis. It should also be noted that the opening of ad hoc mandate (mandat ad hoc) or conciliation (conciliation) proceedings never appears on such document.

We have examined the instruments, documents and records which we deemed relevant and necessary for the basis of our opinions hereinbefore expressed. In such examination, we have assumed: **(i)** the authenticity of original documents and the genuineness of all signatures; **(ii)** the conformity to the originals of all documents submitted to us as copies; and **(iii)** the truth, accuracy, and completeness of the information, representations, and warranties contained in the records, documents, instruments, and certificates we have reviewed.

We are members of the Paris Bar and this opinion is limited to the laws of the French Republic and we do not express any opinion as to the effect of any other laws. This opinion is subject to the sovereign power of the French courts to interpret the facts and circumstances of any adjudication. This opinion is given on the basis that it is to be governed by, and construed in accordance with, the laws of the French Republic.

This opinion is addressed to you solely for your benefit in connection with the Registration Statement. It is not to be transmitted to anyone else nor is it to be relied upon by anyone else or for any other purpose or quoted or referred to in any public document(other than the Registration Statement) or filed with anyone without our prior written express consent.

We hereby consent to the filing with the Commission of this opinion as Exhibit 5.1 to the Registration Statement, and to the reference to Archers A.A.R.P.I. under the caption "Legal Matters" in the prospectus constituting a part of such Registration Statement. In giving such consent, we do not thereby admit that we are included in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder, nor do we thereby admit that we are "experts" within the meaning of such term as used in the Securities Act with respect to any part of the Registration Statement, including this opinion letter as an exhibit or otherwise.

Yours faithfully,

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![archersa.jpg](archersa.jpg)

**ARCHERS**

/s/ ARCHERS A.A.R.P.I.

ARCHERS A.A.R.P.I.

Mark Richardson

## Exhibit 10.1

**Exhibit 10.1**

**<u>SECURED CONVERTIBLE DEBENTURE PURCHASE AGREEMENT</u>**

**THIS SECURED CONVERTIBLE DEBENTURE PURCHASE AGREEMENT** (this "<u>Agreement</u>"), dated as of June 22, 2025, is between Sequans Communications S.A., a *société anonyme* incorporated in the French Republic (the "<u>Company</u>"), each purchaser listed on the signature pages hereto (each, a "<u>Buyer</u>" and collectively, the "<u>Buyers</u>") and Hudson Bay PH XVI Ltd. as collateral agent (in such capacity, the "<u>Collateral Agent</u>").

**<u>WITNESSETH</u>**

**WHEREAS**, the Company and each Buyer desire to enter into this transaction for the Company to sell and such Buyer to purchase the Secured Convertible Debentures (as defined below) and/or Common Warrants (as defined below) pursuant to an exemption from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and/or Rule 506 of Regulation D ("<u>Regulation D</u>") promulgated by the U.S. Securities and Exchange Commission (the "<u>SEC</u>") thereunder;

**WHEREAS**, the parties desire that, upon the terms and subject to the conditions contained herein, (a) the Company shall issue and sell to each Buyer, as provided herein, and each Buyer shall purchase a secured convertible debenture in the form attached hereto as <u>Exhibit A</u> (each such secured convertible debenture, a "<u>Secured Convertible Debenture</u>" and collectively, the "<u>Secured Convertible Debentures</u>") in the aggregate principal amount of $189,000,000 (the "<u>Subscription Amount</u>"), which shall be convertible into (i) ordinary shares, nominal value €0.01 per share of the Company (the "<u>Ordinary Shares</u>"), represented by a number of American Depositary Shares (each an "<u>ADS</u>"), specified pursuant to the Amended and Restated Deposit Agreement dated as of May 14, 2018 (the "<u>Deposit Agreement</u>") among the Company, The Bank of New York Mellon, as depositary (the "<u>Depositary</u>"), and the holders from time to time of the ADSs issued thereunder, indirectly through the conversion into Ordinary Shares (the ADSs delivered or deliverable upon conversion of all or any portion of the Secured Convertible Debentures into Ordinary Shares are referred to herein as the "<u>Conversion ADSs</u>" and such Ordinary Shares are referred to herein as "<u>Conversion Shares</u>") and (ii) pre-funded warrants (the "<u>Pre-Funded Warrants</u>"), to purchase Ordinary Shares represented by ADSs (as exercised, such Ordinary Shares collectively, the "<u>Pre-Funded Warrant Shares</u>" and such ADSs collectively, the "<u>Pre-Funded Warrant ADSs</u>") whose terms and conditions (the "<u>Terms and Conditions of the Pre-Funded Warrants</u>") are attached hereto as <u>Exhibit B</u>, and/or (b) common warrants (the "<u>Common Warrants</u>"), to purchase Ordinary Shares represented by ADSs or additional Pre-Funded Warrants at the election of the holder thereof (as exercised, such Ordinary Sares collectively, the "<u>Common Warrant Shares</u>" and such ADSs collectively, the "Common Warrant ADSs") whose terms and conditions (the "<u>Terms and Conditions of the Common Warrants</u>") are attached hereto as <u>Exhibit F</u>, subject to the conditions to the Closing set forth in <u>Sections 6</u> and <u>7</u> below being satisfied or waived (the "<u>Closing</u>"), at a purchase price for all such securities, payable in cash, equal to 96% of the Subscription Amount (the "<u>Purchase Price</u>"), in each case in the respective amounts set forth opposite such Buyer's name on <u>Schedule I</u> to this Agreement;

**WHEREAS**, on or before the Closing Date (as defined below), the parties hereto are executing and delivering a Registration Rights Agreement (the "<u>Registration Rights</u> 

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<u>Agreement</u>"), attached hereto as <u>Exhibit C,</u> pursuant to which the Company has agreed to provide certain resale registration rights under the Securities Act and the rules and regulations promulgated thereunder, and applicable state securities laws;

**WHEREAS**, the Company has engaged Northland Capital Markets, Yorkville Advisors and B. Riley Securities as its placement agents (the "<u>Placement Agents</u>") for the offering of Securities;

**WHEREAS**, on or before the Closing Date, the Company shall execute and deliver a Guaranty and Security Agreement (the "<u>Security Agreement</u>") in the form attached hereto as <u>Exhibit E</u> and certain other agreements pursuant to which the Company has agreed to provide a first priority lien on certain assets of the Company as security for the obligations of the Company to the Buyers;

**WHEREAS**, the Secured Convertible Debentures, the Conversion Shares, the Conversion ADSs, the Pre-Funded Warrants, the Pre-Funded Warrant Shares, the Common Warrants and the Common Warrant Shares are collectively referred to herein as the "<u>Securities</u>;" and

**WHEREAS**, substantially concurrently with the execution and delivery of this Agreement, the Company is selling in a private offering to persons reasonably believed to be either (i) "qualified institutional buyers" ("<u>QIBs</u>") within the meaning of Rule 144A under the Securities Act or (ii) institutional "accredited investors" ("<u>IAIs</u>") within the meaning of Rule 501(a) of Regulation D under the Securities Act, in each case pursuant to the exemption from registration under Rule 4(a)(2) of the Securities Act, Ordinary Shares represented by ADSs and/or (ii) pre-funded warrants to purchase Ordinary Shares represented by ADSs (the "<u>Common Equity Private Placement</u>").

**<u>AGREEMENT</u>**

**NOW, THEREFORE**, in consideration of the premises and the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and each Buyer, severally and not jointly, hereby agree as follows:

**1.&nbsp;&nbsp;&nbsp;&nbsp;PURCHASE AND SALE OF SECURED CONVERTIBLE DEBENTURES.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Purchase of Secured Convertible Debentures</u>. Subject to the satisfaction (or waiver) of the conditions set forth in <u>Sections 6</u> and <u>7</u> below, the Company shall issue and sell to each Buyer, and each Buyer agrees to purchase from the Company at the Closing, (i) a Secured Convertible Debenture with principal amount corresponding to the Subscription Amount set forth opposite such Buyer's name on <u>Schedule I</u> attached hereto and (ii) a number of Common Warrants set forth opposite such Buyer's name on <u>Schedule I</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Closing Date</u>. The Closing shall occur remotely by conference call and electronic delivery of documentation. The date and time of the Closing shall be on the date no later than

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two business days after the date that the conditions to Closing set forth in <u>Sections 6</u> and <u>7</u> are satisfied or waived (or such other date as is mutually agreed to by the Company and each Buyer) (the "<u>Closing Date</u>"). As used herein "<u>Business Day</u>" means any day other than a Saturday, a Sunday, or any other day on which commercial banks in New York City or Paris are authorized or required by law or other governmental action to be closed; provided, however, for clarification, commercial banks in New York City or Paris shall not be deemed to be authorized or required by law or executive order to close or be closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in New York City or Paris are open for use by customers on such day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Form of Payment; Deliveries</u>. Subject to the satisfaction (or waiver) of the terms and conditions of this Agreement, on the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp;each Buyer, severally and not jointly, shall deliver, or cause to be delivered, to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) &nbsp;&nbsp;&nbsp;&nbsp;the Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;the Company shall do the following with respect to each Buyer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) &nbsp;&nbsp;&nbsp;&nbsp;deliver to such Buyer the Secured Convertible Debenture which such Buyer is purchasing at the Closing with a principal amount corresponding with the Subscription Amount set forth opposite such Buyer's name on the Schedule of Buyers attached as <u>Schedule I</u> hereto, duly executed on behalf of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) &nbsp;&nbsp;&nbsp;&nbsp;issue an aggregate amount of Common Warrants as set forth opposite such Buyer's name on the Schedule of Buyers attached as <u>Schedule I</u> hereto. All such Common Warrant Shares and Common Warrants shall be evidenced by a book entry on a securities account open in their name in the books of the Company, in accordance with Articles L. 211-3 et seq. of the French Monetary and Financial Code.

**2.&nbsp;&nbsp;&nbsp;&nbsp;BUYER'S REPRESENTATIONS AND WARRANTIES.**

Each Buyer, for itself and not for any other Buyer, represents and warrants to the Company and the Placement Agents that, as of the date hereof and as of the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Investment Purpose</u>. The Buyer is acquiring the Securities for its own account for investment purposes and not with a view towards, or for resale in connection with, the public sale or distribution thereof, except pursuant to sales registered under or exempt from the registration requirements of the Securities Act; provided, however, that by making the representations herein, such Buyer does not agree, or make any representation or warranty, to hold any of the Securities for any minimum or other specific term and reserves the right to dispose of the Securities at any time in accordance with, or pursuant to, a registration statement covering such Securities or an available exemption under the Securities Act. Such Buyer does

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not presently have any agreement or understanding, directly or indirectly, with any Person (as defined below) to distribute any of the Securities in violation of applicable securities laws. As used herein, "<u>Person</u>" means a corporation, a limited liability company, an association, a partnership, an organization, a business, an individual, a governmental or political subdivision thereof or a governmental agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Accredited Investor Status</u>. The Buyer is either a QIB under the Securities Act or IAI within the meaning of Rule 501(a) of Regulation D under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reliance on Exemptions</u>. The Buyer understands that the Securities are being offered and sold to it in reliance on specific exemptions from the registration requirements of United States federal and state securities laws and that the Company is relying in part upon the truth and accuracy of, and such Buyer's compliance with, the representations, warranties, agreements, acknowledgments and understandings of such Buyer set forth herein in order to determine the availability of such exemptions and the eligibility of such Buyer to acquire the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Information</u>. The Buyer and its advisors (and its counsel), if any, have been furnished with all materials relating to the business, finances and operations of the Company and information the Buyer deemed material to making an informed investment decision regarding its purchase of the Securities, which have been requested by such Buyer, including the supplemental risk factors set forth on <u>Exhibit D</u>, and has had the opportunity to review the Company's filings and submissions with the SEC, including, without limitation, all information filed or furnished pursuant to the Exchange Act and all information incorporated into such filings and submissions. The Buyer and its advisors, if any, have been afforded the opportunity to ask questions of the Company and its management. Neither such inquiries nor any other due diligence investigations conducted by such Buyer or its advisors or representatives, if any, shall modify, amend or affect such Buyer's right to rely on the Company's representations and warranties contained in <u>Section 3</u> below. The Buyer understands that its investment in the Securities involves a high degree of risk. The Buyer has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer or Resale</u>. The Buyer understands that: (i) the Securities have not been registered under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (A) subsequently registered thereunder, (B) such Buyer shall have delivered to the Company an opinion of counsel, in a generally acceptable form, to the effect that such Securities to be sold, assigned or transferred may be sold, assigned or transferred pursuant to an exemption from such registration requirements, or (C) such Buyer provides the Company with reasonable assurances (in the form of seller and broker representation letters) that such Securities can be sold, assigned or transferred pursuant to Rule 144 promulgated under the Securities Act, as amended (or a successor rule thereto) (collectively, "<u>Rule 144</u>"), in each case following the applicable holding period set forth therein; and (ii) any sale of the Securities made in reliance on Rule 144 may be made only in accordance with the terms of Rule 144 and further, if Rule 144 is not applicable, any resale of the Securities under circumstances in which the seller

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(or the Person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the Securities Act) may require compliance with some other exemption under the Securities Act or the rules and regulations of the SEC thereunder. Notwithstanding the foregoing, the Securities may be pledged in connection with a bona fide margin account or other loan or financing arrangement secured by the Securities and such pledge of Securities shall not be deemed to be a transfer, sale or assignment of the Securities hereunder, and no Buyer effecting a pledge of Securities shall be required to provide the Company with any notice thereof or otherwise make any delivery to the Company pursuant to this Agreement or any other Transaction Document, including, without limitation, this <u>Section 2(e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Legends</u>. The Buyer agrees to the imprinting, so long as its required by this <u>Section 2(f)</u>, of a restrictive legend on the Securities in substantially the following form:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE [AND THOSE SECURITIES INTO WHICH THEY ARE CONVERTIBLE] HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES [AND THOSE SECURITIES INTO WHICH THEY ARE CONVERTIBLE] HAVE BEEN ACQUIRED SOLELY FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TOWARD RESALE AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL, IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE SECURITIES LAWS. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

Any certificate or book-entry Securities issued under this Agreement shall not contain any legend (including the legend set forth above), (i) following any sale of such Securities, as applicable, pursuant to Rule 144, (ii) if such Securities, as applicable are eligible for sale under Rule 144 and such Buyer has delivered all documentation reasonably requested by the Company to cause Company's transfer agent to remove all restrictive legends from the Securities, as applicable, other than any legal opinions required by the transfer agent, which shall be provided by the Company, or (iii) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the SEC). If a legend is not required pursuant to the foregoing, the Company shall no later than one (1) Business Day (or such earlier time as required pursuant to the Exchange Act (as defined below) or other applicable law, rule or regulation for the settlement of a trade initiated on the date such Buyer delivers such legended certificate representing such securities to the Company) following

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the delivery by a Buyer to the Company or the transfer agent (with notice to the Company) of a legended certificate representing such securities (endorsed or with share transfer powers attached, and otherwise in form necessary to affect the reissuance and/or transfer, if applicable), together with any other deliveries from such Buyer as may be required above in this <u>Section 2(f)</u>, as directed by such Buyer, either: (A) provided that the Company's transfer agent is participating in the DTC Fast Automated Securities Transfer Program, instruct the transfer agent to credit the aggregate number of ADSs to which such Buyer shall be entitled to such Buyer's or its designee's balance account with DTC through its Deposit/Withdrawal at Custodian system or (B) if the Company's transfer agent is not participating in the DTC Fast Automated Securities Transfer Program, instruct the transfer agent to issue and deliver (via reputable overnight courier) to such Buyer, a certificate representing such securities that is free from all restrictive and other legends, registered in the name of such Buyer or its designee. The Company shall be responsible for any transfer agent fees or DTC fees with respect to any issuance of Securities or the removal of any legends with respect to any Securities in accordance herewith. The Buyer agrees that the removal of a restrictive legend from certificates representing Securities as set forth in this <u>Section 2(f)</u> is predicated upon the Company's reliance that the Buyer will sell any Securities pursuant to either the registration requirements of the Securities Act, including any applicable prospectus delivery requirements, or an exemption therefrom, and that if Securities are sold pursuant to a registration statement, they will be sold in compliance with the plan of distribution set forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Organization; Authority</u>. Such Buyer is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization with the requisite power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents to which it is a party and otherwise to carry out and perform its obligations hereunder and thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Authorization, Enforcement</u>. The Transaction Documents to which each such Buyer is a party have been duly and validly authorized, executed and delivered on behalf of such Buyer and shall constitute the legal, valid and binding obligations of such Buyer enforceable against such Buyer in accordance with their terms, except as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors' rights and remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Conflicts</u>. The execution, delivery and performance by such Buyer of this Agreement and the consummation by such Buyer of the transactions contemplated hereby will not (i) result in a violation of the organizational documents of such Buyer, (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which such Buyer is a party or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws) applicable to such Buyer, except, in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which would not, individually or in the aggregate,

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reasonably be expected to have a material adverse effect on the ability of such Buyer to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Trading Activities</u>. The Buyer has not directly or indirectly, nor has any Person acting on behalf of or pursuant to any understanding with the Buyer, engaged in any transactions in the securities of the Company (including, without limitation, any Short Sales (as defined below) involving the Company's securities) during the period commencing as of the time that the Buyer first contacted the Company or the Company's agents regarding the specific investment in the Company contemplated by this Agreement and ending immediately prior to the execution of this Agreement by such Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>No General Solicitation</u>. The Buyer is not purchasing or acquiring the Securities as a result of any general solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Not an Affiliate</u>. The Buyer is not (i) an officer or director of the Company or any of its Subsidiaries (as defined in the Debenture), (ii) an "affiliate" (as defined in Rule 144) of the Company or any of its Subsidiaries or (iii) a "beneficial owner" of more than 10% of the Ordinary Shares (as defined for purposes of Rule 13d-3 of the Exchange Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Public Market</u>. The Buyer understands that no public market exists for the Secured Convertible Debenture, and that there is no assurance that a public market will ever develop for the Secured Convertible Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;<u>Investment Funds.</u> The Buyer represents, warrants, acknowledges and agrees that, if such Buyer is acting on behalf of investment funds or other legal entities managed or advised by it, the representations made under this Section shall also apply to each such fund or legal entity and such Buyer shall further ensure compliance thereof by each such fund or entity in connection with the Secured Convertible Debenture, Pre-Funded Warrants and Common Warrants.

**3.&nbsp;&nbsp;&nbsp;&nbsp;REPRESENTATIONS AND WARRANTIES OF THE COMPANY.**

Except as set forth in the SEC Documents (as defined below) that are available on the SEC's website through the EDGAR system at least one (1) Business Day prior to the date of this Agreement (unless the context provides otherwise), the Company hereby makes the representations and warranties set forth below to each Buyer as of the date hereof and as of the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Organization and Qualification</u>. Each of the Company and Bitquans Holdings LLC (the "Guarantor") has been duly organized and is validly existing as a corporation or other legal entity in good standing (or the foreign equivalent thereof) under the laws of its jurisdiction of incorporation or organization. Each of the Company and the Guarantor is duly qualified to do business and is in good standing (or the foreign equivalent thereof) as a foreign corporation or other legal entity in each jurisdiction in which its ownership or lease of its properties or the conduct of its business requires such qualification and has all power and authority (corporate or

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other) necessary to own or hold its properties and to conduct the businesses in which each is engaged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Authorization; Enforcement; Validity</u>. Each of the Company and the Guarantor has the requisite corporate power and authority to enter into and perform its obligations under this Agreement and the other Transaction Documents and, upon obtaining the Resolution, to issue the Securities in accordance with the terms hereof and thereof. The execution and delivery of this Agreement and the other Transaction Documents by the Company and, as applicable, the Guarantor and the consummation by the Company and the Guarantor of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Secured Convertible Debentures, the reservation for issuance and issuance of the Conversion Shares, the Pre-Funded Warrant Shares and Common Warrant Shares, and the delivery of ADSs representing the Ordinary Shares), have been duly authorized by the Company's Chief Executive Officer and board of directors and the Guarantor's Chief Executive Officer and board of directors and no further filing, consent or authorization (other than the Resolution) is required by the Company, the Guarantor, their respective board of directors or shareholders or other governmental or corporate body other than any filing, consent or authorization the failure of which to obtain would not reasonably be expected to have a Material Adverse Effect (as defined below). This Agreement has been, and the other Transaction Documents to which the Company or the Guarantor is a party will be prior to the Closing, duly executed and delivered by the Company and, as applicable, the Guarantor, and each constitutes the legal, valid and binding obligations of the Company, enforceable against the Company and, as applicable, the Guarantor in accordance with its respective terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors' rights and remedies and except as rights to indemnification and to contribution may be limited by federal or state securities law. "<u>Transaction Documents</u>" means, collectively, this Agreement, the Registration Rights Agreement, the Secured Convertible Debentures, the Security Agreement, and each of the other agreements and instruments, including any Pre-Funded Warrants and Common Warrants, entered into by the Company or delivered by the Company in connection with the transactions contemplated hereby and thereby, as may be amended from time to time. The Company further represents that, as of the Closing Date, the shareholders of the Company, in the context of the Resolution, waived their preferential subscription rights notably in favor of: (i) any industrial partner that has a similar, complementary or related business to that of the Company, (ii) institutional or strategic investors (a) that have, as the case may be, the status of Qualified Institutional Buyers or Institutional Accredited Investors within the meaning of U.S. law, of qualified investors within the meaning of Regulation (EU) 2017/1129 of 14 June 2017 or an equivalent status under the rules applicable in its country of incorporation; (b) and that invest in companies with high growth potential and have a certain number of significant references making investments in small/mid cap equities; or (iii) any institution that acts as a depository in connection with any offering by the Company of American Depositary Shares registered with the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Issuance of Securities</u>. The issuance of the Secured Convertible Debentures has been duly authorized and, when issued and delivered to each Buyer against full payment therefor

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in accordance with the terms of this Agreement, the Secured Convertible Debentures will be validly issued, fully paid and non-assessable, will be issued free and clear of any mortgages, defects, claims, liens, pledges, charges, taxes, rights of first refusal, security interests and other encumbrances (collectively, "<u>Liens</u>") or other restrictions (other than those as provided in the Transaction Documents or restrictions on transfer under applicable state and federal securities laws). As of the Closing Date, the Company shall have reserved from its authorized share capital not less than the Required Reserve Amount (as defined herein). Subject to and upon obtaining the Resolution, and the issuance or conversion in accordance with the Secured Convertible Debentures, each of the Conversion Shares and the Conversion ADSs, when issued or delivered, will be validly issued, fully paid and nonassessable and free from all preemptive or similar rights or Liens with respect to the issue thereof, with the holders being entitled to all rights accorded to a holder of ADSs, and each of the Conversion Shares and the Conversion ADSs will not have been issued or delivered in violation of or subject to any preemptive or similar rights pursuant to the laws of the French Republic or the Company's status or any agreement or other instrument to which the Company is a party. The issuance of the Pre-Funded Warrants and Common Warrants has been duly authorized (other than the Resolution) and, when issued and delivered in accordance with the terms of the Secured Convertible Debentures, the Pre-Funded Warrants and Common Warrants, as applicable, will be validly issued, fully paid and non-assessable and will be issued free and clear of any Liens or other restrictions (other than those as provided in the Transaction Documents or restrictions on transfer under applicable state and federal securities laws). Subject to and upon obtaining the Resolution, and the issuance or exercise in accordance with the Pre-Funded Warrants or Common Warrants, as applicable, each of the Pre-Funded Warrant Shares, the Pre-Funded Warrant ADSs, the Common Warrant Shares, and the Common Warrant ADSs, when issued and delivered, will be validly issued, fully paid and nonassessable, as applicable, and free from all preemptive or similar rights or Liens with respect to the issue thereof, with the holders being entitled to all rights accorded to a holder of ADSs, and each of the Pre-Funded Warrant Shares, the Pre-Funded Warrant ADSs, the Common Warrant Shares and the Common Warrant ADSs will not have been issued in violation of or subject to any preemptive or similar rights pursuant to the laws of the French Republic or the Company's status or any agreement or other instrument to which the Company is a party. Upon exercise of the Pre-Funded Warrants and payment of the exercise price by the Buyer for the Pre-Funded Warrant Shares issuable in connection with the Pre-Funded Warrants, such Pre-Funded Warrant Shares shall be deposited with the Depositary for the issuance of Pre-Funded Warrant ADSs. Upon exercise of the Common Warrants and payment of the exercise price by the Buyer for the Common Warrant Shares issuable in connection with the Common Warrants, such Common Warrant Shares shall be deposited with the Depositary for the issuance of Common Warrant ADSs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Conflicts</u>. Assuming the accuracy of each Buyer's representations and warranties in <u>Section 2</u>, the execution and delivery by the Company and the Guarantor of the Transaction Documents, and the performance by the Company and the Guarantor of their respective obligations under the Transaction Documents, including the issuance and sale of each of the Securities, do not and will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any Lien, charge or encumbrance upon any of the property or assets of the Company or the Guarantor

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pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which the Company or the Guarantor is a party or by which the Company or Guarantor is bound or to which any of the property or assets of the Company or the Guarantor is subject, which would reasonably be expected to have, individually or in the aggregate, a material adverse effect on (i) the business, properties, assets, liabilities, operations (including results thereof) or financial condition of the Company and its Subsidiaries, taken as a whole, (ii) the transactions contemplated hereby or in any of the other Transaction Documents or any other agreements or instruments to be entered into by the Company or the Guarantor in connection herewith or therewith or (iii) the authority or ability of the Company or the Guarantor to perform any of its obligations under any of the Transaction Documents and to issue, sell and deliver the Securities or materially affect the validity of the Conversion Shares, the Pre-Funded Warrant Shares, the Common Warrant Shares, or the legal authority of the Company or the Guarantor to comply in all material respects with the terms of this Agreement or the other Transaction Documents (each, a "<u>Material Adverse Effect</u>"); (iv) the organizational documents of the Company or the Guarantor; or (v) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company, the Guarantor or any of their respective properties, including without limitation the rules and regulations of the New York Stock Exchange (the "<u>Principal Market</u>") provided however, that in the event the ADSs are ever listed or traded on any of the NYSE American, the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market, the "<u>Principal Market</u>" shall mean the principal such market, in terms of volume, on which the ADSs is then listed or traded), and including all applicable laws, rules and regulations of the jurisdiction of incorporation of the Company and the Guarantor) applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound, encumbered or otherwise affected that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or materially affect the validity of the Conversion Shares, the Pre-Funded Warrant Shares or the Common Warrant Shares or the legal authority of the Company or the Guarantor to comply in all material respects with the terms of this Agreement or the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Consents</u>. Assuming the accuracy of each Buyer's representations and warranties in <u>Section 2</u>, the Company and the Guarantor are not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization (including the Principal Market) or other person in connection with the execution, delivery and performance by the Company or the Guarantor of this Agreement (including, without limitation, the issuance of the Securities) or the other Transaction Documents and the issuance and sale of the Securities, other than (i) the filings required by applicable state or federal securities laws, (ii) the Resolution, (iii) those required by the Principal Market, if any, and (iv) the failure of which to obtain would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or have a material adverse effect on the Company's ability to consummate the transactions contemplated hereby, including the sale and issuance of the Securities. The Company is not in violation of the requirements of the Principal Market and has no knowledge of any facts or circumstances which could reasonably lead to delisting or suspension of the ADSs in the foreseeable future.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgment Regarding Each Buyer's Purchase of Securities</u>. The Company acknowledges and agrees each Buyer is acting solely in the capacity of an arm's length purchaser with respect to this Agreement and the transactions contemplated hereby. The Company further acknowledges that each Buyer is not acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to this Agreement and the transactions contemplated hereby and thereby and any advice given by each Buyer or any of their respective representatives or agents in connection with this Agreement and the transactions contemplated hereby and thereby is merely incidental to each Buyers's purchase of the Securities. The Company further represents to each Buyer that the Company's decision to enter into this Agreement has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Dilutive Effect</u>. The Company understands and acknowledges that the number of Conversion Shares and Conversion ADSs, as well as Pre-Funded Warrant ADSs, Pre-Funded Warrant Shares, Common Warrant ADSs, or Common Warrant Shares, will increase in certain circumstances. The Company further acknowledges its obligation to issue and deliver (x) the Conversion Shares and the Conversion ADSs upon conversion of each Secured Convertible Debenture in accordance with its terms and (y) the Pre-Funded Warrant ADSs, the Pre-Funded Warrant Shares, the Common Warrant ADSs and the Common Warrant Shares upon exercise of any Pre-Funded Warrant or Common Warrant, in each case, is absolute and unconditional regardless of the dilutive effect that such issuance and delivery may have on the ownership interests of other shareholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>SEC Documents; Financial Statements</u>. Since December 31, 2023, the Company has timely filed all reports, schedules, forms, proxy statements, statements and other documents required to be filed by it with the SEC pursuant to the reporting requirements of the Exchange Act or has received a valid extension of such time of filing and has filed any such SEC Documents prior to the expiration of any such extension (all of the foregoing filed prior to the date hereof and all exhibits and appendices included therein and financial statements, notes and schedules thereto and documents incorporated by reference therein being hereinafter referred to as the "<u>SEC Documents</u>"). The Company has made available to each Buyer (including via the SEC's EDGAR system) a copy of all SEC Documents, which SEC Documents, as of their respective filing dates, complied in all material respects with the requirements of the Exchange Act applicable to the SEC Documents and the rules and regulations of the SEC promulgated thereunder applicable to the SEC Documents. None of the SEC Documents filed under the Exchange Act (except to the extent that information contained in any SEC Document has been superseded by a later timely filed SEC Document) contained, when filed, any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading, in the case of any SEC Document that is a registration statement, or included, when filed, any untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in the case of all other SEC Documents. As of their respective dates, the financial statements of the Company included in the SEC Documents complied in all material respects with applicable accounting requirements and the published rules and regulations of the SEC with respect thereto as in effect as of the time of

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filing. Such financial statements have been prepared in accordance with International Financial Reporting Standards ("<u>IFRS</u>"), consistently applied, during the periods involved (except (i) as may be otherwise indicated in such financial statements or the notes thereto, or (ii) in the case of unaudited interim statements, to the extent they may exclude footnotes or may be condensed or summary statements) and fairly present in all material respects the financial position of the Company as of the dates thereof and the results of its operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments which will not be material, either individually or in the aggregate). The Company is not currently contemplating to amend or restate any of the financial statements (including, without limitation, any notes or any letter of the independent accountants of the Company with respect thereto) included in the SEC Documents (the "<u>Financial Statements</u>"), nor is the Company currently aware of facts or circumstances which would require the Company to amend or restate any of the Financial Statements, in each case, in order for any of the Financials Statements to be in compliance with IFRS and the rules and regulations of the SEC. The Company has not been informed by its independent accountants that they recommend that the Company amend or restate any of the Financial Statements or that there is any need for the Company to amend or restate any of the Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Absence of Certain Changes</u>. Since the date of the Company's most recent audited financial statements contained in the Company's Annual Report on Form 20-F for the year ended December 31, 2024 (the "<u>Annual Report</u>"), or as otherwise disclosed therein, there has been no Material Adverse Effect, nor any event or occurrence affecting the Company or its Subsidiaries that, individually or in the aggregate, would be reasonably expected to result in a Material Adverse Effect. Since the date of the Company's most recent audited financial statements contained in the Annual Report, neither the Company nor any of its Subsidiaries has (i) declared or paid any dividends, (ii) sold any material assets, individually or in the aggregate, outside of the ordinary course of business consistent with past practice or (iii) made any material capital expenditures, individually or in the aggregate, outside of the ordinary course of business consistent with past practice. Neither the Company nor any of its Subsidiaries has taken any steps to seek protection pursuant to any law or statute relating to bankruptcy, insolvency, reorganization, receivership, liquidation or winding up, nor does the Company or any Subsidiary have any knowledge or reason to believe that any of their respective creditors intend to initiate involuntary bankruptcy proceedings or any actual knowledge of any fact which would reasonably lead a creditor to do so. The Company and its Subsidiaries, on a consolidated basis, after giving effect to the transactions contemplated hereby to occur at the Closing, are not Insolvent (as defined below). For purposes of this <u>Section 3(k)</u>, "<u>Insolvent</u>" means, with respect to the Company and its Subsidiaries, on a consolidated basis, (A) the present fair saleable value of the Company's and its Subsidiaries' assets is less than the amount required to pay the Company's and its Subsidiaries' total Indebtedness (as defined below), (B) the Company and its Subsidiaries are unable to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured or (C) the Company and its Subsidiaries intend to incur or believe that they will incur debts that would be beyond their ability to pay as such debts mature. Neither the Company nor any of its Subsidiaries has engaged in any business or in any transaction and is not about to engage in any business or in any transaction for which the Company's or such Subsidiary's remaining assets constitute

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unreasonably small capital with which to conduct the business in which it is engaged as such business is now conducted and is proposed to be conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Undisclosed Events, Liabilities, Developments or Circumstances</u>. No event, liability or circumstance has occurred or exists, or is reasonably expected to exist or occur specific to the Company, any of its Subsidiaries or any of their respective businesses, properties, liabilities, prospects, operations (including results thereof) or condition (financial or otherwise), that (i) would be required to be disclosed by the Company under applicable securities laws on a registration statement filed with the SEC relating to an issuance and sale by the Company of its ADSs and which has not been publicly announced, or (ii) could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Conduct of Business; Regulatory Permits</u>. Neither the Company nor any of its Subsidiaries is in violation of any term under its By-laws (*statuts*), any certificate of designation, preferences or rights of any outstanding series of preferred stock of the Company or any of its Subsidiaries or Bylaws or their organizational charter, certificate of formation, memorandum of association, articles of association, Articles of Incorporation or certificate of incorporation or bylaws, respectively. Neither the Company nor any of its Subsidiaries is in violation of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to the Company or any of its Subsidiaries, and neither the Company nor any of its Subsidiaries will conduct its business in violation of any of the foregoing, except in all cases for violations which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Without limiting the generality of the foregoing, the Company is not in violation of any material rules, regulations or requirements of the Principal Market and has no knowledge of any facts or circumstances that would reasonably lead to delisting or suspension of trading of the ADSs by the Principal Market in the foreseeable future. Since December 31, 2024, (i) the ADSs have been listed or designated for quotation on the Principal Market, (ii) trading in the ADSs has not been suspended by the SEC or the Principal Market and (iii) except for (1) as publicly disclosed in filings with the SEC, or (2) any non-compliance with continued listing standards applicable to the Company relating to the average market capitalization of the Company that would be reasonably expected to be cured as a result of the transactions contemplated by this Agreement and the Common Equity Private Placement, the Company has received no communication, written or oral, from the SEC or the Principal Market regarding the suspension or delisting of the ADSs from the Principal Market. The Company and each of its Subsidiaries possess all certificates, authorizations and permits issued by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the failure to possess such certificates, authorizations or permits would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and neither the Company nor any of its Subsidiaries has received any written notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit. There is no agreement, commitment, judgment, injunction, order or decree binding upon the Company or any of its Subsidiaries or to which the Company or any of its Subsidiaries is a party which has or would reasonably be expected to have the effect of prohibiting or materially impairing any business practice of the Company or any of its Subsidiaries, any acquisition of property by the Company or any of its Subsidiaries or the conduct of business by the Company or any of its Subsidiaries as currently conducted other than

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such effects, individually or in the aggregate, which have not had and would not reasonably be expected to have a Material Adverse Effect on the Company or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign Corrupt Practices</u>. Neither the Company nor any of its Subsidiaries nor any director, officer, agent, employee, nor any other Person acting for or on behalf of the Company or any of its Subsidiaries (individually and collectively, a "<u>Company Affiliate</u>") have violated the U.S. Foreign Corrupt Practices Act (the "<u>FCPA</u>") or any other applicable anti-bribery or anti-corruption laws, nor has any Company Affiliate offered, paid, promised to pay, or authorized the payment of any money, or offered, given, promised to give, or authorized the giving of anything of value, to any officer, employee or any other Person acting in an official capacity for any Governmental Entity to any political party or official thereof or to any candidate for political office (individually and collectively, a "<u>Government Official</u>") or to any Person under circumstances where such Company Affiliate knew or was aware of a high probability that all or a portion of such money or thing of value would be offered, given or promised, directly or indirectly, to any Government Official, for the purpose, in violation of applicable law, of: (i) (A) influencing any act or decision of such Government Official in his/her official capacity, (B) inducing such Government Official to do or omit to do any act in violation of his/her lawful duty, (C) securing any improper advantage, or (D) inducing such Government Official to influence or affect any act or decision of any Governmental Entity, or (ii) assisting the Company or its Subsidiaries in obtaining or retaining business for or with, or directing business to, the Company or its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;<u>Equity Capitalization</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Authorized and Outstanding Share Capital</u>. As of the date hereof, the share capital of the Company consists of 255,175,722 issued Ordinary Shares, fully paid, and with a par value of €0.01 each, other than the Ordinary Shares issued in the context of the Common Equity Private Placement. All of the outstanding Ordinary Shares of the Company have been duly authorized, validly issued and are fully paid and nonassessable and were issued in compliance with all applicable securities laws and were not issued in violation of any preemptive right, resale right, right of first refusal or similar right. Except as disclosed in the public filings, set forth above or pursuant to this Agreement, the Company does not have outstanding any options to purchase, or any rights or warrants to subscribe for, any securities or obligations convertible into, or any contracts or commitments to issue or sell, any share capital, or any such warrants, convertible securities or obligations. Except as previously disclosed in the Company's public filings, the Company has no indebtedness as of the date of this Agreement.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reserved</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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Existing Securities; Obligations</u>. Except as disclosed in the SEC Documents: (A) none of the Company's or any Subsidiary's shares, interests or share capital is subject to preemptive rights or any other similar rights or Liens suffered or permitted by the Company or any Subsidiary; (B) there are no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into, or exercisable or exchangeable for, any

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shares, interests or share capital of the Company or any of its Subsidiaries, or contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries is or may become bound to issue additional shares, interests or share capital of the Company or any of its Subsidiaries or options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into, or exercisable or exchangeable for, any shares, interests or share capital of the Company or any of its Subsidiaries; (C) there are no agreements or arrangements under which the Company or any of its Subsidiaries is obligated to register the sale of any of their securities under the Securities Act (except pursuant to this Agreement); (D) there are no outstanding securities or instruments of the Company or any of its Subsidiaries which contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any of its Subsidiaries is or may become bound to redeem a security of the Company or any of its Subsidiaries; and (E) there are no securities or instruments containing anti-dilution or similar provisions that will be triggered by the issuance of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;<u>Organizational Documents</u>. The Company has furnished to each Buyer or filed on EDGAR true, correct and complete copies of the Company's organizational documents, and the terms of all convertible securities and the material rights of the holders thereof in respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;<u>Indebtedness and Other Contracts</u>. Each of the Company and the Guarantor is not in default or violation (and no event has occurred which, with notice or the lapse of time or both, would constitute a default or violation) of any term, condition or provision of (i) the organizational documents of the Company or the Guarantor, (ii) any loan or credit agreement, note, bond, mortgage, indenture, lease or other agreement, permit, franchise or license to which the Company or the Guarantor is now a party or by which the Company's or the Guarantor's properties or assets are bound or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over the Company, the Guarantor or any of their respective properties, except, in the case of clauses (ii) and (iii), for defaults or violations that have not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. Other than as set forth in the SEC Documents, neither the Company nor any of its Subsidiaries, (i) has any outstanding debt securities, notes, credit agreements, credit facilities or other agreements, documents or instruments evidencing Indebtedness of the Company or any of its Subsidiaries or by which the Company or any of its Subsidiaries is or may become bound, (ii) is a party to any contract, agreement or instrument, the violation of which, or default under which, by the other party(ies) to such contract, agreement or instrument could reasonably be expected to result in a Material Adverse Effect, (iii) has any financing statements securing obligations in any amounts filed in connection with the Company or any of its Subsidiaries; or (iv) is a party to any contract, agreement or instrument relating to any Indebtedness, the performance of which, has or is expected to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries have any liabilities or obligations required to be disclosed in the SEC Documents which are not so disclosed in the SEC Documents, other than those incurred in the ordinary course of the Company's or its Subsidiaries' respective businesses and which, individually or in the aggregate,

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do not or could not have a Material Adverse Effect. For purposes of this Agreement: (x) "<u>Indebtedness</u>" of any Person means, without duplication (A) all indebtedness for borrowed money, (B) all obligations issued, undertaken or assumed as the deferred purchase price of property or services (including, without limitation, "capital leases" in accordance with IFRS) (other than trade payables entered into in the ordinary course of business consistent with past practice), (C) all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar instruments, (D) all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in connection with the acquisition of property, assets or businesses, (E) all indebtedness created or arising under any conditional sale or other title retention agreement, or incurred as financing, in either case with respect to any property or assets acquired with the proceeds of such indebtedness (even though the rights and remedies of the seller or bank under such agreement in the event of default are limited to repossession or sale of such property), (F) all monetary obligations under any leasing or similar arrangement which, in connection with IFRS, consistently applied for the periods covered thereby, is classified as a capital lease, (G) all indebtedness referred to in clauses (A) through (F) above secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon or in any property or assets (including accounts and contract rights) owned by any Person, even though the Person which owns such assets or property has not assumed or become liable for the payment of such indebtedness, and (H) all Contingent Obligations in respect of indebtedness or obligations of others of the kinds referred to in clauses (A) through (G) above; and (y) "<u>Contingent Obligation</u>" means, as to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to any Indebtedness, lease, dividend or other obligation of another Person if the primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole or in part) against loss with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;<u>Litigation</u>. Except for such matters as have not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, as of the date hereof, there is no (i) proceeding pending, or, to the knowledge of the Company, threatened against the Company or (ii) judgment, decree, injunction, ruling or order of any governmental entity or arbitrator outstanding against the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;<u>Intellectual Property Rights</u>. The Company and its Subsidiaries own or possess adequate rights or licenses to use all material trademarks, trade names, service marks, service mark registrations, service names, original works of authorship, patents, patent rights, copyrights, inventions, licenses, approvals, governmental authorizations, trade secrets and other intellectual property rights and all applications and registrations therefor ("<u>Intellectual Property Rights</u>") necessary to conduct their respective businesses as now conducted and presently proposed to be conducted. Except as disclosed in the SEC Documents, none of the Company's Intellectual Property Rights, that are material to the conduct of the business, have expired or terminated or have been abandoned or are expected to expire or terminate or are expected to be abandoned. The Company does not have any knowledge of any infringement by the Company or its Subsidiaries of Intellectual Property Rights of others except where such infringement would not

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be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect. There is no claim, action or proceeding being made or brought, or to the knowledge of the Company or any of its Subsidiaries, being threatened, against the Company or any of its Subsidiaries regarding its Intellectual Property Rights that are material to the conduct of the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;<u>Environmental Laws</u>. Except, in each case, as would not be reasonably anticipated to have a Material Adverse Effect, the Company and the Subsidiaries (a) are in compliance with any and all applicable laws relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants, (b) have received and hold all material permits, licenses or other approvals required of them under all such laws to conduct their respective businesses and (c) are in compliance with all material terms and conditions of any such permit, license or approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Status</u>. The Company and each of its Subsidiaries (i) has timely made or filed all material foreign, federal and state income and all other material tax returns, reports and declarations required by any jurisdiction to which it is subject, and (ii) has timely paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations, except those being contested in good faith. There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;<u>Internal Accounting and Disclosure Controls</u>. The Company and each of its Subsidiaries maintains internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) that is effective to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles, including that (i) transactions are executed in accordance with management's general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with IFRS and to maintain asset and liability accountability, (iii) access to assets or incurrence of liabilities is permitted only in accordance with management's general or specific authorization and (iv) the recorded accountability for assets and liabilities is compared with the existing assets and liabilities at reasonable intervals and appropriate action is taken with respect to any difference. The Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act) that are effective in ensuring that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the rules and forms of the SEC, including, without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act, as applicable, is accumulated and communicated to the Company's management, including its principal executive officer or officers and its principal financial officer or officers, as appropriate, to allow timely decisions regarding required disclosure. Neither the Company nor any of its Subsidiaries has received any notice or correspondence from any accountant, Governmental Entity or other Person relating to any potential material weakness

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or significant deficiency in any part of the internal controls over financial reporting of the Company or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;<u>Investment Company Status</u>. The Company is not, and immediately after receipt of payment for the Securities will not be, an "investment company" within the meaning of the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;<u>Insurance</u>. The Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company and its Subsidiaries are engaged. Neither the Company nor any such Subsidiary has any reason to believe that it will be unable to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have, individually or in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;<u>Manipulation of Price</u>. Neither the Company nor any of its Subsidiaries has, and, to the knowledge of the Company, no Person acting on their behalf has, directly or indirectly, (i) taken any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company or any of its Subsidiaries to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;<u>Registration Eligibility</u>. At Closing, the Company shall be eligible to use Form F-3 promulgated under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;<u>Shell Company Status</u>. The Company is not and has never been an issuer identified in, or subject to, Rule 144(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;<u>Sanctions Matters</u>. Neither the Company nor any of its Subsidiaries or, to the knowledge of the Company, any director, officer or controlled affiliate of the Company or any director or officer of any Subsidiary, is a Person that is, or is owned or controlled by a Person that is (i) the subject of any sanctions administered or enforced by the U.S. Department of Treasury's Office of Foreign Asset Control ("<u>OFAC</u>"), the United Nations Security Council, the European Union, the Republic of France, His Majesty's Treasury, or other relevant sanctions authorities, including, without limitation, designation on OFAC's Specially Designated Nationals and Blocked Persons List or OFAC's Foreign Sanctions Evaders List or other relevant sanctions authority (collectively, "<u>Sanctions</u>"), or (ii) located, organized or resident in a country or territory that is the subject of Sanctions that broadly prohibit dealings with that country or territory (including, without limitation, the Crimea, Zaporizhzhia and Kherson regions, the Donetsk People's Republic and Luhansk People's Republic in Ukraine, Cuba, Iran, North Korea, Russia**,** Sudan and Syria (the "<u>Sanctioned Countries</u>")). Neither the Company nor any of its Subsidiaries nor any director, officer or controlled affiliate of the Company or any of its Subsidiaries, has ever had funds blocked by a United States bank or financial institution, temporarily or otherwise, as a result of OFAC concerns. Neither the Company nor any Subsidiary will, directly or indirectly,

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use the proceeds of the transactions contemplated herein to repay any loans to any executives or employees of the Company or to make any payments in respect of any related party debt. Neither the Company nor any of its Subsidiaries will, directly or indirectly, use the proceeds from the transactions contemplated herein, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person (a) for the purpose of funding or facilitating any activities or business of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions or is a Sanctioned Country, or (b) in any other manner that will result in a violation of Sanctions or Applicable Laws by any Person (including any Person participating in the transactions contemplated by this Agreement, whether as underwriter, advisor, investor or otherwise). For the past five (5) years, neither the Company nor any of its Subsidiaries has engaged in, and is now not engaged in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions or was a Sanctioned Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;<u>Disclosure</u>. The Company confirms that neither it nor any other Person acting on its behalf has provided each Buyer or its agents or counsel with any information that constitutes or could reasonably be expected to constitute material, non-public information concerning the Company or any of its Subsidiaries, other than the existence of the transactions contemplated by this Agreement and the other Transaction Documents. The Company understands and confirms that each Buyer will rely on the foregoing representations in effecting transactions in securities of the Company. All disclosures provided to each Buyer regarding the Company and its Subsidiaries, their businesses and the transactions contemplated hereby, including the SEC Documents, furnished by or on behalf of the Company or any of its Subsidiaries, taken as a whole, are true and correct and do not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. All of the written information furnished after the date hereof by or on behalf of the Company or any of its Subsidiaries to each Buyer pursuant to or in connection with this Agreement and the other Transaction Documents, taken as a whole, will be true and correct in all material respects as of the date on which such information is so provided and will not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. No event or circumstance has occurred, and no information exists, with respect to the Company or any of its Subsidiaries or its or their business, properties, liabilities, prospects, operations (including results thereof) or conditions (financial or otherwise), which, under applicable law, rule or regulation, requires public disclosure at or before the date hereof or announcement by the Company but which has not been so publicly disclosed. All financial projections and forecasts that have been prepared by or on behalf of the Company or any of its Subsidiaries and made available to each Buyer have been prepared in good faith based upon reasonable assumptions and represented, at the time each such financial projection or forecast was delivered to each Buyer, the Company's best estimate of future financial performance (it being recognized that such financial projections or forecasts are not to be viewed as facts and that the actual results during the period or periods covered by any such financial projections or forecasts may differ materially from the projected or forecasted results). The Company acknowledges and agrees that no Buyer makes or has made any

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representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in <u>Section 2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp;<u>No General Solicitation</u>. Neither the Company, nor any of its affiliates, nor any Person acting on its or their behalf, has engaged in any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities Act) in connection with the offer or sale of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;&nbsp;&nbsp;&nbsp;<u>Private Placement</u>. Assuming the accuracy of each Buyer's representations and warranties set forth in <u>Section 2</u>, no registration under the Securities Act is required for the offer and sale of the Securities by the Company to each Buyer as contemplated hereby. The issuance and sale of the Securities hereunder does not contravene the rules and regulations of the Principal Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Covered Persons</u>. The Company is not aware of any Person, other than the Placement Agents, that has been or will be paid (directly or indirectly) remuneration for solicitation of any Buyer or potential purchasers in connection with the sale of the Secured Convertible Debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;&nbsp;&nbsp;&nbsp;<u>Sarbanes-Oxley Act</u>. The Company is in compliance in all material respects with all applicable provisions of the Sarbanes-Oxley Act of 2002 and all applicable rules and regulations promulgated thereunder or implementing provisions thereof that are then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;&nbsp;&nbsp;&nbsp;<u>New York Stock Exchange Approval Rules</u>. Other than as contemplated in this Agreement, no further approval of the shareholders of the Company under the rules and regulations of the New York Stock Exchange is required for the Company to issue and deliver the Conversion ADSs to the Buyers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)&nbsp;&nbsp;&nbsp;&nbsp;<u>Cybersecurity</u>. The Company and its subsidiaries' information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively, "<u>IT Systems</u>") are adequate for, and operate and perform in all material respects as required in connection with the operation of the business of the Company and its subsidiaries as currently conducted, and to the Company's knowledge, are free and clear of all material Trojan horses, time bombs, malware and other malicious code. The Company and its subsidiaries have implemented and maintained commercially reasonable physical, technical and administrative controls designed to maintain and protect the confidentiality, integrity, availability, privacy and security of all sensitive, confidential or regulated data ("<u>Confidential Data</u>") used or maintained in connection with their businesses and Personal Data (defined below), and the integrity, availability continuous operation, redundancy and security of all IT Systems. "Personal Data" means the following data used in connection with the Company's and its subsidiaries' businesses and in their possession or control: (i) a natural person's name, street address, telephone number, e-mail address, photograph, social security number or other tax identification number, driver's license number, passport number, credit card number or bank information; (ii) information that identifies or may reasonably be used to identify an individual; (iii) any information that would qualify as "protected health information" under the Health Insurance Portability and Accountability Act of 1996, as amended by the Health Information

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Technology for Economic and Clinical Health Act (collectively, "<u>HIPAA</u>"); and (iv) any information that would qualify as "personal data," "personal information" (or similar term) under the Privacy Laws (as defined below). To the Company's knowledge, there have been no breaches, outages or unauthorized uses of or accesses to the Company's IT Systems, Confidential Data, or Personal Data that would require notification under Privacy Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Data Privacy Laws</u>. The Company and its subsidiaries are, and at all prior times were, in material compliance with all applicable state, federal and foreign data privacy and security laws and regulations regarding the collection, use, storage, retention, disclosure, transfer, disposal, or any other processing (collectively "<u>Process</u>" or "<u>Processing</u>") of Personal Data, including without limitation HIPAA, the EU General Data Protection Regulation ("<u>GDPR</u>") (Regulation (EU) No. 2016/679), all other local, state, federal, national, supranational and foreign laws relating to the regulation of the Company or its subsidiaries, and the regulations promulgated pursuant to such statutes and any state or non-U.S. counterpart thereof (collectively, the "<u>Privacy Laws</u>"), except where failure to comply would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and its subsidiaries have in place, comply with, and take all appropriate steps necessary to ensure compliance with their policies and procedures relating to data privacy and security, and the Processing of Personal Data and Confidential Data (the "<u>Privacy Statements</u>"), except where the failure to do so would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company and its subsidiaries have, except as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect, at all times since inception provided accurate notice of their Privacy Statements then in effect to its customers, employees, third party vendors and representatives. Except as would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect, none of such disclosures made or contained in any Privacy Statements have been materially inaccurate, misleading, incomplete, or in material violation of any Privacy Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Agreements</u>. Each other secured convertible debenture purchase agreement entered into with each other Buyer reflects the same Purchase Price and other terms and conditions with respect to the purchase of the Secured Convertible Debentures and Common Warrants that are no more favorable to such other Buyer thereunder than the terms of this Agreement. Notwithstanding the foregoing, in any such other purchase agreements, Hudson Bay PH XVI Ltd. shall be identified as the collateral agent, the Required Holders definition shall be identical to the definition used in this Agreement, and the buyers that are counterparties to any such purchase agreement shall not be entitled to expense reimbursement as is set forth in Section 4(f) of this Agreement. The Company shall not make any payment of principal or interest on the Secured Convertible Debentures in amounts which are disproportionate to the respective principal amounts outstanding on the Secured Convertible Debentures at any applicable time. In addition, no consideration (including any modification of any Transaction Document) shall be offered or paid to any Person in connection with any amendment to, or waiver or modification of, any provision of any Transaction Document, unless the same consideration is also offered to all other Persons who are parties to such Transaction Document (and only to such Persons) on a proportionate basis (based on the then outstanding principal amount of the Secured Convertible Debentures as of the time of determination), it being understood that no Person shall be entitled

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to any such consideration in respect of a Transaction Document to which such Person is not a party; provided that for purposes of the foregoing, the participation by any Person in any future financing provided to the Company or its affiliates does not constitute consideration. For clarification purposes, (i) this provision constitutes a separate right granted to each Buyer by the Company and negotiated separately by each Buyer, and is intended for the Company to treat the Buyers as a class and shall not in any way be construed as the Buyers acting in concert or as a group with respect to the purchase, disposition or voting of securities or otherwise and (ii) neither this provision, nor anything else contained herein shall require that all Buyers be given pro rata participation rights in any future financing provided to the Company or its affiliates by Hudson Bay PH XVI Ltd., or its affiliates.

**4.&nbsp;&nbsp;&nbsp;&nbsp;COVENANTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reporting Status</u>. For the period beginning on the date hereof, and ending six (6) months after the date on which all of the Secured Convertible Debentures are no longer outstanding (the "<u>Reporting Period</u>"), the Company shall file on a timely basis all reports required to be filed with the SEC pursuant to the Exchange Act, so long as the Company remains subject to such requirements to enable each Buyer to resell the Securities pursuant to Rule 144. The Company shall not terminate its status as an issuer required to file reports under the Exchange Act even if the Exchange Act or the rules and regulations thereunder would otherwise no longer require such reporting or permit such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Use of Proceeds</u>. The net proceeds from the sale of the Securities and the Common Equity Private Placement shall be used by the Company for the purchase of Bitcoin (as defined in the Secured Convertible Debentures), and general and administrative costs and expenses related to the implementation of the Bitcoin treasury strategy, not to exceed eight hundred thousand dollars ($800,000), subject in all respects to Section 19 of the Secured Convertible Debentures. The Company shall not, without the prior written consent of the Required Holders (as defined below), loan, invest, transfer or "downstream" any cash proceeds, or assets or property acquired with cash proceeds from the issuance and sale of the Secured Convertible Debentures (other than Bitcoin that has been released from Collateral (as defined in the Security Documents) pursuant to the Guaranty and Security Agreement and any proceeds therefrom) to any Subsidiary, other than the Bitquans Holdings, LLC (the "<u>Digital Asset Subsidiary</u>"), for so long as it remains a Guarantor, unless the Buyers and such Subsidiary enter into a guarantee in form and substance acceptable to the Required Holders. For the avoidance of doubt, proceeds from the sale of Securities shall not include any proceeds received in respect of the exercise of the Common Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Listing</u>. To the extent applicable, the Company shall promptly secure the listing or designation for quotation (as the case may be) of all of the Underlying Securities (as defined below) on the Principal Market, subject to official notice of issuance, and shall use reasonable efforts to maintain such listing or designation for quotation (as the case may be) of all Underlying Securities from time to time issuable under the terms of the Transaction Documents on such Principal Market for the Reporting Period. Neither the Company nor any of its Subsidiaries shall take any action which could be reasonably expected to result in the delisting or

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suspension of the ADSs on a Principal Market during the Reporting Period. The Company shall pay all fees and expenses in connection with satisfying its obligations under this <u>Section 4(d)</u>. "<u>Underlying Securities</u>" means the (i) the Conversion ADSs, (ii) the Pre-Funded Warrant ADSs, (iii) the Common Warrant ADSs, and (iv) any ADSs of the Company issued or issuable with respect to the Conversion Shares, Pre-Funded Warrant Shares or Common Warrant Shares, including, without limitation, (1) as a result of any share split, dividend, recapitalization, exchange or similar event or otherwise and (2) shares of share capital of the Company into which the ADSs or Ordinary Shares are converted or exchanged without regard to any limitations on conversion of the Secured Convertible Debentures, any Pre-Funded Warrant or any Common Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Pledge of Securities</u>. Notwithstanding anything to the contrary contained in this Agreement, the Company acknowledges and agrees that, subject to compliance with applicable federal and state securities laws, the Securities may be pledged by a Buyer in connection with a bona fide margin agreement or other loan or financing arrangement that is secured by the Securities. The Company hereby agrees to execute and deliver such documentation as a pledgee of the Securities may reasonably request in connection with a pledge of the Securities to such pledgee by a Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Disclosure of Transactions and Other Material Information</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Disclosure of Transactions</u>. The Company shall, on or before 9:30 a.m. New York City time on the first Business Day after the date of this Agreement, file with the SEC a current report on Form 6-K describing all the material terms of the transactions contemplated by the Transaction Documents in the form required by the Exchange Act and attaching all the material Transaction Documents (including, required exhibits, the "<u>Current Report</u>"). From and after the filing of the Current Report, the Company shall have publicly disclosed all material, non-public information (if any) provided to the Buyers by the Company or any of its Subsidiaries or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Transaction Documents or otherwise regarding the Company or any of its Subsidiaries. In addition, effective upon the filing of the Current Report, the Company acknowledges and agrees that any and all confidentiality or similar obligations with respect to the transactions contemplated by the Transaction Documents under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates, employees or agents, on the one hand, and any Buyer or any of its affiliates, on the other hand, shall terminate.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitations on Disclosure</u>. The Company shall not, and the Company shall cause each of its Subsidiaries and each of its and their respective officers, directors, employees and agents not to, provide any Buyer with any material, nonpublic information regarding the Company or any of its Subsidiaries from and after the date hereof without first obtaining the express prior written consent of such Buyer (which may be granted or withheld in such Buyer's sole discretion). In the event of a breach of any of the foregoing covenants or any of the covenants or agreements contained in any other

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Transaction Document, by the Company, any of its Subsidiaries, or any of its or their respective officers, directors, employees and agents (as determined in the reasonable good faith judgment of such Buyer), in addition to any other remedy provided herein or in the Transaction Documents, such Buyer shall have the right to make a public disclosure, in the form of a press release, public advertisement or otherwise, of such breach or such material, non-public information, as applicable, without the prior approval by the Company, any of its Subsidiaries, or any of its or their respective officers, directors, employees or agents. No Buyer shall have any liability to the Company, any of its Subsidiaries, or any of its or their respective officers, directors, employees, affiliates, shareholders or agents, for any such disclosure. To the extent that the Company delivers any material, non-public information to a Buyer without such Buyer's consent, the Company hereby covenants and agrees that such Buyer shall not have any duty of confidentiality with respect to, or a duty not to trade on the basis of, such material, non-public information. Subject to the foregoing, neither the Company, its Subsidiaries nor any Buyer shall issue any press releases or any other public statements with respect to the transactions contemplated hereby; provided, however, the Company shall be entitled, without the prior approval of any Buyer, to make any press release or other public disclosure with respect to such transactions (i) in substantial conformity with the 6-K Filing and contemporaneously therewith and (ii) as is required by applicable law and regulations (provided that, in the case of clause (i) of this sentence, the Buyers shall be consulted by the Company in connection with any such press release or other public disclosure prior to its release and the Company shall consider any such Buyer's comments to such press release or other public disclosure, if any, in good faith). Without the prior written consent of the applicable Buyer (which may be granted or withheld in such Buyer's sole discretion), the Company shall not (and shall cause each of its Subsidiaries and affiliates to not) disclose the name of such Buyer in any filing, announcement, release or otherwise. Notwithstanding anything contained in this Agreement to the contrary and without implication that the contrary would otherwise be true, the Company expressly acknowledges and agrees that no Buyer shall have (unless expressly agreed to by a particular Buyer after the date hereof in a written definitive and binding agreement executed by the Company and such particular Buyer (it being understood and agreed that no Buyer may bind any other Buyer with respect thereto)), any duty of confidentiality with respect to, or a duty not to trade on the basis of, any material, non-public information regarding the Company or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Confidential Information. Disclosure Failures</u>. In addition to other remedies set forth in this <u>Section 4(e)</u>, and without limiting anything set forth in any other Transaction Document, at any time after the Closing Date if the Company, any of its Subsidiaries, or any of their respective officers, directors, employees or agents, provides any Buyer with material non-public information relating to the Company or any of its Subsidiaries (each, the "<u>Confidential Information</u>"), the Company shall, on or prior to the applicable Required Disclosure Date (as defined below), publicly disclose such Confidential Information on a Current Report on Form 6-K or otherwise (each, a "<u>Disclosure</u>"). From and after such Disclosure, the Company shall have disclosed all Confidential Information provided to such Buyer by the Company or any of its

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Subsidiaries or any of their respective officers, directors, employees or agents. In addition, effective upon such Disclosure, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, affiliates, employees or agents, on the one hand, and any Buyer or any of its affiliates, on the other hand, shall terminate. "<u>Required Disclosure Date</u>" means (x) if such Buyer authorized the delivery of such Confidential Information, either (I) if the Company and such Buyer have mutually agreed upon a date (as evidenced by an e-mail or other writing) of Disclosure of such Confidential Information, such agreed upon date or (II) otherwise, the seventh (7th) calendar day after the date such Buyer first received any Confidential Information or (y) if such Buyer did not authorize the delivery of such Confidential Information, the first (1st) Business Day after such Buyer's receipt of such Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Fees</u>. The Company shall pay for the reasonable and documented out of pocket due diligence and legal fees and expenses actually incurred by the Buyers in connection with the structuring, documentation, negotiation, and closing of the transactions contemplated by the Transaction Documents in an amount not to exceed two hundred seventy five thousand dollars ($275,000), including, without limitation, all consultant fees, all reasonable legal fees and disbursements of Latham & Watkins LLP, counsel to the Buyers, and due diligence and regulatory filings in connection therewith, and all legal fees and expenses of the Buyers and the Collateral Agent in connection with implementing and perfecting security interests (the "<u>Transaction Expenses</u>") and such Transaction Expenses, to the extent they have not already been paid to the Buyer, may be withheld by the Buyers from its Purchase Price at the Closing. The Company shall be responsible for the payment of any placement agent's fees, financial advisory fees, transfer agent fees, Depositary fees, The Depository Trust Company ("<u>DTC</u>") fees or broker's commissions (other than for Persons engaged by any Buyer) relating to or arising out of the transactions contemplated hereby. The Company shall pay, and hold each Buyer harmless against, any liability, loss or expense (including, without limitation, reasonable attorneys' fees and reasonable and documented out-of-pocket expenses) arising in connection with any claim relating to any such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly set forth below, each Buyer covenants that from and after the date hereof through and ending upon the date upon which the Secured Convertible Debenture purchased by it is no longer outstanding (the "<u>Restricted Period</u>"), no such Buyer or any of its officers, or any entity managed or controlled by such Buyer or under common control with such Buyer (collectively, the "<u>Restricted Persons</u>" and each of the foregoing is referred to herein as a "<u>Restricted Person</u>") shall, directly or indirectly, maintain a Net Short Position (as defined below). For purposes hereof, a "<u>Net Short Position</u>" by a person means a position whereby such Person has executed one or more sales of the ADSs that is marked as a short sale (but not including any sale marked "short exempt") and that is executed at a time when such Person has no equivalent offsetting "long" position in the ADSs (or is deemed to have a long position in accordance with Regulation SHO of the 1934 Act); provided, that, for purposes of such calculations, any short sale either (x) that is a result of a bona-fide trading error on behalf of such Person (or its affiliates) or required to be marked "short" by the broker of such Person at such

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time as such trade is not required to be marked "short" pursuant to Regulation SHO of the 1934 Act or (y) that would otherwise be marked as a "long" sale, but for the occurrence of a breach of any term or condition of any security or agreement, in each case, by the Company or its Depositary or transfer agent, as applicable, shall be excluded from such calculations. For purposes of determining whether a Person has an equivalent offsetting "long" position in the ADSs, (A) all of the ADSs that are owned by such Person shall be deemed held "long" by such Person and (B) any of the ADSs issuable upon conversion and/or exercise of any convertible security, warrant and/or option of the Company (without regard to any limitations on conversion or exercise thereof) shall be deemed held "long" by such Person, until such time as such Person shall no longer own such convertible security, warrant or option. Notwithstanding the foregoing, it is expressly understood and agreed that nothing contained herein shall (without implication that the contrary would otherwise be true) prohibit any Restricted Person during the Restricted Period from: (1) selling "long" (as defined under Rule 200 promulgated under Regulation SHO) ADSs or (2) selling a number of Ordinary Shares equal to the number of Conversion Shares that such Restricted Person is entitled to receive upon the conversion and/or exercise of any convertible security, warrant and/or option of the Company, without giving effect to any limitation on the conversion of any such convertible securities, warrants and/or options held by such Restricted Person (and any such sales permitted by this clause (2) may be marked as "short" pursuant to Regulation SHO).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Existence</u>. Subject to Section 4(i), the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence. In accordance with the provisions of Article L. 228-98 of the French Commercial Code, the Company may change its corporate form or corporate purpose without requesting the approval of the Buyers or holders of the Secured Convertible Debentures; *provided* that unless the Company receives the approval of the Required Holders, the Company's corporate form must be: (1) a *société anonyme* or *société en commandite* par actions, in either case, registered under the laws of France or (2) a corporation or entity treated as a corporation for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Company May Consolidate, Etc. on Certain Terms</u>. The Company shall not consolidate with, merge with or into, or sell, convey, transfer or lease all or substantially all of the consolidated properties and assets of the Company and its direct and indirect Subsidiaries, taken as a whole, to another Person (other than any such sale, conveyance, transfer or lease to one or more of the Company's direct or indirect wholly owned subsidiaries), unless (i) the resulting, surviving or transferee Person (the "<u>Successor Company</u>"), if not the Company, shall be (1) a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia or (2) a corporation or entity treated as a corporation for U.S. federal income tax purposes organized and existing under the laws of France; (ii) the Successor Company, if not the Company, expressly assumes all of the Company's obligations under this Agreement and the other Transaction Documents pursuant to documentation that is acceptable to the Required Holders of the Secured Convertible Debentures; and (iii) and immediately after giving effect to such transaction, no Default or Event of Default (as defined in the Secured Convertible Debenture) shall have occurred and be continuing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Perfection</u>. The Lien of the Collateral Agent on all Collateral is and shall at all times be subject to a perfect, first priority in favor of the Collateral Agent, for itself and on behalf of the Secured Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Security Documents</u>. The representations and warranties set forth in each of the Security Documents (as defined in the Secured Convertible Debenture) shall be true and correct in all material respects as therein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;<u>Resolution</u>. Prior to the Closing Date, the Company shall hold a general meeting of shareholders of the Company on or before June 30, 2025 approving a delegation of authority to the board of directors of the Company in order to effect one (or several) share capital increase(s) up to a maximum nominal amount of €70,000,000 through the issuance, *inter alia*, of shares and/or securities giving access to the share capital and up to a maximum nominal amount of €250,000,000 in debt instruments that represent claims against the Company with subscriptions reserved to specific categories of investors including (i) QIBs or (ii) IAIs (the "<u>Reserved Issuances</u>") and any other approvals required under applicable laws and the rules of the Principal Market in order to consummate the issuance of the Securities and the securities to be issued in the Common Equity Private Placement (the "<u>Resolution</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Issuance of Company Securities</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that, without the prior written consent of the Required Holders for the period commencing on the date hereof and ending upon the date that is ninety (90) days after the effectiveness date of the Transaction Shelf Registration Statement (as defined in the Registration Rights Agreement) covering all of the Registrable Securities (as defined in the Registration Rights Agreement) (such period, the "<u>Restricted Period</u>"), neither the Company nor any of its Subsidiaries shall directly or indirectly issue, offer, sell, grant any option or right to purchase, or otherwise dispose of (or register or amend any outstanding registration statements or file any shelf registration statements or announce any issuance, offer, sale, grant of any option or right to purchase or other disposition of) any debt security, equity security or any equity-linked or related security (including, without limitation, any "equity security" (as that term is defined under Rule 405 promulgated under the Securities Act), any Convertible Securities (as defined below), any preferred stock or any purchase rights) (collectively a "<u>Securities Issuance</u>"). Notwithstanding the foregoing, this Section 4(m)(i) shall not apply during the Restricted Period in respect of (A) the issuance of Options (as defined below) or Convertible Securities issued under any Approved Stock Plan (as defined below), so long as (i) the aggregate number of shares issued and issuable pursuant thereto does not exceed 5% of the Ordinary Shares issued and outstanding immediately prior to the date hereof and (ii) the exercise price of any such Options is not lowered and the conversion price of any such Convertible Securities is not lowered, none of such Options or Convertible Securities are amended to increase the number of shares issuable thereunder and none of the terms or conditions of any such options are otherwise materially changed in any manner that adversely affects any of the Buyers, (B) the issuances of Conversion Shares, (C) the Common Equity Private Placement or (D) an Exempt At-the-Market

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Offering (as defined below). An "Approved Stock Plan" means any security-based compensation plan which has been approved by the Board of Directors of the Company prior to the date hereof (or any subsequent amendments thereto), pursuant to which Ordinary Shares, options to purchase Ordinary Shares and other incentive equity awards may be issued to any employee, officer, consultant or director for services provided to the Company in their capacity as such, and not for the purpose of raising capital, pursuant to any consulting agreement, advisory agreement or independent contractor agreement approved by the Board of Directors or the compensation committee thereof. "<u>Convertible Securities</u>" means any capital stock, partnership interests or other security of the Company or any of its Subsidiaries that is at any time and under any circumstances directly or indirectly convertible into, exercisable or exchangeable for, or which otherwise entitles the holder thereof to acquire, any capital stock, partnership interests, or other security of the Company (including, without limitation, ordinary shares, partnership interests and any rights, warrants or options to subscribe for or purchase ordinary shares or partnership interests or Convertible Securities (collectively, "<u>Options</u>")) or any of its Subsidiaries.

&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)&nbsp;&nbsp;&nbsp;&nbsp;So long as any Secured Convertible Debentures remain outstanding, the Company and each of its Subsidiaries shall be prohibited from effecting, or entering into an agreement directly or indirectly to effect a Variable Rate Transaction, except with respect to an Exempt At-the-Market Offering. "<u>Variable Rate Transaction</u>" means a transaction in which the Company or any Subsidiary (A) issues or sells any Convertible Securities either (i) at a conversion, exercise or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the Ordinary Shares or the ADSs at any time after the initial issuance of such Convertible Securities, or (ii) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such Convertible Securities or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the Ordinary Shares or the ADSs, other than pursuant to customary adjustments for stock splits, stock dividends, stock combinations, ratio adjustments, recapitalizations and similar events or (B) enters into any agreement (including, without limitation, an equity line of credit) whereby the Company or any Subsidiary may sell securities at a future determined price (other than standard and customary "preemptive" or "participation" rights). "<u>Exempt At-the-Market Offering</u>" means an at-the-market offering within the meaning of Rule 415(a)(4) of the Securities Act (an "<u>ATM Offering</u>") of solely the ADSs in which (i) the aggregate daily volume of ADSs sold on any Trading Day does not exceed (x) 2% of the Total Composite Volume for such Trading Day, if sold at a price that equals or exceeds 110% of the then-current Conversion Price (as defined in the Secured Convertible Debenture), (y) 3% of the Total Composite Volume for such Trading Day, if sold at a price that equals or exceeds 125% of the then-current Conversion Price, or (z) 5% of the Total Composite Volume for such Trading Day, if sold at a price that equals or exceeds 150% of the then-current Conversion Price, (ii) the aggregate daily volume of ADSs sold on any Trading Day does not exceed 3% of the Total Composite Volume for such Trading Day, if the aggregate sale price of all ADSs sold pursuant to this clause (ii) does not exceeds five million

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dollars ($5,000,000) during the prior trailing one-year period; provided, however, that (I) sales may not be made pursuant to either clause (i)(y) or (i)(z) of the definition of Exempt At-the-Market Offering during the same Trading Day as sales are made pursuant to this clause (ii) of the definition of Exempt At-the-Market Offering, and (II) if sales are made on the same Trading Day pursuant to both and clauses (i)(x) and (ii) of the definition of Exempt At-the-Market Offering, the Total Composite Volume limit under clause (ii) shall be 1% rather than 3%, or (iii) the sales price (without volume limitation) equals or exceeds 200% of the then-current Conversion Price; provided, however, during the first sixty (60) days following the effective date of the Transaction Shelf Registration Statement covering all of the Registrable Securities, the Company shall not sell any securities in an ATM Offering other than pursuant to clause (ii) of the definition of Exempt At-the-Market Offering at a price less than 150% of the then-current Conversion Price. For the avoidance of doubt, any sale of ADSs at a price below 110% of the then-current Conversion Price other than pursuant to clause (ii) of the definition of Exempt At-the-Market Offering shall not qualify as an Exempt At-the-Market Offering. "<u>Total Composite Volume</u>" shall mean the aggregate number of ADSs traded across all relevant exchanges and trading platforms, as reported by Bloomberg L.P. This volume shall encompass all transactions executed during regular trading hours, and shall exclude any pre-market or after-hours trading sessions. Upon the request of the Required Holders, the Company shall provide the Required Holders with the number of ADSs sold by the Company pursuant to any ATM Offering since the Required Holders previously requested such information, along with a confirmation from the Company that such information does not constitute material non-public information; provided, however that the Required Holders may not submit such a request more frequently than once every ten (10) Business Days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Treatment</u>. The parties hereto agree that (i) the Secured Convertible Debentures and the Common Warrants issued hereunder to the Buyers shall be treated as an "investment unit" within the meaning of Section 1273(c)(2) of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder, (ii) the issue price of the investment unit will be allocated between the Secured Convertible Debentures and the Common Warrants based on their relative fair market values on the Closing Date for U.S. federal income tax purposes, as determined collectively by the Company and the Required Holders acting in good faith, and (iii) no party hereto shall take a position contrary to the foregoing on any tax return unless required by an applicable change in law after the Closing Date or the good faith resolution of a tax audit or other tax proceeding.

**5.&nbsp;&nbsp;&nbsp;&nbsp;REGISTER; TRANSFER AGENT INSTRUCTIONS; LEGEND.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Register</u>. The Company shall maintain at its principal executive offices or with its transfer agent (or at such other office or agency of the Company as it may designate by notice to each holder of Securities), a register for the Secured Convertible Debentures in which the Company shall record the name and address of the Person in whose name each Secured Convertible Debenture has been issued (including the name and address of each transferee), and the amount of the Secured Convertible Debenture held by such Person. The Company shall keep

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the register open and available at all times during business hours for inspection by the Buyers, any subsequent holder and their respective legal representatives. The Company hereby irrevocably agrees that it shall not require medallion guarantees in connection with any assignments or transfers of the Secured Convertible Debentures, Conversion ADSs, Pre-Funded Warrant ADSs or Common Warrant ADSs by a Buyer to any third party. The Company hereby authorizes its then-current transfer agent to rely on the foregoing and the Company hereby indemnifies and agrees to hold its then-current transfer agent harmless from any liability related to its complying with the foregoing. Upon request by a Buyer, the Company further agrees to promptly provide its then-current transfer agent with additional authorizations or indemnifications as may so request. Each Secured Convertible Debenture is intended to be in "registered form" within the meaning of Section 5f.103-1(c) of the United States Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer Restrictions</u>. The Securities may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of Securities other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of a Buyer or in connection with a pledge as contemplated herein, the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Securities under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and shall have the rights and obligations of a Buyer under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Conversion and Exercise Procedures</u>. The form of Conversion Notice included in each Secured Convertible Debenture sets forth the totality of the procedures required of each Buyer in order to convert the Secured Convertible Debenture held by it. Except as provided in <u>Section 2(f)</u> and <u>Section 5(b)</u>, no additional legal opinion, other information or instructions shall be required of any Buyer to convert the Secured Convertible Debenture held by it. The Company shall honor conversions of the Secured Convertible Debentures and shall deliver the Conversion ADSs, Pre-Funded Warrants or Common Warrants in accordance with the terms, conditions and time periods set forth in the Secured Convertible Debenture. The Company shall honor conversions of the Pre-Funded Warrants and shall deliver the Pre-Funded Warrant Shares in accordance with the terms, conditions and time periods set forth in any Pre-Funded Warrant. The Company shall honor conversions of the Common Warrants and shall deliver the Common Warrant Shares in accordance with the terms, conditions and time periods set forth in any Common Warrant. For all purposes of this Agreement, and without limiting the generality of any provision hereof, every reference to the Company's "Ordinary Shares" or "ADSs" or any similar term shall be construed to include, mutatis mutandis, any securities issued in exchange for, substitution of, or as a successor to such equity interests, whether by way of reclassification, recapitalization, share split, reverse share split, consolidation, amalgamation, merger, scheme of arrangement, or any other corporate or market transaction.

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**6.&nbsp;&nbsp;&nbsp;&nbsp;CONDITIONS TO THE COMPANY'S OBLIGATION TO SELL.**

The obligation of the Company hereunder to issue and sell a Secured Convertible Debenture to each Buyer at the Closing is subject to the satisfaction, at or before the Closing, of each of the following conditions, provided that these conditions are for the Company's sole benefit and may be waived by the Company at any time in its sole discretion by providing such Buyer with written notice thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The forms of Transaction Documents (other than this Agreement, the Secured Convertible Debentures and the Security Agreement, which shall be in the forms agreed upon herein) shall be in form and substance reasonably satisfactory to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Resolution shall have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Each Buyer and the Collateral Agent each shall have executed each of the Transaction Documents to which it is a party and delivered the same to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Each Buyer shall have delivered to the Company its Purchase Price (less the amounts withheld pursuant to <u>Section 4(e)</u>) for the Secured Convertible Debenture and/or Common Warrants to be purchased by it pursuant to this Agreement by wire transfer of immediately available funds in accordance with a letter, duly executed by an officer of the Company, setting forth the wire amounts of such Buyer and the wire transfer instructions of the Company (the "<u>Closing Statement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The representations and warranties of such Buyer shall be true and correct in all material respects as of the date when made and as of the Closing as though originally made at that time (except for representations and warranties that speak as of a specific date, which shall be true and correct in all material respects as of such specific date), and such Buyer shall have performed, satisfied and complied with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by such Buyer at or prior to the Closing.

**7.&nbsp;&nbsp;&nbsp;&nbsp;CONDITIONS TO THE BUYER'S OBLIGATION TO PURCHASE.**

The obligation of each Buyer hereunder to purchase the Secured Convertible Debenture to be purchased by it pursuant to this Agreement at the Closing is subject to the satisfaction, at or before the Closing, of each of the following conditions, provided that these conditions are for the Buyers sole benefit and may be waived by a Buyer (but solely with respect to itself) at any time in its sole discretion by providing the Company with written notice thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The forms of Transaction Documents (other than this Agreement, the Secured Convertible Debenture and the Security Agreement, which shall be in the forms agreed upon herein) shall be in form and substance reasonably satisfactory to such Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company, each Guarantor (as defined in the Security Agreement), each Grantor (as defined in the Security Agreement) and the Collateral Agent each shall have duly

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executed and delivered to such Buyer each of the Transaction Documents to which it is a party, together with a Perfection Certificate, in form and substance satisfactory to such Buyer and the Collateral Agent, and the Company shall have duly executed and delivered to such Buyer a Secured Convertible Debenture with a principal amount corresponding to the Subscription Amount set forth opposite such Buyer's name on the Schedule of Buyers attached hereto as <u>Schedule I</u> for the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Resolution and the board of directors' resolution approving the issuance of the Secured Convertible Debenture shall have been obtained and shall have not been amended, rescinded or modified and remain in full force and effect as of such Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have completed a common equity financing for gross proceeds in an amount not less than one hundred ninety five million dollars ($195,000,000), on terms and conditions reasonably satisfactory to such Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have delivered to such Buyer certified copies of its and each of its Subsidiaries' charter, bylaws, operating agreement and shareholders' agreement (or any similar organizational documents), as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Company and the Guarantor shall have delivered to such Buyer and the Collateral Agent a certificate evidencing the incorporation and good standing of the Company and the Guarantor, as applicable as of a date within ten (10) days of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Each and every representation and warranty of the Company shall be true and correct in all material respects (other than representations and warranties qualified by materiality, which shall be true and correct in all respects) as of the date when made and as of the Closing as though originally made at that time (except for representations and warranties that speak as of a specific date, which shall be true and correct in all material respects as of such specific date) and the Company shall have performed, satisfied and complied in all respects with the covenants, agreements and conditions set forth in each Transaction Document required to be performed, satisfied or complied with by the Company at or prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) The ADSs shall be listed on the Principal Market and (B) shall not have been suspended, as of the Closing, by the SEC or the Principal Market from trading on the Principal Market and (ii) after the closing of the transactions contemplated by this Agreement and the Common Equity Private Placement, the Company shall meet the minimum continued listing requirements of the NYSE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have obtained all governmental, regulatory or third-party consents and approvals, if any, necessary for the issuance and sale of the Securities (and the guaranty thereof by the Guarantor), including without limitation, those required by the Principal Market, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or Governmental Entity of

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competent jurisdiction that prohibits the consummation of any of the transactions contemplated by the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;Since the date of execution of this Agreement, no event or series of events shall have occurred that has resulted in or would reasonably be expected to result, individually or in the aggregate, in a Material Adverse Effect or an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have obtained approval of the Principal Market to list the maximum number of Conversion ADSs issuable pursuant to the Secured Convertible Debentures issued upon conversion of any Secured Convertible Debenture (or portion thereof) to be issued at the Closing and the maximum number of Pre-Funded Warrant ADSs or Common Warrant ADSs issuable pursuant to the Pre-Funded Warrants or Common Warrants, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;Such Buyer shall have received the Closing Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;(i) From the date hereof to the Closing, trading in the ADSs shall not have been suspended by the SEC or the Principal Market, and (ii) at any time from the date hereof to the Closing, trading in the securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported by such service, or on the Principal Market, nor shall a banking moratorium have been declared either by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of such Buyer, makes it impracticable or inadvisable to purchase the Securities at the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;(i) The board of directors of the Company has approved the transactions contemplated by the Transaction Documents, (ii) said approval has not been amended, rescinded or modified and remains in full force and effect as of such Closing, and (iii) a true, correct and complete copy of such approval duly adopted by the board of directors of the Company shall have been provided to such Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have delivered to such Buyer and the Collateral Agent a compliance certificate executed by the chief executive officer of the Company certifying that Company has complied with all of the conditions precedent to the Closing set forth herein and which may be relied upon by such Buyer as evidence of satisfaction of such conditions without any obligation to independently verify such satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Agent shall have received (A) all customary UCC, tax, pending litigation, judgment, bankruptcy and other diligence searches (and the foreign equivalent thereof for any foreign Subsidiary), in each case, reasonably requested by the Collateral Agent following delivery of the final, updated Perfection Certificate referred to above and (B) payoff letters and UCC-3 Amendment (termination statements) requested by the Collateral Agent for debt or Liens not permitted pursuant to the terms of the Transaction Documents (if any).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;Such Buyer shall have received the opinion of Lowenstein Sandler LLP, the Company's U.S. Counsel, and ARCHERS (AARPI), the Company's French Counsel, dated as of the Closing Date, each in form and substance reasonably acceptable to such Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall have delivered the Control Agreements (as defined in the Secured Convertible Debenture), in form and substance reasonably satisfactory to the Collateral Agent, perfecting the Lien of the Collateral Agent in the Cash Collateral Account and in the Bitcoin Escrow Account (with Coinbase as the custodian of the Bitcoin Escrow Account).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;All costs, fees, expenses (including, without limitation, legal fees and expenses) contemplated hereby to be payable to the Buyers shall have been paid to the extent due and, in the case of expenses of the Buyers that are reimbursable in accordance herewith, invoiced at least one day prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;The Company and its Subsidiaries shall have delivered to such Buyer such other customary documents, instruments or certificates relating to the transactions contemplated by the Transaction Documents as such Buyer or its counsel may reasonably request.

**8.&nbsp;&nbsp;&nbsp;&nbsp;TERMINATION.**

In the event that the Closing shall not have occurred by July 18, 2025, then each Buyer shall have the right to terminate its obligations under this Agreement at any time at or after the close of business on such date without liability of such Buyer to any other party, including the Company; provided, however, (i) the right to terminate this Agreement under this <u>Section 8</u> shall not be available to such Buyer if the failure of the transactions contemplated by this Agreement to have been consummated by such date is the result of such Buyer's breach of this Agreement and (ii) such termination shall not affect any obligation of the Company under this Agreement to reimburse any Buyer for its expenses as described herein. Nothing contained in this <u>Section 8</u> shall be deemed to release any party from any liability for any breach by such party of the terms and provisions of this Agreement or the other Transaction Documents prior to the valid termination hereof or thereof or to impair the right of any party to compel specific performance by any other party of its obligations under this Agreement or the other Transaction Documents.

**9.&nbsp;&nbsp;&nbsp;&nbsp;COLLATERAL AGENT.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment; Authorization</u>. Each Secured Party hereby irrevocably appoints, designates and authorizes Hudson Bay PH XVI Ltd., an exempted company organized under the laws of the Cayman Islands, as Collateral Agent to take such action on its behalf under the provisions of this Agreement and each other Transaction Document and to exercise such powers and perform such duties as are expressly deleted to it by the terms of this Agreement and the other Transaction Documents, together with such powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any other Transaction Document, the Collateral Agent shall not have any duty or responsibility except those expressly set forth herein or in such other Transaction Document, nor shall the Collateral Agent have or be deemed to have any fiduciary relationship with any Buyer, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into

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this Agreement or any other Transaction Document or otherwise exist against the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Delegation of Duties</u>. The Collateral Agent may execute any of its duties under this Agreement or any other Transaction Document by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Collateral Agent shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact it selects with reasonable care. Without limiting the generality of the powers of the Collateral Agent, as set forth above, the Collateral Agent is hereby authorized to act as collateral agent for any Buyer pursuant to each of the Transaction Documents. In such capacity, the Collateral Agent has the right to exercise all rights and remedies available under the Transaction Documents, the Uniform Commercial Code and other applicable law, as directed by the Required Holders. Without limiting the generality of the powers of the Collateral Agent, as set forth above, the Collateral Agent is hereby authorized to, at the direction of the Required Holders: (i) to file proofs of claim and other documents on behalf of the Buyers, (ii) object or consent to the use of collateral, (iii) object or consent to any proposed debtor-in-possession financing, whether provided by a Buyer or any other Person and whether secured by Liens with priority over the Liens securing the Debenture Obligations (as defined in the Security Agreement) or otherwise, (iv) object to consent to the sale of Collateral, (v) to be, or form, an acquisition entity to be, the purchaser of any or all of such Collateral at any such sale under clause (iv) and to offset any of the obligations against the purchase price payable by the Collateral Agent (or such acquisition entity at such sale or otherwise consent to a reduction of the Debenture Obligations as consideration to the applicable Issuer Party (as defined in the Security Agreement)), and (vi) to seek, object or consent to any Issuer Party's provision of adequate protection of the interests of the Collateral Agent and/or the Buyers in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Limited Liability</u>. None of the Collateral Agent or any of its directors, officers, employees or agents shall (i) be liable for any action taken or omitted to be taken by any of them under or in connection with this Agreement or any other Transaction Document (except to the extent resulting form its own gross negligence or willful misconduct, in each case, as determined by a court of competent jurisdiction in a final, non-appealable order) or (ii) be responsible in any manner to any Buyer for any recital, statement, representation or warranty made by the Company or any of its Subsidiaries or any Affiliate thereof or any officer thereof contained in this Agreement or any other Transaction Document or any document, certificate or other instrument delivered by or on behalf of the Company and its Subsidiaries, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Transaction Document (including the creation, perfection or priority of any Lien or security interest therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reliance</u>. The Collateral Agent shall be entitled to rely, and be fully protected in relying, upon any writing, resolution, notice, consent, certificate, letter, facsimile, or other statement, message or document believed by it to be genuine and correct and to have been signed, sent or made by the property Person or Persons, and upon the advice of counsel (which includes counsel to any Issuer Party) independent accountants and other experts selected by the Collateral Agent. The Collateral Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Transaction Document unless it shall first receive such

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advice or concurrence of the Required Holders or all of the Buyers as it deems appropriate and, if it so requests, confirmation from the Buyers of their obligation to indemnify the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</u>. A Buyer shall indemnify upon demand the Collateral Agent and its directors, officers, employees and agents (to the extent not reimbursed by the Company and without any obligation of the Company to do so), based on the Buyer's pro rata holdings of the outstanding aggregate principal amount of the Debentures, from and against any and all actions, causes of actions, suits, losses, liabilities, damages and expenses, except to the extent thereof results from the applicable Person's own gross negligence or willful misconduct, as determined by a court of competent jurisdiction in a final non-appealable order. Without limiting the foregoing, each Buyer shall reimburse the Collateral Agent upon demand for its ratable share of any reasonable and documented costs or out-of-pocket expenses incurred by the Collateral Agent in respect of rights or responsibilities of the Collateral Agent under this Agreement or any other Transaction Document. The undertaking in this <u>Section (9)(e)</u> shall survive the repayment of the Debenture Obligations, the cancellations of the Secured Convertible Debentures, and the cancellation or termination of the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Successor Agent</u>. The Collateral Agent may resign as Collateral Agent at any time upon thirty (30) days' prior written notice to the Buyers and the Company. If the Collateral Agent resigns, the Required Holders shall, with the consent of the Company in the absence of any Event of Default, which consent shall not be unreasonably withheld, conditioned or delayed, appoint from among the Buyers a successor collateral agent. If no successor collateral agent is appointed prior to the effective date of the resignation of the Collateral Agent, the resigning Collateral Agent may appoint, after consulting with the Buyers and, so long as no Event of Default then exists, the Company, as successor collateral agent. Upon the acceptance of its appointment as successor Collateral Agent hereunder, such successor collateral agent shall succeed to all rights, powers and duties of the requiring Collateral Agent and the term "<u>Collateral Agent</u>" shall mean such successor collateral agent, and the retiring Collateral Agent's appointment, powers and duties as Collateral Agent shall be terminated. After any retiring Collateral Agent's resignation hereunder, the provisions of this <u>Section (9)</u> and <u>Section (10)</u>(h) shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was the Collateral Agent. If no successor collateral agent has accepted appointment as Collateral Agent by the date which is thirty (30) days following a retiring Collateral Agent's notice of resignation, the retiring Collateral Agent's resignation shall nevertheless thereupon become effective and the Required Holders shall perform all of the duties of Collateral Agent hereunder until such time, if any, as the Required Holders appoint a successor collateral agent as hereinabove provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral Agent Individually</u>. Hudson Bay PH XVI Ltd. may make loans to and provide credit for the account of and generally engage in any kind of banking, trust, financial advisory, underwriting or other business with the Company and its Subsidiaries and any Affiliate thereof as though Hudson Bay PH XVI Ltd. were not Collateral Agent hereunder and without notice to or consent of any Buyer. Each of the Buyers and each other Secured Party acknowledges that, pursuant to such activities, Hudson Bay PH XVI Ltd. and its Affiliates may

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receive information regarding the Company and its Subsidiaries and Affiliates, and acknowledge that the Collateral Agent shall be under no obligation to provide such information to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;As used herein,

&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)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Affiliate</u>" of a specified Person means any Person that, directly or indirectly, controls, is controlled by, or is under common control with, such specified Person, through one or more intermediaries or otherwise; provided that no portfolio company of a Buyer Investor shall be deemed to be an "Affiliate" of a Buyer.

&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)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Required Holders</u>" means, (a) prior to the Closing Date, each Buyer entitled to purchase Secured Convertible Debentures at the Closing, and (b) on or after the Closing Date, holders of a majority in aggregate outstanding principal amount of Secured Convertible Debentures as of the time of determination; provided that such majority must include Hudson Bay PH XVI Ltd., so long as Hudson Bay PH XVI Ltd. or any of its Affiliates hold any Secured Convertible Debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Secured Parties</u>" means, collectively, (a) the Collateral Agent and each Buyer, and after the Closing, each holder of a Secured Convertible Debenture and (b) as otherwise defined in a Security Document.

**10.&nbsp;&nbsp;&nbsp;&nbsp;MISCELLANEOUS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. This Agreement and the rights and obligations of the parties hereunder shall, in all respects, be governed by, and construed in accordance with, the laws (excluding the principles of conflict of laws) of the State of New York (including Section 5-1401 and Section 5-1402 of the General Obligations Law of the State of New York), including all matters of construction, validity and performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Jurisdiction; Venue; Service</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby irrevocably consents to the non-exclusive personal jurisdiction of the state courts of the State of New York (the "<u>Governing Jurisdiction</u>") and, if a basis for federal jurisdiction exists, the non-exclusive personal jurisdiction of the United States District Court for the Southern District of New York.

&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)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that venue shall be proper solely in courts of the State of New York sitting in the Borough of Manhattan in New York County, and the United States District Court of the Southern District of New York, and any appellate court from any thereof. The Company waives any right to object to the maintenance of any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, in any of the state or federal courts of the Governing Jurisdiction on the basis of improper venue or inconvenience of forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or tort or otherwise, brought by the

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Company against a Buyer arising out of or based upon this Agreement or any matter relating to this Agreement, or any other Transaction Document, or any contemplated transaction, shall be brought in a court only in the Governing Jurisdiction. The Company shall not file any counterclaim against a Buyer in any suit, claim, action, litigation or proceeding brought by a Buyer against the Company in a jurisdiction outside of the Governing Jurisdiction unless under the rules of the court in which a Buyer brought such suit, claim, action, litigation or proceeding the counterclaim is mandatory, and not permissive, and would be considered waived unless filed as a counterclaim in the suit, claim, action, litigation or proceeding instituted by a Buyer against the Company. The Company agrees that any forum outside the Governing Jurisdiction is an inconvenient forum and that any suit, claim, action, litigation or proceeding brought by the Company against a Buyer in any court outside the Governing Jurisdiction should be dismissed or transferred to a court located in the Governing Jurisdiction. Furthermore, the Company irrevocably and unconditionally agrees that it will not bring or commence any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against a Buyer arising out of or based upon this Agreement or any matter relating to this Agreement or any other Transaction Document, or any contemplated transaction, in any forum other than the courts of the State of New York sitting in New York County, and the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any such suit, claim, action, litigation or proceeding may be heard and determined in such New York State Court or, to the fullest extent permitted by applicable law, in such federal court. The Company and the Buyers agree that a final judgment in any such suit, claim, action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Each Buyer irrevocably consents to the service of process out of any of the aforementioned courts in any such suit, claim, action, litigation or proceeding in any manner provided for notices in this Agreement. The Company has irrevocably appointed the Digital Asset Subsidiary, with offices at c/o Capitol Services, Inc., with 108 Lakeland Avenue, Dover DE, Kent County 19901, as its authorized agent for service of process upon which process may be served in any such suit or proceeding arising under this Agreement or any other Transaction Document, and the Company agrees that service of process upon such agent, and written notice of said service to the Company by the person serving the same to the address provided in Section 10(g), shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding arising under this Agreement or any other Transaction Document. The Company further agrees to take any and all action as may be necessary to maintain such designation and appointment of such agent in full force and effect for a period of five years from the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the Company or any of its properties, assets or revenues is or may hereafter become entitled to, or have attributed to them, any right of immunity,

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on the grounds of sovereignty, from any legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, or from attachment in aid of execution of judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with this Agreement, any other Transaction Document or the Deposit Agreement, the Company hereby irrevocably and unconditionally, to the extent permitted by applicable law, waives and agrees not to plead or claim any such immunity and consents to such relief and enforcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;Nothing herein shall affect the right of a Buyer to serve process in any other manner permitted by law or to commence legal proceedings or to otherwise proceed against the Company or any other Person in the Governing Jurisdiction or in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;THE PARTIES MUTUALLY WAIVE ALL RIGHT TO TRIAL BY JURY OF ALL CLAIMS OF ANY KIND ARISING OUT OF OR BASED UPON THIS AGREEMENT OR ANY MATTER RELATING TO THIS AGREEMENT, OR ANY OTHER TRANSACTION DOCUMENT, OR ANY CONTEMPLATED TRANSACTION. THE PARTIES ACKNOWLEDGE THAT THIS IS A WAIVER OF A LEGAL RIGHT AND THAT THE PARTIES EACH MAKE THIS WAIVER VOLUNTARILY AND KNOWINGLY AFTER CONSULTATION WITH COUNSEL OF THEIR RESPECTIVE CHOICE. THE PARTIES AGREE THAT ALL SUCH CLAIMS SHALL BE TRIED BEFORE A JUDGE OF A COURT HAVING JURISDICTION, WITHOUT A JURY**.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed in two (2) or more identical counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party. In the event that any signature is delivered by an e-mail which contains a portable document format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Headings; Gender</u>. The headings of this Agreement are only for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms thereof. The terms "including," "includes," "include" and words of like import shall be construed broadly as if followed by the words "without limitation." The terms "herein," "hereunder," "hereof" and words of like import refer to this entire Agreement instead of just the provision in which they are found.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement, Amendments</u>. This Agreement supersedes all other prior oral or written agreements between the Buyers, the Company, their affiliates and persons acting on their behalf with respect to the matters discussed herein, and this Agreement and the instruments referenced herein contain the entire understanding of the parties with respect to the matters

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covered herein and therein and, except as specifically set forth herein or therein, neither the Company nor any Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision of this Agreement may be amended other than by an instrument in writing signed by the Company and the Required Holders; provided that if any amendment, modification or waiver disproportionately and adversely impacts the rights of a Buyer (or group of Buyers) with respect to the Collateral, the consent of such disproportionately impacted Buyer (or group of Buyers) shall also be required. As a material inducement for the Buyers to enter into this Agreement, the Company expressly acknowledges and agrees that (x) no due diligence or other investigation or inquiry conducted by a Buyer, any of its advisors or any of its representatives shall affect a Buyer's right to rely on, or shall modify or qualify in any manner or be an exception to any of, the Company's representations and warranties contained in this Agreement or any other Transaction Document and (y) unless a provision of this Agreement or any other Transaction Document is expressly preceded by the phrase "except as disclosed in the SEC Documents," nothing contained in any of the SEC Documents shall affect a Buyer's right to rely on, or shall modify or qualify in any manner or be an exception to any of, the Company's representations and warranties contained in this Agreement or any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing by letter and email and will be deemed to have been delivered: upon (A) receipt, when delivered personally, (B) one (1) Business Day after deposit with an overnight courier service with next day delivery specified or (C) delivery, when sent by electronic mail (provided the sender does not receive a "bounce-back" or other non-delivery notification following such delivery, in each of the foregoing cases, properly addressed to the party to receive the same. The addresses and e-mail addresses for such communications shall be:

If to the Company, to:

Sequans Communications S.A.

15-55 boulevard Charles de Gaulle

Les Portes de la Défense

92700 Colombes

Republic of France

Email: deborah@sequans.com

Attention: Chief Financial Officer

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with a copy (which shall not constitute notice) to:

Lowenstein Sandler LLP

1251 Avenue of the Americas, 18<sup>th</sup> Floor

New York, New York 10020

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: | Steven E. Siesser, Esq. |
| | Brooke A. Gillar, Esq. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Email: | ssiesser@lowenstein.com; |
| | bgillar@lowenstein.com |

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and

ARCHERS (AARPI)

28 rue Dumont d'Urville 75116

Paris, France

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| | |
|:---|:---|
| Attention: | Véronique Gedeon |
| | Mark Richardson |
| Email: | <u>mrichardson@archers.fr</u>; |
| | vgedeon@archers.fr |

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If to a Buyer, to its address and e-mail address set forth on the Schedule of Buyers or to such other address, e-mail address and/or to the attention of such other Person as the recipient party has specified by written notice given to each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (x) given by the recipient of such notice, consent, waiver or other communication, (y) electronically generated by the sender's e-mail service provider containing the time, date, recipient e-mail address or (z) provided by an overnight courier service shall be rebuttable evidence of personal service or receipt in accordance with clause (A), (B) or (C) above, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns, including any purchasers of a Secured Convertible Debenture (or any portion thereof) (but excluding any purchasers of Underlying Securities, unless pursuant to a written assignment by a Buyer). The Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Required Holders. In connection with any transfer of any or all of its Securities, a Buyer may assign all or a portion of its rights and obligations hereunder in connection with such Securities without the consent of the Company, in which event such assignee shall be deemed to be a Buyer hereunder with respect to such transferred Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Strict Construction</u>. The language used in this Agreement will be deemed to be the language mutually chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Judgment Currency</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;If for the purpose of obtaining or enforcing judgment against the Company in connection with this Agreement or any other Transaction Document in any court in

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any jurisdiction it becomes necessary to convert into any other currency (such other currency being hereinafter in this Section 10(j) referred to as the "<u>Judgment Currency</u>") an amount due in U.S. Dollars under this Agreement or any other Transaction Document, the conversion shall be made at the Exchange Rate prevailing on the Business Day immediately preceding.

&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;(1)&nbsp;&nbsp;&nbsp;&nbsp;the date actual payment of the amount due, in the case of any proceeding in the Court of Chancery of the State of Delaware or in the courts of any other jurisdiction that will give effect to such conversion being made on such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the date on which the foreign court determines, in the case of any proceeding in the courts of any other jurisdiction (the date as of which such conversion is made pursuant to this Section 10(j)(i)(2) being hereinafter referred to as the "<u>Judgment Conversion Date</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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;If in the case of any proceeding in the court of any jurisdiction referred to in Section 10(j)(i)(2), there is a change in the Exchange Rate prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable party shall pay such adjusted amount as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the Exchange Rate prevailing on the date of payment, will produce the amount of U.S. Dollars which could have been purchased with the amount of Judgment Currency stipulated in the judgment or judicial order at the Exchange Rate prevailing on the Judgment Conversion Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Any amount due from the Company under this provision shall be due as a separate debt and shall not be affected by judgment being obtained for any other amounts due under or in respect of this Agreement or any other Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Enforcement Fees</u>. The Company agrees to pay all costs and expenses of the Buyers incurred as a result of enforcement of the Transaction Documents and the collection of any amounts owed to the Buyers thereunder (whether in cash, equity or otherwise), including, without limitation, reasonable attorneys' fees and expenses.

**[REMAINDER PAGE INTENTIONALLY LEFT BLANK]**

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**IN WITNESS WHEREOF***,* the Buyers, the Collateral Agent and the Company have caused their respective signature page to this Secured Convertible Debenture Purchase Agreement to be duly executed as of the date first written above.

**<u>COMPANY</u>:**

**SEQUANS COMMUNICATIONS S.A.**

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| | |
|:---|:---|
| By:  | /s/ Georges Karam |
| Name: | Georges Karam |
| Title: | Chief Executive Officer |

---

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**<u>LIST OF EXHIBITS</u>:**

**<u>EXHIBIT A</u>: FORM OF SECURED CONVERTIBLE DEBENTURE**

**<u>EXHIBIT B</u>: TERMS AND CONDITIONS OF THE PRE-FUNDED WARRANTS**

**<u>EXHIBIT C</u>: REGISTRATION RIGHTS AGREEMENT**

**<u>EXHIBIT D</u>: SUMMARY OF RISKS**

**<u>EXHIBIT E</u>: SECURITY AGREEMENT**

**<u>EXHIBIT F</u>: TERMS AND CONDITIONS OF THE COMMON WARRANTS**

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**<u>EXHIBIT A</u>**

**<u>FORM OF SECURED CONVERTIBLE DEBENTURE</u>**

*See attached.*

------

**<u>EXHIBIT B</u>**

**TERMS AND CONDITIONS OF THE PRE-FUNDED WARRANTS**

*See attached.*

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**<u>EXHIBIT C</u>**

**REGISTRATION RIGHTS AGREEMENT**

*See attached.*

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**REGISTRATION RIGHTS AGREEMENT** 

**between** 

**SEQUANS COMMUNICATIONS SA** 

**and** 

**EACH INVESTOR LISTED ON THE SIGNATURE PAGE HERETO**

**Dated June [ • ], 2025**

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| | **Page** |
| ARTICLE I REGISTRATION RIGHTS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.2 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.5 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.6 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.7 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.8 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.9 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.10 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.11 | 15 |
| ARTICLE II TERMINATION | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.1 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.2 | 15 |
| ARTICLE III GENERAL PROVISIONS | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.1 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.2 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.3 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.4 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.5 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.6 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.7 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.8 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.9 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.10 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.11 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.12 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.13 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.14 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.15 | 25 |

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-i-

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**REGISTRATION RIGHTS AGREEMENT** 

This REGISTRATION RIGHTS AGREEMENT, dated as of June [•], 2025 (this "<u>Agreement</u>"), is made between Sequans Communications S.A., a *société anonyme* incorporated in the French Republic (the "<u>Company</u>"), and the purchasers listed on the signature pages hereto (each, an "<u>Investor</u>"). The Company and the Investor are referred to hereinafter each as a "<u>Party</u>" and collectively as the "<u>Parties</u>."

**RECITALS**

WHEREAS, pursuant to a Secured Convertible Debenture Purchase Agreement dated as of June [•], 2025 between the Company and the Investors (the "<u>Purchase Agreement</u>"), the Investors subscribed from the Company an aggregate principal amount of [•] Secured Convertible Debentures (the "<u>Secured Convertible Debentures</u>"), [•] pre-funded warrants (the "<u>Pre-Funded Warrants</u>") to purchase Ordinary Shares represented by ADSs (as exercised, such Ordinary Shares collectively, the "<u>Pre-Funded Warrant Shares</u>" and such ADSs collectively, the "<u>Pre-Funded Warrant ADSs</u>") and [•] common warrants (the "<u>Common Warrants</u>") to purchase Ordinary Shares represented by ADSs or additional Pre-Funded Warrants at the option of the holder thereof (as exercised, such Ordinary Shares collectively, the "<u>Common Warrant Shares</u>" and such ADSs collectively, the "<u>Common Warrant ADSs</u>") (the "<u>Secured Convertible Debenture Offering</u>");

WHEREAS, the Parties are entering into this Agreement to set forth certain rights of the Investors relating to the registration of the Conversion ADSs (as defined below), the Pre-Funded Warrant ADSs and the Common Warrant ADSs. The ADSs issued or issuable upon conversion of all or any portion of the Senior Secured Debentures into the Ordinary Shares represented by ADSs (as exercised, such Ordinary Shares collectively, the "<u>Conversion Shares</u>" and such ADSs collectively, the "<u>Conversion ADSs</u>");

NOW, THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth in this Agreement and intending to be legally bound hereby, the Parties agree as follows:

**ARTICLE I**

**REGISTRATION RIGHTS** 

Section 1.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Resale Shelf Registration</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)&nbsp;&nbsp;&nbsp;&nbsp;Within seven (7) Business Days following the closing of the Secured Convertible Debenture Offering (the "<u>Initial Filing Date</u>"), the Company shall (i) file with the SEC a Shelf Registration Statement on Form F-3 or Form S-3, as applicable (such Shelf Registration Statement shall be an ASRS to the extent that the Company is then ASR Eligible and, if the Company is not then eligible to register the resale of the Registrable Securities on Form F-3 or Form S-3, as applicable, such registration shall be on another appropriate form) or (ii) prepare an amendment to an existing and effective Registration Statement (the "<u>Transaction Shelf Registration Statement</u>"), in each case, with respect to the registration under the Securities

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Act of the resale of all of the Registrable Securities, in each case, which shall include a prospectus in such form to permit the Investors to sell such Registrable Securities pursuant to Rule 415 under the Securities Act (or any successor or similar provision adopted by the SEC then in effect) beginning on the effective date for such Registration Statement. The Company shall use its commercially reasonable efforts to cause such Transaction Shelf Registration Statement to become effective as promptly as practicable after the filing thereof, but in no event later than 75 business days after the closing thereof, and to keep the Transaction Shelf Registration Statement continuously effective subject to the Securities Act and the provisions of Section 1.3. The Company hereby represents that, as of the date hereof, it is eligible to use Form F-3 for primary offerings under General Instruction I.B(1) of Form F-3.

&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)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein, any Registrable Securities sold pursuant thereto shall be in the form of ADSs.

&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)&nbsp;&nbsp;&nbsp;&nbsp;If the Transaction Shelf Registration Statement filed under Section 1.1(a)or any Registration Statement filed under this Section 1.1(c) ceases to be effective for any reason at any time during the Effectiveness Period, the Company shall use its commercially reasonable efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall within ten (10) days of such cessation of effectiveness amend such Registration Statement in a manner designed to obtain the withdrawal of the order suspending the effectiveness thereof, or file an additional Shelf Registration Statement covering all of the Registrable Securities covered by and not sold under the Transaction Shelf Registration Statement. If such a Registration Statement is filed, the Company shall use its commercially reasonable efforts to cause such Registration Statement to be declared effective as soon as practicable after such filing and to keep such Registration Statement continuously effective during the Effectiveness Period, and such Registration Statement shall be deemed a Transaction Shelf Registration Statement hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If: (i) the Shelf Registration Statement is not filed on or prior to its Filing Date (if the Company files the Shelf Registration Statement without affording the Investors the opportunity to review and comment on the same as required by Section 1.4(a) herein or the Company subsequently withdraws the filing of the Shelf Registration Statement, for reasons other than at the request of the Investors of a majority-in-interest of the Registrable Securities to withdraw the Shelf Registration Statement, the Company shall be deemed to have not satisfied this clause (i) as of the Filing Date), or (ii) a Shelf Registration Statement registering for resale all of the Registrable Securities included in such Shelf Registration Statement is not declared effective by the SEC by the Effectiveness Date of the initial Shelf Registration Statement filed pursuant to this Agreement, or (iii) after the effective date of a Shelf Registration Statement, such Shelf Registration Statement ceases for any reason to remain continuously effective as to all Registrable Securities included in such Shelf Registration Statement, or the Investors are otherwise not permitted to utilize the Prospectus therein to resell such Registrable Securities, except as permitted by Section 1.3(a) hereof (any such failure or breach being referred to as an "<u>Event</u>", and for purposes of clauses (i) and (ii), the date on which such Event occurs, and for purpose of clause (iii) the date on which the suspension exceeds the Suspension Period permitted under Section 1.3(a) hereof, being referred to as an "<u>Event Date</u>"), then, in addition to any other

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rights the Investors may have hereunder or under applicable law, on each such Event Date and on each monthly anniversary of each such Event Date (if the applicable Event shall not have been cured by such date) until the applicable Event is cured, the Company shall pay to each Investor an amount in cash, as partial liquidated damages and not as a penalty, equal to the product of 2.0% multiplied by the aggregate purchase price paid by such Investor pursuant to the Purchase Agreement. The parties agree that the maximum aggregate liquidated damages payable to an Investor under this Agreement shall be 6.0% of the aggregate purchase price paid by such Investor pursuant to the Purchase Agreement. If the Company fails to pay any partial liquidated damages pursuant to this Section in full within seven (7) days after the date payable, the Company will pay interest thereon at a rate of 10.0% per annum (or such lesser maximum amount that is permitted to be paid by applicable law) to the Investor, accruing daily from the date such partial liquidated damages are due until such amounts, plus all such interest thereon, are paid in full. The partial liquidated damages pursuant to the terms hereof shall apply on a daily pro rata basis for any portion of a month prior to the cure of an Event.

Section 1.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Expenses</u>. Except as specifically provided herein, all Registration Expenses incurred in connection with the registration or offering and sale of the Registrable Securities shall be borne by the Company and all Selling Expenses shall be borne by the Investors; <u>provided</u> that, notwithstanding anything herein to the contrary, in no event shall the Investors bear or be responsible for any fees or expenses of the Company's legal counsel in connection with the registration or offering and sale of Registrable Securities.

Section 1.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Suspensions</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)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained in this Agreement, the Company shall be entitled, by providing written notice (a "<u>Notice of Suspension</u>") to each Investor (provided that in no event shall such notice contain any material, non-public information unless notice is also being provided pursuant to Section 4(e)(ii) of the Purchase Agreement), to delay the filing or effectiveness of a Registration Statement or require the Investors to suspend the use of the Prospectus for sales of Registrable Securities under an effective Registration Statement for a reasonable period of time not to exceed, combined with any other suspensions under this Agreement, forty-five (45) consecutive days or seventy-five (75) days in the aggregate in any twelve (12)-month period (a "<u>Suspension Period</u>") if the Board determines in good faith that such filing, effectiveness or use would (i) require the public disclosure of material non-public information concerning any material transaction or negotiations involving the Company that would interfere with such material transaction or negotiations or (ii) otherwise materially interfere with material financing plans, acquisition activities or business activities of the Company; <u>provided</u>, that if at the time of receipt of such notice by an Investor, such Investor shall have sold all or a portion of the Registrable Securities pursuant to an effective Registration Statement such suspension shall not be deemed to prohibit the settlement of such sale by delivery of Registrable Securities, and if the reason for the Suspension Period is not of a nature that would require a post-effective amendment to the Registration Statement, then the Company shall use its commercially reasonable efforts to take such action as to eliminate any restriction imposed by federal securities Laws by the time such Registrable Securities are scheduled to be delivered. Immediately upon receipt of a Notice of Suspension, the Investors shall discontinue the

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disposition of Registrable Securities under an effective Registration Statement and Prospectus relating thereto until the Suspension Period is terminated.

&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)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that it will terminate any Suspension Period as promptly as reasonably practicable and will promptly notify in writing each Investor, to the extent it still beneficially owns Registrable Securities, of such termination (provided that in no event shall such notice contain any material, non-public information). After the expiration of any Suspension Period in the case of an effective Registration Statement, and without the need for any further request from the Investors, the Company shall, as applicable and as promptly as reasonably practicable, prepare a post-effective amendment or supplement to such Registration Statement, the relevant Prospectus, or any document incorporated therein by reference, or file any other required document so that, as thereafter delivered to purchasers of the Registrable Securities included therein, the Registration Statement or the Prospectus, as applicable, will not include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

Section 1.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Registration Procedures</u>. The Company will use its commercially reasonable efforts to effect the registration and the offer and sale of Registrable Securities in accordance with the intended method of disposition thereof as soon as reasonably practicable, and shall, in connection therewith:

&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)&nbsp;&nbsp;&nbsp;&nbsp;prepare and promptly file with the SEC a Registration Statement (or a prospectus supplement, as applicable) with respect to such securities and use its commercially reasonable efforts to cause such Registration Statement to become effective as soon as practicable thereafter;

&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)&nbsp;&nbsp;&nbsp;&nbsp;(i) prepare and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith and such Free Writing Prospectuses and Exchange Act reports as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period and comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such Registration Statement, (ii) cause any Prospectus or supplement thereto to be filed pursuant to Rule 424 under the Securities Act when so required and (iii) provide reasonable notice to the Investor to the extent that the Company determines that a post-effective amendment to a Registration Statement would be appropriate (provided that in no event shall such notice contain any material, non-public information);

&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)&nbsp;&nbsp;&nbsp;&nbsp;(i) furnish to the Investor as far in advance as reasonably practicable before filing any Registration Statement contemplated by this Agreement or any Prospectus to be used in connection therewith or any supplement or amendment thereto, only upon request of the Investor, copies (or such requested portions of copies) of reasonably complete drafts of all such documents proposed to be filed (including furnishing or making available exhibits and each document incorporated by reference therein to the extent then required by the rules and regulations of the SEC), and provide the Investor the opportunity to object to any information pertaining to such Investor and its plan of distribution that is contained therein and make the

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corrections reasonably requested by such Investor with respect to such information prior to filing a Registration Statement or any Prospectus to be used in connection therewith or supplement or amendment thereto, and (ii) furnish to the Investor, without charge, such number of copies of the Registration Statement, each amendment and supplement thereto, the Prospectus included therein (including each preliminary prospectus) and any other prospectuses filed under Rule 424 and each Free Writing Prospectus as such Persons reasonably may request in order to facilitate the sale of the Registrable Securities covered by such 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;use its commercially reasonable efforts to register or qualify the Registrable Securities covered by such Registration Statement under the securities or "blue sky" Laws of such jurisdictions as the Investor reasonably shall request and do any and all other acts and things which may be reasonably necessary or advisable to enable the Investor to consummate the disposition in such jurisdictions; provided, however, that the Company shall not for any such purpose be required to qualify generally to transact business as a foreign corporation in any jurisdiction where it is not so qualified or to consent to general service of process in any such jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;enter into customary agreements and take such other actions as are reasonably requested by the Investor in order to expedite or facilitate the disposition of Registrable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;if the Investor could reasonably be deemed to be an "underwriter," as defined in Section 2(a)(11) of the Securities Act, in connection with a Registration Statement and any amendment or supplement thereof (an "<u>Investor Underwriter Registration Statement</u>"), then, at the Investor's request, the Company will furnish to the Investor, on the date of the effectiveness of the Investor Underwriter Registration Statement and thereafter from time to time on such dates as the Investor may reasonably request (provided that such request shall not be more frequently than on an annual basis unless the Investor is offering Registrable Securities pursuant to an Investor Underwriter Registration Statement), (i) a "comfort letter", dated such date, from the Company's independent certified public accountants in form and substance as has been customarily given by independent certified public accountants to underwriters in underwritten offerings of securities by the Company, addressed to the Investor, (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of the Investor Underwriter Registration Statement, in form, scope and substance as has been customarily given in underwritten offerings of securities by the Company, including standard "10b-5" negative assurance for such offerings, addressed to the Investor and (iii) a standard officer's certificate from the chief executive officer or chief financial officer, or other officers serving such functions, of the Company addressed to the Investor, as has been customarily given by such officers in underwritten offerings of securities by the Company. Notwithstanding anything to the contrary in this Agreement, the Company will not name the Investor as an underwriter (as defined in Section 2(a)(11) of the Securities Act) in any Registration Statement or Investor Underwriter Registration Statement, as applicable, without the Investor's consent. If the staff of the SEC requires the Company to name the Investor as an underwriter (as defined in Section 2(a)(11) of the Securities Act), and the Investor does not consent thereto, then the Investor's Registrable Securities shall not be included on the applicable Registration Statement, and the

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Company shall have no further obligations hereunder with respect to Registrable Securities held by the Investor, unless the Investor has not had an opportunity to conduct customary underwriter's due diligence with respect to the Company at the time the Investor's consent is sought;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;promptly notify the Investor: (i) when the Registration Statement, any pre-effective amendment, the Prospectus or any prospectus supplement related thereto, any post-effective amendment to the Registration Statement or any Free Writing Prospectus has been filed with the SEC and, with respect to the Registration Statement or any post-effective amendment, when the same has become effective; (ii) of any request by the SEC or state securities authority for amendments or supplements to the Registration Statement or the Prospectus related thereto or for additional information, including copies of any and all transmittal letters and other correspondence with the SEC and all correspondence (including comment letters and a copy of the Company's draft responses thereto), from the SEC to the Company relating to such Registration Statement or any Prospectus or any amendment or supplement thereto (but not, for the avoidance of doubt, any documents incorporated by reference therein); (iii) of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; or (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or state "blue sky" Laws of any jurisdiction or the initiation of any proceeding for such purpose (provided that in no event shall such notices under clauses (ii) or (iii) contain any material, non-public information unless consented to in advance by the Investor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;if at any time (i) any event or development shall occur or condition shall exist as a result of which the Disclosure Package, as then amended or supplemented, would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or (ii) it is necessary to amend or supplement the Disclosure Package to comply with Law, the Company will promptly notify the Investor and promptly prepare and file with the SEC (to the extent required) and furnish to the Investor such amendments or supplements to the Disclosure Package as may be necessary so that the statements in the Disclosure Package, as so amended or supplemented, will not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, be misleading, or so that the Disclosure Package will comply with Law;

&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)&nbsp;&nbsp;&nbsp;&nbsp;use its commercially reasonable efforts to make generally available to the Investor, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company's first full calendar quarter after the effective date of a Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;use its commercially reasonable efforts to list the Registrable Securities covered by such Registration Statement on the NYSE or, if not the NYSE, the primary trading

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market or any other national securities exchange on which the Ordinary Shares or Ordinary Shares represented by ADSs are listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such 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;(l)&nbsp;&nbsp;&nbsp;&nbsp;immediately notify each Investor, at any time when a Prospectus is required to be delivered under the Securities Act, of the occurrence or happening of any event as a result of which the Prospectus contained in a Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing (provided that in no event shall such notice contain any material, non-public information), and, as promptly as reasonably practicable prepare and furnish to each such Investor a reasonable number of copies of a supplement to or an amendment of such Prospectus as may be necessary so that, as thereafter delivered, such Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;in connection with the preparation and filing of each Registration Statement registering Registrable Securities under the Securities Act, and before filing any such Registration Statement or any other document in connection therewith, give reasonable consideration to the inclusion in such documents of any comments reasonably and timely made by the Investor or its legal counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;use its commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement, or the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction and, if such an order or suspension is issued, to use its commercially reasonable efforts to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify each Investor of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose (provided that in no event shall such notices under this clause (n) contain any material, non-public information unless consented to in advance by the Investor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;otherwise use its commercially reasonable efforts to comply with the Securities Act, the Exchange Act and any other applicable rules and regulations of the SEC and reasonably cooperate with the Investor in the disposition of its Registrable Securities in accordance with the method of distribution described in the Prospectus included in any Registration Statement, such cooperation to include the endorsement and transfer of any certificates representing Registrable Securities (or a book-entry transfer to similar effect) transferred in accordance with this Agreement and delivery of any necessary instructions or opinions to the Company's transfer agent in order to cause the transfer agent to allow Registrable Securities to be sold from time to time as permitted by Law;

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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;(p)&nbsp;&nbsp;&nbsp;&nbsp;use its commercially reasonable efforts to cooperate with the Investor and its counsels in connection with the preparation and filing of any applications, notices, registrations and responses to requests for additional information with FINRA, the NYSE or any other national securities exchange on which the Registrable Securities are listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;pay the applicable filing fees covering the Registrable Securities in compliance with the SEC rules and to file such amendments or subsequent registration statements as may be required to maintain an effective registration statement for the relevant Effectiveness Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;use its commercially reasonable efforts to cooperate with the Investor in the disposition of the Registrable Securities covered by such Registration Statement; and

&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)&nbsp;&nbsp;&nbsp;&nbsp;if a Registration Statement is an ASRS that has been outstanding for at least three (3) years, at or prior to the end of the third (3rd) year, the Company shall refile a new ASRS covering the Registrable Securities which remain outstanding. If at any time when the Company is required to re-evaluate its ASR Eligible status or eligibility to use Form F-3 or Form S-3, as applicable, the Company determines that it is not ASR Eligible or eligible to use Form F-3 or Form S-3, as applicable, the Company shall use its commercially reasonable efforts to refile the Transaction Shelf Registration Statement on Form F-3 or Form S-3, as applicable, and, if such form is not available, Form F-1 or Form S-1 (or other appropriate form) and keep the Transaction Shelf Registration Statement continuously effective subject to <u>Section 1.3</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;(t)&nbsp;&nbsp;&nbsp;&nbsp;In the event that the SEC informs the Company that the number of securities proposed to be registered under a Registration Statement exceeds the number which may be registered without violating applicable SEC rules and regulations, including, without limitation, Rule 415 under the Securities Act of 1933, as amended, the Company shall promptly notify the holders of Registrable Securities and shall include in such Registration Statement, to the extent permitted by the SEC, the number of Registrable Securities that the Company is so permitted to register. The securities to be included in the Registration Statement shall be allocated among the holders of Registrable Securities in proportion, as nearly as practicable, to the respective amounts of Registrable Securities held by each holder thereof at the time such Registration Statement is filed. Any Registrable Securities excluded or withdrawn from such a Registration Statement shall be included in a subsequent registration statement to be filed by the Company as soon as reasonably practicable, to the extent permitted by the SEC, and the Company shall use its commercially reasonable efforts to cause such subsequent registration statement to be declared effective by the SEC.

Section 1.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Effectiveness Period</u>. For purposes of this <u>Article I</u>, the period of distribution of Registrable Securities pursuant to a Registration Statement shall be deemed to extend until the sale of all Registrable Securities covered thereby.

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Section 1.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification Rights</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;In the event of any registration or other offer and sale of any securities of the Company under the Securities Act pursuant to this <u>Article I</u>, the Company shall indemnify and hold harmless each Investor and each Person, if any, that controls such Investor within the meaning of Section 15 of the Securities Act (each a "<u>controlling person</u>"), their respective officers, directors, employees, shareholders, members, Representatives and Affiliates, and each controlling person of each Affiliate of any of the foregoing Persons (each, a "<u>Investor Registration Rights Indemnitee</u>"), to the fullest extent lawful, from and against any and all Damages caused by (A) any untrue statement of material fact (or alleged untrue statement of a material fact) contained in any Disclosure Package, any Registration Statement, any Prospectus (including any preliminary Prospectus), any Free Writing Prospectus, or in any amendment or supplement thereto, (B) any omission or alleged omission to state therein any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading or (C) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any foreign or state securities laws or any rule or regulation promulgated under the Securities Act, the Exchange Act or any foreign or state securities laws; <u>provided</u> that the Company shall not be liable to an Investor Registration Rights Indemnitee to the extent that any such Damages are directly caused by any untrue statement or omission (or alleged untrue statement or omission) made in such Disclosure Package, Registration Statement, Prospectus (including any preliminary Prospectus), Free Writing Prospectus, or any amendment or supplement thereto, in strict reliance upon and strictly in conformity with written information about such Investor furnished to the Company by or on behalf of such Investor expressly for use therein. This indemnity shall be in addition to any liability which the Company may otherwise have. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation made by or on behalf of any Investor Registration Rights Indemnitee and shall survive the Transfer of securities by each Investor.

&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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Each Investor shall, severally and not jointly, indemnify and hold harmless the Company and each of its officers who execute any of the Company's filings with the SEC pursuant to the Exchange Act or the Securities Act, its directors, officers and employees (each, a "<u>Company Registration Rights Indemnitee</u>"), to the fullest extent lawful, from and against any and all Damages directly caused by (A) any untrue statement of material fact (or alleged untrue statement of a material fact) contained in any Disclosure Package, any Registration Statement, any Prospectus (including any preliminary Prospectus), any Free Writing Prospectus or in any amendment or supplement thereto, (B) any omission (or alleged omission) to state therein any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, in each case, to the extent that such untrue statement or omission was made in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Investor expressly for use therein or (C) any violation or alleged violation by the Investor of the Securities Act, the Exchange Act, any foreign or state securities laws or any rule or regulation promulgated under

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the Securities Act, the Exchange Act or any foreign or state securities laws; <u>provided</u>, <u>however</u>, that in no event shall the obligations of such Investor hereunder exceed the net proceeds received by it from the sale of its Registrable Securities related to the matter in which Damages are sought. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation made by or on behalf of a Company Registration Rights Indemnitee and shall survive the Transfer of such securities by such Investor.

&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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;If the indemnification provided for in <u>Section 1.6(a)(i)</u> or <u>Section 1.6(a)(ii)</u> is unavailable to an Investor Registration Rights Indemnitee or a Company Registration Rights Indemnitee, as applicable, with respect to any Damages referred to therein or is unenforceable or insufficient to hold an Investor Registration Rights Indemnitee or Company Registration Rights Indemnitee, as applicable, harmless as contemplated therein, then the Company or the Investor, as applicable, in lieu of indemnifying such Investor Registration Rights Indemnitee or Company Registration Rights Indemnitee, as applicable, shall contribute to the amount paid or payable by such Investor Registration Rights Indemnitee or Company Registration Rights Indemnitee, as applicable, as a result of such Damages in such proportion as is appropriate to reflect the relative fault of such Investor Registration Rights Indemnitee or Company Registration Rights Indemnitee, as applicable, on the one hand, and the Company or the Investor, as applicable, on the other hand, in connection with the statements or omissions which resulted in such Damages as well as any other relevant equitable considerations. The relative fault of the Company or the Investor, as applicable, on the one hand, and of an Investor Registration Rights Indemnitee or Company Registration Rights Indemnitee, as applicable, on the other hand, shall be determined by reference to, among other factors, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by or on behalf of the Company or the Investor, as applicable, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Investors agree that it would not be just and equitable if contribution pursuant to this <u>Section 1.6(a)(iii)</u> were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in this <u>Section 1.6(a)(iii)</u>. No Investor Registration Rights Indemnitee or Company Registration Rights Indemnitee guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from the Company or the Investor, as applicable, if the Company or the Investor, as applicable, was not guilty of such fraudulent misrepresentation. Notwithstanding anything herein to the contrary, in no event shall the liability of an Investor in this <u>Section 1.6(a)(iii)</u> be greater in amount than the amount of net proceeds received by it from the sale of such Registrable Securities related to the matter in which indemnification or contribution for Damages are sought.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Reg Rights Claim</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;As used in this Agreement, the term "<u>Reg Rights Claim</u>" means a claim for indemnification or contribution by or on behalf of any Company Registration Rights Indemnitee or Investor Registration Rights Indemnitee, as the case may be, for Damages under <u>Section 1.6(a)</u> (such Person making a Reg Rights Claim, a "<u>Reg Rights Indemnified Person</u>"). The Company (for its own Damages or for the Damages incurred by any other Company

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Registration Rights Indemnitee) or of an Investor (for its own Damages or for the Damages incurred by any other Investor Registration Rights Indemnitee), as applicable, shall give notice of a Reg Rights Claim under this Agreement pursuant to a written notice of such Reg Rights Claim executed by the Company or the Investor, as applicable (a "<u>Notice of Reg Rights Claim</u>"), and delivered to the Company or the Investor, as applicable (such receiving party, the "<u>Reg Rights Indemnifying Person</u>"), promptly after such Reg Rights Indemnified Person becomes aware of the existence of any potential claim by such Reg Rights Indemnified Person for indemnification arising out of or resulting from any item indemnified pursuant to the terms of <u>Section 1.6(a)(i)</u> or <u>Section 1.6(a)(ii)</u> as applicable; <u>provided</u> that the failure to timely give such notice shall not limit or reduce the Reg Rights Indemnified Person's right to indemnification hereunder unless (and then only to the extent that) the Reg Rights Indemnifying Person's defense of such Reg Rights Claim is actually materially and adversely prejudiced thereby.

&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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Each Notice of Reg Rights Claim shall: (A) state the aggregate amount (where practicable) that the Reg Rights Indemnified Person has incurred or paid in Damages arising from such Reg Rights Claim (which amount may include the amount of Damages claimed by a third party in an action (a "<u>Third-Party Reg Rights Claim</u>") brought against such Reg Rights Indemnified Person based on alleged facts, which if true, would give rise to liability for Damages to such Reg Rights Indemnified Person); and (B) contain a brief description, in reasonable detail (to the extent reasonably available to the Reg Rights Indemnified Person) of the facts, circumstances or events giving rise to the alleged Damages based on the Reg Rights Indemnified Person's good faith belief and knowledge thereof, including the identity and address of any third party claimant (to the extent reasonably available to the Reg Rights Indemnified Person).

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Defense of Third-Party Reg Rights Claims</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions hereof, the applicable Reg Rights Indemnifying Person shall have the right (at its own expense) to elect to defend and assume control of the defense of any Third-Party Reg Rights Claim on behalf of a Reg Rights Indemnified Person, utilizing legal counsel reasonably acceptable to such Reg Rights Indemnified Person. In the event such election is made, the Reg Rights Indemnified Person (unless itself controlling the Third-Party Reg Rights Claim in accordance with this <u>Section 1.6(c)</u>) may participate, through counsel of its own choice and, except as provided herein, at its own expense, in the defense of any Third-Party Reg Rights Claim. The reasonable and documented costs and expenses incurred by the Reg Rights Indemnifying Person in connection with such defense (including reasonable attorneys' fees, other professionals' and experts' fees and court or arbitration costs) shall be paid by the Reg Rights Indemnifying Person.

&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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;A Reg Rights Indemnifying Person shall not be entitled to assume control of such defense, and the applicable Reg Rights Indemnified Person may assume the control and defense thereof, at the sole expense of the applicable Reg Rights Indemnifying Person, if (A) the Reg Rights Claim relates to, or arises in connection with, any criminal or governmental proceeding, action, indictment, allegation or investigation, (B) the Reg Rights Claim seeks an injunction against the Reg Rights Indemnified Person, to the extent that such

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defense relates to the claim for such injunction, (C) a conflict of interest between the Reg Rights Indemnifying Person and the Reg Rights Indemnified Person exists with respect to the Reg Rights Claim or the Reg Rights Indemnifying Person and the Reg Rights Indemnified Person have one or more conflicting defenses, in the reasonable view of their respective counsel, or (D) the Reg Rights Indemnifying Person has elected to have the Reg Rights Indemnified Person defend, or assume the control and defense of, a Third-Party Reg Rights Claim in accordance with this <u>Section 1.6(c)</u>; <u>provided</u> that in no event shall the Reg Rights Indemnifying Person be liable for the fees and expenses of more than one separate counsel for all Reg Rights Indemnified Persons, which counsel shall be selected by the Investors (in the case of the Investor Registration Rights Indemnitees) or by the Company (in the case of the Company Registration Rights Indemnitees).

&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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Any party controlling the defense of any Third-Party Reg Rights Claim pursuant hereto shall: (A) conduct the defense of such Third-Party Reg Rights Claim with reasonable diligence and keep the other parties reasonably informed of material developments in the Third-Party Reg Rights Claim at all stages thereof, (B) as promptly as reasonably practicable, submit to the other parties copies of all pleadings, responsive pleadings, motions and other similar legal documents and papers received or filed in connection therewith, (C) permit the other parties and their counsel to confer on the conduct of the defense thereof, and (D) permit the other parties and their counsel an opportunity to review all legal papers to be submitted prior to their submission. The parties not controlling the defense will render to the party controlling the defense such assistance as may be reasonably required in order to insure the proper and adequate defense thereof and shall furnish such records, information and testimony and attend such conferences, discovery proceedings, hearings, trials and appeals as may be reasonably requested by the party controlling the defense in connection therewith. The Reg Rights Indemnifying Person shall reimburse the parties not controlling the defense for any reasonable and documented costs and expenses incurred in connection with providing such assistance. Notwithstanding anything to the contrary in this Agreement, no Party shall be required to disclose any information to the other Party or its Representatives, if doing so would be reasonably expected to violate any Law to which such Party is subject or could jeopardize (in the reasonable discretion of the disclosing Party) any attorney-client privilege available with respect to such information.

&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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;If the Reg Rights Indemnifying Person controls the defense of and defends any Third-Party Reg Rights Claim under this <u>Section 1.6(c)</u>, the Reg Rights Indemnifying Person shall have the right to effect a settlement of such Third-Party Reg Rights Claim on the Reg Rights Indemnified Person's behalf and without the consent of the Reg Rights Indemnified Person; <u>provided</u> that (A) such settlement shall not involve any injunctive relief binding upon the Reg Rights Indemnified Person or any of its Affiliates, (B) such settlement expressly and unconditionally releases the Reg Rights Indemnified Person and the other applicable Reg Rights Indemnified Persons (that is, each of the Company Registration Rights Indemnitees, if the Reg Rights Indemnified Person is a Company Registration Rights Indemnitee, and each of the Investor Registration Rights Indemnitees, if the Reg Rights Indemnified Person is an Investor Registration Rights Indemnitee) from any and all liabilities with respect to such Third-Party Reg Rights Claim, with prejudice and (C) the Reg Rights Indemnifying Person unconditionally acknowledges in writing to the Reg Rights Indemnified

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Person its obligation to pay all Damages of the Reg Rights Indemnified Person with respect to such Third-Party Reg Rights Claim. In all other events, the consent of the Reg Rights Indemnified Person shall be required to effect such a settlement (which consent shall not be unreasonably withheld, conditioned or delayed). If the Reg Rights Indemnified Person controls the defense of and defends any Third-Party Reg Rights Claim under this <u>Section 1.6(c)</u>, the Reg Rights Indemnified Person shall have the right to effect a settlement of such Third-Party Reg Rights Claim only with the consent of the Reg Rights Indemnifying Person (which consent shall not be unreasonably withheld, conditioned or delayed). No settlement by the Reg Rights Indemnified Person of such Third-Party Reg Rights Claim effected in accordance with this <u>Section 1.6(c)</u> shall limit or reduce the right of any Reg Rights Indemnified Person to indemnity hereunder for all Damages they may incur arising out of or resulting from the Third-Party Reg Rights Claim, to the extent such Damages are indemnifiable hereunder. As used in this <u>Section 1.6(c)(iv)</u>, the term "settlement" refers to any consensual resolution of the claim in question, including by consent decree or by permitting any judgment or other resolution of a claim to occur without disputing the same, and the term "settle" has a corresponding meaning.

Section 1.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Free Writing Prospectuses</u>. Except for a Prospectus relating to Registrable Securities included in a Registration Statement, an "issuer free writing prospectus" (as defined in Rule 433 under the Securities Act) prepared by the Company or other materials prepared by Company, each Investor represents and agrees that it (a) will not make any offer relating to the Registrable Securities that would constitute an issuer free writing prospectus or that would otherwise constitute a Free Writing Prospectus, and (b) will not distribute any written materials in connection with the offer or sale pursuant to a Registration Statement of Registrable Securities, in each case, without the prior written consent of the Company.

Section 1.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Information from and Obligations of each Investor</u>. The Company's obligation to include the Investor's Registrable Securities in any Registration Statement or Prospectus is contingent upon each of the Investors:

&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)&nbsp;&nbsp;&nbsp;&nbsp;furnishing to the Company in writing information with respect to its ownership of Registrable Securities and the intended method of disposition of its Registrable Securities as may be required by the Company and as required by Law for use in connection with a Registration Statement or Prospectus (or any amendment or supplement thereto) and all information required to be disclosed in order to make the information the Investor previously furnished to the Company not contain a material misstatement of fact or necessary to cause such Registration Statement or Prospectus (or amendment or supplement thereto) not to omit a material fact with respect to the Investor necessary in order to make the statements therein not misleading;

&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)&nbsp;&nbsp;&nbsp;&nbsp;complying in all material respects with (i) the Securities Act and the Exchange Act, (ii) all applicable state securities Laws, (iii) the rules of any securities exchange or trading market on which the Ordinary Shares or Ordinary Shares represented by ADSs are listed or traded, and (iv) all other applicable regulations, in each case, in connection with, and only to the extent applicable to, the registration and the disposition of Registrable Securities by the Investor;

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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;(c)&nbsp;&nbsp;&nbsp;&nbsp;following its actual knowledge thereof, notifying the Company of the occurrence of any event that makes any statement made in a Registration Statement, Prospectus, issuer free writing prospectus or other Free Writing Prospectus regarding the Investor untrue in any material respect or that requires the making of any changes in a Registration Statement, Prospectus, issuer free writing prospectus or other Free Writing Prospectus so that, in such regard, it will not contain any untrue statement of a material fact or omit any material fact required to be stated therein or necessary to make the statements not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;providing the Company with such information related to the Investor as may be required to enable the Company to prepare a supplement or post-effective amendment to any such Registration Statement or a supplement to such Prospectus or Free Writing Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;using commercially reasonable efforts to cooperate with the Company in preparing the applicable Registration Statement and any related Prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;furnishing the Company with all information required to be included in such Registration Statement or Prospectus by applicable securities Laws in connection with the disposition of such Registrable Securities as the Company reasonably requests.

Section 1.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Rule 144 Reporting</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)&nbsp;&nbsp;&nbsp;&nbsp;With a view to making available to each Investor the benefits of certain rules and regulations of the SEC which may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its commercially reasonable efforts to make and keep available adequate current public information, as defined in Rule 144(c), including all periodic and annual reports and other documents (other than Form 6-K reports) required of the Company under Sections 13 or 15(d) of the Exchange Act, and so long as an Investor beneficially owns any Registrable Securities or securities convertible into or exercisable for Registrable Securities, furnish to the Investor forthwith upon request: a written statement by the Company as to its compliance with the reporting requirements of Rule 144, and of the Exchange Act; a copy of the most recent annual or quarterly report of the Company; and such other reports and documents as the Investor may reasonably request in availing itself of any rule or regulation of the SEC allowing it to sell any Registrable Securities without registration.

&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)&nbsp;&nbsp;&nbsp;&nbsp;For the avoidance of doubt, each Investor may sell any Registrable Securities in compliance with Rule 144, regardless of whether a Registration Statement has been filed with the SEC or is effective. The Company agrees to (i) make and keep public information available as those terms are understood and defined in Rule 144, (ii) use its commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act, and (iii) so long as an Investor owns any Registrable Securities, furnish to such Investor upon request, a written statement by the Company as to its compliance with the reporting requirements of Rule 144, and of the Securities Act and the Exchange Act.

Section 1.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Registration Rights</u>. Notwithstanding anything to the contrary contained herein and subject to <u>Section 1.11</u>, the registration rights granted under this

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<u>Article I</u> terminate and are of no further force and effect (other than <u>Section 1.2</u> and <u>Section 1.6</u>), on the date on which there cease to be any Registrable Securities.

Section 1.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer of Registration Rights</u>. Each Investor shall have the right to Transfer to any Person (such Person, a "<u>Transferee Investor</u>"), directly or indirectly, by written agreement, all of its related rights and obligations granted under this <u>Article I</u> in connection with a Transfer of all of its Registrable Securities to such Person; provided, that in the case of Transfers to limited partners, members or Affiliates of an Investor, such Investor shall have the right to transfer its related rights and obligations under this Article I in connection with the Transfer of all or any portion of its Registrable Securities. Such Transferee Investor shall, following such Transfer, become responsible for all obligations applicable to the Investor under this <u>Article I</u> with respect to the Registrable Securities Transferred to such Transferee Investor.

**ARTICLE II**

**TERMINATION**

Section 2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>. This Agreement shall terminate upon the earlier of (i) the time when there are no Registrable Securities outstanding, (ii) the time when all of the Registrable Securities (a) are freely transferable under Rule 144 and the securities laws of any other applicable jurisdiction without limitation, or any volume, manner-of-sale or other restrictions or conditions, without registration and without the requirement for the Company to be in compliance with the current public information requirement under Rule 144(c) (or any similar rule then in force), as set forth in a written opinion letter to such effect, addressed, delivered and acceptable to the Company's transfer agent and the Investor, and (b) do not and/or shall not when issued bear a restrictive legend relating to the Securities Act or the securities laws of any other applicable jurisdiction or a restricted CUSIP, and (iii) the mutual written agreement of each Investor and the Company.

Section 2.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect of Termination; Survival</u>. In the event of any termination of this Agreement pursuant to <u>Section 2.1</u>, this Agreement shall be terminated, and there shall be no further liability or obligation hereunder on the part of any Party, other than <u>Section 1.6</u>, <u>Section 1.9</u>, this <u>Section 2.2</u> and <u>Article III</u>, which provisions shall survive such termination; <u>provided</u>, <u>however</u>, that nothing contained in this Agreement (including this <u>Section 2.2</u>) shall relieve a Party from liability for any breach of any of its representations, warranties, covenants or agreements set forth in this Agreement to the extent occurring prior to such termination.

**ARTICLE III**

**GENERAL PROVISIONS**

Section 3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>No Confidential Information</u>. In no event shall the Company or its Representatives provide any non-public records, books, Contracts, instruments, computer data or other data or information concerning the Company or its subsidiaries to an Investor unless the Investor has agreed to accept such information in writing beforehand.

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Section 3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Fees and Expenses</u>. All expenses incurred by the Parties in connection with the negotiation, execution and delivery of this Agreement will be borne solely and entirely by the Party incurring such expenses.

Section 3.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. Except as may otherwise be provided herein, all notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall be conclusively deemed to have been duly given when sent by electronic mail to the address set forth below if sent between 8:00 am and 5:00 pm recipient's local time on a Business Day, or on the next Business Day if sent by electronic mail other than between 8:00 am and 5:00 pm recipient's local time.

If to the Company, addressed to it at:

**Sequans Communications SA** 

15-55 boulevard Charles de Gaulle

Les Portes de la Défense

92700 Colombes

Republic of France

Email: deborah@sequans.com

Attention: Chief Financial Officer

With a copy (which shall not constitute notice) to:

Lowenstein Sandler LLP

1251 Avenue of the Americas, 18<sup>th</sup> Floor

New York, New York 10020

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| | |
|:---|:---|
| Attention: | Steven E. Siesser, Esq. |
| | Brooke A. Gillar, Esq. |
| Email: | ssiesser@lowenstein.com; |
| | <u>bgillar@lowenstein.com</u> |

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and

ARCHERS (AARPI)

28 rue Dumont d'Urville 75116

Paris, France

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| | |
|:---|:---|
| Attention: | Véronique Gedeon |
| | Mark Richardson |
| Email: | <u>mrichardson@archers.fr</u>; |
| | vgedeon@archers.fr |

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If to the Investor, addressed to it at: to such address or addresses set forth on the signature page hereto.

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Section 3.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>. For purposes of this Agreement, the following terms have the meanings indicated:

"<u>Action</u>" means any litigation, suit, claim, action, proceeding, arbitration, mediation, hearing, inquiry or investigation (in each case, whether civil, criminal or investigative).

"<u>ADS</u>" has the meaning set forth in the recitals to this Agreement.

"<u>Affiliate</u>" of a specified Person means any Person that, directly or indirectly, controls, is controlled by, or is under common control with, such specified Person, through one or more intermediaries or otherwise; <u>provided</u> that no portfolio company of an Investor shall be deemed to be an "Affiliate" of the Investor.

"<u>American Depositary Shares</u>" or "<u>ADSs</u>" means those certain American Depositary Shares issued pursuant to a deposit agreement by and among the Company, Bank of New York Mellon (or any successor thereto), as depositary, and the owners and holders of American Depositary Shares, as such agreement may from time to time be amended.

"<u>Agreement</u>" has the meaning set forth in the preamble to this Agreement.

"<u>ASR Eligible</u>" means the Company meets or is deemed to meet the eligibility requirements to file an ASRS as set forth in the General Instruction to Form F-3 or Form S-3, as applicable.

"<u>ASRS</u>" means an "automatic shelf registration statement" as defined in Rule 405 promulgated under the Securities Act.

"<u>Board</u>" or "<u>Board of Directors</u>" means the board of directors of the Company, or any duly authorized committee thereof.

"<u>Business Day</u>" means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States, a legal holiday in the Republic of France or any day on which banking institutions in New York City or Paris are authorized or required by law or other governmental action to close; provided, however, for clarification, banking institutions in New York City or Paris shall not be deemed to be authorized or required by law or executive order to close or be closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in New York City or Paris are open for use by customers on such day.

"<u>Common Warrant</u>" has the meaning set forth in the recitals to this Agreement.

"<u>Common Warrant ADSs</u>" has the meaning set forth in the recitals to this Agreement.

"<u>Common Warrant Shares</u>" has the meaning set forth in the recitals to this Agreement.

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"<u>Company</u>" has the meaning set forth in the preamble to this Agreement.

"<u>Company Registration Rights Indemnitee</u>" has the meaning set forth in <u>Section 1.6(a)(ii)</u>.

"<u>Contract</u>" means any oral or written binding contract, subcontract, agreement, note, bond, mortgage, indenture, lease, sublease, license, sublicense, permit, franchise or other instrument, obligation, commitment or arrangement or understanding of any kind or character.

"<u>control</u>" (including the terms "<u>controlled by</u>" and "<u>under common control with</u>") means the possession, directly or indirectly, or as trustee or executor, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, as trustee or executor, by Contract or credit arrangement or otherwise.

"<u>controlling person</u>" has the meaning set forth in <u>Section 1.6(a)(i)</u>.

"<u>Conversion ADSs</u>" has the meaning set forth in the recitals to this Agreement.

"<u>Damages</u>" means any and all claims, demands, suits, actions, causes of actions, losses, costs, damages, liabilities, judgments, and reasonable and documented out-of-pocket expenses incurred or paid, including reasonable attorneys' fees, costs of investigation or settlement, other professionals' and experts' fees, court or arbitration costs.

"<u>Disclosure Package</u>" means, with respect to any offering of Registrable Securities, (a) the preliminary Prospectus or Prospectus, as applicable, (b) each Free Writing Prospectus, and (c) all other information, in each case, that is deemed, under Rule 159 under the Securities Act, to have been conveyed to purchasers of Registrable Securities at the time of sale of such securities.

"<u>Effectiveness Period</u>" has the meaning set forth in <u>Section 1.5</u>.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as in effect from time to time.

"<u>FINRA</u>" means the Financial Industry Regulatory Authority, Inc. or any successor regulatory organization.

"<u>Free Writing Prospectus</u>" means any "free writing prospectus" as defined in Rule 405 promulgated under the Securities Act relating to the Registrable Securities included in the applicable Registration Statement that has been approved for use by the Company.

"<u>Governmental Entity</u>" means any federal, national, foreign, supranational, state, provincial, county, local or other government, governmental, regulatory or administrative authority, agency, instrumentality or commission or any court, tribunal, or judicial or arbitral body of competent jurisdiction.

"<u>Investor</u>" has the meaning set forth in the preamble to this Agreement.

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"<u>Investor Registration Rights Indemnitee</u>" has the meaning set forth in <u>Section 1.6(a)(i)</u>.

"<u>issuer free writing prospectus</u>" has the meaning set forth in <u>Section 1.7</u>.

"<u>Law</u>" any U.S. or non-U.S. federal, state, local, national, supranational, foreign or administrative law (including common law), statute, ordinance, regulation, requirement, regulatory interpretation, rule, code or Order.

"<u>Notice of Reg Rights Claim</u>" has the meaning set forth in <u>Section 1.6(b)(i)</u>.

"<u>Notice of Suspension</u>" has the meaning set forth in <u>Section 1.3(a)</u>.

"<u>Order</u>" means any order (temporary or otherwise), judgment, injunction, award, decision, determination, stipulation, ruling, subpoena, writ, decree or verdict entered by or with any Governmental Entity.

"<u>Ordinary Shares</u>" means ordinary shares, nominal value €0.01 per share, of the Company.

"<u>Party</u>" and "<u>Parties</u>" have the meanings set forth in the preamble to this Agreement.

"<u>Person</u>" means an individual, company, corporation, partnership, limited partnership, limited liability company, syndicate, person (including a "person" as defined in Section 13(d)(3) of the Exchange Act), trust, association or entity or government, political subdivision, agency or instrumentality of a government.

"<u>Pre-Funded Warrant</u>" has the meaning set forth in the recitals to this Agreement.

"<u>Pre-Funded Warrant ADSs</u>" has the meaning set forth in the recitals to this Agreement.

"<u>Pre-Funded Warrant Shares</u>" has the meaning set forth in the recitals to this Agreement.

"<u>Prospectus</u>" means the prospectus included in a Registration Statement, as amended or supplemented by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference, or deemed to be incorporated by reference, into such prospectus.

"<u>Purchase Agreement</u>" has the meaning set forth in the recitals to this Agreement.

"<u>Reg Rights Claim</u>" has the meaning set forth in <u>Section 1.6(b)(i)</u>.

"<u>Reg Rights Indemnified Person</u>" has the meaning set forth in <u>Section 1.6(b)(i)</u>.

"<u>Reg Rights Indemnifying Person</u>" has the meaning set forth in <u>Section 1.6(b)(i)</u>.

"<u>Registrable Securities</u>" means (i) the Conversion ADSs, (ii) the Pre-Funded Warrant ADSs, (iii) the Common Warrant ADSs, (iv) a number of Ordinary Shares represented by ADSs issuable pursuant to the Secured Convertible Debentures as Interest ADSs (as such term is

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defined in the Secured Convertible Debentures) equal to [30%] of the aggregate number of Conversion ADSs issuable pursuant to the Secured Convertible Debentures as of the date of this Agreement and (v) any Ordinary Shares or Ordinary Shares represented by ADSs issued (or issuable upon the conversion or exercise of any warrant, right or other security that is issued) as a result of any stock split, recapitalization, exchange, dividend or other distribution with respect to, or in exchange for or in replacement of, the Conversion ADSs, the Pre-Funded Warrant ADSs, and/or the Common Warrant ADSs; <u>provided</u>, that a security will cease to be a Registrable Security on the earliest to occur of (a) the date such Registrable Security has been resold by such Investor pursuant to a Registration Statement or Rule 144 or (b) upon the date such Registrable Security becomes eligible for resale by such Investor under Rule 144 without volume or manner-of-sale restrictions pursuant to Rule 144 and without the requirement for the Company to be in compliance with the current public information requirement under Rule 144.

"<u>Registration Expenses</u>" means (whether or not any Registration Statement is declared effective or any of the transactions described herein is consummated) all expenses incurred by the Company in filing a Registration Statement, including, all registration and filing fees, fees and disbursements of counsel for the Company, SEC or FINRA registration and filing fees, all applicable ratings agency fees, expenses of the Company's independent accountants in connection with any regular or special reviews or audits incident to or required by any such registration, fees and expenses of compliance with securities or "blue sky" Laws, costs of any comfort letters required by any underwriter, listing fees, printing, transfer agent's and registrar's fees, cost of distributing Prospectuses in preliminary and final form as well as any supplements thereto, the Company's internal expenses, the expense of any annual audit or quarterly review, the expenses and fees for listing the securities to be registered on the New York Stock Exchange or any other securities exchange, roadshow expenses, all other expenses incident to the registration of the Registrable Securities; <u>provided</u>, that the term "Registration Expenses" does not include, and the Company shall not be responsible for, Selling Expenses.

"<u>Registration Statement</u>" means a registration statement of the Company on an appropriate form under the Securities Act filed with the SEC covering the resale of Registrable Securities, including the Prospectus, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits and all materials incorporated by reference or deemed to be incorporated by reference in such Registration Statement.

"<u>Representatives</u>" means a Person's officers, directors, employees, accountants, consultants, legal counsel, investment bankers, other advisors, authorized agents and other representatives.

"<u>Rule 144</u>" means Rule 144 under the Securities Act or any replacement or successor rule promulgated under the Securities Act.

"<u>Rule 415</u>" means Rule 415 under the Securities Act or any replacement or successor rule promulgated under the Securities Act.

"<u>SEC</u>" means the United States Securities and Exchange Commission.

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"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as in effect from time to time.

"<u>Secured Convertible Debenture Offering</u>" has the meaning set forth in the recitals to this Agreement.

"<u>Secured Convertible Debentures</u>" has the meaning set forth in the recitals to this Agreement.

"<u>Selling Expenses</u>" means, in connection with the registration or offering and sale of the Registrable Securities, (a) all underwriting fees, discounts and selling commissions fees, (b) stock transfer taxes applicable to the sale of the Registrable Securities, and (c) fees and expenses of any counsel to the Investors other than the counsel referred to in the definition of Registration Expenses.

"<u>settlement</u>" and "<u>settle</u>" have the meanings set forth in <u>Section 1.6(c)(iv)</u>.

"<u>Shelf Registration Statement</u>" means a registration statement filed with the SEC for the sale of Registrable Securities pursuant to Rule 415 under the Securities Act.

"<u>Suspension Period</u>" has the meaning set forth in <u>Section 1.3(a)</u>.

"<u>Third-Party Reg Rights Claim</u>" has the meaning set forth in <u>Section 1.6(b)(ii)</u>.

"<u>Transaction Documents</u>" means collectively, this Agreement, the Purchase Agreement and the other documents and agreements entered into in connection with the transactions contemplated hereby and thereby.

"<u>Transaction Shelf Registration Statement</u>" has the meaning set forth in <u>Section 1.1(a)</u>.

"<u>Transfer</u>" means to, directly or indirectly, sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily or involuntarily, or to enter into any Contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation or similar disposition of, any securities.

"<u>Transferee Investor</u>" has the meaning set forth in <u>Section 1.11</u>.

Section 3.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Interpretation; Headings</u>. When a reference is made in this Agreement to an Exhibit, a Schedule or a Section, such reference shall be to an Exhibit, a Schedule or a Section of this Agreement unless otherwise indicated. The table of contents, index of defined terms and headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words "include", "includes" or "including" are used in this Agreement, they shall be deemed to be followed by the words "without limitation." The words "hereof", "hereto", "hereby", "herein" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The term "or" is not exclusive. The word "extent" in the phrase "to the extent" shall mean the degree to which a subject or other thing

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extends, and such phrase shall not mean simply "if". The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms. Any agreement, instrument or Law defined or referred to herein means such agreement, instrument or Law as from time to time amended, modified or supplemented, unless otherwise specifically indicated. References to a Person are also to its successors and permitted assigns. When calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded, and if the last day of such period is not a Business Day, the period shall end on the immediately following Business Day. Unless otherwise specifically indicated, all references to "dollars" and "$" or "euros" and "€" will be deemed references to the lawful money of the United States of America or lawful money of the European Union. Each of the Parties has participated in the drafting and negotiation of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement must be construed as if it is drafted by all the Parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of authorship of any of the provisions of this Agreement. References to "days" shall mean "calendar days" unless expressly stated otherwise. No specific provision, representation or warranty shall limit the applicability of a more general provision, representation or warranty. It is the intent of the Parties that each representation, warranty, covenant, condition and agreement contained in this Agreement shall be given full, separate, and independent effect and that such provisions are cumulative. Any reference in this Agreement to a date or time shall be deemed to be such date or time in the City of New York, New York, U.S.A., unless otherwise specified.

Section 3.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of Law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated by the Purchase Agreement, the Secured Convertible Debentures and this Agreement are not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that such transactions be consummated as originally contemplated to the fullest extent possible.

Section 3.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement; Amendments</u>. The Transaction Documents (including the schedules and exhibits hereto and thereto) constitute the entire agreement among the Parties with respect to the subject matter hereof and supersede all prior agreements and undertakings, both written and oral, among the Parties, or any of them, with respect to the subject matter hereof. This Agreement may not be amended except by an instrument in writing signed on behalf of the Company and the Required Holders.

Section 3.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignment; No Third Party Beneficiaries</u>. Except as expressly provided herein, including, without limitation, the transfer of rights and obligations as set forth in <u>Section 1.11</u>, neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any Party, in whole or in part (whether pursuant to a merger, by operation of law or otherwise), without the prior written consent of the other Party (such consent not to be

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unreasonably withheld, conditioned or delayed). Subject to the immediately preceding sentence, this Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

Section 3.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Further Assurances</u>. Each Party shall cooperate, take such actions, enter into such agreements (including customary indemnification and contribution agreements) and execute such documents as may be reasonably requested by any other Party in order to carry out the provisions and purposes of this Agreement and the transactions contemplated hereby; <u>provided</u>, <u>however</u>, that no Party shall be obligated to take any actions or omit to take any actions that would be inconsistent with applicable Law.

Section 3.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law; Consent to Jurisdiction; Waiver of Jury Trial</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)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdiction other than the State of New York. The Parties hereby irrevocably and unconditionally consent to submit to the exclusive jurisdiction of the courts of the State of New York and the United States of America, in each case located in the County of New York, for any Action seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby (whether brought by any Party or any of its Affiliates or against any Party or any of its Affiliates). Consistent with the preceding sentence, each of the Parties hereby (a) submits to the exclusive jurisdiction of such courts for the purpose of any Action arising out of or relating to this Agreement brought by either Party, (b) agrees that service of process will be validly effected by sending notice in accordance with <u>Section 3.3</u>, (c) irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in any such Action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the Action is brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated by this Agreement may not be enforced in or by any of the above named courts, and (d) agrees not to move to transfer any such Action to a court other than any of the above-named courts.

&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)&nbsp;&nbsp;&nbsp;&nbsp;EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY

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THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 3.10</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;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that service to the Process Agent (as defined below) or as otherwise specified in <u>Section 3.3</u> shall be valid and sufficient service, and the Company waives any objections to such service. The Company hereby irrevocably designates GKL Corporate/Search, Inc., One Capitol Mall, Suite 660, Sacramento, California 95814 (the "<u>Process Agent</u>"), as the designee, appointee and agent of the Company to receive, for and on behalf of the Company, service of process for the purposes of this <u>Section 3.10</u>. The Company irrevocably waives any requirements for service abroad of process or other documents, including under the Convention on the Service Abroad of Judicial and Extrajudicial Documents in Civil or Commercial Matters. The Company agrees that service of process in respect of it upon the Process Agent shall be deemed to be effective service of process upon it. The Company agrees that the failure of the Process Agent to give notice to it of any such service shall not impair or affect the validity of such service or any judgment rendered in any Action based thereon. If for any reason the Process Agent shall cease to be available to act as such, the Company agrees to irrevocably appoint another such agent as its authorized agent for service of process, on the terms and for the purposes of this <u>Section 3.10</u>. Nothing herein shall in any way be deemed to limit the ability of the Investor to serve any such legal process in any other manner permitted by applicable Law or to obtain jurisdiction over the Company or bring actions, suits or proceedings against them in such other jurisdiction, and in such matter, as may be permitted by applicable Law

Section 3.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed and delivered (including by facsimile transmission or other means of electronic transmission, such as by electronic mail in "pdf" form or any electronic signature complying with the U.S. federal ESIGN Act of 2000, *e.g.*, www.docusign.com) in counterparts, and by the Parties in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

Section 3.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Specific Performance</u>. The Parties acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. Each Party agrees that, in the event of any breach or threatened breach by the other Party of any covenant or obligation contained in this Agreement, the non-breaching Party shall be entitled (in addition to any other remedy that may be available to it whether in law or equity, including monetary damages) to (a) an Order of specific performance to enforce the observance and performance of such covenant or obligation, and (b) an injunction restraining such breach or threatened breach. Each Party further agrees that neither the other Party nor any other Person shall be required to obtain, furnish or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this <u>Section 3.12</u>, and each Party irrevocably waives any right it may have to require the obtaining, furnishing or posting of any such bond or similar instrument.

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Section 3.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver</u>. Any Party entitled to the benefits thereof may, to the extent permitted by Law (a) extend the time for the performance of any of the obligations or other acts of the other Party, (b) waive any inaccuracies in the representations and warranties contained herein, and (c) waive compliance with any of the covenants, agreements or conditions contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by the party or parties to be bound thereby. Notwithstanding the foregoing, no failure or delay by a Party in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or future exercise of any other right hereunder.

Section 3.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Recapitalization, Exchanges, etc</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)&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all shares or other securities of the Company or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise), which may be issued in respect of, in exchange for or in substitution of, the Registrable Securities, and shall be appropriately adjusted for combinations, stock splits, recapitalizations, pro rata distributions of stock and the like occurring after the date of this Agreement.

&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)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that it shall not effect or permit to occur any combination or subdivision of Ordinary Shares or other securities constituting Registrable Securities which would adversely affect the ability of the Investors to include such Registrable Securities in any registration contemplated by this Agreement or the marketability of such Registrable Securities in any such registration.

Section 3.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Obligations Limited to Parties to this Agreement</u>. Each of the Parties hereto covenants, agrees and acknowledges that no Person other than the Investors (and their transferees or assignees) and the Company shall have any obligation hereunder and that notwithstanding that an Investor is a limited partnership, limited liability company or other entity, no recourse under this Agreement shall be had against any former, current or future director, officer, employee, agent, general or limited partner, manager, member, shareholder or Affiliate of the Investor or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, shareholder or Affiliate of any of the foregoing, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any former, current or future director, officer, employee, agent, general or limited partner, manager, member, shareholder or Affiliate of the Investor or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, shareholder or Affiliate of any of the foregoing, as such, for any obligations of the Investor under this Agreement or for any claim based on, in respect of or by reason of such obligation or its creation.

[*Signature Page Follows*]

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed, as of the date first written above, by their respective officers thereunto duly authorized.

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| | |
|:---|:---|
| **SEQUANS COMMUNICATIONS SA** | **SEQUANS COMMUNICATIONS SA** |
| By: |  |
|  | Name: Georges Karam |
|  | Title: Chief Executive Officer |

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[Signature Page to Registration Rights Agreement]

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| |
|:---|
| **BUYER:** |
| By: |
| Name: |
| Title: |

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**<u>EXHIBIT D</u>**

**SUMMARY OF RISKS**

Certain factors may have a material adverse effect on the business, financial condition and results of operations of the Company and your proposed investment in the Company. The risks and uncertainties described below are not the only ones that the Company faces. Additional risks that the Company are unaware of, or that the Company currently believes are not material, may also become important factors that materially adversely affect the Company. If any of the risk factors discussed in the SEC Documents or any of the following risks actually occur, the business, financial condition, results of operation, and future prospects of the Company could be adversely affected, the trading price of the ADSs could decline, and you could lose all or part of your investment.

**Risks Related to the Issuer's Business and Bitcoin Strategy and Holdings**

● The Company's financial results and the market price of the ADSs may be affected by the prices of Bitcoin.

● Investing in Bitcoin will expose the Company to certain risks associated with Bitcoin, such as price volatility, limited liquidity and trading volumes, relative anonymity, potential susceptibility to market abuse and manipulation, theft, compliance and internal control failures at exchanges and other risks inherent in its electronic, virtual form and decentralized network.

● The Company will have broad discretion in how it executes its Bitcoin strategy, including the timing of purchases and sale of Bitcoin and Bitcoin-related products. The Company may not execute its strategy effectively, which could affect its results of operations and cause its share price to decline. We are continually examining the risks and rewards of our strategy to acquire and hold Bitcoin. This strategy has not been tested over an extended period of time or under different market conditions.

● A significant decrease in the market value of the Company's Bitcoin holdings could adversely affect its ability to satisfy its financial obligations under the Convertible Debt Financing and any subsequent debt financings.

● Unrealized fair value gains on its Bitcoin holdings could cause the Company to become subject to the corporate alternative minimum tax under the Inflation Reduction Act of 2022.

● Bitcoin is a highly volatile asset, and fluctuations in the price of Bitcoin are likely to influence the Company's financial results and the market price of the ADSs.

● Bitcoin and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty.

● The availability of spot exchange-traded products ("ETPs") for Bitcoin and other digital assets may adversely affect the market price of its listed securities. Although we are an operating company, and we believe we offer a different value proposition than a Bitcoin investment vehicle such as a spot Bitcoin ETP, investors may nevertheless view our ADSs as an alternative to an investment in an ETP, and choose to purchase shares of a spot Bitcoin ETP instead of our ADSs. They may do so for a variety of reasons, including if they believe that ETPs offer a "pure play" exposure to Bitcoin that is generally not subject to federal income tax at the entity level as we are, or the other risk factors applicable to an operating business, such as ours.

● The Company's Bitcoin strategy may subject it to enhanced regulatory oversight. The application of state and federal securities laws and other laws and regulations to digital assets is unclear in certain respects, and it is possible that regulators in the United States or foreign countries may interpret or apply existing laws and regulations in a manner that adversely affects the price of Bitcoin or the ability of individuals or institutions such as us to own or transfer Bitcoin. The U.S. federal government, states, regulatory agencies, and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial

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actions, that could materially impact the price of Bitcoin or the ability of individuals or institutions such as us to own or transfer Bitcoin.

● Bitcoin trading venues are relatively new and, in many cases, unregulated. Furthermore, there are many Bitcoin trading venues which do not provide the public with significant information regarding their ownership structure, management teams, corporate practices and regulatory compliance. As a result, the marketplace may lose confidence in Bitcoin trading venues, including prominent exchanges that handle a significant volume of Bitcoin trading and/or are subject to regulatory oversight, in the event one or more Bitcoin trading venues cease or pause for a prolonged period the trading of Bitcoin or other digital assets, or experience fraud, significant volumes of withdrawal, security failures or operational problems.

● The concentration of Bitcoin holdings may enhance the risks inherent in the Company's Bitcoin strategy.

● The Company's Bitcoin holdings will be less liquid than existing cash and cash equivalents and may not be able to serve as a source of liquidity for it to the same extent as cash and cash equivalents.

● If the Company or any third-party service providers it utilizes to execute its Bitcoin strategy experience a security breach, technological failure, or cyber-attack and unauthorized parties obtain access to its Bitcoin assets, the Company may lose some or all of its Bitcoin assets and its financial condition and results of operations could be materially adversely affected.

● The Company will face risks relating to the custody of its Bitcoin at third party custodians, including the loss or destruction of private keys required to access its Bitcoin and cyberattacks or other data loss relating to its Bitcoin. Furthermore, if our custodially-held Bitcoin were considered to be the property of our custodians' estates in the event that any such custodians were to enter bankruptcy, receivership or similar insolvency proceedings, we could be treated as a general unsecured creditor of such custodians, inhibiting our ability to exercise ownership rights with respect to such Bitcoin, or delaying or hindering our access to our bitcoin holdings, and this may ultimately result in the loss of the value related to some or all of such Bitcoin, which could have a material adverse effect on our financial condition as well as the market price of our listed securities

● While senior SEC officials have stated their view that Bitcoin is not a "security" for purposes of the federal securities laws, a contrary determination by the SEC could lead to our classification as an "investment company" under the Investment Company Act of 1940, which would subject us to significant additional regulatory controls that could have a material adverse effect on our ability to execute on our Bitcoin strategy, and our business and operations and may also require us to substantially change the manner in which we conduct our business.

● The Company's Bitcoin strategy exposes it to risk of non-performance by counterparties. A series of high-profile bankruptcies, closures, liquidations, regulatory enforcement actions and other events relating to companies operating in the digital asset industry in recent years have highlighted the counterparty risks applicable to owning and transacting in digital assets. Additional bankruptcies, closures, liquidations, regulatory enforcement actions or other events involving participants in the digital assets industry in the future may further negatively impact the adoption rate, price, and use of Bitcoin, limit the availability to us of financing collateralized by bitcoin, or create or expose additional counterparty risks.

**Risks Related to the Transaction and the Secured Convertible Debentures**

● The Company intends to use the net proceeds from this offering to purchase Bitcoin, the price of which has been, and will likely continue to be, highly volatile.

● The Company will have broad discretion in the use of the net proceeds from this offering that do not constitute a portion of the investors' collateral and investors will not have the opportunity as of this process to assess whether the net proceeds that do not constitute a portion of the investors' collateral are being used in a manner of which you approve.

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● The Company's indebtedness and future indebtedness could affect its financial condition and prevent it from fulfilling its obligations under the Secured Convertible Debentures.

● The Company's ability to generate sufficient cash flows to satisfy its debt obligations, or to refinance its indebtedness on commercially reasonable terms or at all, could materially and adversely affect its financial position and results of operations and its ability to satisfy its obligations under the Secured Convertible Debentures.

● The Secured Convertible Debentures may contain terms which restrict the Company's business operations and reduces its access to capital.

● A lowering or withdrawal of ratings assigned to the Company's debt securities by rating agencies, if any, may increase the Company's future borrowing costs and reduce its access to capital.

● [The Secured Convertible Debentures will be secured by Bitcoin, which could become a significant portion of the assets of the Company. As a result of these security interests, such assets would be available to satisfy claims of the Company's general creditors or to holders of the Company's equity securities if the Company were to become insolvent only to the extent the value of such assets exceeded the amount of the Company's secured indebtedness and other obligations. In addition, the existence of these security interests may adversely affect the Company's financial flexibility.]

● The Company may not have the ability to raise the funds necessary to repurchase the Secured Convertible Debentures or to repay the Secured Convertible Debentures in cash at their maturity, and the Company's future debt may contain limitations on its ability to pay cash upon conversion, redemption, or repurchase of the Secured Convertible Debentures.

● The conversion price of the Secured Convertible Debentures is subject to specific French law mandatory conversion price adjustments and may not be adjusted for all dilutive events that may occur.

● Conversion or redemption may adversely affect the return on the Convertible Notes

● The accounting method for convertible debt securities that may be settled in cash, including the Secured Convertible Debentures, may have a material affect on the Company's financial results.

● The market price of the ADSs, which may fluctuate significantly, may directly affect the value of the Secured Convertible Debentures.

● Holders of the Secured Convertible Debentures will not be entitled to any rights with respect to the ADSs, but will be subject to changes made with respect to the ADSs.

● The Secured Convertible Debentures are convertible into the Company's Ordinary Shares to be delivered for ADSs and therefore holders of the Secured Convertible Debentures will be subject to all of the risks associated with holding ADSs.

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**<u>EXHIBIT E</u>**

**SECURITY AGREEMENT**

*See attached.*

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**<u>EXHIBIT F</u>**

**TERMS AND CONDITIONS OF THE COMMON WARRANTS**

*See attached.*

## Exhibit 10.2

**Exhibit 10.2**

***Execution Version***

**REGISTRATION RIGHTS AGREEMENT** 

**between** 

**SEQUANS COMMUNICATIONS SA** 

**and** 

**EACH INVESTOR LISTED ON THE SIGNATURE PAGE HERETO**

**Dated July 7, 2025**

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| | | **Page** |
| ARTICLE I REGISTRATION RIGHTS | ARTICLE I REGISTRATION RIGHTS | 1 |
| Section 1.1 | Resale Shelf Registration | 1 |
| Section 1.2 | Expenses | 2 |
| Section 1.3 | Suspensions | 2 |
| Section 1.4 | Registration Procedures | 3 |
| Section 1.5 | Effectiveness Period | 3 |
| Section 1.6 | Indemnification | 4 |
| Section 1.7 | Free Writing Prospectuses | 8 |
| Section 1.8 | Information from and Obligations of each Investor | 8 |
| Section 1.9 | Rule 144 Reporting | 9 |
| Section 1.10 | Termination of Registration Rights | 9 |
| Section 1.11 | Transfer of Registration Rights | 9 |
| ARTICLE II TERMINATION | ARTICLE II TERMINATION | 10 |
| Section 2.1 | Termination | 10 |
| Section 2.2 | Effect of Termination; Survival | 10 |
| ARTICLE III GENERAL PROVISIONS | ARTICLE III GENERAL PROVISIONS | 10 |
| Section 3.1 | No Confidential Information | 10 |
| Section 3.2 | Fees and Expenses | 10 |
| Section 3.3 | Notices | 10 |
| Section 3.4 | Definitions | 11 |
| Section 3.5 | Interpretation; Headings | 15 |
| Section 3.6 | Severability | 16 |
| Section 3.7 | Entire Agreement; Amendments | 16 |
| Section 3.8 | Assignment; No Third Party Beneficiaries | 16 |
| Section 3.9 | Further Assurances | 16 |
| Section 3.10 | Governing Law; Consent to Jurisdiction; Waiver of Jury Trial | 16 |
| Section 3.11 | Counterparts | 17 |
| Section 3.12 | Specific Performance | 18 |
| Section 3.13 | Waiver | 18 |
| Section 3.14 | Recapitalization, Exchanges, etc | 18 |
| Section 3.15 | Obligations Limited to Parties to this Agreement | 18 |

---

-i-

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**REGISTRATION RIGHTS AGREEMENT** 

This REGISTRATION RIGHTS AGREEMENT, dated as of July 7, 2025 (this "<u>Agreement</u>"), is made between Sequans Communications S.A., a *société anonyme* incorporated in the French Republic (the "<u>Company</u>"), and the purchasers listed on the signature pages hereto (each, an "<u>Investor</u>"). The Company and the Investor are referred to hereinafter each as a "<u>Party</u>" and collectively as the "<u>Parties</u>."

**RECITALS** 

WHEREAS, pursuant to a Secured Convertible Debenture Purchase Agreement dated as of June 22, 2025 between the Company and the Investors (the "<u>Purchase Agreement</u>"), the Investors subscribed from the Company Secured Convertible Debentures (the "<u>Secured Convertible Debentures</u>") in the aggregate principal amount of $189 million, and 20,249,997 common warrants (the "<u>Common Warrants</u>") to purchase Ordinary Shares represented by ADSs or additional pre-funded warrants (the "<u>Pre-Funded Warrants</u>") to purchase Ordinary Shares represented by ADSs (as exercised, such Ordinary Shares collectively, the "<u>Pre-Funded Warrant Shares</u>" and such ADSs collectively, the "<u>Pre-Funded Warrant ADSs</u>") at the option of the holder thereof (as exercised, such Ordinary Shares collectively, the "<u>Common Warrant Shares</u>" and such ADSs collectively, the "<u>Common Warrant ADSs</u>") (the "<u>Secured Convertible Debenture Offering</u>");

WHEREAS, the Parties are entering into this Agreement to set forth certain rights of the Investors relating to the registration of the Conversion ADSs (as defined below), the Pre-Funded Warrant ADSs and the Common Warrant ADSs. The ADSs issued or issuable upon conversion of all or any portion of the Senior Secured Debentures into the Ordinary Shares represented by ADSs (as exercised, such Ordinary Shares collectively, the "<u>Conversion Shares</u>" and such ADSs collectively, the "<u>Conversion ADSs</u>");

NOW, THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth in this Agreement and intending to be legally bound hereby, the Parties agree as follows:

**ARTICLE I**

**REGISTRATION RIGHTS** 

Section 1.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Resale Shelf Registration</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)&nbsp;&nbsp;&nbsp;&nbsp;Within seven (7) Business Days following the closing of the Secured Convertible Debenture Offering (the "<u>Initial Filing Date</u>"), the Company shall (i) file with the SEC a Shelf Registration Statement on Form F-3 or Form S-3, as applicable (such Shelf Registration Statement shall be an ASRS to the extent that the Company is then ASR Eligible and, if the Company is not then eligible to register the resale of the Registrable Securities on Form F-3 or Form S-3, as applicable, such registration shall be on another appropriate form) or (ii) prepare an amendment to an existing and effective Registration Statement (the "<u>Transaction Shelf Registration Statement</u>"), in each case, with respect to the registration under the Securities Act of the resale of all of the Registrable Securities, in each case, which shall include a prospectus in such form to permit the Investors to sell such Registrable Securities pursuant to Rule 415 under the

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Securities Act (or any successor or similar provision adopted by the SEC then in effect) beginning on the effective date for such Registration Statement. The Company shall use its commercially reasonable efforts to cause such Transaction Shelf Registration Statement to become effective as promptly as practicable after the filing thereof, but in no event later than 75 business days after the closing thereof, and to keep the Transaction Shelf Registration Statement continuously effective subject to the Securities Act and the provisions of Section 1.3. The Company hereby represents that, as of the date hereof, it is eligible to use Form F-3 for primary offerings under General Instruction I.B(1) of Form F-3.

&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)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein, any Registrable Securities sold pursuant thereto shall be in the form of ADSs.

&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)&nbsp;&nbsp;&nbsp;&nbsp;If the Transaction Shelf Registration Statement filed under Section 1.1(a)or any Registration Statement filed under this Section 1.1(c) ceases to be effective for any reason at any time during the Effectiveness Period, the Company shall use its commercially reasonable efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall within ten (10) days of such cessation of effectiveness amend such Registration Statement in a manner designed to obtain the withdrawal of the order suspending the effectiveness thereof, or file an additional Shelf Registration Statement covering all of the Registrable Securities covered by and not sold under the Transaction Shelf Registration Statement. If such a Registration Statement is filed, the Company shall use its commercially reasonable efforts to cause such Registration Statement to be declared effective as soon as practicable after such filing and to keep such Registration Statement continuously effective during the Effectiveness Period, and such Registration Statement shall be deemed a Transaction Shelf Registration Statement hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If: (i) the Shelf Registration Statement is not filed on or prior to its Filing Date (if the Company files the Shelf Registration Statement without affording the Investors the opportunity to review and comment on the same as required by Section 1.4(a) herein or the Company subsequently withdraws the filing of the Shelf Registration Statement, for reasons other than at the request of the Investors of a majority-in-interest of the Registrable Securities to withdraw the Shelf Registration Statement, the Company shall be deemed to have not satisfied this clause (i) as of the Filing Date), or (ii) a Shelf Registration Statement registering for resale all of the Registrable Securities included in such Shelf Registration Statement is not declared effective by the SEC by the Effectiveness Date of the initial Shelf Registration Statement filed pursuant to this Agreement, or (iii) after the effective date of a Shelf Registration Statement, such Shelf Registration Statement ceases for any reason to remain continuously effective as to all Registrable Securities included in such Shelf Registration Statement, or the Investors are otherwise not permitted to utilize the Prospectus therein to resell such Registrable Securities, except as permitted by Section 1.3(a) hereof (any such failure or breach being referred to as an "<u>Event</u>", and for purposes of clauses (i) and (ii), the date on which such Event occurs, and for purpose of clause (iii) the date on which the suspension exceeds the Suspension Period permitted under Section 1.3(a) hereof, being referred to as an "<u>Event Date</u>"), then, in addition to any other rights the Investors may have hereunder or under applicable law, on each such Event Date and on each monthly anniversary of each such Event Date (if the applicable Event shall not have been cured by such date) until the applicable Event is cured, the Company shall pay to each Investor an amount in cash, as partial liquidated damages and not as a penalty, equal to the product of 2.0% multiplied by the aggregate purchase price paid by such Investor pursuant to the Purchase Agreement. The

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parties agree that the maximum aggregate liquidated damages payable to an Investor under this Agreement shall be 6.0% of the aggregate purchase price paid by such Investor pursuant to the Purchase Agreement. If the Company fails to pay any partial liquidated damages pursuant to this Section in full within seven (7) days after the date payable, the Company will pay interest thereon at a rate of 10.0% per annum (or such lesser maximum amount that is permitted to be paid by applicable law) to the Investor, accruing daily from the date such partial liquidated damages are due until such amounts, plus all such interest thereon, are paid in full. The partial liquidated damages pursuant to the terms hereof shall apply on a daily pro rata basis for any portion of a month prior to the cure of an Event.

Section 1.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Expenses</u>. Except as specifically provided herein, all Registration Expenses incurred in connection with the registration or offering and sale of the Registrable Securities shall be borne by the Company and all Selling Expenses shall be borne by the Investors; <u>provided</u> that, notwithstanding anything herein to the contrary, in no event shall the Investors bear or be responsible for any fees or expenses of the Company's legal counsel in connection with the registration or offering and sale of Registrable Securities.

Section 1.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Suspensions</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)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained in this Agreement, the Company shall be entitled, by providing written notice (a "<u>Notice of Suspension</u>") to each Investor (provided that in no event shall such notice contain any material, non-public information unless notice is also being provided pursuant to Section 4(e)(ii) of the Purchase Agreement), to delay the filing or effectiveness of a Registration Statement or require the Investors to suspend the use of the Prospectus for sales of Registrable Securities under an effective Registration Statement for a reasonable period of time not to exceed, combined with any other suspensions under this Agreement, forty-five (45) consecutive days or seventy-five (75) days in the aggregate in any twelve (12)-month period (a "<u>Suspension Period</u>") if the Board determines in good faith that such filing, effectiveness or use would (i) require the public disclosure of material non-public information concerning any material transaction or negotiations involving the Company that would interfere with such material transaction or negotiations or (ii) otherwise materially interfere with material financing plans, acquisition activities or business activities of the Company; <u>provided</u>, that if at the time of receipt of such notice by an Investor, such Investor shall have sold all or a portion of the Registrable Securities pursuant to an effective Registration Statement such suspension shall not be deemed to prohibit the settlement of such sale by delivery of Registrable Securities, and if the reason for the Suspension Period is not of a nature that would require a post-effective amendment to the Registration Statement, then the Company shall use its commercially reasonable efforts to take such action as to eliminate any restriction imposed by federal securities Laws by the time such Registrable Securities are scheduled to be delivered. Immediately upon receipt of a Notice of Suspension, the Investors shall discontinue the disposition of Registrable Securities under an effective Registration Statement and Prospectus relating thereto until the Suspension Period is terminated.

&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)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that it will terminate any Suspension Period as promptly as reasonably practicable and will promptly notify in writing each Investor, to the extent it still beneficially owns Registrable Securities, of such termination (provided that in no event shall such notice contain any material, non-public information). After the expiration of any Suspension

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Period in the case of an effective Registration Statement, and without the need for any further request from the Investors, the Company shall, as applicable and as promptly as reasonably practicable, prepare a post-effective amendment or supplement to such Registration Statement, the relevant Prospectus, or any document incorporated therein by reference, or file any other required document so that, as thereafter delivered to purchasers of the Registrable Securities included therein, the Registration Statement or the Prospectus, as applicable, will not include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

Section 1.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Registration Procedures</u>. The Company will use its commercially reasonable efforts to effect the registration and the offer and sale of Registrable Securities in accordance with the intended method of disposition thereof as soon as reasonably practicable, and shall, in connection therewith:

&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)&nbsp;&nbsp;&nbsp;&nbsp;prepare and promptly file with the SEC a Registration Statement (or a prospectus supplement, as applicable) with respect to such securities and use its commercially reasonable efforts to cause such Registration Statement to become effective as soon as practicable thereafter;

&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)&nbsp;&nbsp;&nbsp;&nbsp;(i) prepare and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith and such Free Writing Prospectuses and Exchange Act reports as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period and comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such Registration Statement, (ii) cause any Prospectus or supplement thereto to be filed pursuant to Rule 424 under the Securities Act when so required and (iii) provide reasonable notice to the Investor to the extent that the Company determines that a post-effective amendment to a Registration Statement would be appropriate (provided that in no event shall such notice contain any material, non-public information);

&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)&nbsp;&nbsp;&nbsp;&nbsp;(i) furnish to the Investor as far in advance as reasonably practicable before filing any Registration Statement contemplated by this Agreement or any Prospectus to be used in connection therewith or any supplement or amendment thereto, only upon request of the Investor, copies (or such requested portions of copies) of reasonably complete drafts of all such documents proposed to be filed (including furnishing or making available exhibits and each document incorporated by reference therein to the extent then required by the rules and regulations of the SEC), and provide the Investor the opportunity to object to any information pertaining to such Investor and its plan of distribution that is contained therein and make the corrections reasonably requested by such Investor with respect to such information prior to filing a Registration Statement or any Prospectus to be used in connection therewith or supplement or amendment thereto, and (ii) furnish to the Investor, without charge, such number of copies of the Registration Statement, each amendment and supplement thereto, the Prospectus included therein (including each preliminary prospectus) and any other prospectuses filed under Rule 424 and each Free Writing Prospectus as such Persons reasonably may request in order to facilitate the sale of the Registrable Securities covered by such Registration Statement;

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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;(d)&nbsp;&nbsp;&nbsp;&nbsp;use its commercially reasonable efforts to register or qualify the Registrable Securities covered by such Registration Statement under the securities or "blue sky" Laws of such jurisdictions as the Investor reasonably shall request and do any and all other acts and things which may be reasonably necessary or advisable to enable the Investor to consummate the disposition in such jurisdictions; provided, however, that the Company shall not for any such purpose be required to qualify generally to transact business as a foreign corporation in any jurisdiction where it is not so qualified or to consent to general service of process in any such jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;enter into customary agreements and take such other actions as are reasonably requested by the Investor in order to expedite or facilitate the disposition of Registrable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;if the Investor could reasonably be deemed to be an "underwriter," as defined in Section 2(a)(11) of the Securities Act, in connection with a Registration Statement and any amendment or supplement thereof (an "<u>Investor Underwriter Registration Statement</u>"), then, at the Investor's request, the Company will furnish to the Investor, on the date of the effectiveness of the Investor Underwriter Registration Statement and thereafter from time to time on such dates as the Investor may reasonably request (provided that such request shall not be more frequently than on an annual basis unless the Investor is offering Registrable Securities pursuant to an Investor Underwriter Registration Statement), (i) a "comfort letter", dated such date, from the Company's independent certified public accountants in form and substance as has been customarily given by independent certified public accountants to underwriters in underwritten offerings of securities by the Company, addressed to the Investor, (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of the Investor Underwriter Registration Statement, in form, scope and substance as has been customarily given in underwritten offerings of securities by the Company, including standard "10b-5" negative assurance for such offerings, addressed to the Investor and (iii) a standard officer's certificate from the chief executive officer or chief financial officer, or other officers serving such functions, of the Company addressed to the Investor, as has been customarily given by such officers in underwritten offerings of securities by the Company. Notwithstanding anything to the contrary in this Agreement, the Company will not name the Investor as an underwriter (as defined in Section 2(a)(11) of the Securities Act) in any Registration Statement or Investor Underwriter Registration Statement, as applicable, without the Investor's consent. If the staff of the SEC requires the Company to name the Investor as an underwriter (as defined in Section 2(a)(11) of the Securities Act), and the Investor does not consent thereto, then the Investor's Registrable Securities shall not be included on the applicable Registration Statement, and the Company shall have no further obligations hereunder with respect to Registrable Securities held by the Investor, unless the Investor has not had an opportunity to conduct customary underwriter's due diligence with respect to the Company at the time the Investor's consent is sought;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;promptly notify the Investor: (i) when the Registration Statement, any pre-effective amendment, the Prospectus or any prospectus supplement related thereto, any post-effective amendment to the Registration Statement or any Free Writing Prospectus has been filed with the SEC and, with respect to the Registration Statement or any post-effective amendment, when the same has become effective; (ii) of any request by the SEC or state securities authority for amendments or supplements to the Registration Statement or the Prospectus related thereto or for additional information, including copies of any and all transmittal letters and other

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correspondence with the SEC and all correspondence (including comment letters and a copy of the Company's draft responses thereto), from the SEC to the Company relating to such Registration Statement or any Prospectus or any amendment or supplement thereto (but not, for the avoidance of doubt, any documents incorporated by reference therein); (iii) of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; or (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or state "blue sky" Laws of any jurisdiction or the initiation of any proceeding for such purpose (provided that in no event shall such notices under clauses (ii) or (iii) contain any material, non-public information unless consented to in advance by the Investor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;if at any time (i) any event or development shall occur or condition shall exist as a result of which the Disclosure Package, as then amended or supplemented, would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or (ii) it is necessary to amend or supplement the Disclosure Package to comply with Law, the Company will promptly notify the Investor and promptly prepare and file with the SEC (to the extent required) and furnish to the Investor such amendments or supplements to the Disclosure Package as may be necessary so that the statements in the Disclosure Package, as so amended or supplemented, will not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, be misleading, or so that the Disclosure Package will comply with Law;

&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)&nbsp;&nbsp;&nbsp;&nbsp;use its commercially reasonable efforts to make generally available to the Investor, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company's first full calendar quarter after the effective date of a Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;use its commercially reasonable efforts to list the Registrable Securities covered by such Registration Statement on the NYSE or, if not the NYSE, the primary trading market or any other national securities exchange on which the Ordinary Shares or Ordinary Shares represented by ADSs are listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such 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;(l)&nbsp;&nbsp;&nbsp;&nbsp;immediately notify each Investor, at any time when a Prospectus is required to be delivered under the Securities Act, of the occurrence or happening of any event as a result of which the Prospectus contained in a Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing (provided that in no event shall such notice contain any material, non-public information), and, as promptly as reasonably practicable prepare and furnish to each such Investor a reasonable number of copies of a supplement to or an amendment of such Prospectus as may be necessary so that, as thereafter delivered, such Prospectus shall not include an untrue statement of a material fact or

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omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;in connection with the preparation and filing of each Registration Statement registering Registrable Securities under the Securities Act, and before filing any such Registration Statement or any other document in connection therewith, give reasonable consideration to the inclusion in such documents of any comments reasonably and timely made by the Investor or its legal counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;use its commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement, or the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction and, if such an order or suspension is issued, to use its commercially reasonable efforts to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify each Investor of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose (provided that in no event shall such notices under this clause (n) contain any material, non-public information unless consented to in advance by the Investor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;otherwise use its commercially reasonable efforts to comply with the Securities Act, the Exchange Act and any other applicable rules and regulations of the SEC and reasonably cooperate with the Investor in the disposition of its Registrable Securities in accordance with the method of distribution described in the Prospectus included in any Registration Statement, such cooperation to include the endorsement and transfer of any certificates representing Registrable Securities (or a book-entry transfer to similar effect) transferred in accordance with this Agreement and delivery of any necessary instructions or opinions to the Company's transfer agent in order to cause the transfer agent to allow Registrable Securities to be sold from time to time as permitted by Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;use its commercially reasonable efforts to cooperate with the Investor and its counsels in connection with the preparation and filing of any applications, notices, registrations and responses to requests for additional information with FINRA, the NYSE or any other national securities exchange on which the Registrable Securities are listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;pay the applicable filing fees covering the Registrable Securities in compliance with the SEC rules and to file such amendments or subsequent registration statements as may be required to maintain an effective registration statement for the relevant Effectiveness Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;use its commercially reasonable efforts to cooperate with the Investor in the disposition of the Registrable Securities covered by such Registration Statement; and

&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)&nbsp;&nbsp;&nbsp;&nbsp;if a Registration Statement is an ASRS that has been outstanding for at least three (3) years, at or prior to the end of the third (3rd) year, the Company shall refile a new ASRS covering the Registrable Securities which remain outstanding. If at any time when the Company is required to re-evaluate its ASR Eligible status or eligibility to use Form F-3 or Form S-3, as applicable, the Company determines that it is not ASR Eligible or eligible to use Form F-3 or Form S-3, as applicable, the Company shall use its commercially reasonable efforts to refile the

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Transaction Shelf Registration Statement on Form F-3 or Form S-3, as applicable, and, if such form is not available, Form F-1 or Form S-1 (or other appropriate form) and keep the Transaction Shelf Registration Statement continuously effective subject to <u>Section 1.3</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;(t)&nbsp;&nbsp;&nbsp;&nbsp;In the event that the SEC informs the Company that the number of securities proposed to be registered under a Registration Statement exceeds the number which may be registered without violating applicable SEC rules and regulations, including, without limitation, Rule 415 under the Securities Act of 1933, as amended, the Company shall promptly notify the holders of Registrable Securities and shall include in such Registration Statement, to the extent permitted by the SEC, the number of Registrable Securities that the Company is so permitted to register. The securities to be included in the Registration Statement shall be allocated among the holders of Registrable Securities in proportion, as nearly as practicable, to the respective amounts of Registrable Securities held by each holder thereof at the time such Registration Statement is filed. Any Registrable Securities excluded or withdrawn from such a Registration Statement shall be included in a subsequent registration statement to be filed by the Company as soon as reasonably practicable, to the extent permitted by the SEC, and the Company shall use its commercially reasonable efforts to cause such subsequent registration statement to be declared effective by the SEC.

Section 1.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Effectiveness Period</u>. For purposes of this <u>Article I</u>, the period of distribution of Registrable Securities pursuant to a Registration Statement shall be deemed to extend until the sale of all Registrable Securities covered thereby.

Section 1.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification Rights</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;In the event of any registration or other offer and sale of any securities of the Company under the Securities Act pursuant to this <u>Article I</u>, the Company shall indemnify and hold harmless each Investor and each Person, if any, that controls such Investor within the meaning of Section 15 of the Securities Act (each a "<u>controlling person</u>"), their respective officers, directors, employees, shareholders, members, Representatives and Affiliates, and each controlling person of each Affiliate of any of the foregoing Persons (each, a "<u>Investor Registration Rights Indemnitee</u>"), to the fullest extent lawful, from and against any and all Damages caused by (A) any untrue statement of material fact (or alleged untrue statement of a material fact) contained in any Disclosure Package, any Registration Statement, any Prospectus (including any preliminary Prospectus), any Free Writing Prospectus, or in any amendment or supplement thereto, (B) any omission or alleged omission to state therein any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading or (C) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any foreign or state securities laws or any rule or regulation promulgated under the Securities Act, the Exchange Act or any foreign or state securities laws; <u>provided</u> that the Company shall not be liable to an Investor Registration Rights Indemnitee to the extent that any such Damages are directly caused by any untrue statement or omission (or alleged untrue statement or omission) made in such Disclosure Package, Registration Statement, Prospectus (including any preliminary Prospectus), Free Writing Prospectus, or any amendment or supplement thereto, in strict reliance upon and strictly in conformity with written information

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about such Investor furnished to the Company by or on behalf of such Investor expressly for use therein. This indemnity shall be in addition to any liability which the Company may otherwise have. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation made by or on behalf of any Investor Registration Rights Indemnitee and shall survive the Transfer of securities by each Investor.

&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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Each Investor shall, severally and not jointly, indemnify and hold harmless the Company and each of its officers who execute any of the Company's filings with the SEC pursuant to the Exchange Act or the Securities Act, its directors, officers and employees (each, a "<u>Company Registration Rights Indemnitee</u>"), to the fullest extent lawful, from and against any and all Damages directly caused by (A) any untrue statement of material fact (or alleged untrue statement of a material fact) contained in any Disclosure Package, any Registration Statement, any Prospectus (including any preliminary Prospectus), any Free Writing Prospectus or in any amendment or supplement thereto, (B) any omission (or alleged omission) to state therein any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, in each case, to the extent that such untrue statement or omission was made in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Investor expressly for use therein or (C) any violation or alleged violation by the Investor of the Securities Act, the Exchange Act, any foreign or state securities laws or any rule or regulation promulgated under the Securities Act, the Exchange Act or any foreign or state securities laws; <u>provided</u>, <u>however</u>, that in no event shall the obligations of such Investor hereunder exceed the net proceeds received by it from the sale of its Registrable Securities related to the matter in which Damages are sought. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation made by or on behalf of a Company Registration Rights Indemnitee and shall survive the Transfer of such securities by such Investor.

&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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;If the indemnification provided for in <u>Section 1.6(a)(i)</u> or <u>Section 1.6(a)(ii)</u> is unavailable to an Investor Registration Rights Indemnitee or a Company Registration Rights Indemnitee, as applicable, with respect to any Damages referred to therein or is unenforceable or insufficient to hold an Investor Registration Rights Indemnitee or Company Registration Rights Indemnitee, as applicable, harmless as contemplated therein, then the Company or the Investor, as applicable, in lieu of indemnifying such Investor Registration Rights Indemnitee or Company Registration Rights Indemnitee, as applicable, shall contribute to the amount paid or payable by such Investor Registration Rights Indemnitee or Company Registration Rights Indemnitee, as applicable, as a result of such Damages in such proportion as is appropriate to reflect the relative fault of such Investor Registration Rights Indemnitee or Company Registration Rights Indemnitee, as applicable, on the one hand, and the Company or the Investor, as applicable, on the other hand, in connection with the statements or omissions which resulted in such Damages as well as any other relevant equitable considerations. The relative fault of the Company or the Investor, as applicable, on the one hand, and of an Investor Registration Rights Indemnitee or Company Registration Rights Indemnitee, as applicable, on the other hand, shall be determined by reference to, among other factors, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by or on behalf of the Company or the Investor, as applicable, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Investors agree that it would not be just and equitable if

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contribution pursuant to this <u>Section 1.6(a)(iii)</u> were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in this <u>Section 1.6(a)(iii)</u>. No Investor Registration Rights Indemnitee or Company Registration Rights Indemnitee guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from the Company or the Investor, as applicable, if the Company or the Investor, as applicable, was not guilty of such fraudulent misrepresentation. Notwithstanding anything herein to the contrary, in no event shall the liability of an Investor in this <u>Section 1.6(a)(iii)</u> be greater in amount than the amount of net proceeds received by it from the sale of such Registrable Securities related to the matter in which indemnification or contribution for Damages are sought.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Reg Rights Claim</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;As used in this Agreement, the term "<u>Reg Rights Claim</u>" means a claim for indemnification or contribution by or on behalf of any Company Registration Rights Indemnitee or Investor Registration Rights Indemnitee, as the case may be, for Damages under <u>Section 1.6(a)</u> (such Person making a Reg Rights Claim, a "<u>Reg Rights Indemnified Person</u>"). The Company (for its own Damages or for the Damages incurred by any other Company Registration Rights Indemnitee) or of an Investor (for its own Damages or for the Damages incurred by any other Investor Registration Rights Indemnitee), as applicable, shall give notice of a Reg Rights Claim under this Agreement pursuant to a written notice of such Reg Rights Claim executed by the Company or the Investor, as applicable (a "<u>Notice of Reg Rights Claim</u>"), and delivered to the Company or the Investor, as applicable (such receiving party, the "<u>Reg Rights Indemnifying Person</u>"), promptly after such Reg Rights Indemnified Person becomes aware of the existence of any potential claim by such Reg Rights Indemnified Person for indemnification arising out of or resulting from any item indemnified pursuant to the terms of <u>Section 1.6(a)(i)</u> or <u>Section 1.6(a)(ii)</u> as applicable; <u>provided</u> that the failure to timely give such notice shall not limit or reduce the Reg Rights Indemnified Person's right to indemnification hereunder unless (and then only to the extent that) the Reg Rights Indemnifying Person's defense of such Reg Rights Claim is actually materially and adversely prejudiced thereby.

&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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Each Notice of Reg Rights Claim shall: (A) state the aggregate amount (where practicable) that the Reg Rights Indemnified Person has incurred or paid in Damages arising from such Reg Rights Claim (which amount may include the amount of Damages claimed by a third party in an action (a "<u>Third-Party Reg Rights Claim</u>") brought against such Reg Rights Indemnified Person based on alleged facts, which if true, would give rise to liability for Damages to such Reg Rights Indemnified Person); and (B) contain a brief description, in reasonable detail (to the extent reasonably available to the Reg Rights Indemnified Person) of the facts, circumstances or events giving rise to the alleged Damages based on the Reg Rights Indemnified Person's good faith belief and knowledge thereof, including the identity and address of any third party claimant (to the extent reasonably available to the Reg Rights Indemnified Person).

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Defense of Third-Party Reg Rights Claims</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions hereof, the applicable Reg Rights Indemnifying Person shall have the right (at its own expense) to elect to defend and assume control

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of the defense of any Third-Party Reg Rights Claim on behalf of a Reg Rights Indemnified Person, utilizing legal counsel reasonably acceptable to such Reg Rights Indemnified Person. In the event such election is made, the Reg Rights Indemnified Person (unless itself controlling the Third-Party Reg Rights Claim in accordance with this <u>Section 1.6(c)</u>) may participate, through counsel of its own choice and, except as provided herein, at its own expense, in the defense of any Third-Party Reg Rights Claim. The reasonable and documented costs and expenses incurred by the Reg Rights Indemnifying Person in connection with such defense (including reasonable attorneys' fees, other professionals' and experts' fees and court or arbitration costs) shall be paid by the Reg Rights Indemnifying Person.

&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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;A Reg Rights Indemnifying Person shall not be entitled to assume control of such defense, and the applicable Reg Rights Indemnified Person may assume the control and defense thereof, at the sole expense of the applicable Reg Rights Indemnifying Person, if (A) the Reg Rights Claim relates to, or arises in connection with, any criminal or governmental proceeding, action, indictment, allegation or investigation, (B) the Reg Rights Claim seeks an injunction against the Reg Rights Indemnified Person, to the extent that such defense relates to the claim for such injunction, (C) a conflict of interest between the Reg Rights Indemnifying Person and the Reg Rights Indemnified Person exists with respect to the Reg Rights Claim or the Reg Rights Indemnifying Person and the Reg Rights Indemnified Person have one or more conflicting defenses, in the reasonable view of their respective counsel, or (D) the Reg Rights Indemnifying Person has elected to have the Reg Rights Indemnified Person defend, or assume the control and defense of, a Third-Party Reg Rights Claim in accordance with this <u>Section 1.6(c)</u>; <u>provided</u> that in no event shall the Reg Rights Indemnifying Person be liable for the fees and expenses of more than one separate counsel for all Reg Rights Indemnified Persons, which counsel shall be selected by the Investors (in the case of the Investor Registration Rights Indemnitees) or by the Company (in the case of the Company Registration Rights Indemnitees).

&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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Any party controlling the defense of any Third-Party Reg Rights Claim pursuant hereto shall: (A) conduct the defense of such Third-Party Reg Rights Claim with reasonable diligence and keep the other parties reasonably informed of material developments in the Third-Party Reg Rights Claim at all stages thereof, (B) as promptly as reasonably practicable, submit to the other parties copies of all pleadings, responsive pleadings, motions and other similar legal documents and papers received or filed in connection therewith, (C) permit the other parties and their counsel to confer on the conduct of the defense thereof, and (D) permit the other parties and their counsel an opportunity to review all legal papers to be submitted prior to their submission. The parties not controlling the defense will render to the party controlling the defense such assistance as may be reasonably required in order to insure the proper and adequate defense thereof and shall furnish such records, information and testimony and attend such conferences, discovery proceedings, hearings, trials and appeals as may be reasonably requested by the party controlling the defense in connection therewith. The Reg Rights Indemnifying Person shall reimburse the parties not controlling the defense for any reasonable and documented costs and expenses incurred in connection with providing such assistance. Notwithstanding anything to the contrary in this Agreement, no Party shall be required to disclose any information to the other Party or its Representatives, if doing so would be reasonably expected to violate any Law to which such Party is subject or could jeopardize (in the reasonable discretion of the disclosing Party) any attorney-client privilege available with respect to such information.

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;If the Reg Rights Indemnifying Person controls the defense of and defends any Third-Party Reg Rights Claim under this <u>Section 1.6(c)</u>, the Reg Rights Indemnifying Person shall have the right to effect a settlement of such Third-Party Reg Rights Claim on the Reg Rights Indemnified Person's behalf and without the consent of the Reg Rights Indemnified Person; <u>provided</u> that (A) such settlement shall not involve any injunctive relief binding upon the Reg Rights Indemnified Person or any of its Affiliates, (B) such settlement expressly and unconditionally releases the Reg Rights Indemnified Person and the other applicable Reg Rights Indemnified Persons (that is, each of the Company Registration Rights Indemnitees, if the Reg Rights Indemnified Person is a Company Registration Rights Indemnitee, and each of the Investor Registration Rights Indemnitees, if the Reg Rights Indemnified Person is an Investor Registration Rights Indemnitee) from any and all liabilities with respect to such Third-Party Reg Rights Claim, with prejudice and (C) the Reg Rights Indemnifying Person unconditionally acknowledges in writing to the Reg Rights Indemnified Person its obligation to pay all Damages of the Reg Rights Indemnified Person with respect to such Third-Party Reg Rights Claim. In all other events, the consent of the Reg Rights Indemnified Person shall be required to effect such a settlement (which consent shall not be unreasonably withheld, conditioned or delayed). If the Reg Rights Indemnified Person controls the defense of and defends any Third-Party Reg Rights Claim under this <u>Section 1.6(c)</u>, the Reg Rights Indemnified Person shall have the right to effect a settlement of such Third-Party Reg Rights Claim only with the consent of the Reg Rights Indemnifying Person (which consent shall not be unreasonably withheld, conditioned or delayed). No settlement by the Reg Rights Indemnified Person of such Third-Party Reg Rights Claim effected in accordance with this <u>Section 1.6(c)</u> shall limit or reduce the right of any Reg Rights Indemnified Person to indemnity hereunder for all Damages they may incur arising out of or resulting from the Third-Party Reg Rights Claim, to the extent such Damages are indemnifiable hereunder. As used in this <u>Section 1.6(c)(iv)</u>, the term "settlement" refers to any consensual resolution of the claim in question, including by consent decree or by permitting any judgment or other resolution of a claim to occur without disputing the same, and the term "settle" has a corresponding meaning.

Section 1.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Free Writing Prospectuses</u>. Except for a Prospectus relating to Registrable Securities included in a Registration Statement, an "issuer free writing prospectus" (as defined in Rule 433 under the Securities Act) prepared by the Company or other materials prepared by Company, each Investor represents and agrees that it (a) will not make any offer relating to the Registrable Securities that would constitute an issuer free writing prospectus or that would otherwise constitute a Free Writing Prospectus, and (b) will not distribute any written materials in connection with the offer or sale pursuant to a Registration Statement of Registrable Securities, in each case, without the prior written consent of the Company.

Section 1.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Information from and Obligations of each Investor</u>. The Company's obligation to include the Investor's Registrable Securities in any Registration Statement or Prospectus is contingent upon each of the Investors:

&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)&nbsp;&nbsp;&nbsp;&nbsp;furnishing to the Company in writing information with respect to its ownership of Registrable Securities and the intended method of disposition of its Registrable Securities as may be required by the Company and as required by Law for use in connection with a Registration Statement or Prospectus (or any amendment or supplement thereto) and all information required to be disclosed in order to make the information the Investor previously furnished to the Company not contain a material misstatement of fact or necessary to cause such

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Registration Statement or Prospectus (or amendment or supplement thereto) not to omit a material fact with respect to the Investor necessary in order to make the statements therein not misleading;

&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)&nbsp;&nbsp;&nbsp;&nbsp;complying in all material respects with (i) the Securities Act and the Exchange Act, (ii) all applicable state securities Laws, (iii) the rules of any securities exchange or trading market on which the Ordinary Shares or Ordinary Shares represented by ADSs are listed or traded, and (iv) all other applicable regulations, in each case, in connection with, and only to the extent applicable to, the registration and the disposition of Registrable Securities by the Investor;

&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)&nbsp;&nbsp;&nbsp;&nbsp;following its actual knowledge thereof, notifying the Company of the occurrence of any event that makes any statement made in a Registration Statement, Prospectus, issuer free writing prospectus or other Free Writing Prospectus regarding the Investor untrue in any material respect or that requires the making of any changes in a Registration Statement, Prospectus, issuer free writing prospectus or other Free Writing Prospectus so that, in such regard, it will not contain any untrue statement of a material fact or omit any material fact required to be stated therein or necessary to make the statements not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;providing the Company with such information related to the Investor as may be required to enable the Company to prepare a supplement or post-effective amendment to any such Registration Statement or a supplement to such Prospectus or Free Writing Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;using commercially reasonable efforts to cooperate with the Company in preparing the applicable Registration Statement and any related Prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;furnishing the Company with all information required to be included in such Registration Statement or Prospectus by applicable securities Laws in connection with the disposition of such Registrable Securities as the Company reasonably requests.

Section 1.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Rule 144 Reporting</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)&nbsp;&nbsp;&nbsp;&nbsp;With a view to making available to each Investor the benefits of certain rules and regulations of the SEC which may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its commercially reasonable efforts to make and keep available adequate current public information, as defined in Rule 144(c), including all periodic and annual reports and other documents (other than Form 6-K reports) required of the Company under Sections 13 or 15(d) of the Exchange Act, and so long as an Investor beneficially owns any Registrable Securities or securities convertible into or exercisable for Registrable Securities, furnish to the Investor forthwith upon request: a written statement by the Company as to its compliance with the reporting requirements of Rule 144, and of the Exchange Act; a copy of the most recent annual or quarterly report of the Company; and such other reports and documents as the Investor may reasonably request in availing itself of any rule or regulation of the SEC allowing it to sell any Registrable Securities without registration.

&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)&nbsp;&nbsp;&nbsp;&nbsp;For the avoidance of doubt, each Investor may sell any Registrable Securities in compliance with Rule 144, regardless of whether a Registration Statement has been filed with the SEC or is effective. The Company agrees to (i) make and keep public information available as those terms are understood and defined in Rule 144, (ii) use its commercially

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reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act, and (iii) so long as an Investor owns any Registrable Securities, furnish to such Investor upon request, a written statement by the Company as to its compliance with the reporting requirements of Rule 144, and of the Securities Act and the Exchange Act.

Section 1.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Registration Rights</u>. Notwithstanding anything to the contrary contained herein and subject to <u>Section 1.11</u>, the registration rights granted under this <u>Article I</u> terminate and are of no further force and effect (other than <u>Section 1.2</u> and <u>Section 1.6</u>), on the date on which there cease to be any Registrable Securities.

Section 1.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer of Registration Rights</u>. Each Investor shall have the right to Transfer to any Person (such Person, a "<u>Transferee Investor</u>"), directly or indirectly, by written agreement, all of its related rights and obligations granted under this <u>Article I</u> in connection with a Transfer of all of its Registrable Securities to such Person; provided, that in the case of Transfers to limited partners, members or Affiliates of an Investor, such Investor shall have the right to transfer its related rights and obligations under this Article I in connection with the Transfer of all or any portion of its Registrable Securities. Such Transferee Investor shall, following such Transfer, become responsible for all obligations applicable to the Investor under this <u>Article I</u> with respect to the Registrable Securities Transferred to such Transferee Investor.

**ARTICLE II**

**TERMINATION** 

Section 2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>. This Agreement shall terminate upon the earlier of (i) the time when there are no Registrable Securities outstanding, (ii) the time when all of the Registrable Securities (a) are freely transferable under Rule 144 and the securities laws of any other applicable jurisdiction without limitation, or any volume, manner-of-sale or other restrictions or conditions, without registration and without the requirement for the Company to be in compliance with the current public information requirement under Rule 144(c) (or any similar rule then in force), as set forth in a written opinion letter to such effect, addressed, delivered and acceptable to the Company's transfer agent and the Investor, and (b) do not and/or shall not when issued bear a restrictive legend relating to the Securities Act or the securities laws of any other applicable jurisdiction or a restricted CUSIP, and (iii) the mutual written agreement of each Investor and the Company.

Section 2.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect of Termination; Survival</u>. In the event of any termination of this Agreement pursuant to <u>Section 2.1</u>, this Agreement shall be terminated, and there shall be no further liability or obligation hereunder on the part of any Party, other than <u>Section 1.6</u>, <u>Section 1.9</u>, this <u>Section 2.2</u> and <u>Article III</u>, which provisions shall survive such termination; <u>provided</u>, <u>however</u>, that nothing contained in this Agreement (including this <u>Section 2.2</u>) shall relieve a Party from liability for any breach of any of its representations, warranties, covenants or agreements set forth in this Agreement to the extent occurring prior to such termination.

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**ARTICLE III**

**GENERAL PROVISIONS** 

Section 3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>No Confidential Information</u>. In no event shall the Company or its Representatives provide any non-public records, books, Contracts, instruments, computer data or other data or information concerning the Company or its subsidiaries to an Investor unless the Investor has agreed to accept such information in writing beforehand.

Section 3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Fees and Expenses</u>. All expenses incurred by the Parties in connection with the negotiation, execution and delivery of this Agreement will be borne solely and entirely by the Party incurring such expenses.

Section 3.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. Except as may otherwise be provided herein, all notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall be conclusively deemed to have been duly given when sent by electronic mail to the address set forth below if sent between 8:00 am and 5:00 pm recipient's local time on a Business Day, or on the next Business Day if sent by electronic mail other than between 8:00 am and 5:00 pm recipient's local time.

If to the Company, addressed to it at:

**Sequans Communications SA** 

15-55 boulevard Charles de Gaulle

Les Portes de la Défense

92700 Colombes

Republic of France

Email: deborah@sequans.com

Attention: Chief Financial Officer

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| | |
|:---|:---|
| With a copy (which shall not constitute notice) to: | With a copy (which shall not constitute notice) to: |
| Lowenstein Sandler LLP | Lowenstein Sandler LLP |
| 1251 Avenue of the Americas, 18th Floor | 1251 Avenue of the Americas, 18th Floor |
| New York, New York 10020 | New York, New York 10020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: | Steven E. Siesser, Esq. |
|  | Brooke A. Gillar, Esq. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Email: | <u>ssiesser@lowenstein.com;</u> |
|  | <u>bgillar@lowenstein.com</u> |

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| | |
|:---|:---|
| and | and |
| ARCHERS (AARPI) | ARCHERS (AARPI) |
| 28 rue Dumont d'Urville 75116 | 28 rue Dumont d'Urville 75116 |
| Paris, France | Paris, France |
| Attention: | Véronique Gedeon |
| | Mark Richardson |
| Email: | <u>mrichardson@archers.fr</u>; |
| | vgedeon@archers.fr |

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If to the Investor, addressed to it at: to such address or addresses set forth on the signature page hereto.

Section 3.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>. For purposes of this Agreement, the following terms have the meanings indicated:

"<u>Action</u>" means any litigation, suit, claim, action, proceeding, arbitration, mediation, hearing, inquiry or investigation (in each case, whether civil, criminal or investigative).

"<u>ADS</u>" has the meaning set forth in the recitals to this Agreement.

"<u>Affiliate</u>" of a specified Person means any Person that, directly or indirectly, controls, is controlled by, or is under common control with, such specified Person, through one or more intermediaries or otherwise; <u>provided</u> that no portfolio company of an Investor shall be deemed to be an "Affiliate" of the Investor.

"<u>American Depositary Shares</u>" or "<u>ADSs</u>" means those certain American Depositary Shares issued pursuant to a deposit agreement by and among the Company, Bank of New York Mellon (or any successor thereto), as depositary, and the owners and holders of American Depositary Shares, as such agreement may from time to time be amended.

"<u>Agreement</u>" has the meaning set forth in the preamble to this Agreement.

"<u>ASR Eligible</u>" means the Company meets or is deemed to meet the eligibility requirements to file an ASRS as set forth in the General Instruction to Form F-3 or Form S-3, as applicable.

"<u>ASRS</u>" means an "automatic shelf registration statement" as defined in Rule 405 promulgated under the Securities Act.

"<u>Board</u>" or "<u>Board of Directors</u>" means the board of directors of the Company, or any duly authorized committee thereof.

"<u>Business Day</u>" means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States, a legal holiday in the Republic of France or any day on which banking institutions in New York City or Paris are authorized or required by law or other governmental action to close; provided, however, for clarification, banking institutions in New York City or Paris shall not be deemed to be authorized or required by law or executive order to close or be closed due to "stay at home", "shelter-in-place", "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in New York City or Paris are open for use by customers on such day.

"<u>Common Warrant</u>" has the meaning set forth in the recitals to this Agreement.

"<u>Common Warrant ADSs</u>" has the meaning set forth in the recitals to this Agreement.

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"<u>Common Warrant Shares</u>" has the meaning set forth in the recitals to this Agreement.

"<u>Company</u>" has the meaning set forth in the preamble to this Agreement.

"<u>Company Registration Rights Indemnitee</u>" has the meaning set forth in <u>Section 1.6(a)(ii)</u>.

"<u>Contract</u>" means any oral or written binding contract, subcontract, agreement, note, bond, mortgage, indenture, lease, sublease, license, sublicense, permit, franchise or other instrument, obligation, commitment or arrangement or understanding of any kind or character.

"<u>control</u>" (including the terms "<u>controlled by</u>" and "<u>under common control with</u>") means the possession, directly or indirectly, or as trustee or executor, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, as trustee or executor, by Contract or credit arrangement or otherwise.

"<u>controlling person</u>" has the meaning set forth in <u>Section 1.6(a)(i)</u>.

"<u>Conversion ADSs</u>" has the meaning set forth in the recitals to this Agreement.

"<u>Damages</u>" means any and all claims, demands, suits, actions, causes of actions, losses, costs, damages, liabilities, judgments, and reasonable and documented out-of-pocket expenses incurred or paid, including reasonable attorneys' fees, costs of investigation or settlement, other professionals' and experts' fees, court or arbitration costs.

"<u>Disclosure Package</u>" means, with respect to any offering of Registrable Securities, (a) the preliminary Prospectus or Prospectus, as applicable, (b) each Free Writing Prospectus, and (c) all other information, in each case, that is deemed, under Rule 159 under the Securities Act, to have been conveyed to purchasers of Registrable Securities at the time of sale of such securities.

"<u>Effectiveness Period</u>" has the meaning set forth in <u>Section 1.5</u>.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as in effect from time to time.

"<u>FINRA</u>" means the Financial Industry Regulatory Authority, Inc. or any successor regulatory organization.

"<u>Free Writing Prospectus</u>" means any "free writing prospectus" as defined in Rule 405 promulgated under the Securities Act relating to the Registrable Securities included in the applicable Registration Statement that has been approved for use by the Company.

"<u>Governmental Entity</u>" means any federal, national, foreign, supranational, state, provincial, county, local or other government, governmental, regulatory or administrative authority, agency, instrumentality or commission or any court, tribunal, or judicial or arbitral body of competent jurisdiction.

"<u>Investor</u>" has the meaning set forth in the preamble to this Agreement.

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"<u>Investor Registration Rights Indemnitee</u>" has the meaning set forth in <u>Section 1.6(a)(i)</u>.

"<u>issuer free writing prospectus</u>" has the meaning set forth in <u>Section 1.7</u>.

"<u>Law</u>" any U.S. or non-U.S. federal, state, local, national, supranational, foreign or administrative law (including common law), statute, ordinance, regulation, requirement, regulatory interpretation, rule, code or Order.

"<u>Notice of Reg Rights Claim</u>" has the meaning set forth in <u>Section 1.6(b)(i)</u>.

"<u>Notice of Suspension</u>" has the meaning set forth in <u>Section 1.3(a)</u>.

"<u>Order</u>" means any order (temporary or otherwise), judgment, injunction, award, decision, determination, stipulation, ruling, subpoena, writ, decree or verdict entered by or with any Governmental Entity.

"<u>Ordinary Shares</u>" means ordinary shares, nominal value €0.01 per share, of the Company.

"<u>Party</u>" and "<u>Parties</u>" have the meanings set forth in the preamble to this Agreement.

"<u>Person</u>" means an individual, company, corporation, partnership, limited partnership, limited liability company, syndicate, person (including a "person" as defined in Section 13(d)(3) of the Exchange Act), trust, association or entity or government, political subdivision, agency or instrumentality of a government.

"<u>Pre-Funded Warrant</u>" has the meaning set forth in the recitals to this Agreement.

"<u>Pre-Funded Warrant ADSs</u>" has the meaning set forth in the recitals to this Agreement.

"<u>Pre-Funded Warrant Shares</u>" has the meaning set forth in the recitals to this Agreement.

"<u>Prospectus</u>" means the prospectus included in a Registration Statement, as amended or supplemented by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference, or deemed to be incorporated by reference, into such prospectus.

"<u>Purchase Agreement</u>" has the meaning set forth in the recitals to this Agreement.

"<u>Reg Rights Claim</u>" has the meaning set forth in <u>Section 1.6(b)(i)</u>.

"<u>Reg Rights Indemnified Person</u>" has the meaning set forth in <u>Section 1.6(b)(i)</u>.

"<u>Reg Rights Indemnifying Person</u>" has the meaning set forth in <u>Section 1.6(b)(i)</u>.

"<u>Registrable Securities</u>" means (i) the Conversion ADSs, (ii) the Pre-Funded Warrant ADSs, (iii) the Common Warrant ADSs, (iv) a number of Ordinary Shares represented by ADSs issuable pursuant to the Secured Convertible Debentures as Interest ADSs (as such term is defined in the Secured Convertible Debentures) equal to 30% of the aggregate number of Conversion ADSs issuable pursuant to the Secured Convertible Debentures as of the date of this Agreement

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and (v) any Ordinary Shares or Ordinary Shares represented by ADSs issued (or issuable upon the conversion or exercise of any warrant, right or other security that is issued) as a result of any stock split, recapitalization, exchange, dividend or other distribution with respect to, or in exchange for or in replacement of, the Conversion ADSs, the Pre-Funded Warrant ADSs, and/or the Common Warrant ADSs; <u>provided</u>, that a security will cease to be a Registrable Security on the earliest to occur of (a) the date such Registrable Security has been resold by such Investor pursuant to a Registration Statement or Rule 144 or (b) upon the date such Registrable Security becomes eligible for resale by such Investor under Rule 144 without volume or manner-of-sale restrictions pursuant to Rule 144 and without the requirement for the Company to be in compliance with the current public information requirement under Rule 144.

"<u>Registration Expenses</u>" means (whether or not any Registration Statement is declared effective or any of the transactions described herein is consummated) all expenses incurred by the Company in filing a Registration Statement, including, all registration and filing fees, fees and disbursements of counsel for the Company, SEC or FINRA registration and filing fees, all applicable ratings agency fees, expenses of the Company's independent accountants in connection with any regular or special reviews or audits incident to or required by any such registration, fees and expenses of compliance with securities or "blue sky" Laws, costs of any comfort letters required by any underwriter, listing fees, printing, transfer agent's and registrar's fees, cost of distributing Prospectuses in preliminary and final form as well as any supplements thereto, the Company's internal expenses, the expense of any annual audit or quarterly review, the expenses and fees for listing the securities to be registered on the New York Stock Exchange or any other securities exchange, roadshow expenses, all other expenses incident to the registration of the Registrable Securities; <u>provided</u>, that the term "Registration Expenses" does not include, and the Company shall not be responsible for, Selling Expenses.

"<u>Registration Statement</u>" means a registration statement of the Company on an appropriate form under the Securities Act filed with the SEC covering the resale of Registrable Securities, including the Prospectus, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits and all materials incorporated by reference or deemed to be incorporated by reference in such Registration Statement.

"<u>Representatives</u>" means a Person's officers, directors, employees, accountants, consultants, legal counsel, investment bankers, other advisors, authorized agents and other representatives.

"<u>Rule 144</u>" means Rule 144 under the Securities Act or any replacement or successor rule promulgated under the Securities Act.

"<u>Rule 415</u>" means Rule 415 under the Securities Act or any replacement or successor rule promulgated under the Securities Act.

"<u>SEC</u>" means the United States Securities and Exchange Commission.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as in effect from time to time.

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"<u>Secured Convertible Debenture Offering</u>" has the meaning set forth in the recitals to this Agreement.

"<u>Secured Convertible Debentures</u>" has the meaning set forth in the recitals to this Agreement.

"<u>Selling Expenses</u>" means, in connection with the registration or offering and sale of the Registrable Securities, (a) all underwriting fees, discounts and selling commissions fees, (b) stock transfer taxes applicable to the sale of the Registrable Securities, and (c) fees and expenses of any counsel to the Investors other than the counsel referred to in the definition of Registration Expenses.

"<u>settlement</u>" and "<u>settle</u>" have the meanings set forth in <u>Section 1.6(c)(iv)</u>.

"<u>Shelf Registration Statement</u>" means a registration statement filed with the SEC for the sale of Registrable Securities pursuant to Rule 415 under the Securities Act.

"<u>Suspension Period</u>" has the meaning set forth in <u>Section 1.3(a)</u>.

"<u>Third-Party Reg Rights Claim</u>" has the meaning set forth in <u>Section 1.6(b)(ii)</u>.

"<u>Transaction Documents</u>" means collectively, this Agreement, the Purchase Agreement and the other documents and agreements entered into in connection with the transactions contemplated hereby and thereby.

"<u>Transaction Shelf Registration Statement</u>" has the meaning set forth in <u>Section 1.1(a)</u>.

"<u>Transfer</u>" means to, directly or indirectly, sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily or involuntarily, or to enter into any Contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation or similar disposition of, any securities.

"<u>Transferee Investor</u>" has the meaning set forth in <u>Section 1.11</u>.

Section 3.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Interpretation; Headings</u>. When a reference is made in this Agreement to an Exhibit, a Schedule or a Section, such reference shall be to an Exhibit, a Schedule or a Section of this Agreement unless otherwise indicated. The table of contents, index of defined terms and headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words "include", "includes" or "including" are used in this Agreement, they shall be deemed to be followed by the words "without limitation." The words "hereof", "hereto", "hereby", "herein" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The term "or" is not exclusive. The word "extent" in the phrase "to the extent" shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply "if". The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms. Any agreement, instrument or Law defined or referred to herein means such agreement, instrument or Law as from time to time amended, modified or supplemented, unless otherwise specifically indicated. References to a Person are also

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to its successors and permitted assigns. When calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded, and if the last day of such period is not a Business Day, the period shall end on the immediately following Business Day. Unless otherwise specifically indicated, all references to "dollars" and "$" or "euros" and "€" will be deemed references to the lawful money of the United States of America or lawful money of the European Union. Each of the Parties has participated in the drafting and negotiation of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement must be construed as if it is drafted by all the Parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of authorship of any of the provisions of this Agreement. References to "days" shall mean "calendar days" unless expressly stated otherwise. No specific provision, representation or warranty shall limit the applicability of a more general provision, representation or warranty. It is the intent of the Parties that each representation, warranty, covenant, condition and agreement contained in this Agreement shall be given full, separate, and independent effect and that such provisions are cumulative. Any reference in this Agreement to a date or time shall be deemed to be such date or time in the City of New York, New York, U.S.A., unless otherwise specified.

Section 3.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of Law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated by the Purchase Agreement, the Secured Convertible Debentures and this Agreement are not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that such transactions be consummated as originally contemplated to the fullest extent possible.

Section 3.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement; Amendments</u>. The Transaction Documents (including the schedules and exhibits hereto and thereto) constitute the entire agreement among the Parties with respect to the subject matter hereof and supersede all prior agreements and undertakings, both written and oral, among the Parties, or any of them, with respect to the subject matter hereof. This Agreement may not be amended except by an instrument in writing signed on behalf of the Company and the Required Holders.

Section 3.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignment; No Third Party Beneficiaries</u>. Except as expressly provided herein, including, without limitation, the transfer of rights and obligations as set forth in <u>Section 1.11</u>, neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any Party, in whole or in part (whether pursuant to a merger, by operation of law or otherwise), without the prior written consent of the other Party (such consent not to be unreasonably withheld, conditioned or delayed). Subject to the immediately preceding sentence, this Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and permitted assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

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Section 3.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Further Assurances</u>. Each Party shall cooperate, take such actions, enter into such agreements (including customary indemnification and contribution agreements) and execute such documents as may be reasonably requested by any other Party in order to carry out the provisions and purposes of this Agreement and the transactions contemplated hereby; <u>provided</u>, <u>however</u>, that no Party shall be obligated to take any actions or omit to take any actions that would be inconsistent with applicable Law.

Section 3.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law; Consent to Jurisdiction; Waiver of Jury Trial</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)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdiction other than the State of New York. The Parties hereby irrevocably and unconditionally consent to submit to the exclusive jurisdiction of the courts of the State of New York and the United States of America, in each case located in the County of New York, for any Action seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby (whether brought by any Party or any of its Affiliates or against any Party or any of its Affiliates). Consistent with the preceding sentence, each of the Parties hereby (a) submits to the exclusive jurisdiction of such courts for the purpose of any Action arising out of or relating to this Agreement brought by either Party, (b) agrees that service of process will be validly effected by sending notice in accordance with <u>Section 3.3</u>, (c) irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in any such Action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the Action is brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated by this Agreement may not be enforced in or by any of the above named courts, and (d) agrees not to move to transfer any such Action to a court other than any of the above-named courts.

&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)&nbsp;&nbsp;&nbsp;&nbsp;EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 3.10</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;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that service to the Process Agent (as defined below) or as otherwise specified in <u>Section 3.3</u> shall be valid and sufficient service, and the Company waives any objections to such service. The Company hereby irrevocably designates GKL Corporate/Search, Inc., One Capitol Mall, Suite 660, Sacramento, California 95814 (the "<u>Process Agent</u>"), as the designee, appointee and agent of the Company to receive, for and on behalf of the

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Company, service of process for the purposes of this <u>Section 3.10</u>. The Company irrevocably waives any requirements for service abroad of process or other documents, including under the Convention on the Service Abroad of Judicial and Extrajudicial Documents in Civil or Commercial Matters. The Company agrees that service of process in respect of it upon the Process Agent shall be deemed to be effective service of process upon it. The Company agrees that the failure of the Process Agent to give notice to it of any such service shall not impair or affect the validity of such service or any judgment rendered in any Action based thereon. If for any reason the Process Agent shall cease to be available to act as such, the Company agrees to irrevocably appoint another such agent as its authorized agent for service of process, on the terms and for the purposes of this <u>Section 3.10</u>. Nothing herein shall in any way be deemed to limit the ability of the Investor to serve any such legal process in any other manner permitted by applicable Law or to obtain jurisdiction over the Company or bring actions, suits or proceedings against them in such other jurisdiction, and in such matter, as may be permitted by applicable Law

Section 3.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed and delivered (including by facsimile transmission or other means of electronic transmission, such as by electronic mail in "pdf" form or any electronic signature complying with the U.S. federal ESIGN Act of 2000, *e.g.*, www.docusign.com) in counterparts, and by the Parties in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

Section 3.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Specific Performance</u>. The Parties acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. Each Party agrees that, in the event of any breach or threatened breach by the other Party of any covenant or obligation contained in this Agreement, the non-breaching Party shall be entitled (in addition to any other remedy that may be available to it whether in law or equity, including monetary damages) to (a) an Order of specific performance to enforce the observance and performance of such covenant or obligation, and (b) an injunction restraining such breach or threatened breach. Each Party further agrees that neither the other Party nor any other Person shall be required to obtain, furnish or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this <u>Section 3.12</u>, and each Party irrevocably waives any right it may have to require the obtaining, furnishing or posting of any such bond or similar instrument.

Section 3.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver</u>. Any Party entitled to the benefits thereof may, to the extent permitted by Law (a) extend the time for the performance of any of the obligations or other acts of the other Party, (b) waive any inaccuracies in the representations and warranties contained herein, and (c) waive compliance with any of the covenants, agreements or conditions contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by the party or parties to be bound thereby. Notwithstanding the foregoing, no failure or delay by a Party in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or future exercise of any other right hereunder.

Section 3.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Recapitalization, Exchanges, etc</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)&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all shares or other securities of the Company or any successor or

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assign of the Company (whether by merger, consolidation, sale of assets or otherwise), which may be issued in respect of, in exchange for or in substitution of, the Registrable Securities, and shall be appropriately adjusted for combinations, stock splits, recapitalizations, pro rata distributions of stock and the like occurring after the date of this Agreement.

&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)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees that it shall not effect or permit to occur any combination or subdivision of Ordinary Shares or other securities constituting Registrable Securities which would adversely affect the ability of the Investors to include such Registrable Securities in any registration contemplated by this Agreement or the marketability of such Registrable Securities in any such registration.

Section 3.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Obligations Limited to Parties to this Agreement</u>. Each of the Parties hereto covenants, agrees and acknowledges that no Person other than the Investors (and their transferees or assignees) and the Company shall have any obligation hereunder and that notwithstanding that an Investor is a limited partnership, limited liability company or other entity, no recourse under this Agreement shall be had against any former, current or future director, officer, employee, agent, general or limited partner, manager, member, shareholder or Affiliate of the Investor or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, shareholder or Affiliate of any of the foregoing, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any former, current or future director, officer, employee, agent, general or limited partner, manager, member, shareholder or Affiliate of the Investor or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, shareholder or Affiliate of any of the foregoing, as such, for any obligations of the Investor under this Agreement or for any claim based on, in respect of or by reason of such obligation or its creation.

[*Signature Page Follows*]

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed, as of the date first written above, by their respective officers thereunto duly authorized.

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| | |
|:---|:---|
| **SEQUANS COMMUNICATIONS SA** | **SEQUANS COMMUNICATIONS SA** |
| By: | /s/ Georges Karam |
|  | Name: Georges Karam |
|  | Title: Chief Executive Officer |

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[Signature Page to Registration Rights Agreement]

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the reference to our firm under the caption "Experts" in the Registration Statement (Form F-3) and related Prospectus of Sequans Communication S.A. for the registration of Up to 1,350,000,030 Ordinary Shares represented by 135,000,003 American Depositary Shares or pre-funded warrants in lieu thereof, issuable upon the conversion of Secured Convertible Debentures, 270,000,000 Ordinary Shares represented by 27,000,000 American Depositary Shares as Interest ADSs, 202,499,980 Ordinary Shares represented by 20,249,998 American Depositary Shares, or pre-funded warrants in lieu thereof, issuable upon the exercise of Common Warrants and to the incorporation by reference therein of our report dated April 30, 2025, with respect to the consolidated financial statements of Sequans Communication S.A. included in its Annual Report (Form 20-F) for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

/s/ Ernst & Young Audit

Paris La Défense, France

July 16, 2025

<br>