# EDGAR Filing Document

**Accession Number:** 0001383395
**File Stem:** 0001383395-25-000077
**Filing Date:** 2025-7
**Character Count:** 149895
**Document Hash:** 1b8395d3b6144163d7f8de229491e5ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001383395-25-000077.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001383395-25-000077

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 11

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**EFFECTIVENESS DATE**: 20250729

**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:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289027
- **FILM NUMBER:** 251159165

**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 29, 2025**

**Registration No. 333-** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

 

**FORM S-8** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

 

**SEQUANS COMMUNICATIONS S.A.** 

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

 

---

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

---

**Sequans Communications S.A.** 

**15-55 boulevard Charles de Gaulle**

**92700 Colombes, France** 

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

**(Address of Principal Executive Offices)** 

 

**Restricted Share Award Plan 2025**

**Partner Warrants Plan 2025**

**Partner Warrants Plan 2024**

**Partner Warrants Plan 2023-1**

 **Director Warrants Issuance Agreement, Dated June 30, 2025** 

**Director Warrants Issuance Agreement, dated June 28, 2024** 

**Director Warrants Issuance Agreement, dated June 27, 2023** 

**(Full title of the plan(s))** 

 

**GKL Corporate/Search, Inc.**

**One Capitol Mall, Suite 660**

**Sacramento, California 95814**

**Telephone: +1 916 442 7652**

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

 

**Copy to: John V. Bautista, Esq.**

**Brett Cooper, Esq.** 

**Orrick, Herrington & Sutcliffe LLP** 

**405 Howard Street** 

**San Francisco, California 94105** 

**Telephone: +1 415 773 5700**

------

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

Large accelerated filer ☐ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accelerated filer &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐

Non-accelerated filer ☑ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smaller reporting company ☐

Emerging growth company ☐

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

------

**PART I** 

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

The documents containing the information specified in this Part I will be delivered to the participants holding the equity awards covered by this registration statement on Form S-8 (the "Registration Statement") as required by Rule 428(b)(1) of the Securities Act of 1933, as amended (the "Securities Act"). Such documents are not required to be filed with the Securities and Exchange Commission (the "Commission") as part of this Registration Statement.

**PART II** 

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT** 

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| | |
|:---|:---|
| **Item 3.** | **Incorporation of Documents by Reference.** |

---

Sequans Communications S.A. (the "Registrant") hereby incorporates by reference in this Registration Statement the following documents, which have been previously filed by the Registrant with the Commission:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Annual Report on <u>[Form 20-F](https://www.sec.gov/Archives/edgar/data/1383395/000138339525000018/sqns-20241231.htm)</u> for the fiscal year ended December 31, 2024 (File No. 001-35135), filed with the Commission on April 30, 2025, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the end of the fiscal year covered by the Registrant's Form 20-F referred to in (a) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The description of the Registrant's ordinary shares and ADSs contained in its Registration Statement on <u>[Form 8-A](https://www.sec.gov/Archives/edgar/data/1383395/000119312511093956/d8a12b.htm)</u> (File No. 001-35135), filed with the Commission on April 12, 2011 pursuant to Section 12 of the Exchange Act, and the Description of Rights of Each Class of Securities Registered under Section 12 of the Securities Exchange Act of 1934 filed as <u>[Exhibit 2.4](https://www.sec.gov/Archives/edgar/data/1383395/000138339525000018/exhibit24-descriptionofrig.htm)</u>to the Registrant's Annual Report on <u>[Form 20-F](https://www.sec.gov/Archives/edgar/data/1383395/000138339525000018/sqns-20241231.htm)</u> for the fiscal year ended December 31, 2024 (File No. 001-35135), filed with the Commission on April 30, 2025, including any amendment or report filed for the purpose of updating such descriptions.

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

---

| | |
|:---|:---|
| **Item 4.** | **Description of Securities.** |

---

Not applicable.

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| | |
|:---|:---|
| **Item 5.** | **Interests of Names Experts and Counsel.** |

---

Not applicable.

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| | |
|:---|:---|
| **Item 6.** | **Indemnification of Directors and Officers.** |

---

The Registrant maintains liability insurance for its directors and officers, including coverage against liabilities under the Securities Act.

---

| | |
|:---|:---|
| **Item 7.** | **Exemption from Registration Claimed.** |

---

Not Applicable.

------

---

| | |
|:---|:---|
| **Item 8.** | **Exhibits.** |

---

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of Exhibit** |
| [5.1\*](exhibit51-opinionoforrick2.htm) | [Opinion of Orrick, Herrington & Sutcliffe (Europe) LLP](exhibit51-opinionoforrick2.htm) |
| [23.1\*](exhibit51-opinionoforrick2.htm) | [Consent of Orrick, Herrington & Sutcliffe (Europe) LLP (included in Exhibit 5.1)](exhibit51-opinionoforrick2.htm) |
| [23.2\*](exhibit232-consentofernsty.htm) | [Consent of Ernst & Young Audit, independent registered public accounting firm](exhibit232-consentofernsty.htm) |
| 24.1 | [Power of Attorney (included on the signature page of this Registration Statement)](#ic114ef006766474eb27c384df0b841ff_67) |
| [99.1\*](exhibit991-restrictedshare.htm) | [Restricted Share Award Plan 2025](exhibit991-restrictedshare.htm) |
| [99.2\*](exhibit992-partnerwarrants.htm) | [Partner Warrants Plan 2025](exhibit992-partnerwarrants.htm) |
| [99.3\*](exhibit993-partnerwarrants.htm) | [Partner Warrants Plan 2024](exhibit993-partnerwarrants.htm) |
| [99.4\*](exhibit994-partnerwarrants.htm) | [Partner Warrants Plan 2023-1](exhibit994-partnerwarrants.htm) |
| [99.5\*](exhibit995-directorwarrant.htm) | [Director Warrants Issuance Agreement, dated June 30, 2025](exhibit995-directorwarrant.htm) |
| [99.6\*](exhibit996-directorwarrant.htm) | Director Warrants Issuance Agreement, dated June 28, 2024 |
| [99.7\*](exhibit997-directorwarrant.htm) | [Director Warrants Issuance Agreement, dated June 27, 2023](exhibit997-directorwarrant.htm) |
| [107\*](exhibit107-filingfeetable2.htm) | [Filing Fee Table](exhibit107-filingfeetable2.htm) |

---

\* Filed herewith.

---

| | |
|:---|:---|
| **Item 9.** | **Undertakings.** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to the 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;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement; 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;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

(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. 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.

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

------

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

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Colombes, France, on July 29, 2025.

---

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

---

------

**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 acting individually, as his or her true and lawful attorneys-in-fact and agents, each with full power of substitution, for him or her in any and all capacities, to sign any and all amendments to this Registration Statement on Form S-8, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, with full power of each to act alone, 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 for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or his, her or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, 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 and Chief Executive Officer | July 29, 2025 |
| Dr. Georges Karam | (Principal Executive Officer) |  |
| /s/ Deborah Choate | Chief Financial Officer | July 29, 2025 |
| Deborah Choate | (Principal Financial and Accounting Officer) |  |
| /s/ Jason Cohenour | Director | July 29, 2025 |
| Jason Cohenour |  |  |
| /s/ Wesley Cummins | Director | July 29, 2025 |
| Wesley Cummins |  |  |
|  | Director | July 29, 2025 |
| Yves Maitre |  |  |
|  | Director | July 29, 2025 |
| Maria Marced Martin |  |  |
| /s/ Richard Nottenburg | Director | July 29, 2025 |
| Richard Nottenburg |  |  |
| /s/ Hubert de Pesquidoux | Director | July 29, 2025 |
| Hubert de Pesquidoux |  |  |
| /s/ Zvi Slonimsky | Director | July 29, 2025 |
| Zvi Slonimsky |  |  |

---

------

**Signature of Authorized U.S. Representative of the Registrant**

Pursuant to the Securities Act of 1933, as amended, 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 29, 2025.

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| | |
|:---|:---|
| By: | /s/ Nikhil Taluja |
| Name: | Nikhil Taluj |
| Title: | U.S. Representative |

---

## Ex-Filing

**EXHIBIT 107**

**Calculation of Filing Fee Tables**

**Form S-8**

(Form Type)

**Sequans Communications S.A.**

(Exact Name of Registrant as Specified in its Charter)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Security Type | Security Class Title | Fee Calculation Rule | Amount Registered<sup>(2)</sup> | Proposed Maximum Offering Price Per Unit | Maximum Aggregate Offering Price | Fee Rate | Amount of Registration Fee |
| Equity | Ordinary Shares, nominal value €0.01 per share<sup>(1)</sup> |  |  |  |  |  |  |
|  | –Reserved for future issuance under the Registrant's Director Warrants Issuance Agreement, dated June 30, 2025 | Other | 2520000<sup>(3)</sup> | $0.15<sup>(4)</sup> | $378000 | 0.0001531 | $57.87 |
|  | –for future issuance under the Registrant's Director Warrants Issuance Agreement, dated June 28, 2024 | Other | 2520000<sup>(5)</sup> | $0.13<sup>(6)</sup> | $327600 | 0.0001531 | $50.16 |
|  | –for future issuance under the Registrant's Director Warrants Issuance Agreement, dated June 27, 2023 | Other | 1260000<sup>(7)</sup> | $0.54<sup>(8)</sup> | $680400 | 0.0001531 | $104.17 |
|  | –Reserved for future issuance under the Registrant's Restricted Share Award Plan 2025 and Partner Warrants Plan 2025 | Other | 12000000<sup>(9)</sup> | $0.21 <sup>(10)</sup> | $2520000 | 0.0001531 | $385.81 |
|  | –Reserved for future issuance under the Registrant's Partner Warrants Plan 2024 | Other | 580880<sup>(11)</sup> | $0.26<sup>(12)</sup> | $151029 | 0.0001531 | $23.12 |
|  | –Reserved for future issuance under the Registrant's Partner Warrants Plan 2023-1 | Other | 420032<sup>(13)</sup> | $0.18<sup>(14)</sup> | $75606 | 0.0001531 | $11.58 |
| Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts |  | $4132635.00 |  | $632.71 |

---

------

---

| | |
|:---|:---|
| Total Fee Offsets |  |
| Net Fee Due | $632.71 |

---

---

| |
|:---|
| (1) These shares may be represented by the American Depositary Shares ("ADSs") of Sequans Communications S.A. (the "Registrant"). Each ADS represents ten ordinary shares. ADSs issuable upon deposit of the ordinary shares registered hereby were registered pursuant to separate Registration Statements on Form F-6 (File No. 333-173002 and File No. 333-224589, as amended and supplemented) |
| (2) Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), the Registration Statement on Form S-8 (the "Registration Statement") to which this exhibit relates shall also cover any additional ordinary shares, €0.01 par value, which become issuable under the Registrant's Restricted Share Award Plans, Director Warrants Issuance Agreements or Partner Warrants Issuance Agreements by reason of any share dividend, share split, reverse share split, recapitalization, reclassification, merger, split-up, reorganization, consolidation or any other similar capital adjustment or transaction effected without the Registrant's receipt of consideration which results in an increase in the number of the Registrant's outstanding ordinary shares. |
| (3) Amount registered represents 2,520,000 ordinary shares issuable under outstanding warrants issued under the Registrant's Director Warrants Issuance Agreement, dated June 30, 2025. |
| (4) Estimated in accordance with Rule 457(h) under the Securities Act, solely for the purpose of calculating the registration fee. The price of $0.15 per ordinary share represents the $0.147 exercise price for each ordinary share subject to outstanding warrants issued under the Registrant's Director Warrants Issuance Agreement, dated June 30, 2025, rounded up to the nearest whole cent |
| (5) Amount registered represents 2,520,000 ordinary shares issuable under outstanding warrants issued under the Registrant's Director Warrants Issuance Agreement, dated June 28, 2024 |
| (6) Estimated in accordance with Rule 457(h) under the Securities Act, solely for the purpose of calculating the registration fee. The price of $0.13 per ordinary share represents the $0.125 exercise price for each ordinary share subject to outstanding warrants issued under the Registrant's Director Warrants Issuance Agreement, dated June 28, 2024, rounded up to the nearest whole cent |
| (7) Amount registered represents 1,260,000 ordinary shares issuable under outstanding warrants issued under the Registrant's Director Warrants Issuance Agreement, dated June 27, 202 |
| (8) Estimated in accordance with Rule 457(h) under the Securities Act, solely for the purpose of calculating the registration fee. The price of $0.54 per ordinary share represents the $0.5375 exercise price for each ordinary share subject to outstanding warrants issued under the Registrant's Director Warrants Issuance Agreement, dated June 27, 2023, rounded up to the nearest whole cent |
| (9) Amount registered represents 12,000,000 ordinary shares issuable under the Registrant's Restricted Share Award Plan 2025 and Partner Warrants Plan 2025 |
| (10) Estimated in accordance with Rule 457(c) and (h) under the Securities Act, solely for the purpose of calculating the registration fee on the basis of $0.21 per ordinary share, which represents the average of the high and low prices of the Registrant's ADSs reported on the New York Stock Exchange for July 25, 2025, or $2.045, divided by ten, which is the number of ordinary shares represented by each ADS, rounded up to the nearest whole cent |
| (11) Amount registered represents 580,880 ordinary shares issuable under the Registrant's Partner Warrants Plan 2024 |
| (12) Estimated in accordance with Rule 457(h) under the Securities Act, solely for the purpose of calculating the registration fee. The price of $0.26 per ordinary share represents the $0.26 exercise price for each ordinary share subject to outstanding warrants issued under the Registrant's Partner Warrants Plan 2024 |
| (13) Amount registered represents 420,032 ordinary shares issuable under the Registrant's Partner Warrants Plan 2023-1 |
| (14) Estimated in accordance with Rule 457(h) under the Securities Act, solely for the purpose of calculating the registration fee. The price of $0.18 per ordinary share represents the $0.18 exercise price for each ordinary share subject to outstanding warrants issued under the Registrant's Partner Warrants Plan 2023-1 |

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## Exhibit 5.1

**EXHIBIT 5.1** 

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| |
|:---|
| **Orrick, Herrington & Sutcliffe (Europe) LLP** |
| 61, rue des Belles Feuilles |
| Paris, 75116 |
| France |
| Siren : 808 676 316 |
| T +33 1 53 53 75 00 |
| F +33 1 53 53 75 01 |
| **orrick.com** |

---

July 29, 2025

Sequans Communications S.A.

15-55 boulevard Charles de Gaulle

92700 Colombes, France

Re: Registration Statement on Form S-8

Ladies and Gentlemen:

At your request, we are rendering this opinion in connection with the proposed issuance of up to 13,260,000 ordinary shares (the "<u>Shares</u>") of Sequans Communications S.A., a *société anonyme* incorporated in the French Republic (the "<u>Company</u>"), pursuant to the Company's Restricted Share Award Plan 2025, Partner Warrants Plan 2025, and Director Warrants Issuance Agreement, dated June 27, 2025, each as approved by the general meeting of shareholders of the Company on June 27, 2025 and by the board of directors of the Company on June 27, 2025 (collectively, the "<u>2025 Plans</u>"), the Company's Partner Warrants Plan 2024, as approved by the general meeting of shareholders of the Company on June 28, 2024 and by the board of directors of the Company on July 1, 2024, and Director Warrants Issuance Agreement, dated June 28, 2024, as approved by the general meeting of shareholders of the Company on June 28, 2024 and by the board of directors of the Company on June 28, 2024 (collectively, the "<u>2024 Plans</u>"), the Company's Partner Warrants Plan 2023-1, as approved by the general meeting of shareholders of the Company on June 27, 2023 and by the board of directors of the Company on June 27, 2023 (the "<u>2023 Plan</u>" and, together with the 2024 Plans and the 2025 Plans, the "<u>Plans</u>") and pursuant to a Registration Statement on Form S-8 (the "<u>Registration Statement</u>").

We have examined instruments, documents, and records which we deemed relevant and necessary for the basis of our opinion hereinafter expressed and have relied on a certificate of an officer of the Company as to factual statements contained in such instruments, documents and records. In such examination, we have assumed the following: (a) the authenticity of original documents and the genuineness of all signatures and (b) the conformity to the originals of all documents submitted to us as copies.

Based on such examination, we are of the opinion that the Shares to be issued by the Company pursuant to the Plans are duly authorized, and when issued and subscribed for as described in the Plans and Registration Statement, will be validly issued, fully paid up and nonassessable.

In rendering this opinion, we have assumed that (i) the Registration Statement becomes and remains effective during the period when the Shares are offered, issued and subscribed for, (ii) the Shares to be subscribed for are issued in accordance with the terms of the Plans, (iii) the Company receives the full consideration for the Shares as stated in the Plans, (iv) the per share consideration for each Share includes payment of cash or other lawful consideration at least equal to the par value of the Company's common stock, and (v) all applicable securities laws are complied with.

The opinion expressed above is limited to the laws of the French Republic and we do not express any opinion as to the effect of any other laws.

We hereby consent to the filing of this opinion as an exhibit to the above-referenced Registration Statement and to the use of our name wherever it appears in said Registration Statement, including any prospectus constituting a part thereof, as

------

originally filed or as subsequently amended or supplemented. In giving this consent, we do not thereby admit that we are 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.

Very truly yours,

/s/ Orrick, Herrington & Sutcliffe (Europe) LLP

ORRICK, HERRINGTON & SUTCLIFFE (EUROPE) LLP

## Exhibit 23.2

**EXHIBIT 23.2** 

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-) pertaining to the Restricted Share Award Plan 2025, Partner Warrants Plan 2025, Partner Warrants Plan 2024, Partner Warrants Plan 2023-1, Director Warrants Issuance Agreement, dated June 30, 2025, Director Warrants Issuance Agreement, dated June 28, 2024 and Director Warrants Issuance Agreement, dated June 27, 2023 of Sequans Communications S.A. of our reports dated April 30, 2025, with respect to the consolidated financial statements of Sequans Communications S.A. and the effectiveness of internal control over financial reporting of Sequans Communications 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 29, 2025

## Exhibit 99.1

**Exhibit 99.1**

**SEQUANS COMMUNICATIONS**

Société anonyme (*public limited* company) au capital de (*with a share capital of) 2.514.089,22 euros* 

Siège social : Les Portes de la Défense, 15-55 boulevard Charles de Gaulle - 92700 COLOMBES

RCS Nanterre 450 249 677

**Regulations** 

**______________________**

**Restricted Share Award Plan – 2025**

------

**- CONTENTS -**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.GENERAL PRINCIPLE OF RESTRICTED SHARE AWARDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.LEGAL FRAMEWORK OF THE PLAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.CHARACTERISTICS OF THE RESTRICTED SHARE AWARDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.CONDITIONS FOR THE RESTRICTED SHARE AWARDS AND BENEFICIARIES' RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Vesting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Presence condition – Exceptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delivery of the Shares – Listing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rights of the Shares after the Vesting Period – Holding Period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reduction of Beneficiaries' rights in case of a capital decrease due to losses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.TAX PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.AMENDMENT OF THE PLAN**

I – <u>GENERAL PRINCIPLES OF RESTRICTED SHARE AWARDS</u> 

The purpose of this plan is to reward and retain employees and/or company executive officers (hereinafter the "**Beneficiaries**") of Sequans Communications (hereinafter "**Sequans**" or the "**Company**") and its subsidiaries within the meaning of Article L.233-3, 1° of the French Commercial code (hereinafter the "**Subsidiaries**") by enabling them to share in the growth of the Company.

A restricted share award plan allows the Beneficiaries to receive over time free ordinary shares of Sequans (hereinafter the "**Award**"), subject to certain temporary restrictions. i.e. the restricted shares (hereinafter referred to as the "**Shares**").

The Award of the Shares is an offer reserved to the Beneficiaries restrictively designated by the Board of Directors and consequently does not represent an offer made to the public.

Beneficiaries are reminded that the change in the price of the Sequans' shares and, consequently, the acquisition capital gain and the potential sale capital gain obtained through the sale of the Shares after the end of the Vesting Period, will depend on Sequans' performance and results, as well as overall industry and external economic factors.

Nothing in this Plan forms part of the employment contract of a Beneficiary. The rights and obligations arising from the employment relationship between the Beneficiary and the Company or its Subsidiaries are separate from, and are not affected by, this Plan. Participation in the Plan does not create any right to, or expectation of, continued employment.

<u>II – LEGAL FRAMEWORK OF THE PLAN</u>

This plan is governed by French legal and regulatory provisions in effect on the date hereof and namely by articles L.225-197-1 et seq. of the French Commercial Code.

Pursuant to these provisions, the Company's combined general shareholders' meeting held on 30 June 2025 adopted a resolution authorising the principle of the award of Shares, deciding that the maximum number of Shares which may be issued by virtue of this authorisation shall not exceed 12,000,000 new ordinary shares with a unitary par value of EUR 0.01.

This combined general shareholders' meeting has delegated to the Board of Directors the authority to allocate these Shares, on one or more occasions, including the authority to determine the Beneficiaries. No Share can be awarded to any employee who owns more than 10% of the share capital of the Company or who would own more than 10% of the share capital as a result of the Award. Only shares held directly by an employee or corporate officer for less than seven years are included in this percentage.

Therefore and pursuant to the aforesaid grant of authority, at a meeting held on 30 June 2025, the Board of Directors decided the procedures applicable to Shares Awards and established the present Restricted Shares Award Plan 2025 (hereinafter the "**Plan**"), in conformity with the principles set by the combined general shareholders' meeting and aforesaid statutory provisions.

------

III – <u>CHARACTERISTICS OF THE RESTRICTED SHARE AWARD</u>

The list of the Plan's Beneficiaries is established and approved by the Company's Board of Directors as well as the decision to grant Shares. The Shares allocated to the Beneficiaries shall either be existing shares owned by the Company or new shares to be issued.

This Plan provides for the issuance of up to 12,000,000 Shares.

The effective date of the decision of Award taken by the Board of Directors (the "**Grant Date**") shall mark the commencement of the Vesting Period.

Beneficiaries will be individually notified of the Award by the CEO acting through a delegation of the Board of Directors, directly or via notification by email from the Company's external equity plan administrator (hereinafter the "**Individual Letter of Notification**").

Such Individual Letter of Notification is deemed to be an exhibit of this Plan and shall specify:

–the number of Shares granted to the Beneficiary,

–the term of the Vesting Period,

–the manner of vesting over the Vesting Period, and

–the right to accept or refuse the Award of Shares through a receipt confirmation form that must be returned to the Company.

Within a period of thirty (30) days following the receipt of the Individual Letter of Notification, the Beneficiary undertakes to return to the Company a copy of this Plan, a copy of the Individual Letter of Notification and the receipt confirmation form attached to said letter, being specified that all such copies shall be duly executed by the Beneficiary who acknowledges that the Individual Letter of Notification is part of this Plan. Alternatively, the Beneficiary may acknowledge the Notification and terms of the Plan via the on-line platform administered by the Company's equity plan administrator.

IV – <u>CONDITIONS FOR THE RESTRICTED SHARE AWARD AND BENEFICIARIES' RIGHTS</u> 

**IV-1. Vesting**

The Shares are effectively vested and acquired by the Beneficiaries over a period of three (3) years from the effective grant date of the Award by the Board of Directors (the "**Vesting Period**") provided that the Award conditions established by the Board of Directors in this Plan are observed on each Vesting Date as defined hereafter. Each Beneficiary is expressly informed that no Shares shall vest before the end of a minimum vesting period (the "Minimum Vesting Period"). The manner in which the Shares Vest over the Vesting Period shall be in accordance with either Option 1 or Option 2, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Option 1</u> : if a Beneficiary **<u>is not</u>** resident in a jurisdiction where taxes on Shares are due when the Shares vest, the following vesting process shall apply:

- 33% of the Award shall be acquired (vest) on the one-year anniversary of the effective grant date of the Award;

- thereafter, an additional 1/4<sup>th</sup> of the remaining 67% of the Award shall be acquired (vest) on the corresponding day of each six month period thereafter (i.e. half-yearly vesting), such that 100% of the Award shall have vested as of the 3<sup>rd</sup> anniversary of the effective grant date of the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Option 2</u> : if a Beneficiary **<u>is</u>** resident in a jurisdiction where taxes on Shares are due when the Shares vest, the following vesting process shall apply:

- 66% of the Award shall be acquired (vest) on the two-year anniversary of the Award date;

- thereafter, an additional 1/2 of the remaining 34% of the Award shall be acquired (vest) on the corresponding day of each six month period thereafter (i.e. half-yearly vesting), such that 100% of the Award has vested by the 3<sup>rd</sup> anniversary of the Award date.

The Beneficiaries become owners of the Shares, with all related rights as described in section IV-4, only as the Shares are vested (hereinafter the "**Vesting Date**"), subject to the vesting conditions referred to above and the presence condition defined below under section IV-2 are met.

The application of Option 1 or Option 2 to each Beneficiary shall be determined by the Board on the Grant Date and shall not change regardless of any change in the Beneficiaries tax residence.

**IV-2. Presence condition – Exceptions**

The Award of Shares to Beneficiaries is strictly related to the Beneficiary's status as an employee of Sequans or its Subsidiaries. The Vested Award of Shares is consequently reserved for any Beneficiary (employee) designated at the time of the initial Award, linked to Sequans or to a Subsidiary through an employment agreement still in effect on the Vesting Date.

------

In case of termination of the employment agreement of the Beneficiary, for any reason whatsoever, effective before the Vesting Date, the Beneficiary will lose any right to the related Shares.

Notwithstanding the above provisions, should the loss of the status as an employee during the Vesting Period be due to one of the following reasons, the granted Shares would be treated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Death</u>: pursuant to the provisions of article L.225-197-3 of the French Commercial Code, the heirs ("*héritiers*") of the Beneficiaries, may, if they so desire, request the Award of the Shares. Such request must be made within six (6) months of the date of death; after such time limit, the successors or beneficiaries of the Beneficiary will definitively lose *the right to* request the Award of Shares. All Shares shall vest immediately upon the aforesaid request, being specified that in such case the Acquisition Period and Holding Period (as referred to under section IV-1 below) shall not apply. The heirs of the Beneficiaries remain subject to the other conditions of this Plan, except the retention requirement described in IV-4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *<u>2nd</u>* <u>and</u> *<u>3rd</u>* <u>category disability</u>, within the meaning of article L.341-4 of the French Social Security Code: Upon the request of the Beneficiaries, all Shares shall vest immediately, being specified that in such case the Acquisition Period and Holding Period (as referred to under section IV-1 below) shall not apply. Beneficiaries will remain subject to the other conditions of this Plan, except the retention requirement described in IV-4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Termination following an acquisition of Sequans Communications</u>: in the event that a third party acquires a majority interest in Sequans Communications, the Restricted Shares awarded to a Beneficiary who is subsequently dismissed within six months of the consummation of such acquisition, other than for misconduct or gross negligence, shall vest immediately upon the effective date of employment contract termination as a result of said dismissal, unless the effective contract termination date is less than one year from the Grant Date. In this latter case, all Restricted Shares shall then vest one year from the Grant Date. The retention requirement described in IV-4 remains in force.

**IV-3. Delivery of Shares upon Vesting – Listing** 

At the Vesting Date and subject to the observance of the presence condition defined above, the Company shall transfer the number of granted Shares to the Beneficiary who shall thus become the owner of such Shares and a shareholder of the Company.

The Shares shall be registered in an account opened in the name of the Beneficiary, in the registers of Sequans Communications.

The new Shares issued for the purpose of the Plan will be subject to an application for admission for trading on the New York Stock Exchange, under the form of American Depositary Shares (ADS).

**IV-4. Rights of the Shares after the Vesting Date – Holding Period**

After the Vesting Date, the Shares shall entitle the Beneficiary, as of the Vesting Date, to all rights pertaining to ordinary shares comprising the share capital and shall be subject to all provisions of the by-laws.

Notwithstanding the foregoing, French law requires that the Shares be retained for a minimum period of two years from the Grant Date, this being either (a) a minimum of one year vesting and one year holding of the underlying shares issued, or (b) a 2 years holding of the underlying shares when vesting is less than one year. Therefore, all Shares vested at the one-year anniversary date of the Award by the Board of Directors must be retained until at least the second anniversary date of the Award by the Board of Directors (the "**Holding Period**"). No Holding Period is required for Shares vested as from the second anniversary date of the Award by the Board of Directors. However, the shares may be subject to transfer or resale restrictions as required by applicable securities laws.

Furthermore, since these Shares, in the form of American Depositary Shares, are listed for trading on the New York Stock Exchange and in order to avoid any insider trading risk, Beneficiaries shall comply with the Insider Trading Compliance Program of the Company, available from the Human Resources department.

**IV-5. Adjustment**

Should the Company complete one of the financial transactions referred to under article L.225-181 of the French Commercial Code, no adjustment of the number of allocated Shares under this Plan shall be made, except if the general shareholders meeting voting the transaction decides otherwise.

**IV-6. Reduction of Beneficiaries' rights in case of a capital decrease due to losses**

In case of a capital decrease due to losses realized by a decrease either in the par value of Sequans shares or in the number thereof, the rights of the Beneficiaries shall be reduced accordingly as if the Beneficiaries had been shareholders prior to the date on which the capital decrease became final.

------

V – <u>TAX PROVISIONS</u>

**This presentation of tax treatment is provided for informational purposes only**. It corresponds to the French legislation in effect as of the date this plan was approved by the Board of Directors.

The Beneficiary shall be responsible for learning about any amendments to the applicable tax treatment and the Company shall have no liability whatsoever in this respect.

**V-1. Tax provisions applicable to Beneficiaries who are resident in France from the date of the award up to the sale of the shares and submitted to the French Social Security** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Gain realised at the time of acquisition (Vested Award)**

The portion of the Vested Award, equal to the value of ordinary share at the Vesting Date, which does not exceed EUR 300,000, is subject to:

- individual income tax (*impôt sur le revenu*): progressive rate up to 45% after application of a 50% rebate on the Vested Award

- social contributions (*prélèvements sociaux : CSG, CRDS...*) : 17.2%, with 6.8% being deductible for income tax purposes to the extent of the ratio between the amount subject to individual income tax and the amount subject to social contributions (i.e. 50%)

- as the case may be, an exceptional contribution on high income (*contribution exceptionnelle sur les hauts revenus*): rate of 3% or 4% depending on the amount of income of the tax household

The portion of the Vested Award which exceeds EUR 300,000 is subject to:

- individual income tax (*impôt sur le revenu*): progressive rate up to 45% (without any rebate)

- social contributions (*prélèvements sociaux* : *CSG, CRDS*...) 9.7% (6.8% being deductible for income tax purposes)

- an employee specific contribution (*contribution salariale spécifique*): 10%

- as the case may be, an exceptional contribution on high income (*contribution exceptionnelle sur les hauts revenus*): rate of 3% or 4% depending on the amount of income of the tax household

Vested Award is taxable in the year during which the Shares are sold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Gain realised at the time of disposal (Sale Gain)**

The French Finance Bill for 2025 introduced a specific tax regime applicable to transactions carried out on or after February 15, 2025 (article 163 bis H of the French General Tax Code). Under this regime, the net gain realized on the shares (when they are disposed of, sold, converted or leased), when acquired by the beneficiary in consideration for his or her duties as an employee or executive officer, is subject to the specific taxation regime. However, the gain realised at the time of acquisition is not covered by this regime.

The specific tax regime consists of taxing the net gain:

–**as a capital gain up to a limit** of 3 x price paid for the acquisition or subscription of the shares (value of the shares at the acquisition date) x financial performance of the reference company (ratio between actual value of the Company at the date of sale of the shares and actual value of the Company at the date of grant of the shares) during the reference period (from the date of grant to the date of sale) - price paid for the acquisition or subscription of the shares (value of the shares at the acquisition date) ; this portion of the Sale Gain is subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ individual income tax (*impôt sur le revenu*): flat rate of 12.8%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ social contributions (*prélèvements sociaux : CSG, CRDS, etc.*): 17.2%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ as the case may be, an exceptional contribution on high income (*contribution exceptionnelle sur les hauts revenus*): rate of 3% or 4% depending on the amount of income of the tax household

–**as a salary for the portion exceeding this limit**; this portion of the Sale Gain is subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ individual income tax (*impôt sur le revenu*): progressive rate up to 45%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ an employee specific contribution (*contribution salariale spécifique*): 10%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ as the case may be, an exceptional contribution on high income (*contribution exceptionnelle sur les hauts revenus*): rate of 3% or 4% depending on the amount of income of the tax household

However, if the shares do not present a risk of loss of their acquisition or subscription value, the Sale Gain is fully taxable as a salary.

Sale Gain is taxable in the year during which the Shares are sold.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Wealth tax**

The *Impôt sur la Fortune Immobilière* ("IFI") generally applies to real estate assets to the extent that their net value exceeds EUR 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.

The Beneficiaries should not be subject to French IFI in respect of their shareholding in the Company.

**V-2. Tax provisions applicable to Beneficiaries who are not resident in France and not submitted to the French Social Security**

Beneficiaries who are not resident in France are solely responsible for:

–Determining the tax provisions applicable to gains resulting from (i) the acquisition of Shares and, (ii) the disposal of such shares;

–Paying all taxes and contributions due as a result.

However, Beneficiaries domiciled abroad might be subject to a French withholding tax in respect of the Vested Award, to the extent of days worked in France over the vesting period.

**Sequans Communications and its subsidiaries shall have no obligation to provide advice and/or assistance in this regard.**

VI – <u>AMENDMENT OF THIS PLAN</u>

No amendment that could affect the rights of the Beneficiaries may be made to this Plan, without the authorization of the Beneficiaries voting by way of a formal meeting called for this purpose.

This Plan shall prevail in case of conflict of interpretation between the Individual Letter of Notification and the Plan itself.

Date : ______________

_________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(signature)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. (*name, surname*) : _______________________

the "**Beneficiary**"

*(The Beneficiary shall initialize each page, sign the last page and write down: "read and approved")*

## Exhibit 99.2

**EXHIBIT 99.2**

**SEQUANS COMMUNICATIONS**

Société anonyme (*public limited* company) au capital de (*with a share capital of) 2.514.089,22 euros*

Siège social : Les Portes de la Défense, 15-55 boulevard Charles de Gaulle - 92700 COLOMBES

RCS Nanterre 450 249 677

**Partner Warrants Issuance Agreement 2025**

**______________________**

(1) **SEQUANS COMMUNICATIONS**

(2) **THE HOLDERS OF PARTNER WARRANTS 2025**

------

**Summary**

**PREAMBLE : PRESENTATION OF THE ISSUANCE AGREEMENT** 

**Title 1. SUBSCRIPTION AND FEATURES OF Partner Warrants 2025**

Article 1. Holders of Partner Warrants 2025

Article 2. Grant and subscription of Partner Warrants 2025

Article 3. Features and period of validity of Partner Warrants 2025 – Vesting period -- Conditions of exercise

Article 4. Cessation of Holder's contractual relationship with Sequans Communications or one of its subsidiaries

Article 5. Setting of the Exercise Price for shares covered by the Partner Warrants 2025

**Title 2. RIGHT OF EXERCISE – SUSPENSION – FORMALITIES – SHARES SUBSCRIBED** 

Article 6. Suspension of the rights to exercise the Partner Warrants 2025

Article 7. Conditions of exercise of Partner Warrants 2025

Article 8. Delivery and form of shares

Article 9. Rights and availability of shares

**Title 3. REPRESENTATION OF HOLDERS - Protection – AMENDMENT OF THE ISSUANCE AGREEMENT**

Article 10. Representation of Holders

Article 11. Protection of Holders – Rights of the Company

Article 12. Binding effect – Term – Jurisdiction

------

**WHEREAS**

In order to reward its business partners (consultants, advisers...) (hereinafter the "**Beneficiaries**"), Sequans Communications wishes to set up a system enabling them to share in its growth.

This Partner Warrants 2025 plan is a mechanism by which Sequans Communications offers the Beneficiaries the possibility of subscribing for warrants (hereafter referred to as "**Partner Warrants 2025**") at a set price; the exercise of each Partner Warrant 2025 allows the purchase of a new ordinary share during a certain period, at a price set on the date the Partner Warrants 2025 are issued, and that remains fixed during the entire period. In this way, the Beneficiaries participate in Sequans' performance through the changes in share value, even before they become shareholders by exercising the Partner Warrants 2025 to purchase shares. This mechanism is governed, in particular, by the provisions set forth under article L.228-91 of the French Commercial Code.

In a decision taken on 30 June 2025, a combined general shareholders' meeting voted in favour of the principle of issuing Partner Warrants 2025, with a unitary warrant subscription price of 0.00001 Euro, which could give rise to the issuance of a maximum of 12,000,000 new ordinary shares with a unitary par value of EUR 0.01.

This combined general shareholders' meeting has defined the conditions of setting of the exercise price for the ordinary shares which would be issued upon exercise of each Partner Warrant 2025 and decided that this price would be equal to the closing price of the Sequans Communications share, as represented by American Depositary Shares (ADS), listed on the New York Stock Exchange (NYSE), on the date of the granting of said Partner Warrants 2025, adjusted to reflect the then current ratio of shares per ADS.

In addition, this decision delegated to the Board of Directors the authority to issue such Partner Warrants 2025, on one or more occasions, including the authority to determine the holders and the number of Partner Warrants 2025 to be issued and the exercise conditions. Furthermore, the Board of Directors was delegated the authority to increase share capital, subject to certain restrictions, by a maximum amount equal to the total number of Partner Warrants 2025 issued, to record the successive increases in share capital as a result of the exercise of the Partner Warrants 2025, and to carry out all formalities required as a result thereof.

Pursuant to the aforesaid delegation of power, the Board of Directors has defined, at a meeting held on 30 June 2025, the terms and conditions of the Partner Warrants 2025 (Warrants) Issuance Agreement (the "**Issuance Agreement**") governing Partner Warrants 2025.

**The parties AGREE AS FOLLOWS:**

**Title 1. SUBSCRIPTION AND FEATURES OF PARTNER WARRANTS 2025**

***Article 1. Holders of Partner Warrants 2025***

The Holder is a physical person or legal entity having an effective contractual relationship – on the basis of a services contract duly signed - with Sequans Communications at the date an offer of subscription of Partner Warrants 2025 is made pursuant to this Issuance Agreement.

Holders are approved by the Company's Board of Directors.

***Article 2. Grant and subscription of Partner Warrants 2025.***

The Partner Warrants 2025 offered to the Holders shall be subscribed at the price of 0.00001 Euro per Partner Warrant 2025, price which shall be paid on subscription, either by means of a payment in cash or by way of a set-off with a debt owed by the Company to Holder.

The number of Partner Warrants 2025 granted to each Holder shall be indicated in an Individual Notification Letter sent to him/her by the Chairman or his delegate (including the Company's on-line equity plan administrator); the subscription of such Partner Warrants 2025 shall be done <u>no later than 7 days</u> from the receipt of the aforesaid letter, by returning to the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a copy of this Issuance Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a copy of the Individual Letter of Notification, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the Partner Warrants subscription form duly signed

being specified that all such copies shall be duly executed by the Holder who acknowledges that the Individual Letter of Notification is part of these Issuance Agreement. Alternatively, the acknowledgement can be accomplished by responding to the electronic acknowledgement request from the Company's on-line equity plan administrator.

------

**FAILURE TO COMPLY WITH THIS MAJOR FORMALITY WITHIN THE APPLICABLE PERIOD – EXCEPT IN THE EVENT OF FORCE MAJEURE - SHALL RENDER THE PARTNER WARRANTS 2025 ISSUED IMMEDIATELY AND AUTOMATICALLY NULL AND VOID.**

***Article 3. Features and period of validity of Partner Warrants 2025 – Vesting period -- Conditions of exercise***

Partner Warrants 2025 are valid for a period of 10 years as from the time they are granted by the Board of Directors, <u>and provided</u> they are subscribed for by the Holder.

Partner Warrants 2025 may only be exercised within the aforementioned **maximum period of 10 years**; any Partner Warrants 2025 not exercised by the expiry of such period shall automatically become null and void.

The Beneficiary acquires the right to exercise his/her Partner Warrants 2025 over a period of three (3) years from the effective grant date of the Partner Warrants 2025 (the "**Vesting Period**") provided that the award conditions established by the Board of Directors in this Plan are observed on each Vesting Date as defined hereafter. The vesting schedule shall be as follows:

- 33% of the Partner Warrants 2025 shall be acquired (vest) on the one-year anniversary of the effective grant date of the Partner Warrants 2025;

- thereafter, an additional 1/8<sup>th</sup> of the remaining 67% of the Partner Warrants 2025 shall be acquired (vest) on the corresponding day of each three month period thereafter (i.e. quarterly vesting), such that 100% of the Partner Warrants 2025 shall have vested as of the 3<sup>rd</sup> anniversary of the effective grant date of the Partner Warrants 2025.

Exercising a Partner Warrants 2025 entitles the Holder to purchase one new ordinary share with a par value of EUR 0.01 (hereafter a "**Share**") in consideration of the payment of the Exercise Price described in Article 5.

This number of shares cannot be modified during the Partner Warrants 2025 period of validity, except in the event of an adjustment in the Exercise Price - as defined under article 11 below - in accordance with the requirements provided by law.

***Article 4. Cessation of Holder's contractual relationship with Sequans Communications or one of its subsidiaries - Exceptions***

In the event of a termination, anticipated or not, of the Holder's services contract with Sequans Communications or one of its subsidiaries, regardless of the reason, said Holder shall lose any and all rights with regard to Partner Warrants 2025 not yet vested and exercisable on the date of the aforesaid termination.

However, the Holder retains the right to exercise Partner Warrants 2025 that are vested and that have not yet been exercised.

Notwithstanding the above and in the event of :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>death of the Holder</u>, his heirs or beneficiaries shall have a period of 6 months to exercise vested Partner Warrants 2025. After the expiry of this 6-month period hereinabove, said heirs or beneficiaries shall lose all rights with regard to unexercised Partner Warrants 2025***,***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>termination following an acquisition of Sequans Communications</u>: in the event that a third party acquires a majority interest in Sequans Communications, the Partner Warrants awarded to a Holder whose service contract with Sequans Communications is subsequently terminated within six months of the consummation of such acquisition, other than for cause as defined in the applicable service contract, shall vest immediately upon the effective date of service contract termination as a result of said termination, and shall have the right to exercise all of his/her Partner Warrants within a period of 30 days following the effective date of said termination, notwithstanding the schedule set out above for exercising his/her Partner Warrants.

***Article 5. Setting of the Exercise Price for shares covered by the Partner Warrants 2025***

The Exercise Price for Shares to be issued pursuant to an exercise of the Partner Warrants 2025 is set at the closing price of the Sequans Communications share, represented by ADS listed on the NYSE, adjusted to reflect the then current ratio of shares per ADS, on the effective grant date of such Partner Warrants 2025.

This price is mentioned in the Individual Notification Letter, price which may not be changed during the Partner Warrants 2025 period of validity, except in the event of adjustments in accordance with statutory and regulatory requirements.

The Exercise Price is set in USD per share; the counter value in Euros shall be determined on the exercise date of the Partner Warrants. The par value of each share is EUR 0.01.

------

**Title 2. RIGHT OF EXERCISE – SUSPENSION – FORMALITIES – SHARES SUBSCRIBED** 

***Article 6. Suspension of the rights to exercise Partner Warrants 2025*** 

If necessary, the Board of Directors may suspend the right to exercise the Partner Warrants 2025. In particular, a suspension may be ordered whenever a transaction concerning Sequans Communications' share capital requires knowing in advance the exact number of shares that make up share capital or in the event that one of the financial transactions requiring an adjustment is carried out.

In such case, Sequans Communications shall inform the Beneficiaries of the Partner Warrants 2025, indicating the date of the suspension and the date on which the right to exercise Partner Warrants 2025 will be re-established. Such suspension may not exceed 3 months.

If the right to exercise a Partner Warrants 2025 expires during a period in which rights are suspended, the period for exercising the Partner Warrants 2025 shall be extended by the length of the suspension period.

***Article 7. Conditions of exercise of Partner Warrants 2025***

All requests for exercising Partner Warrants 2025, documented by the signature of an exercise certificate specific to this Partner Warrants 2025 Issuance Agreement, shall be sent to Sequans Communications, and shall be accompanied by a cheque made out to the Company's order in an amount corresponding to the number of Shares subscribed multiplied by the Exercise Price, considering that such shares must be fully paid up in cash at the time of exercise, except the case of settlement of the Exercise Price by way of a set-off with a debt.

If the Holder has been registered in the on-line equity management system established by the Company, exercise of Partner Warrants 2025 shall take place in accordance with the process manual provided to the Holder and/or available from the Company's human resources department.

Failure to fully pay the Exercise Price renders the exercise null and void.

***Article 8. Delivery and form of shares***

Shares acquired by exercising Partner Warrants 2025 are registered in the books of Sequans Communications as registered shares.

***Article 9. Rights and availability of shares***

The Shares shall be subject to all provisions of the by-laws and shall enjoy all rights pertaining to ordinary shares as from the date the increase in share capital is completed.

However, since the Shares in the form of ADSs are listed for trading on the New York Stock Exchange and in order to avoid any insider trading risk, Holders shall comply with the Insider Trading Compliance Policy of the Company, available on the Company's intranet and website, and/or from the human resources department.

**Title 3. REPRESENTATION OF HOLDERS – PROTECTION –** 

**AMENDMENT OF THE ISSUANCE AGREEMENT**

***Article 10****.* ***Representation of Holders of Partner Warrants***

Pursuant to the provisions of Article L. 228-103 of the French Commercial Code, the Holders of Partner Warrants 2025 are grouped into a body with legal personality protecting their joint interests (the "*masse"*). General meetings of Holders may meet at the registered office or in any other location of the *department* of the registered office or of bordering *departments*.

The *masse* will appoint one or more representatives of the body, if requested by the Board of Directors. The representative(s) of the *masse* will be governed by applicable legal and regulatory provisions. The representative of the *masse* will receive no remuneration for his duties.

***Article 11. Protection of Holders – Rights of the Company***

11.1 Holders will enjoy the protection reserved by law and regulations for holders of securities giving access to the capital. The Company will provide the Holders, or their representative, with the information set out by the law and regulations.

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11.2 During the entire period of validity of the Partner Warrants 2025, the Company will have the option of changing its form or object, without obtaining prior authorisation from the Holders of Partner Warrants 2025. In addition, the Company shall be entitled to change the rules for distributing profits, write down its capital, or create preferred shares entailing such modification or writing down, subject to the prior authorisation to be delivered pursuant the terms of Article L. 228-103 of the French Commercial code and provided that the Company accordingly complies with applicable legal and/or regulatory provisions.

11.3 Subject to the powers expressly reserved by law for the general meeting of shareholders and, as the case may be, for the general meeting and for the representative of the body of Holders, the Board of directors will be empowered to take either of the measures relating to the protection and adjustment of the rights of Holders as provided for under paragraphs 1°, 2° or 3° of Article L. 228-99 of the French Commercial Code.

11.4 The Issuance Agreement and the conditions for the grant, subscription or exercise of equity securities determined at the time of the issuance may only be amended by the extraordinary general meeting of shareholders of the Company, with the authorisation of the Holders obtained under the conditions provided for by law, in particular by Article L. 228-103 of the French Commercial Code.

***Article 12. Binding effect – Term – Jurisdiction***

12.1 The Holders are automatically subject to this Issuance Agreement through the subscription of Partner Warrants 2025.

12.2 This Issuance Agreement becomes effective on the date of effective subscription of the Partner Warrants 2025 and ends on the first of the following dates: (a) the expiry date of the Partner Warrants 2025, (b) the date on which all the Partner Warrants 2025 have been exercised or forfeited. In addition, it will cease to be binding on each Partner Warrant 2025 Holder on the date on which such holder ceases to hold any Partner Warrants 2025.

12.3 This Issuance Agreement is subject to French law. Any dispute relating to this Issuance Agreement or relating to the application of the terms and conditions of the Partner Warrants 2025 will be referred to the relevant court of the district of the *Cour d'appel* (Court of Appeal) of the registered office of the Company.

SEQUANS COMMUNICATIONS ______________________________

____________________________ ______________________________

(the "**Holder**"")

*(The Holder shall initialize each page, sign the last page and write down: "read and approved")*

## Exhibit 99.3

**EXHIBIT 99.3** 

**SEQUANS COMMUNICATIONS**

Société anonyme (*public limited* company) au capital de (*with a share capital of)* 2.462.620,04 euros

Siège social : Les Portes de la Défense, 15-55 boulevard Charles de Gaulle - 92700 COLOMBES

RCS Nanterre 450 249 677

**Partner Warrants Issuance Agreement 2024**

**______________________**

(1) **SEQUANS COMMUNICATIONS**

(2) **THE HOLDERS OF PARTNER WARRANTS 2024**

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Summary

**PREAMBLE : PRESENTATION OF THE ISSUANCE AGREEMENT** 

**Title 1. SUBSCRIPTION AND FEATURES OF Partner Warrants 2024**

Article 1. Holders of Partner Warrants 2024

Article 2. Grant and subscription of Partner Warrants 2024

Article 3. Features and period of validity of Partner Warrants 2024 – Vesting period -- Conditions of exercise

Article 4. Cessation of Holder's contractual relationship with Sequans Communications or one of its subsidiaries

Article 5. Setting of the Exercise Price for shares covered by the Partner Warrants 2024

**Title 2. RIGHT OF EXERCISE – SUSPENSION – FORMALITIES – SHARES SUBSCRIBED** 

Article 6. Suspension of the rights to exercise the Partner Warrants 2024

Article 7. Conditions of exercise of Partner Warrants 2024

Article 8. Delivery and form of shares

Article 9. Rights and availability of shares

**Title 3. REPRESENTATION OF HOLDERS - Protection – AMENDMENT OF THE ISSUANCE AGREEMENT**

Article 10. Representation of Holders

Article 11. Protection of Holders – Rights of the Company

Article 12. Binding effect – Term – Jurisdiction

------

**WHEREAS**

In order to reward its business partners (consultants, advisers...) (hereinafter the "**Beneficiaries**"), Sequans Communications wishes to set up a system enabling them to share in its growth.

This Partner Warrants 2024 plan is a mechanism by which Sequans Communications offers the Beneficiaries the possibility of subscribing for warrants (hereafter referred to as "**Partner Warrants 2024**") at a set price; the exercise of each Partner Warrant 2024 allows the purchase of a new ordinary share during a certain period, at a price set on the date the Partner Warrants 2024 are issued, and that remains fixed during the entire period. In this way, the Beneficiaries participate in Sequans' performance through the changes in share value, even before they become shareholders by exercising the Partner Warrants 2024 to purchase shares. This mechanism is governed, in particular, by the provisions set forth under article L.228-91 of the French Commercial Code.

In a decision taken on 28 June 2024, a combined general shareholders' meeting voted in favour of the principle of issuing Partner Warrants 2024, with a unitary warrant subscription price of 0.00002 Euro, which could give rise to the issuance of a maximum of 12,000,000 new ordinary shares with a unitary par value of EUR 0.01.

This combined general shareholders' meeting has defined the conditions of setting of the exercise price for the ordinary shares which would be issued upon exercise of each Partner Warrant 2024 and decided that this price would be equal to the closing price of the Sequans Communications share, as represented by American Depositary Shares (ADS), listed on the New York Stock Exchange (NYSE), on the date of the granting of said Partner Warrants 2024, adjusted to reflect the then current ratio of shares per ADS.

In addition, this decision delegated to the Board of Directors the authority to issue such Partner Warrants 2024, on one or more occasions, including the authority to determine the holders and the number of Partner Warrants 2024 to be issued and the exercise conditions. Furthermore, the Board of Directors was delegated the authority to increase share capital, subject to certain restrictions, by a maximum amount equal to the total number of Partner Warrants 2024 issued, to record the successive increases in share capital as a result of the exercise of the Partner Warrants 2024, and to carry out all formalities required as a result thereof.

Pursuant to the aforesaid delegation of power, the Board of Directors has defined, at a meeting held on 1 July 2024, the terms and conditions of the Partner Warrants 2024 (Warrants) Issuance Agreement (the "**Issuance Agreement**") governing Partner Warrants 2024.

**THE PARTIES AGREE AS FOLLOWS:**

**Title 1. SUBSCRIPTION AND FEATURES OF Partner Warrants 2024**

***Article 1. Holders of Partner Warrants 2024***

The Holder is a physical person or legal entity having an effective contractual relationship – on the basis of a services contract duly signed - with Sequans Communications at the date an offer of subscription of Partner Warrants 2024 is made pursuant to this Issuance Agreement.

Holders are approved by the Company's Board of Directors.

***Article 2. Grant and subscription of Partner Warrants 2024.***

The Partner Warrants 2024 offered to the Holders shall be subscribed at the price of 0.00002 Euro per Partner Warrant 2024, price which shall be paid on subscription, either by means of a payment in cash or by way of a set-off with a debt owed by the Company to Holder.

The number of Partner Warrants 2024 granted to each Holder shall be indicated in an Individual Notification Letter sent to him/her by the Chairman or his delegate (including the Company's on-line equity plan administrator); the subscription of such Partner Warrants 2024 shall be done <u>no later than 7 days</u> from the receipt of the aforesaid letter, by returning to the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a copy of this Issuance Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)a copy of the Individual Letter of Notification, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the Partner Warrants subscription form duly signed

------

being specified that all such copies shall be duly executed by the Holder who acknowledges that the Individual Letter of Notification is part of these Issuance Agreement. Alternatively, the acknowledgement can be accomplished by responding to the electronic acknowledgement request from the Company's on-line equity plan administrator.

**FAILURE TO COMPLY WITH THIS MAJOR FORMALITY WITHIN THE APPLICABLE PERIOD – EXCEPT IN THE EVENT OF FORCE MAJEURE - SHALL RENDER THE PARTNER WARRANTS 2024 ISSUED IMMEDIATELY AND AUTOMATICALLY NULL AND VOID.**

***Article 3. Features and period of validity of Partner Warrants 2024 – Vesting period -- Conditions of exercise***

Partner Warrants 2024 are valid for a period of 10 years as from the time they are granted by the Board of Directors, <u>and provided</u> they are subscribed for by the Holder.

Partner Warrants 2024 may only be exercised within the aforementioned **maximum period of 10 years**; any Partner Warrants 2024 not exercised by the expiry of such period shall automatically become null and void.

The Beneficiary acquires the right to exercise his/her Partner Warrants 2024 over a period of three (3) years from the effective grant date of the Partner Warrants 2024 (the "**Vesting Period**") provided that the award conditions established by the Board of Directors in this Plan are observed on each Vesting Date as defined hereafter. The vesting schedule shall be as follows:

- 33% of the Partner Warrants 2024 shall be acquired (vest) on the one-year anniversary of the effective grant date of the Partner Warrants 2024;

- thereafter, an additional 1/8<sup>th</sup> of the remaining 67% of the Partner Warrants 2024 shall be acquired (vest) on the corresponding day of each three month period thereafter (i.e. quarterly vesting), such that 100% of the Partner Warrants 2025 shall have vested as of the 3<sup>rd</sup> anniversary of the effective grant date of the Partner Warrants 2024.

Exercising a Partner Warrants 2024 entitles the Holder to purchase one new ordinary share with a par value of EUR 0.01 (hereafter a "**Share**") in consideration of the payment of the Exercise Price described in Article 5.

This number of shares cannot be modified during the Partner Warrants 2024 period of validity, except in the event of an adjustment in the Exercise Price - as defined under article 11 below - in accordance with the requirements provided by law.

***Article 4. Cessation of Holder's contractual relationship with Sequans Communications or one of its subsidiaries - Exceptions***

In the event of a termination, anticipated or not, of the Holder's services contract with Sequans Communications or one of its subsidiaries, regardless of the reason, said Holder shall lose any and all rights with regard to Partner Warrants 2024 not yet vested and exercisable on the date of the aforesaid termination.

However, the Holder retains the right to exercise Partner Warrants 2024 that are vested and that have not yet been exercised.

Notwithstanding the above and in the event of :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>death of the Holder</u>, his heirs or beneficiaries shall have a period of 6 months to exercise vested Partner Warrants 2024. After the expiry of this 6-month period hereinabove, said heirs or beneficiaries shall lose all rights with regard to unexercised Partner Warrants 2024***,***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>termination following an acquisition of Sequans Communications</u>: in the event that a third party acquires a majority interest in Sequans Communications, the Partner Warrants awarded to a Holder whose service contract with Sequans Communications is subsequently terminated within six months of the consummation of such acquisition, other than for cause as defined in the applicable service contract, shall vest immediately upon the effective date of service contract termination as a result of said termination, and shall have the right to exercise all of his/her Partner Warrants within a period of 30 days following the effective date of said termination, notwithstanding the schedule set out above for exercising his/her Partner Warrants.

***Article 5. Setting of the Exercise Price for shares covered by the Partner Warrants 2024***

The Exercise Price for Shares to be issued pursuant to an exercise of the Partner Warrants 2024 is set at the closing price of the Sequans Communications share, represented by ADS listed on the NYSE, adjusted to reflect the then current ratio of shares per ADS, on the effective grant date of such Partner Warrants 2024.

This price is mentioned in the Individual Notification Letter, price which may not be changed during the Partner Warrants 2024 period of validity, except in the event of adjustments in accordance with statutory and regulatory requirements.

The Exercise Price is set in USD per share; the counter value in Euros shall be determined on the exercise date of the Partner Warrants. The par value of each share is EUR 0.01.

------

**Title 2. RIGHT OF EXERCISE – SUSPENSION – FORMALITIES – SHARES SUBSCRIBED** 

***Article 6. Suspension of the rights to exercise Partner Warrants 2024*** 

If necessary, the Board of Directors may suspend the right to exercise the Partner Warrants 2024. In particular, a suspension may be ordered whenever a transaction concerning Sequans Communications' share capital requires knowing in advance the exact number of shares that make up share capital or in the event that one of the financial transactions requiring an adjustment is carried out.

In such case, Sequans Communications shall inform the Beneficiaries of the Partner Warrants 2024, indicating the date of the suspension and the date on which the right to exercise Partner Warrants 2024 will be re-established. Such suspension may not exceed 3 months.

If the right to exercise a Partner Warrants 2024 expires during a period in which rights are suspended, the period for exercising the Partner Warrants 2024 shall be extended by the length of the suspension period.

***Article 7. Conditions of exercise of Partner Warrants 2024***

All requests for exercising Partner Warrants 2024, documented by the signature of an exercise certificate specific to this Partner Warrants 2024 Issuance Agreement, shall be sent to Sequans Communications, and shall be accompanied by a cheque made out to the Company's order in an amount corresponding to the number of Shares subscribed multiplied by the Exercise Price, considering that such shares must be fully paid up in cash at the time of exercise, except the case of settlement of the Exercise Price by way of a set-off with a debt.

If the Holder has been registered in the on-line equity management system established by the Company, exercise of Partner Warrants 2024 shall take place in accordance with the process manual provided to the Holder and/or available from the Company's human resources department.

Failure to fully pay the Exercise Price renders the exercise null and void.

***Article 8. Delivery and form of shares***

Shares acquired by exercising Partner Warrants 2024 are registered in the books of Sequans Communications as registered shares.

***Article 9. Rights and availability of shares***

The Shares shall be subject to all provisions of the by-laws and shall enjoy all rights pertaining to ordinary shares as from the date the increase in share capital is completed.

However, since the Shares in the form of ADSs are listed for trading on the New York Stock Exchange and in order to avoid any insider trading risk, Holders shall comply with the Insider Trading Compliance Policy of the Company, available on the Company's intranet and website, and/or from the human resources department.

**Title 3. REPRESENTATION OF HOLDERS – PROTECTION –** 

**AMENDMENT OF THE ISSUANCE AGREEMENT**

***Article 10****.* ***Representation of Holders of Partner Warrants***

Pursuant to the provisions of Article L. 228-103 of the French Commercial Code, the Holders of Partner Warrants 2024 are grouped into a body with legal personality protecting their joint interests (the "*masse"*). General meetings of Holders may meet at the registered office or in any other location of the *department* of the registered office or of bordering *departments*.

The *masse* will appoint one or more representatives of the body, if requested by the Board of Directors. The representative(s) of the *masse* will be governed by applicable legal and regulatory provisions. The representative of the *masse* will receive no remuneration for his duties.

***Article 11. Protection of Holders – Rights of the Company***

11.1 Holders will enjoy the protection reserved by law and regulations for holders of securities giving access to the capital. The Company will provide the Holders, or their representative, with the information set out by the law and regulations.

11.2 During the entire period of validity of the Partner Warrants 2024, the Company will have the option of changing its form or object, without obtaining prior authorisation from the Holders of Partner Warrants 2024. In addition, the Company shall be entitled to change the

------

rules for distributing profits, write down its capital, or create preferred shares entailing such modification or writing down, subject to the prior authorisation to be delivered pursuant the terms of Article L. 228-103 of the French Commercial code and provided that the Company accordingly complies with applicable legal and/or regulatory provisions.

11.3 Subject to the powers expressly reserved by law for the general meeting of shareholders and, as the case may be, for the general meeting and for the representative of the body of Holders, the Board of directors will be empowered to take either of the measures relating to the protection and adjustment of the rights of Holders as provided for under paragraphs 1°, 2° or 3° of Article L. 228-99 of the French Commercial Code.

11.4 The Issuance Agreement and the conditions for the grant, subscription or exercise of equity securities determined at the time of the issuance may only be amended by the extraordinary general meeting of shareholders of the Company, with the authorisation of the Holders obtained under the conditions provided for by law, in particular by Article L. 228-103 of the French Commercial Code.

***Article 12. Binding effect – Term – Jurisdiction***

12.1 The Holders are automatically subject to this Issuance Agreement through the subscription of Partner Warrants 2024.

12.2 This Issuance Agreement becomes effective on the date of effective subscription of the Partner Warrants 2024 and ends on the first of the following dates: (a) the expiry date of the Partner Warrants 2024, (b) the date on which all the Partner Warrants 2024 have been exercised or forfeited. In addition, it will cease to be binding on each Partner Warrant 2024 Holder on the date on which such holder ceases to hold any Partner Warrants 2024.

12.3 This Issuance Agreement is subject to French law. Any dispute relating to this Issuance Agreement or relating to the application of the terms and conditions of the Partner Warrants 2024 will be referred to the relevant court of the district of the *Cour d'appel* (Court of Appeal) of the registered office of the Company.

SEQUANS COMMUNICATIONS ______________________________

____________________________ ______________________________

(the "**Holder**"")

*(The Holder shall initialize each page, sign the last page and write down: "read and approved")*

## Exhibit 99.4

**EXHIBIT 99.4**

**SEQUANS COMMUNICATIONS**

Société anonyme (*public limited* company) au capital de (*with a share capital of)* 2 330 932,50 euros

Siège social : Les Portes de la Défense, 15-55 boulevard Charles de Gaulle - 92700 COLOMBES

RCS Nanterre 450 249 677

**Partner Warrants Issuance Agreement 2023-1**

**______________________**

(1) **SEQUANS COMMUNICATIONS**

(2) **THE HOLDERS OF PARTNER WARRANTS 2023-1**

------

**Summary**

**PREAMBLE : PRESENTATION OF THE ISSUANCE AGREEMENT** 

**Title 1. SUBSCRIPTION AND FEATURES OF Partner Warrants 2023-1**

Article 1. Holders of Partner Warrants 2023-1

Article 2. Grant and subscription of Partner Warrants 2023-1

Article 3. Features and period of validity of Partner Warrants 2023-1 – Vesting period -- Conditions of exercise

Article 4. Cessation of Holder's contractual relationship with Sequans Communications or one of its subsidiaries

Article 5. Setting of the Exercise Price for shares covered by the Partner Warrants 2023-1

**Title 2. RIGHT OF EXERCISE – SUSPENSION – FORMALITIES – SHARES SUBSCRIBED** 

Article 6. Suspension of the rights to exercise the Partner Warrants 2023-1

Article 7. Conditions of exercise of Partner Warrants 2023-1

Article 8. Delivery and form of shares

Article 9. Rights and availability of shares

**Title 3. REPRESENTATION OF HOLDERS - Protection – AMENDMENT OF THE ISSUANCE AGREEMENT**

Article 10. Representation of Holders

Article 11. Protection of Holders – Rights of the Company

Article 12. Binding effect – Term – Jurisdiction

------

**WHEREAS**

In order to reward its business partners (consultants, advisers...) (hereinafter the "**Beneficiaries**"), Sequans Communications wishes to set up a system enabling them to share in its growth.

This Partner Warrants 2023-1 plan is a mechanism by which Sequans Communications offers the Beneficiaries the possibility of subscribing for warrants (hereafter referred to as "**Partner Warrants 2023-1**") at a set price; the exercise of each Partner Warrant 2023-1 allows the purchase of a new ordinary share during a certain period, at a price set on the date the Partner Warrants 2023-1 are issued, and that remains fixed during the entire period. In this way, the Beneficiaries participate in Sequans' performance through the changes in share value, even before they become shareholders by exercising the Partner Warrants 2023-1 to purchase shares. This mechanism is governed, in particular, by the provisions set forth under article L.228-91 of the French Commercial Code.

In a decision taken on 27 June 2023, a combined general shareholders' meeting voted in favour of the principle of issuing Partner Warrants 2023-1, with a unitary warrant subscription price of 0.01 Euro, which could give rise to the issuance of a maximum of 12,000,000 new ordinary shares with a unitary par value of EUR 0.01.

This combined general shareholders' meeting has defined the conditions of setting of the exercise price for the ordinary shares which would be issued upon exercise of each Partner Warrant 2023-1 and decided that this price would be equal to the closing price of the Sequans Communications share, as represented by American Depositary Shares (ADS), listed on the New York Stock Exchange (NYSE), on the date of the granting of said Partner Warrants 2023-1, adjusted to reflect the then current ratio of shares per ADS.

In addition, this decision delegated to the Board of Directors the authority to issue such Partner Warrants 2023-1, on one or more occasions, including the authority to determine the holders and the number of Partner Warrants 2023-1 to be issued and the exercise conditions. Furthermore, the Board of Directors was delegated the authority to increase share capital, subject to certain restrictions, by a maximum amount equal to the total number of Partner Warrants 2023-1 issued, to record the successive increases in share capital as a result of the exercise of the Partner Warrants 2023-1, and to carry out all formalities required as a result thereof.

Pursuant to the aforesaid delegation of power, the Board of Directors has defined, at a meeting held on 27 June 2023, the terms and conditions of the Partner Warrants 2023-1 (Warrants) Issuance Agreement (the "**Issuance Agreement**") governing Partner Warrants 2023-1.

**The parties AGREE AS FOLLOWS:**

**Title 1. SUBSCRIPTION AND FEATURES OF Partner Warrants 2023-1**

***Article 1. Holders of Partner Warrants 2023-1***

The Holder is a physical person or legal entity having an effective contractual relationship – on the basis of a services contract duly signed - with Sequans Communications at the date an offer of subscription of Partner Warrants 2023-1 is made pursuant to this Issuance Agreement.

Holders are approved by the Company's Board of Directors.

***Article 2. Grant and subscription of Partner Warrants 2023-1.***

The Partner Warrants 2023-1 offered to the Holders shall be subscribed at the price of 0.00002 Euro per Partner Warrant 2023-1, price which shall be paid on subscription, either by means of a payment in cash or by way of a set-off with a debt owed by the Company to Holder.

The number of Partner Warrants 2023-1 granted to each Holder shall be indicated in an Individual Notification Letter sent to him/her by the Chairman or his delegate (including the Company's on-line equity plan administrator); the subscription of such Partner Warrants 2023-1 shall be done <u>no later than 7 days</u> from the receipt of the aforesaid letter, by returning to the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.a copy of this Issuance Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.a copy of the Individual Letter of Notification, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.the Partner Warrants subscription form duly signed

being specified that all such copies shall be duly executed by the Holder who acknowledges that the Individual Letter of Notification is part of these Issuance Agreement. Alternatively, the acknowledgement can be accomplished by responding to the electronic acknowledgement request from the Company's on-line equity plan administrator.

------

**FAILURE TO COMPLY WITH THE MAJOR FORMALITY WITHIN THE APPLICABLE PERIOD – EXCEPT IN THE EVENT OF FORCE MAJEURE - SHALL RENDER THE PARTNER WARRANTS 2023-1 ISSUED IMMEDIATELY AND AUTOMATICALLY NULL AND VOID.**

***Article 3. Features and period of validity of Partner Warrants 2023-1 – Vesting period -- Conditions of exercise***

Partner Warrants 2023-1 are valid for a period of 10 years as from the time they are granted by the Board of Directors, <u>and provided</u> they are subscribed for by the Holder.

Partner Warrants 2023-1 may only be exercised within the aforementioned **maximum period of 10 years**; any Partner Warrants 2023-1 not exercised by the expiry of such period shall automatically become null and void.

The Beneficiary acquires the right to exercise his/her Partner Warrants 2023-1 at the rate of 1/24<sup>th</sup> of the total grant amount per month for the 24 months following the effective grant date of such Partner Warrants 2023-1 (the "Vesting Period").

Exercising a Partner Warrants 2023-1 entitles the Holder to purchase one new ordinary share with a par value of EUR 0.01 (hereafter a "**Share**") in consideration of the payment of the Exercise Price described in Article 5.

This number of shares cannot be modified during the Partner Warrants 2023-1 period of validity, except in the event of an adjustment in the Exercise Price - as defined under article 11 below - in accordance with the requirements provided by law.

***Article 4. Cessation of Holder's contractual relationship with Sequans Communications or one of its subsidiaries - Exceptions***

In the event of a termination, anticipated or not, of the Holder's services contract with Sequans Communications or one of its subsidiaries, regardless of the reason, said Holder shall lose any and all rights with regard to Partner Warrants 2023-1 not yet vested and exercisable on the date of the aforesaid termination.

However, the Holder retains the right to exercise Partner Warrants 2023-1 that are vested and that have not yet been exercised.

Notwithstanding the above and in the event of :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>death of the Holder</u>, his heirs or beneficiaries shall have a period of 6 months to exercise vested Partner Warrants 2023-1. After the expiry of this 6-month period hereinabove, said heirs or beneficiaries shall lose all rights with regard to unexercised Partner Warrants 2023-1***,***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>2nd and 3rd category disability</u>, within the meaning of article L.341-4 of the French Social Security Code - or an equivalent foreign social security regime - Holders may preserve their right to exercise their Partner Warrants 2023-1 which are vested and exercisable, but they will remain subject to the other conditions of this Plan.

***Article 5. Setting of the Exercise Price for shares covered by the Partner Warrants 2023-1***

The Exercise Price for Shares to be issued pursuant to an exercise of the Partner Warrants 2023-1 is set at the closing price of the Sequans Communications share, represented by ADS listed on the NYSE, adjusted to reflect the then current ratio of shares per ADS, on the effective grant date of such Partner Warrants 2023-1.

This price is mentioned in the Individual Notification Letter, price which may not be changed during the Partner Warrants 2023-1 period of validity, except in the event of adjustments in accordance with statutory and regulatory requirements.

The Exercise Price is set in USD per share; the counter value in Euros shall be determined on the exercise date of the Partner Warrants. The par value of each share is EUR 0.01.

**Title 2. RIGHT OF EXERCISE – SUSPENSION – FORMALITIES – SHARES SUBSCRIBED** 

***Article 6. Suspension of the rights to exercise Partner Warrants 2023-1*** 

If necessary, the Board of Directors may suspend the right to exercise the Partner Warrants 2023-1. In particular, a suspension may be ordered whenever a transaction concerning Sequans Communications' share capital requires knowing in advance the exact number of shares that make up share capital or in the event that one of the financial transactions requiring an adjustment is carried out.

In such case, Sequans Communications shall inform the Beneficiaries of the Partner Warrants 2023-1, indicating the date of the suspension and the date on which the right to exercise Partner Warrants 2023-1 will be re-established. Such suspension may not exceed 3 months.

------

If the right to exercise a Partner Warrants 2023-1 expires during a period in which rights are suspended, the period for exercising the Partner Warrants 2023-1 shall be extended by the length of the suspension period.

***Article 7. Conditions of exercise of Partner Warrants 2023-1***

All requests for exercising Partner Warrants 2023-1, documented by the signature of an exercise certificate specific to this Partner Warrants 2023-1 Issuance Agreement, shall be sent to Sequans Communications, and shall be accompanied by a cheque made out to the Company's order in an amount corresponding to the number of Shares subscribed multiplied by the Exercise Price, considering that such shares must be fully paid up in cash at the time of exercise, except the case of settlement of the Exercise Price by way of a set-off with a debt.

If the Holder has been registered in the on-line equity management system established by the Company, exercise of Partner Warrants 2023-1 shall take place in accordance with the process manual provided to the Holder and/or available from the Company's human resources department.

Failure to fully pay the Exercise Price renders the exercise null and void.

***Article 8. Delivery and form of shares***

Shares acquired by exercising Partner Warrants 2023-1 are registered in the books of Sequans Communications as registered shares.

***Article 9. Rights and availability of shares***

The Shares shall be subject to all provisions of the by-laws and shall enjoy all rights pertaining to ordinary shares as from the date the increase in share capital is completed.

However, since the Shares in the form of ADSs are listed for trading on the New York Stock Exchange and in order to avoid any insider trading risk, Holders shall comply with the Insider Trading Compliance Policy of the Company, available on the Company's intranet and website, and/or from the human resources department.

**Title 3. REPRESENTATION OF HOLDERS – PROTECTION –** 

**AMENDMENT OF THE ISSUANCE AGREEMENT**

***Article 10****.* ***Representation of Holders of Partner Warrants***

Pursuant to the provisions of Article L. 228-103 of the French Commercial Code, the Holders of Partner Warrants 2023-1 are grouped into a body with legal personality protecting their joint interests (the "*masse"*). General meetings of Holders may meet at the registered office or in any other location of the *department* of the registered office or of bordering *departments*.

The *masse* will appoint one or more representatives of the body, if requested by the Board of Directors. The representative(s) of the *masse* will be governed by applicable legal and regulatory provisions. The representative of the *masse* will receive no remuneration for his duties.

***Article 11. Protection of Holders – Rights of the Company***

11.1 Holders will enjoy the protection reserved by law and regulations for holders of securities giving access to the capital. The Company will provide the Holders, or their representative, with the information set out by the law and regulations.

11.2 During the entire period of validity of the Partner Warrants 2023-1, the Company will have the option of changing its form or object, without obtaining prior authorisation from the Holders of Partner Warrants 2023-1. In addition, the Company shall be entitled to change the rules for distributing profits, write down its capital, or create preferred shares entailing such modification or writing down, subject to the prior authorisation to be delivered pursuant the terms of Article L. 228-103 of the French Commercial code and provided that the Company accordingly complies with applicable legal and/or regulatory provisions.

11.3 Subject to the powers expressly reserved by law for the general meeting of shareholders and, as the case may be, for the general meeting and for the representative of the body of Holders, the Board of directors will be empowered to take either of the measures relating to the protection and adjustment of the rights of Holders as provided for under paragraphs 1°, 2° or 3° of Article L. 228-99 of the French Commercial Code.

11.4 The Issuance Agreement and the conditions for the grant, subscription or exercise of equity securities determined at the time of the issuance may only be amended by the extraordinary general meeting of shareholders of the Company, with the authorisation of the Holders obtained under the conditions provided for by law, in particular by Article L. 228-103 of the French Commercial Code.

------

***Article 12. Binding effect – Term – Jurisdiction***

12.1 The Holders are automatically subject to this Issuance Agreement through the subscription of Partner Warrants 2023-1.

12.2 This Issuance Agreement becomes effective on the date of effective subscription of the Partner Warrants 2023-1 and ends on the first of the following dates: (a) the expiry date of the Partner Warrants 2023-1, (b) the date on which all the Partner Warrants 2023-1 have been exercised or forfeited. In addition, it will cease to be binding on each Partner Warrant 2023-1 Holder on the date on which such holder ceases to hold any Partner Warrants 2023-1.

12.3 This Issuance Agreement is subject to French law. Any dispute relating to this Issuance Agreement or relating to the application of the terms and conditions of the Partner Warrants 2023-1 will be referred to the relevant court of the district of the *Cour d'appel* (Court of Appeal) of the registered office of the Company.

SEQUANS COMMUNICATIONS ______________________________

____________________________ ______________________________

(the "**Holder**"")

*(The Holder shall initialize each page, sign the last page and write down: "read and approved")*

## Exhibit 99.5

**Exhibit 99.5**

**Director Warrants Issuance Agreement**

Dated June 30, 2025

(1) **SEQUANS COMMUNICATIONS S.A. (the "Company")**

(2) **THE HOLDER OF DIRECTOR WARRANTS**

------

**Summary**

**PREAMBLE: PRESENTATION OF THE ISSUANCE AGREEMENT** 

**Title 1. SUBSCRIPTION AND FEATURES OF DIRECTOR WARRANTS** 

Article 1. Holder of Director Warrants

Article 2. Allotment and subscription of Director Warrants

Article 3. Features and period of validity of Director Warrants – Conditions of exercise

Article 4. Setting of the subscription price for shares covered by the Director Warrants

Article 5. Termination of the mandate of non-executive Board Member of the Company - Exceptions

**Title 2. RIGHT OF EXERCISE – SUSPENSION – FORMALITIES – SHARES SUBSCRIBED** 

Article 6. Suspension of the rights to exercise the Director Warrants

Article 7. Conditions of exercise of Director Warrants

Article 8. Delivery and form of shares

Article 9. Rights and availability of shares

**Title 3. REPRESENTATION OF HOLDERS - Protection – AMENDMENT OF THE ISSUANCE AGREEMENT**

Article 10. Representation of Holders

Article 11. Protection of Holders – Rights of the Company

Article 12. Binding effect – Amendment of the issuance agreement – Term – Jurisdiction

------

**WHEREAS:**

In a decision taken on June 30, 2025, a combined general shareholders' meeting (the "**CGM**") of the Company voted in favour of the issuance of a total number of 2,520,000 stock warrants ("**Director Warrants**"), at a subscription price of 0,00001 euro per Director Warrants (i.e. 3.60 euros for 360,000 Director Warrants), allocated as follows:

- Mr. Jason Cohenour &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;360,000 Director Warrants

- Mr. Wesley Cummins &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;360,000 Director Warrants

- Mr. Yves Maître &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360,000 Director Warrants

- Ms. Maria Marced Martin &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;360,000 Director Warrants

- Mr. Richard Nottenburg &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;360,000 Director Warrants

- Mr. Hubert de Pesquidoux &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360,000 Director Warrants

- Mr. Zvi Slonimsky &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360,000 Director Warrants

Each Director Warrant subscribed gives the Holder the right to purchase one ordinary share of the Company at a fixed exercise price.

The CGM delegated to the Board of Directors the power (i) to record the exercise price equal to the closing market value on the issuance date of the Director Warrants, (ii) to ascertain the completion of the capital increase relating to the subscription of the Director Warrant, (iii) increase share capital by a maximum nominal amount of €25,200 with respect to 2,520,000 Director Warrants, and subsequently (iv) to record the successive increases in share capital as a result of the exercise of the Director Warrants, and to carry out all formalities required as a result thereof.

The Board of Directors, in their meeting of June 30, 2025, did record the exercise price and ascertain the increase of the share capital.

The CGM, having eliminated the preferred subscription right of shareholders to the Director Warrants, fully reserved subscription of these Director Warrants for the subscribers designated by the CGM.

The purpose of this Director Warrants issuance agreement (the "**Issuance Agreement**") is to define the terms and conditions governing the Director Warrants issued to each Holder with a vesting period.

**THE PARTIES AGREE AS FOLLOWS**

**Title 1. SUBSCRIPTION AND FEATURES OF Director Warrants**

***Article 1. Holder of Director Warrants***

The Holder is a physical person being a non-executive member of the Company's Board of Directors, designated by the CGM.

The number of Director Warrants allocated to each Holder is 360,000, as provided in the recitals.

***Article 2. Allotment and subscription of Director Warrants.***

The Director Warrants proposed to the Holders shall be subscribed at the price of 0.00001 euro per Director Warrant (i.e. 3.60 euros for the 360,000 Director Warrants allotted to each Holder), price which shall be paid on subscription, either by mean of a payment in cash or by way of a set-off with a debt.

The number of Director Warrants allotted to Holder shall be indicated in an Individual Notification Letter sent to him/her by the Chairman; the subscription of such shall be done <u>no later than 10 days</u> from the receipt of the aforesaid letter, by returning to the Company

- the Director Warrants subscription form duly signed,

- as well as a copy of this Issuance Agreement attached to said letter, after the Holder has duly executed said copies.

**FAILURE TO COMPLY WITH THIS MAJOR FORMALITY WITHIN THE APPLICABLE PERIOD – EXCEPT IN THE EVENT OF FORCE MAJEURE - SHALL RENDER THE DIRECTOR WARRANTS ISSUED IMMEDIATELY AND AUTOMATICALLY VOID.**

***Article 3. Features and period of validity of Director Warrants – Conditions of exercise***

Provided they are subscribed for by the Holder, Director Warrants are granted for a period of 10 years as from June 30, 2025, date of their issuance by the CGM.

Director Warrants will vest on the first anniversary of their issuance, i.e. June 30, 2026, provided that the Holder still is a Director or is a member of the Strategic Advisory Board on that date (the "**Vesting Period**"), and must be exercised within the aforementioned **maximum period of 10 years**. For the sake of clarity, the Holder is entitled to exercise at any time and without restriction all or part of his/her fully vested Director Warrants as from June 30, 2026 until June 30, 2035 as documented in the Individual Notification Letter.

------

Exercising a Director Warrant entitles the Holder to subscribe for one ordinary share of the Company's share capital.

This number of shares cannot be modified during the Director Warrants period of validity, except in the event of an adjustment in the subscription price and any other adjustments in accordance with applicable laws and regulations.

Any Director Warrant that is not exercised by the expiry of the aforementioned 10-year period shall be null and void.

***Article 4. Setting of the exercise price for shares covered by the Director Warrants*** 

The CGM decided that the exercise price for shares to be issued pursuant to an exercise of the Director Warrants shall be equal, based on the current share/ADS ratio, to 1/10<sup>th</sup> of the closing price on the New York Stock Exchange of a Company ADS on June 30, 2025.

This exercise price – with respect to this Director Warrants Issuance Agreement - is set in the amount of USD 0.147 per share (USD 1.47 per ADS); the counter value in Euros shall be determined on the exercise date of the Director Warrants. The par value of each share is EUR 0.01.

This price may not be changed during the Director Warrants period of validity, except in the event of adjustments in accordance with applicable laws and regulations.

***Article 5. Termination of the mandate of non-executive Board member of the Company - Exceptions*** 

5.1 In the event the Holder ceases to hold his/her mandate as non-executive Board member of the Company prior to the first anniversary of issuance, the Holder shall lose any and all rights with regard to his/her Director Warrants which shall all become null and void as of the date the Holder ceases to hold his/her mandate, subject to clause 5.2.

5.2 In the event the Holder, whose mandate as non-executive Board member of the Company is terminated for whatever reason, is appointed as a member of the Strategic Advisory Board on or before the date of termination of the aforesaid mandate, all rights with regard to his/her Director Warrants shall remain in force as if the Holder remained a Board member of the Company.

In the event the Holder ceases to hold his/her position as member of the Strategic Advisory Board prior to the first anniversary of issuance, the Holder shall lose any and all rights with regard to his/her Director Warrants which shall become null and void as of the date the Holder ceases to hold his/her mandate.

5.3. Notwithstanding the provisions of article 5.1 and 5.2 above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>in the event of death of the Holder</u>, all Director Warrants subscribed by the Holder and not yet exercisable would nevertheless become exercisable by his/her heirs or beneficiaries from the effective death date, notwithstanding the Vesting Period set forth under article 3 above, allowing said heirs or beneficiaries to exercise any and all remaining Director Warrants, provided that such exercise occurs within a period of 6 months following the aforesaid death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>•</u> <u>should the Company be subject to an acquisition by a third party</u>, all Director Warrants subscribed by the Holder and not yet exercisable would nevertheless become exercisable from the effective date of such change of control, notwithstanding the Vesting Period set forth under article 3 above, allowing said Holder to exercise any and all remaining Director Warrants, provided that such exercise occurs within a period of 90 days following the aforesaid acquisition.

**Title 2. RIGHT OF EXERCISE – SUSPENSION – FORMALITIES – SHARES SUBSCRIBED** 

***Article 6. Suspension of the rights to exercise Director Warrants*** 

If necessary, the Board of Directors may suspend the right to exercise the Director Warrants. In particular, a suspension may be ordered whenever a transaction concerning the Company's share capital requires knowing in advance the exact number of shares that make up share capital or in the event that one of the financial transactions requiring an adjustment is carried out.

In such case, the Company shall inform the Holders of the Director Warrants, indicating the date of the suspension and the date on which the right to exercise Director Warrants will be re-established. Such suspension may not exceed 3 months.

If the right to exercise a Director Warrant expires during a period in which rights are suspended, the period for exercising the Director Warrants shall be extended by 3 months.

***Article 7. Conditions of exercise of Director Warrants*** 

All requests for exercising Director Warrants, documented by the signature of the corresponding subscription certificate, shall be sent to the Company, and must be accompanied by a cheque or a money transfer made out to the Company's order in an amount corresponding to the number of shares subscribed. Alternatively, Director Warrants may be exercised via any on-line equity incentives system which may be put in place by the Company.

Shares subscribed must be, at the time of subscription, either fully paid up in cash or by way of a set-off with a debt. Failure to do so renders the subscription of shares null and void.

------

***Article 8. Delivery and form of shares*** Shares acquired by exercising Director Warrants are registered in the books of the Company as registered shares.

***Article 9. Rights and availability of shares*** The ordinary shares shall be subject to all provisions of the by-laws and shall enjoy all rights pertaining to shares of such class as from the date the increase in share capital is completed. These shares shall be immediately transferable.

**Title 3. REPRESENTATION OF HOLDERS – PROTECTION – AMENDMENT OF THE ISSUANCE AGREEMENT** 

***Article 10****.* ***Representation of Holders of Director Warrants*** Pursuant to the provisions of Article L. 228-103 of the French Commercial Code, the Holders of Director Warrants are grouped into a body with legal personality protecting their joint interests (the "*Masse"*). General meetings of Holders meet at the registered office or in any other location of the *department* of the registered office or of bordering *departments*. The *Masse* will appoint one or more representatives of the body, at the request of the Board of Directors. The representative(s) of the *Masse* will be governed by applicable legal and regulatory provisions. The representative of the *masse* will receive no remuneration for his/her duties.

***Article 11. Protection of Holders – Rights of the Company*** 

11.1 Holders will enjoy the protection reserved by law and regulations for holders of securities giving access to the capital. The Company will provide the Holders, or their representative, with the information set out by the law and regulations.

11.2 During the entire period of validity of the Director Warrants, the Company will have the option of changing its form or object, without obtaining prior authorisation from the Holders of Director Warrants. In addition, the Company shall be entitled to change the rules for distributing profits, write down its capital, or create preferred shares entailing such modification or writing down, subject to the prior authorisation to be delivered pursuant the terms of Article L. 228-103 of the French Commercial code and provided that the Company accordingly take the measures necessary to maintain the rights of the Holders, in compliance with applicable legal and/or regulatory provisions.

11.3 Subject to the powers expressly reserved by law for the general meeting of shareholders and, as the case may be, for the general meeting and for the representative of the body of Holders, the Board of directors will be empowered to take any measure relating to the protection and adjustment of the rights of Holders as provided for by the law and regulations, in particular by Article L. 228-99 of the French Commercial Code.

11.4 The Issuance Agreement and the conditions for the subscription or allotment of equity securities determined at the time of the issuance may only be amended by the extraordinary general meeting of shareholders of the Company, with the authorisation of the Holders obtained under the conditions provided for by law, in particular by Article L. 228-103 of the French Commercial Code.

***Article 12. Binding effect – Amendment of the issuance agreement – Term – Jurisdiction*** 

12.1 The Holders are automatically subject to this Issuance Agreement, through this subscription or acquisition of Director Warrants.

12.2 This Issuance Agreement becomes effective on the date of effective subscription of the Director Warrants and ends on the first of the following dates: (a) the expiry date of the Director Warrants, (b) the date on which all the Director Warrants have been exercised or waived. In addition, it will cease to be binding on each Director Warrant Holder on the date on which such holder ceases to hold any Director Warrants.

12.3 This Issuance Agreement is subject to French law. Any dispute relating to this Issuance Agreement or relating to the application of the terms and conditions of the Director Warrants will be referred to the relevant court of the district of the *Cour d'appel* of the registered office of the Company

SEQUANS COMMUNICATIONS ______________________________

Mr/Ms.__________________________ ______________________________

(the "**Holder**"")

*(The Holder shall initialize each page, sign the last page and write down: "read and approved")*

## Exhibit 99.6

**Exhibit 99.6**

Director Warrants Issuance Agreement

Dated June 28, 2024

(1) **SEQUANS COMMUNICATIONS S.A. (the "Company")**

(2) **THE HOLDER OF DIRECTOR WARRANTS**

------

**Summary**

**PREAMBLE: PRESENTATION OF THE ISSUANCE AGREEMENT** 

**Title 1. SUBSCRIPTION AND FEATURES OF DIRECTOR WARRANTS** 

Article 1. Holder of Director Warrants

Article 2. Allotment and subscription of Director Warrants

Article 3. Features and period of validity of Director Warrants – Conditions of exercise

Article 4. Setting of the subscription price for shares covered by the Director Warrants

Article 5. Termination of the mandate of non-executive Board Member of the Company - Exceptions

**Title 2. RIGHT OF EXERCISE – SUSPENSION – FORMALITIES – SHARES SUBSCRIBED** 

Article 6. Suspension of the rights to exercise the Director Warrants

Article 7. Conditions of exercise of Director Warrants

Article 8. Delivery and form of shares

Article 9. Rights and availability of shares

**Title 3. REPRESENTATION OF HOLDERS - PROTECTION – AMENDMENT OF THE ISSUANCE AGREEMENT**

Article 10. Representation of Holders

Article 11. Protection of Holders – Rights of the Company

Article 12. Binding effect – Amendment of the issuance agreement – Term – Jurisdiction

------

**WHEREAS:**

In a decision taken on June 28, 2024, a combined general shareholders' meeting (the "**CGM**") of the Company voted in favour of the issuance of a total number of 2,520,000 stock warrants ("**Director Warrants**"), at a subscription price of 0,00001 euro per Director Warrants (i.e. 3.60 euros for 360,000 Director Warrants), allocated as follows:

- Mr. Wesley Cummins &nbsp;&nbsp;&nbsp;&nbsp;360,000 Director Warrants

- Mr. Yves Maître &nbsp;&nbsp;&nbsp;&nbsp;360,000 Director Warrants

- Ms. Maria Marced Martin &nbsp;&nbsp;&nbsp;&nbsp;360,000 Director Warrants

- Mr. Richard Nottenburg &nbsp;&nbsp;&nbsp;&nbsp;360,000 Director Warrants

- Mr. Hubert de Pesquidoux &nbsp;&nbsp;&nbsp;&nbsp;360,000 Director Warrants

- Mr. Dominique Pitteloud &nbsp;&nbsp;&nbsp;&nbsp;360,000 Director Warrants

- Mr. Zvi Slonimsky &nbsp;&nbsp;&nbsp;&nbsp;360,000 Director Warrants

Each Director Warrant subscribed gives the Holder the right to purchase one ordinary share of the Company at a fixed exercise price.

The CGM delegated to the Board of Directors the power (i) to record the exercise price equal to the closing market value on the issuance date of the Director Warrants, (ii) to ascertain the completion of the capital increase relating to the subscription of the Director Warrant, (iii) increase share capital by a maximum nominal amount of €25,200 with respect to 2,520,000 Director Warrants, and subsequently (iv) to record the successive increases in share capital as a result of the exercise of the Director Warrants, and to carry out all formalities required as a result thereof.

The Board of Directors, in their meeting of June 28, 2024, did record the exercise price and ascertain the increase of the share capital.

The CGM, having eliminated the preferred subscription right of shareholders to the Director Warrants, fully reserved subscription of these Director Warrants for the subscribers designated by the CGM.

The purpose of this Director Warrants issuance agreement (the "**Issuance Agreement**") is to define the terms and conditions governing the Director Warrants issued to each Holder with a vesting period.

**The parties AGREE AS FOLLOWS**

**Title 1. SUBSCRIPTION AND FEATURES OF Director Warrants**

***Article 1. Holder of Director Warrants***

The Holder is a physical person being a non-executive member of the Company's Board of Directors, designated by the CGM.

The number of Director Warrants allocated to each Holder is 360,000, as provided in the recitals.

***Article 2. Allotment and subscription of Director Warrants.***

The Director Warrants proposed to the Holders shall be subscribed at the price of 0.00001 euro per Director Warrant (i.e. 3.60 euros for the 360,000 Director Warrants allotted to each Holder), price which shall be paid on subscription, either by mean of a payment in cash or by way of a set-off with a debt.

The number of Director Warrants allotted to Holder shall be indicated in an Individual Notification Letter sent to him/her by the Chairman; the subscription of such shall be done <u>no later than 10 days</u> from the receipt of the aforesaid letter, by returning to the Company

- the Director Warrants subscription form duly signed,

- as well as a copy of this Issuance Agreement attached to said letter, after the Holder has duly executed said copies.

**FAILURE TO COMPLY WITH THIS MAJOR FORMALITY WITHIN THE APPLICABLE PERIOD – EXCEPT IN THE EVENT OF FORCE MAJEURE - SHALL RENDER THE DIRECTOR WARRANTS ISSUED IMMEDIATELY AND AUTOMATICALLY VOID.**

***Article 3. Features and period of validity of Director Warrants – Conditions of exercise***

Provided they are subscribed for by the Holder, Director Warrants are granted for a period of 10 years as from June 28, 2024, date of their issuance by the CGM.

Director Warrants will vest on the first anniversary of their issuance, i.e. June 28, 2025, provided that the Holder still is a Director or is a member of the Strategic Advisory Board on that date (the "**Vesting Period**"), and must be exercised within the aforementioned **maximum** 

------

**period of 10 years**. For the sake of clarity, the Holder is entitled to exercise at any time and without restriction all or part of his/her fully vested Director Warrants as from June 28, 2025 until June 27, 2034 as documented in the Individual Notification Letter.

Exercising a Director Warrant entitles the Holder to subscribe for one ordinary share of the Company's share capital.

This number of shares cannot be modified during the Director Warrants period of validity, except in the event of an adjustment in the subscription price and any other adjustments in accordance with applicable laws and regulations.

Any Director Warrant that is not exercised by the expiry of the aforementioned 10-year period shall be null and void.

***Article 4. Setting of the exercise price for shares covered by the Director Warrants*** 

The CGM decided that the exercise price for shares to be issued pursuant to an exercise of the Director Warrants shall be equal, based on the current share/ADS ratio, to 1/4<sup>th</sup> of the closing price on the New York Stock Exchange of a Company ADS on June 28, 2024.

This exercise price – with respect to this Director Warrants Issuance Agreement - is set in the amount of USD 0.125 per share (USD 0.50 per ADS); the counter value in Euros shall be determined on the exercise date of the Director Warrants. The par value of each share is EUR 0.01.

This price may not be changed during the Director Warrants period of validity, except in the event of adjustments in accordance with applicable laws and regulations.

***Article 5. Termination of the mandate of non-executive Board member of the Company - Exceptions*** 

5.1 In the event the Holder ceases to hold his/her mandate as non-executive Board member of the Company prior to the first anniversary of issuance, the Holder shall lose any and all rights with regard to his/her Director Warrants which shall all become null and void as of the date the Holder ceases to hold his/her mandate, subject to clause 5.2.

5.2 In the event the Holder, whose mandate as non-executive Board member of the Company is terminated for whatever reason, is appointed as a member of the Strategic Advisory Board on or before the date of termination of the aforesaid mandate, all rights with regard to his/her Director Warrants shall remain in force as if the Holder remained a Board member of the Company.

In the event the Holder ceases to hold his/her position as member of the Strategic Advisory Board prior to the first anniversary of issuance, the Holder shall lose any and all rights with regard to his/her Director Warrants which shall become null and void as of the date the Holder ceases to hold his/her mandate.

5.3. Notwithstanding the provisions of article 5.1 and 5.2 above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>in the event of death of the Holder</u>, all Director Warrants subscribed by the Holder and not yet exercisable would nevertheless become exercisable by his/her heirs or beneficiaries from the effective death date, notwithstanding the Vesting Period set forth under article 3 above, allowing said heirs or beneficiaries to exercise any and all remaining Director Warrants, provided that such exercise occurs within a period of 6 months following the aforesaid death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>should the Company be subject to an acquisition by a third party</u>, all Director Warrants subscribed by the Holder and not yet exercisable would nevertheless become exercisable from the effective date of such change of control, notwithstanding the Vesting Period set forth under article 3 above, allowing said Holder to exercise any and all remaining Director Warrants, provided that such exercise occurs within a period of 90 days following the aforesaid acquisition.

**Title 2. RIGHT OF EXERCISE – SUSPENSION – FORMALITIES – SHARES SUBSCRIBED** 

***Article 6. Suspension of the rights to exercise Director Warrants*** 

If necessary, the Board of Directors may suspend the right to exercise the Director Warrants. In particular, a suspension may be ordered whenever a transaction concerning the Company's share capital requires knowing in advance the exact number of shares that make up share capital or in the event that one of the financial transactions requiring an adjustment is carried out.

In such case, the Company shall inform the Holders of the Director Warrants, indicating the date of the suspension and the date on which the right to exercise Director Warrants will be re-established. Such suspension may not exceed 3 months.

If the right to exercise a Director Warrant expires during a period in which rights are suspended, the period for exercising the Director Warrants shall be extended by 3 months.

***Article 7. Conditions of exercise of Director Warrants*** 

All requests for exercising Director Warrants, documented by the signature of the corresponding subscription certificate, shall be sent to the Company, and must be accompanied by a cheque or a money transfer made out to the Company's order in an amount corresponding to the number of shares subscribed. Alternatively, Director Warrants may be exercised via any on-line equity incentives system which may be put in place by the Company.

------

Shares subscribed must be, at the time of subscription, either fully paid up in cash or by way of a set-off with a debt. Failure to do so renders the subscription of shares null and void.

***Article 8. Delivery and form of shares*** 

Shares acquired by exercising Director Warrants are registered in the books of the Company as registered shares.

***Article 9. Rights and availability of shares*** 

The ordinary shares shall be subject to all provisions of the by-laws and shall enjoy all rights pertaining to shares of such class as from the date the increase in share capital is completed.

These shares shall be immediately transferable.

**Title 3. REPRESENTATION OF HOLDERS – PROTECTION – AMENDMENT OF THE ISSUANCE AGREEMENT** 

***Article 10****.* ***Representation of Holders of Director Warrants*** 

Pursuant to the provisions of Article L. 228-103 of the French Commercial Code, the Holders of Director Warrants are grouped into a body with legal personality protecting their joint interests (the "*Masse"*). General meetings of Holders meet at the registered office or in any other location of the *department* of the registered office or of bordering *departments*.

The *Masse* will appoint one or more representatives of the body, at the request of the Board of Directors. The representative(s) of the *Masse* will be governed by applicable legal and regulatory provisions. The representative of the *masse* will receive no remuneration for his/her duties.

***Article 11. Protection of Holders – Rights of the Company*** 

11.1 Holders will enjoy the protection reserved by law and regulations for holders of securities giving access to the capital. The Company will provide the Holders, or their representative, with the information set out by the law and regulations.

11.2 During the entire period of validity of the Director Warrants, the Company will have the option of changing its form or object, without obtaining prior authorisation from the Holders of Director Warrants. In addition, the Company shall be entitled to change the rules for distributing profits, write down its capital, or create preferred shares entailing such modification or writing down, subject to the prior authorisation to be delivered pursuant the terms of Article L. 228-103 of the French Commercial code and provided that the Company accordingly take the measures necessary to maintain the rights of the Holders, in compliance with applicable legal and/or regulatory provisions.

11.3 Subject to the powers expressly reserved by law for the general meeting of shareholders and, as the case may be, for the general meeting and for the representative of the body of Holders, the Board of directors will be empowered to take any measure relating to the protection and adjustment of the rights of Holders as provided for by the law and regulations, in particular by Article L. 228-99 of the French Commercial Code.

11.4 The Issuance Agreement and the conditions for the subscription or allotment of equity securities determined at the time of the issuance may only be amended by the extraordinary general meeting of shareholders of the Company, with the authorisation of the Holders obtained under the conditions provided for by law, in particular by Article L. 228-103 of the French Commercial Code.

***Article 12. Binding effect – Amendment of the issuance agreement – Term – Jurisdiction*** 

12.1 &nbsp;&nbsp;&nbsp;&nbsp; The Holders are automatically subject to this Issuance Agreement, through this subscription or acquisition of Director Warrants.

12.2 &nbsp;&nbsp;&nbsp;&nbsp;This Issuance Agreement becomes effective on the date of effective subscription of the Director Warrants and ends on the first of the following dates: (a) the expiry date of the Director Warrants, (b) the date on which all the Director Warrants have been exercised or waived. In addition, it will cease to be binding on each Director Warrant Holder on the date on which such holder ceases to hold any Director Warrants.

12.3 &nbsp;&nbsp;&nbsp;&nbsp;This Issuance Agreement is subject to French law. Any dispute relating to this Issuance Agreement or relating to the application of the terms and conditions of the Director Warrants will be referred to the relevant court of the district of the *Cour d'appel* of the registered office of the Company.

SEQUANS COMMUNICATIONS ______________________________

Mr/Ms.__________________________ ______________________________

(the "**Holder**"")

*(The Holder shall initialize each page, sign the last page and write down: "read and approved")*

## Exhibit 99.7

**Exhibit 99.7**

**Director Warrants Issuance Agreement**

Dated June 27, 2023

(1) **SEQUANS COMMUNICATIONS S.A. (the "Company")**

(2) **THE HOLDER OF DIRECTOR WARRANTS**

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**Summary**

**PREAMBLE: PRESENTATION OF THE ISSUANCE AGREEMENT** 

**Title 1. SUBSCRIPTION AND FEATURES OF DIRECTOR WARRANTS** 

Article 1. Holder of Director Warrants

Article 2. Allotment and subscription of Director Warrants

Article 3. Features and period of validity of Director Warrants – Conditions of exercise

Article 4. Setting of the subscription price for shares covered by the Director Warrants

Article 5. Termination of the mandate of non-executive Board Member of the Company - Exceptions

**Title 2. RIGHT OF EXERCISE – SUSPENSION – FORMALITIES – SHARES SUBSCRIBED** 

Article 6. Suspension of the rights to exercise the Director Warrants

Article 7. Conditions of exercise of Director Warrants

Article 8. Delivery and form of shares

Article 9. Rights and availability of shares

**Title 3. REPRESENTATION OF HOLDERS - Protection – AMENDMENT OF THE ISSUANCE AGREEMENT**

Article 10. Representation of Holders

Article 11. Protection of Holders – Rights of the Company

Article 12. Binding effect – Amendment of the issuance agreement – Term – Jurisdiction

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**WHEREAS:**

In a decision taken on June 27, 2023, a combined general shareholders' meeting (the "**CGM**") of the Company voted in favour of the issuance of a total number of 1,260,000 stock warrants ("**Director Warrants**"), at a subscription price of 0,00001 euro per Director Warrants (i.e. 1.80 euros for 180,000 Director Warrants), allocated as follows:

- Mr. Wesley Cummins &nbsp;&nbsp;&nbsp;&nbsp;180,000 Director Warrants

- Mr. Yves Maître &nbsp;&nbsp;&nbsp;&nbsp;180,000 Director Warrants

- Ms. Maria Marced Martin &nbsp;&nbsp;&nbsp;&nbsp;180,000 Director Warrants

- Mr. Richard Nottenburg &nbsp;&nbsp;&nbsp;&nbsp;180,000 Director Warrants

- Mr. Hubert de Pesquidoux &nbsp;&nbsp;&nbsp;&nbsp;180,000 Director Warrants

- Mr. Dominique Pitteloud &nbsp;&nbsp;&nbsp;&nbsp;180,000 Director Warrants

- Mr. Zvi Slonimsky &nbsp;&nbsp;&nbsp;&nbsp;180,000 Director Warrants

Each Director Warrant subscribed gives the Holder the right to purchase one ordinary share of the Company at a fixed exercise price.

The CGM delegated to the Board of Directors the power (i) to record the exercise price equal to the closing market value on the issuance date of the Director Warrants, (ii) to ascertain the completion of the capital increase relating to the subscription of the Director Warrant, (iii) increase share capital by a maximum nominal amount of €12,600 with respect to 1,260,000 Director Warrants, and subsequently (iv) to record the successive increases in share capital as a result of the exercise of the Director Warrants, and to carry out all formalities required as a result thereof.

The Board of Directors, in their meeting of June 27, 2023, did record the exercise price and ascertain the increase of the share capital.

The CGM, having eliminated the preferred subscription right of shareholders to the Director Warrants, fully reserved subscription of these Director Warrants for the subscribers designated by the CGM.

The purpose of this Director Warrants issuance agreement (the "**Issuance Agreement**") is to define the terms and conditions governing the Director Warrants issued to each Holder with a vesting period.

**THE PARTIES AGREE AS FOLLOWS**

**Title 1. SUBSCRIPTION AND FEATURES OF Director Warrants**

***Article 1. Holder of Director Warrants***

The Holder is a physical person being a non-executive member of the Company's Board of Directors, designated by the CGM.

The number of Director Warrants allocated to each Holder is 180,000, as provided in the recitals.

***Article 2. Allotment and subscription of Director Warrants.***

The Director Warrants proposed to the Holders shall be subscribed at the price of 0.00001 euro per Director Warrant (i.e. 1.80 euros for the 180,000 Director Warrants allotted to each Holder), price which shall be paid on subscription, either by mean of a payment in cash or by way of a set-off with a debt.

The number of Director Warrants allotted to Holder shall be indicated in an Individual Notification Letter sent to him/her by the Chairman; the subscription of such shall be done <u>no later than 10 days</u> from the receipt of the aforesaid letter, by returning to the Company

- the Director Warrants subscription form duly signed,

- as well as a copy of this Issuance Agreement attached to said letter, after the Holder has duly executed said copies.

**FAILURE TO COMPLY WITH THE MAJOR FORMALITY WITHIN THE APPLICABLE PERIOD – EXCEPT IN THE EVENT OF FORCE MAJEURE - SHALL RENDER THE DIRECTOR WARRANTS ISSUED IMMEDIATELY AND AUTOMATICALLY VOID..**

***Article 3. Features and period of validity of Director Warrants – Conditions of exercise***

Provided they are subscribed for by the Holder, Director Warrants are granted for a period of 10 years as from June 27, 2023, date of their issuance by the CGM.

Director Warrants will vest on the first anniversary of their issuance, i.e. June 27, 2024, provided that the Holder still is a Director or is a member of the Strategic Advisory Board on that date (the "**Vesting Period**"), and must be exercised within the aforementioned **maximum period of 10 years**. For the sake of clarity, the Holder is entitled to exercise at any time and without restriction all or part of his/her fully vested Director Warrants as from June 27, 2024 until June 27, 2033 as documented in the Individual Notification Letter.

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Exercising a Director Warrant entitles the Holder to subscribe for one ordinary share of the Company's share capital.

This number of shares cannot be modified during the Director Warrants period of validity, except in the event of an adjustment in the subscription price and any other adjustments in accordance with applicable laws and regulations.

Any Director Warrant that is not exercised by the expiry of the aforementioned 10-year period shall be null and void.

***Article 4. Setting of the exercise price for shares covered by the Director Warrants***

The CGM decided that the exercise price for shares to be issued pursuant to an exercise of the Director Warrants shall be equal, based on the current share/ADS ratio, to 1/4<sup>th</sup> of the closing price on the New York Stock Exchange of a Company ADS on June 27, 2023.

This subscription price – with respect to this Director Warrants Issuance Agreement - is set in the amount of USD 0.5375 per share (USD 2.15 per ADS); the counter value in Euros shall be determined on the exercise date of the Director Warrants. The par value of each share is EUR 0.01.

This price may not be changed during the Director Warrants period of validity, except in the event of adjustments in accordance with applicable laws and regulations.

***Article 5. Termination of the mandate of non-executive Board member of the Company - Exceptions***

5.1 In the event the Holder no longer holds his/her mandate as non-executive Board member of the Company on the first anniversary of issuance, the Holder shall lose any and all rights with regard to his/her Director Warrants which shall all become null and void, subject to clause 5.2.

5.2 In the event the Holder, whose mandate as non-executive Board member of the Company is terminated for whatever reason, is appointed member of the Strategic Advisory Board on or before the date of termination of the aforesaid mandate, all rights with regard to his/her Director Warrants shall remain in force as if the Holder was a Board member of the Company.

In the event the Holder no longer holds his/her position as member of the Strategic Advisory Board on the first anniversary of issuance, the Holder shall lose any and all rights with regard to his/her Director Warrants which shall become null and void.

5.3. Notwithstanding the provisions of article 5.1 and 5.2 above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>in the event of death of the Holder</u>, all Director Warrants subscribed by the Holder and not yet exercisable would nevertheless become exercisable by his/her heirs or beneficiaries from the effective death date, notwithstanding the Vesting Period set forth under article 3 above, allowing said heirs or beneficiaries to exercise any and all remaining Director Warrants, provided that such exercise occurs within a period of 6 months following the aforesaid death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>should the Company be subject to an acquisition by a third party</u>, all Director Warrants subscribed by the Holder and not yet exercisable would nevertheless become exercisable from the effective date of such change of control, notwithstanding the Vesting Period set forth under article 3 above, allowing said Holder to exercise any and all remaining Director Warrants, provided that such exercise occurs within a period of 90 days following the aforesaid acquisition.

**Title 2. RIGHT OF EXERCISE – SUSPENSION – FORMALITIES – SHARES SUBSCRIBED** 

***Article 6. Suspension of the rights to exercise Director Warrants*** 

If necessary, the Board of Directors may suspend the right to exercise the Director Warrants. In particular, a suspension may be ordered whenever a transaction concerning the Company's share capital requires knowing in advance the exact number of shares that make up share capital or in the event that one of the financial transactions requiring an adjustment is carried out.

In such case, the Company shall inform the Holders of the Director Warrants, indicating the date of the suspension and the date on which the right to exercise Director Warrants will be re-established. Such suspension may not exceed 3 months.

If the right to exercise a Director Warrant expires during a period in which rights are suspended, the period for exercising the Director Warrants shall be extended by 3 months.

***Article 7. Conditions of exercise of Director Warrants***

All requests for exercising Director Warrants, documented by the signature of the corresponding subscription certificate, shall be sent to the Company, and must be accompanied by a cheque or a money transfer made out to the Company's order in an amount corresponding to the number of shares subscribed. Alternatively, Director Warrants may be exercised via any on-line equity incentives system which may be put in place by the Company.

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Shares subscribed must be, at the time of subscription, either fully paid up in cash or by way of a set-off with a debt. Failure to do so renders the subscription of shares null and void.

***Article 8. Delivery and form of shares***

Shares acquired by exercising Director Warrants are registered in the books of the Company as registered shares.

***Article 9. Rights and availability of shares***

The ordinary shares shall be subject to all provisions of the by-laws and shall enjoy all rights pertaining to shares of such class as from the date the increase in share capital is completed.

These shares shall be immediately transferable.

**Title 3. REPRESENTATION OF HOLDERS – PROTECTION – AMENDMENT OF THE ISSUANCE AGREEMENT**

***Article 10****.* ***Representation of Holders of Director Warrants***

Pursuant to the provisions of Article L. 228-103 of the French Commercial Code, the Holders of Director Warrants are grouped into a body with legal personality protecting their joint interests (the "*Masse"*). General meetings of Holders meet at the registered office or in any other location of the *department* of the registered office or of bordering *departments*.

The *Masse* will appoint one or more representatives of the body, at the request of the Board of Directors. The representative(s) of the *Masse* will be governed by applicable legal and regulatory provisions. The representative of the *masse* will receive no remuneration for his/her duties.

***Article 11. Protection of Holders – Rights of the Company***

11.1 Holders will enjoy the protection reserved by law and regulations for holders of securities giving access to the capital. The Company will provide the Holders, or their representative, with the information set out by the law and regulations.

11.2 During the entire period of validity of the Director Warrants, the Company will have the option of changing its form or object, without obtaining prior authorisation from the Holders of Director Warrants. In addition, the Company shall be entitled to change the rules for distributing profits, write down its capital, or create preferred shares entailing such modification or writing down, subject to the prior authorisation to be delivered pursuant the terms of Article L. 228-103 of the French Commercial code and provided that the Company accordingly take the measures necessary to maintain the rights of the Holders, in compliance with applicable legal and/or regulatory provisions.

11.3 Subject to the powers expressly reserved by law for the general meeting of shareholders and, as the case may be, for the general meeting and for the representative of the body of Holders, the Board of directors will be empowered to take any measure relating to the protection and adjustment of the rights of Holders as provided for by the law and regulations, in particular by Article L. 228-99 of the French Commercial Code.

11.4 The Issuance Agreement and the conditions for the subscription or allotment of equity securities determined at the time of the issuance may only be amended by the extraordinary general meeting of shareholders of the Company, with the authorisation of the Holders obtained under the conditions provided for by law, in particular by Article L. 228-103 of the French Commercial Code.

***Article 12. Binding effect – Amendment of the issuance agreement – Term – Jurisdiction***

12.1 The Holders are automatically subject to this Issuance Agreement, through this subscription or acquisition of Director Warrants.

12.2 This Issuance Agreement becomes effective on the date of effective subscription of the Director Warrants and ends on the first of the following dates: (a) the expiry date of the Director Warrants, (b) the date on which all the Director Warrants have been exercised or waived. In addition, it will cease to be binding on each Director Warrant Holder on the date on which such holder ceases to hold any Director Warrants.

12.3 This Issuance Agreement is subject to French law. Any dispute relating to this Issuance Agreement or relating to the application of the terms and conditions of the Director Warrants will be referred to the relevant court of the district of the *Cour d'appel* of the registered office of the Company.

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SEQUANS COMMUNICATIONS ______________________________

Mr/Ms.__________________________ ______________________________

(the "**Holder**"")

*(The Holder shall initialize each page, sign the last page and write down: "read and approved")*

<br>