# EDGAR Filing Document

**Accession Number:** 0001041934
**File Stem:** 0001171843-25-006522
**Filing Date:** 2025-10
**Character Count:** 416744
**Document Hash:** 93f3ad13535234f6e980cc721ef7b8de
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-006522.hdr.sgml**: 20251020

**ACCESSION NUMBER**: 0001171843-25-006522

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20251020

**FILED AS OF DATE**: 20251020

**DATE AS OF CHANGE**: 20251020

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-29374
- **FILM NUMBER:** 251402463

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16<br> UNDER THE SECURITIES EXCHANGE ACT OF 1934

October 20, 2025

Commission File Number: 0-29374

EDAP TMS S.A.<br> Parc Activite La Poudrette Lamartine<br> 4/6 Rue du Dauphine<br> 69120 Vaulx-en-Velin - France

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [ x] Form 40-F [ ]

**Finance Contract**

On October 17, 2025 (the "Effective Date"), EDAP TMS S.A. (the "Company") entered into a €36.0 million credit facility agreement (the "Finance Contract") with the European Investment Bank ("EIB").

The Company plans to use the proceeds from the facility to further its research and development projects relating to its robotic medical technology using high-intensity focused ultrasound to treat various medical conditions such as prostate cancer and endometriosis (the "Project").

The €36.0 million credit facility is comprised of three tranches: €11.0 million for the first tranche ("Tranche A"), €12.0 million for the second tranche ("Tranche B"), and €13.0 million for the third tranche ("Tranche C", and collectively, the "Tranches"). Each Tranche will have a maturity date of five years following disbursement of borrowings. The disbursement of borrowings for each Tranche, including the disbursement of borrowings for Tranche A, is subject to certain conditions.

The Company is entitled to, and may request, disbursement of Tranche A borrowings at any time in the nine months following the Effective Date upon the occurrence of certain conditions, including, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;· the Company's issuance of the Tranche A Warrants (defined below);

&nbsp;&nbsp;&nbsp;&nbsp;· the Company's achievement of certain revenue thresholds;

&nbsp;&nbsp;&nbsp;&nbsp;· the Company (including through its subsidiaries) maintaining a direct presence in certain countries; and

&nbsp;&nbsp;&nbsp;&nbsp;· the Company's achievement of certain regulatory and clinical milestones.

The Company is entitled to, and may request, disbursement of Tranche B borrowings at any time in the 18 months following the Effective Date upon the occurrence of certain conditions, including, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;· the Company's issuance of the Tranche B Warrants (defined below);

&nbsp;&nbsp;&nbsp;&nbsp;· the Company's achievement of certain revenue and EBITDA thresholds; and

&nbsp;&nbsp;&nbsp;&nbsp;· the Company's achievement of certain manufacturing and clinical milestones.

The Company is entitled to, and may request, disbursement of Tranche C borrowings at any time in the 30 months following the Effective Date upon the occurrence of certain conditions, including, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;· the Company's issuance of the Tranche C Warrants (defined below);

&nbsp;&nbsp;&nbsp;&nbsp;· the Company's achievement of certain revenue and EBITDA thresholds; and

&nbsp;&nbsp;&nbsp;&nbsp;· the Company's achievement of certain manufacturing and commercialization milestones.

Interest will accrue on Tranche A and Tranche B borrowings at a fixed rate of 8% per annum and 7% per annum, respectively, payable on an annual basis; however, such interest is permitted to be deferred, such that it is payable at the maturity date of each such Tranche. Interest will accrue on Tranche C borrowings at a fixed rate of 6% per annum, payable on an annual basis until the Tranche C maturity date.

Subject to certain terms and conditions, EIB may demand immediate repayment by the Company of all or part of the outstanding borrowings, depending on the specific event, together with accrued interest, and all other accrued or outstanding amounts payable to EIB under the Finance Contract and/or cancel any undisbursed Tranches upon the occurrence of certain events, including: (i) a reduction in the projected total cost of the Project, (ii) any occurrence or likely occurrence of a voluntary prepayment, in whole or in part, by the Company or its subsidiaries of any indebtedness or other repayment obligation to a counterparty other than EIB, (iii) any change of control of the Company, (iv) the Chief Executive Officer having ceased to be actively involved in the management of the Company without the prior written consent of EIB (such consent not being required in certain cases), (v) any change in law or regulation which would materially impair the Company's or its subsidiaries' ability to perform their obligations under the Finance Contract, the guarantee agreements, the Warrant Agreement (as defined below), the fee letter by and between the Company and EIB, dated as of July 15, 2025, or the effective global rate letter (together the "Finance Documents"), (vi) any disposal of assets, or shares in subsidiaries holding assets, related to the Project, (vii) any events where it would become unlawful for EIB to perform any of its obligations as contemplated in the Finance Contract or fund or maintain the credit facility, (viii) the occurrence of a lawsuit for the revocation or declaration of nullity of any of the corporate resolutions taken for purposes of issuance of the warrants, and (ix) any events of default.

Events of default under the Finance Contract include, among other things: (i) default of payment obligations under the Finance Documents, (ii) default by the Company or any of its subsidiaries in the performance of its obligations under the Finance Documents, (iii) defaults arising from incorrect, incomplete or misleading representations to EIB, (iv) cross defaults resulting in acceleration or cancellation of any other loan or obligation, (v) defaults in the performance of any obligation in respect of any other loan or financial instrument granted by EIB or the European Union, (vi) the occurrence of a material adverse change, (vii) any warrants ceasing to be in full force and effect (other than as a result of exercise), and (viii) certain bankruptcy and insolvency events.

On the Effective Date, the Company received from EIB a "TEG letter" setting out an indicative calculation of the effective global rate applicable to borrowings under Tranche A, Tranche B and Tranche C based upon certain assumptions as required under French law.

As a condition precedent to the disbursement of Tranche A, the Company is to provide to EIB guarantee agreements of certain of its subsidiaries wherein such subsidiaries provide guarantees with respect to the Company's obligations towards EIB under the Finance Contract.

**Warrant Agreement**

Concurrent with the execution of the Finance Contract, the Company entered into a warrant agreement (the "Warrant Agreement") with EIB, which establishes the terms of certain warrants (the "Warrants") to be issued by the Company to EIB prior to the receipt of borrowings under each Tranche. The Warrant Agreement contains certain customary representations and warranties by the Company and is governed by French law.

The number of Warrants to be issued at each Tranche as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to Tranche A, a number "X" of Warrants to be issued by the Company (the "Tranche A Warrants")
determined according to the following formula:

X = 11,000,000 / (an amount equal to (y) the euro ("EUR") equivalent, calculated based on the last EUR/USD currency exchange rate published by the European Central Bank on its website ("EIC Exchange Rate") on the date immediately preceding the issuance date of the Tranche A Warrants, of the average closing price (in USD) per American Depositary Share (defined below) as reported by NASDAQ over the 90 days preceding, but not including, the date of issuance of the Tranche A Warrants by the Company, multiplied by (z) 2.5);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect Tranche B, a number "X" of Warrants to be issued by the Company (the "Tranche B Warrants") determined
according to the following formula:

X = 12,000,000 / (an amount equal to (y) the EUR equivalent, calculated based on the last EIC Exchange Rate published on the date immediately preceding the issuance date of the Tranche B Warrants, of the average closing price (in USD) per American Depositary Share as reported by NASDAQ over the 90 days preceding, but not including, the date of issuance of the Tranche B Warrants by the Company, multiplied by (z) 3); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to Tranche C, a number "X" of Warrants to be issued by the Company (the "Tranche C Warrants")
determined according to the following formula:

X = 13,000,000 / (an amount equal to (y) the EUR equivalent, calculated based on the last EIC Exchange Rate published on the date immediately preceding the issuance date of the Tranche C Warrants, of the average closing price (in USD) per American Depositary Share as reported by NASDAQ over the 90 days preceding, but not including, the date of issuance of the Tranche C Warrants by the Company, multiplied by (z) 4.2).

"American Depositary Shares" refers to the Company's American Depositary Shares, each representing one ordinary share of the Company.

Each Warrant shall be exercisable for one ordinary share of the Company, subject to possible adjustments below. To the extent the Company issues a class of shares senior to its ordinary shares after the date of issuance of the Warrants, the Warrants shall be exercisable into shares of such senior class.

Each Warrant shall be exercisable at an exercise price determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to Tranche A Warrants, an amount "Sa" in euro (EUR) determined according to the following formula:

Sa = amount equal to (y) the EUR equivalent, calculated based on the last EIC Exchange Rate published on the date immediately preceding the issuance date of the Tranche A Warrants, of the average closing price (in USD) per American Depositary Share as reported by NASDAQ over the 90 days preceding, but not including, the date of issuance of the Tranche A Warrants by the Company, multiplied by (z) 0.90;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to Tranche B Warrants, an amount "Sb" in euro (EUR) determined according to the following formula:

Sb = amount equal to (y) the EUR equivalent, calculated based on the last EIC Exchange Rate published on the date immediately preceding the issuance date of the Tranche B Warrants, of the average closing price (in USD) per American Depositary Share as reported by NASDAQ over the 90 days preceding, but not including, the date of issuance of the Tranche B Warrants by the Company, multiplied by (z) 0.90; and

&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to Tranche C Warrants, an amount "Sc" in euro (EUR) determined according to the following formula:

Sc = amount equal to (y) the EUR equivalent, calculated based on the last EIC Exchange Rate published on the date immediately preceding the issuance date of the Tranche C Warrants, of the average closing price (in USD) per American Depositary Share as reported by NASDAQ over the 90 days preceding, but not including, the date of issuance of the Tranche C Warrants by the Company, multiplied by (z) 0.90.

The Warrants expire on the twentieth anniversary of their issuance date. Any outstanding Warrants will become exercisable upon the earliest to occur of (i) the maturity date of the applicable Tranche, and (ii) the occurrence of certain events (each an "Exercise Event"), including: (a) the disposal of assets, or shares of subsidiaries holding assets, related to the Project, (b) a change of control of the Company, (c) the maturity date of the last Tranche disbursed under the Finance Contract, (d) the prepayment of any principal amount due under the Finance Contract, or (e) an event of default.

Following any Exercise Event and until expiration of the applicable Warrants, EIB may exercise a put option pursuant to which EIB may require the Company to repurchase all or part of such then-exercisable Warrants at the fair market value, up to a number of Warrants that would result in the put option price being no higher than €20 million in respect of all then-exercisable Warrants.

The Company has a right of first refusal to repurchase Warrants that are offered for sale a third parties on the same terms and conditions of such offer.

The Warrants may be transferred following an Exercise Event to certain affiliates of EIB, promotional banks or finance agencies set up by one or more member states of the European Union or any transferees of the credit facility, or otherwise with the prior written approval of the Company.

The Warrant Agreement provides for anti-dilution adjustments triggered by the occurrence of certain events, including: (i) a financial transaction that includes the issuance of new instruments with or without preferential subscription rights of the shareholders (other than issuance of Tranche B Warrants and Tranche C Warrants), (ii) a free distribution of shares to shareholders, share split or reverse share split, (iii) an increase of the par value of the shares, (iv) a distribution of reserves or premiums in cash or in kind, (v) a free distribution to the Company's shareholders of any instrument other than the Company's shares, (vi) a repurchase by the Company of its own shares at a price higher than the market price (other than a repurchase of its own shares from EIB or its affiliates), (vii) a change in profit distribution, including through the creation of preferred shares, (viii) a reduction or redemption of the Company's share capital, (ix) a dividend distribution, (x) the issuance of any instrument (with or without preferential subscription rights), including by way of dividend distribution or capitalization of profits or reserves (including share premium account and any capital redemption reserve), or (xi) a merger, demerger of the Company with or into another entity or other similar operation as a result of which the Company does not survive, or a spin-off. Such anti-dilution adjustments are subject to certain carve-outs, including (y) the issuance of shares at a price higher than Sa, Sb and Sc or equity-linked securities with conversion or exercise prices higher than Sa, Sb and Sc, and (z) the grant of equity incentive instruments following the date of the Warrant Agreement in an amount not to exceed 10% of the fully diluted capitalization of the Company.

In connection with the Warrant Agreement, the Company agreed to certain customary covenants, including: refraining from taking any action that may result in any Warrants not being exercisable or the ordinary shares issuable upon exercise of the Warrants not being issuable, refraining from creating or issuing a new class of shares with preferential treatment to the Company's ordinary shares, and refraining from converting the Company into an entity of another form under any jurisdiction.

In connection with the Warrant Agreement, the Company committed to, among other things, use its commercially reasonable efforts to file a registration statement (the "Registration Statement") with the Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended, covering the resale of the Warrants and the ordinary shares, represented by American Depositary Shares, issuable upon exercise of the Warrants, within five calendar days of the filing of its Annual Report on Form 10-K for the fiscal year ended June 30, 2025, but in no event earlier than April 1, 2026 (the "Required Filing Date"). The Company is required to use commercially reasonable efforts to have such Registration Statement filed as soon as practicable after the filing thereof, but in any event no later than 60 calendar days after the Required Filing Date (or 90 calendar days in the event of a "full review" by the Commission).

**Tranche A**

On October 17, 2025, the Company requested the Tranche A borrowings and issued 2,624,421 Tranche A Warrants to EIB.

The Tranche A borrowings are expected to be disbursed by EIB early November 2025.

The Tranche A borrowings will mature five years from the disbursement date and interest on the Tranche A borrowings shall be payable on the maturity date of Tranche A, and shall capitalized annually by increasing the principal amount of Tranche A.

The descriptions of the terms and conditions of the Finance Contract and the Warrant Agreement herein do not purport to be complete and are qualified by reference in its entirety by reference to the terms of the Finance Contract and the Warrant Agreement, copies of which are filed as exhibits 99.1 and 99.2, respectively, to this Current Report on Form 6-K.

The full text of the press release issued in connection with the entry into the credit facility is furnished as Exhibit 99.3 to this Current Report on Form 6-K.

This Current Report on Form 6-K and exhibits 99.1 and 99.2 hereto shall be deemed to be incorporated by reference in the Company's registration statement on Form F-3 (File No. 333-278526).

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Exhibit</u>** | **<u>Title</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[99.1](exh_991.htm) | [Finance Contract, dated as of October 17, 2025, between the Company and the European Investment Bank](exh_991.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[99.2](exh_992.htm) | [Warrant Agreement, dated as of October 17, 2025, between the Company and the European Investment Bank](exh_992.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[99.3](exh_993.htm) | [Press Release issued by the Company on October 20, 2025](exh_993.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | EDAP TMS S.A |
| Date: October 20, 2025 | By <u>/s/ Ken Mobeck</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ken Mobeck |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

Contract number (FI No): 99053 <br> Serapis No: 2025-0092

#### ROBOTIC HIFU (IEU LS) (InvestEU)
Finance Contract

*between the*

European Investment Bank

*and*

EDAP TMS SA

17 October 2025

---

| | |
|:---|:---|
| **WHEREAS:** | **6** |
| **ARTICLE 1** | **7** |
| 1.1 INTERPRETATION | 7 |
| **ARTICLE 2** | **17** |
| 2.1 AMOUNT OF CREDIT | 17 |
| 2.2 DISBURSEMENT PROCEDURE | 17 |
| 2.2.1 TRANCHES | 17 |
| 2.2.2 DISBURSEMENT OFFER | 17 |
| 2.2.3 DISBURSEMENT ACCEPTANCE | 18 |
| 2.3 DISBURSEMENT ACCOUNT | 18 |
| 2.4 CURRENCY OF DISBURSEMENT | 18 |
| 2.5 CONDITIONS OF DISBURSEMENT | 18 |
| 2.5.1 INITIAL DOCUMENTARY CONDITIONS PRECEDENT | 18 |
| 2.5.2 ALL TRANCHES - DOCUMENTARY CONDITIONS PRECEDENT | 18 |
| 2.5.3 ALL TRANCHES – OTHER CONDITIONS | 19 |
| 2.5.4 TRANCHE A – ADDITIONAL CONDITIONS PRECEDENT | 19 |
| 2.5.5 TRANCHE B – ADDITIONAL CONDITIONS PRECEDENT | 20 |
| 2.5.6 TRANCHE C – ADDITIONAL CONDITIONS PRECEDENT | 21 |
| 2.6 CANCELLATION | 22 |
| 2.7 FEE FOR CANCELLATION OF AN ACCEPTED TRANCHE | 23 |
| 2.8 CANCELLATION AFTER EXPIRY OF THE CREDIT | 23 |
| 2.9 NON-UTILISATION FEE | 23 |
| 2.10 ARRANGEMENT FEE | 23 |
| **ARTICLE 3** | **24** |
| 3.1 AMOUNT OF LOAN | 24 |
| 3.2 CURRENCY OF REPAYMENT, INTEREST AND OTHER CHARGES | 24 |
| **ARTICLE 4** | **24** |
| 4.1 FIXED RATE | 24 |
| 4.2 DEFERRED INTEREST RATE | 24 |
| 4.3 WARRANTS | 24 |
| 4.4 INTEREST ON OVERDUE SUMS | 24 |
| 4.5 EFFECTIVE GLOBAL RATE (*TAUX EFFECTIF GLOBAL*) | 25 |
| **ARTICLE 5** | **25** |
| 5.1 NORMAL REPAYMENT | 25 |
| 5.1.1 REPAYMENT BY INSTALMENTS | 25 |
| 5.1.2 SINGLE INSTALMENT | 25 |
| 5.2 VOLUNTARY PREPAYMENT | 25 |
| 5.2.1 PREPAYMENT OPTION | 25 |
| 5.2.2 PREPAYMENT FEE | 26 |
| 5.2.3 PREPAYMENT MECHANICS | 26 |
| 5.3 COMPULSORY PREPAYMENT AND CANCELLATION | 26 |
| 5.3.1 INVESTMENT COST REDUCTION EVENT | 26 |
| 5.3.2 CHANGE EVENTS | 26 |
| 5.3.3 ILLEGALITY EVENT | 27 |

---

---

| | |
|:---|:---|
| 5.3.4 DISPOSALS | 27 |
| 5.3.5 WARRANT RESOLUTION CHALLENGE EVENT | 27 |
| 5.3.6 PARI PASSU TO NON-EIB FINANCING | 28 |
| 5.3.7 PREPAYMENT FEE | 28 |
| 5.3.8 PREPAYMENT MECHANICS | 28 |
| 5.4 GENERAL | 28 |
| **ARTICLE 6** | **28** |
| 6.1 DAY COUNT CONVENTION | 28 |
| 6.2 TIME AND PLACE OF PAYMENT | 28 |
| 6.3 NO SET-OFF BY THE BORROWER | 29 |
| 6.4 DISRUPTION TO PAYMENT SYSTEMS | 29 |
| 6.5 APPLICATION OF SUMS RECEIVED | 29 |
| 6.5.1 GENERAL | 29 |
| 6.5.2 PARTIAL PAYMENTS | 29 |
| 6.5.3 ALLOCATION OF SUMS RELATED TO TRANCHES | 29 |
| **ARTICLE 7** | **30** |
| **ARTICLE 8** | **30** |
| 8.1 TAXES, DUTIES AND FEES | 30 |
| 8.2 OTHER CHARGES | 30 |
| 8.3 INCREASED COSTS, INDEMNITY AND SET-OFF | 31 |
| **ARTICLE 9** | **31** |
| 9.1 RIGHT TO DEMAND REPAYMENT | 31 |
| 9.2 OTHER RIGHTS AT LAW | 33 |
| 9.3 PREPAYMENT FEE | 33 |
| 9.4 NON-WAIVER | 33 |
| 9.5 NO HARDSHIP | 33 |
| **ARTICLE 10** | **33** |
| 10.1 GOVERNING LAW | 33 |
| 10.2 JURISDICTION | 33 |
| 10.3 PLACE OF PERFORMANCE | 34 |
| 10.4 EVIDENCE OF SUMS DUE | 34 |
| 10.5 ENTIRE AGREEMENT | 34 |
| 10.6 INVALIDITY | 34 |
| 10.7 AMENDMENTS | 34 |
| 10.8 ASSIGNMENT AND TRANSFER BY THE BANK | 34 |
| **ARTICLE 11** | **34** |
| 11.1 NOTICES | 34 |
| 11.1.1 FORM OF NOTICE | 34 |
| 11.1.2 ADDRESSES | 35 |
| 11.1.3 DEMAND AFTER NOTICE TO REMEDY | 35 |
| 11.2 ENGLISH LANGUAGE | 35 |
| SCHEDULE A | 40 |
| INVESTMENT SPECIFICATION AND REPORTING | 40 |

---

---

| | |
|:---|:---|
| **SCHEDULE B** | **42** |
| DEFINITION OF EURIBOR | 42 |
| **SCHEDULE C** | **44** |
| FORM OF DISBURSEMENT OFFER/ACCEPTANCE | 44 |
| **SCHEDULE D** | **46** |
| FORM OF DRAWDOWN CERTIFICATE | 46 |
| **SCHEDULE E** | **47** |
| FORM OF COMPLIANCE CERTIFICATE | 47 |
| **SCHEDULE F** | **48** |
| INITIAL DOCUMENTARY CONDITIONS PRECEDENT | 48 |
| **SCHEDULE G** | **50** |
| REPRESENTATIONS AND WARRANTIES | 50 |
| **SCHEDULE H** | **54** |
| GENERAL UNDERTAKINGS | 54 |
| **SCHEDULE I** | **63** |
| INFORMATION AND VISITS | 63 |
| **SCHEDULE J** | **67** |
| FORM OF TEG LETTER | 67 |

---

**THIS CONTRACT IS MADE ON 17 OCTOBER 2025 BETWEEN:**

---

| | |
|:---|:---|
| The European Investment Bank having its seat at 100 blvd Konrad Adenauer, Luxembourg, L-2950 Luxembourg, represented by Yu Zhang and Edoardo Romano | (the "**Bank**") |
| <br>And<br>|  |
| EDAP TMS SA (company number 316 488 204) a public limited liability company incorporated in France, having its registered office at 4/6, rue du Dauphine, 69120 Vaulx-en-Velin, France, represented by Mr. Ryan Rhodes, Chief Executive Officer | (the "**Borrower**") |

---

The Bank and the Borrower together are referred to as the "**Parties**" and any of them is a "**Party**".

#### WHEREAS:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Borrower has stated that it is undertaking a research and development project relating to a robotic
medical technology using high-intensity focused ultrasound to treat various medical conditions such as prostate cancer and endometriosis
in France as more particularly described in the technical description (the "**Technical Description**") set out in Schedule
A (*Investment Specification and Reporting*) (the "**Investment** "). The total cost of the Investment, as estimated
by the Bank, is EUR 77,600,000.00 (seventy-seven million six hundred thousand euro).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Bank, considering that the financing of the Investment falls within the scope of its functions, agreed
to provide the Borrower with a credit in an amount of EUR 36,000,000.00 (thirty-six million euros) under this Finance Contract (the "**Contract** ")
to finance the Investment; **provided that** the amount of the Bank's loan hereunder and any loan provided by another implementing
partner under the InvestEU Fund (as defined below) shall not, in any case, together exceed 50% (fifty per cent.) of the cost of the Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) This operation benefits from support from the European Union under the InvestEU Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) The statute of the Bank provides that the Bank shall ensure that its funds are used as rationally as possible
in the interests of the European Union; and, accordingly, the terms and conditions of the Bank's loan operations must be consistent with
relevant policies of the European Union.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) The Bank considers that access to information plays an essential role in the reduction of environmental
and social risks, including human rights violations, linked to the projects it finances and has therefore established its transparency
policy, the purpose of which is to enhance the accountability of the Bank's group towards its stakeholders and the citizens of the
European Union in general.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) The processing of personal data shall be carried out by the Bank in accordance with applicable EU law
on the protection of individuals with regard to the processing of personal data by the European Union institutions and bodies and on the
free movement of such data. For the purposes of the GDPR (as defined below) and Regulation (EU) 2018/1725, the Parties acknowledge their
mutual understanding that each Party will act as an independent controller, and not a processor on behalf of or joint controller with
the other Party, when processing personal data in connection with the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) The Bank supports the implementation of international and European Union standards in the field of anti-money
laundering and countering the financing of terrorism and promotes tax good governance standards. It has established policies and procedures
to avoid the risk of misuse of its funds for purposes which are illegal or abusive in relation to applicable laws. The Bank's group
statement on tax fraud, tax evasion, tax avoidance, aggressive tax planning, money laundering and financing of terrorism is available
on the Bank's website and offers further guidance to the Bank's contracting counterparties.

It is hereby agreed as follows:

**<u>ARTICLE 1</u>**

#### Interpretation and definitions
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Interpretation</u> 

In this Contract:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) references to Articles, Recitals, Schedules and (Sub-)Paragraphs are, save if explicitly stipulated otherwise,
references respectively to articles of, and recitals, schedules and (sub-)paragraphs of schedules to, this Contract. All Recitals and
Schedules form part of this Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to "law" or "laws" mean (i) any applicable law and any applicable treaty,
constitution, statute, legislation, decree, normative act, rule, regulation, judgement, order, writ, injunction, determination, award
or other legislative or administrative measure or judicial or arbitral decision in any jurisdiction which is binding or applicable case
law, and (ii) EU Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) references to applicable law, applicable laws or applicable jurisdiction means (i) a law or jurisdiction
applicable to the Borrower and/or any other Obligor (as the context requires), its rights and/or obligations (in each case arising out
of or in connection with the Finance Documents), its capacity and/or assets and/or the Investment; and/or, as applicable, (ii) a law or
jurisdiction (including in each case the Bank's statute) applicable to the Bank, its rights, obligations, capacity and/or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) references to a provision of law or a treaty are references to that provision as amended, supplemented,
restated or re-enacted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) references to any Finance Document or other agreement or instrument are references to that Finance Document
or other agreement or instrument as amended, novated, supplemented, extended or restated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) words and expressions in plural shall include singular and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a Default (other than an Event of Default) is "continuing" if it has not been remedied or waived
and an Event of Default is "continuing" if it has not been waived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) terms defined in the GDPR (as defined below), including the terms "controller", "data
subject", "personal data", "processing", and "processor", have the same meanings when used in
Recital (F) to, or Paragraph 25 (Data Protection) of Schedule G (General Undertakings) of, this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) references to "month" mean a period starting on one day in a calendar month and ending on
the numerically corresponding day in the next calendar month, except that and subject to the definition of Payment Date, Article 6.1 (*Day count convention*) and Schedule B (*Definition of EURIBOR*) and unless provided otherwise in this Contract:

&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) if the numerically corresponding day is not a Business Day, that period shall end on the next Business
Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day;
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;(ii) if there is no numerically corresponding day in the calendar month in which that period is to end, that
period shall end on the last Business Day in that calendar month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a reference in this Contract to a page or screen of an information service displaying a rate shall include:

&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) any replacement page of that information service which displays that rate; 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;(ii) the appropriate page of such other information service which displays that rate from time to time in place
of that information service,

and, if such page or service ceases to be available, shall include any other page or service displaying that rate specified by the Bank.

**Definitions**

In this Contract:

**"4th and 5th AML Directives"** means Directive 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (the "4th AML Directive"), as amended by Directive 2018/843 of the European Parliament and of the Council of 30 May 2018.

"**Accepted Tranche**" means a Tranche in respect of a Disbursement Offer which has been duly accepted by the Borrower in accordance with its terms on or before the Disbursement Acceptance Deadline

"**acting in concert**" means acting together pursuant to an agreement or understanding (whether formal or informal).

"**AML Criminal Law Directive**" means Directive (EU) 2018/1673 of the European Parliament and of the Council of 23 October 2018 on combating money laundering by criminal law.

"**AML Directives**" means the 4<sup>th</sup> and the 5<sup>th</sup> AML Directives and the AML Criminal Law Directive.

"**Arrangement Fee**" means a fee of EUR 0.13 in respect of each Warrant to be subscribed by the Bank.

"**Authorisation**" means an authorisation, permit, consent, approval, resolution, licence, exemption, filing, notarisation or registration.

"**Authorised Signatory**" means a person authorised to sign individually or jointly (as the case may be) the documentary conditions precedents and the Disbursement Acceptances on behalf of the Borrower and named in the most recent List of Authorised Signatories and Accounts received by the Bank prior to the receipt of the relevant Disbursement Acceptance.

"**Business Day**" means a day (other than a Saturday or Sunday) on which the Bank and commercial banks are open for general business in Luxembourg.

"**Cancellation Fee**" means, in relation to the cancellation of an Accepted Tranche by the Borrower, under sub-paragraph (a) of Article 2.7 (*Fee for cancellation of an Accepted Tranche*), or in relation to an amount cancelled by the Bank under sub-paragraphs (b) or (c) of Article 2.7 (*Fee for cancellation of an Accepted Tranche*), a fee of 1% (100 basis points) of the cancelled amount.

"**Change in the Beneficial Ownership**" means a change in the ultimate ownership or control of an entity according to the definition of "beneficial owner" set out in article 3(6) of the 4<sup>th</sup> AML Directive it being specified that, for the purposes of this Contract the threshold of beneficial ownership is set at 10% (ten per cent).

"**Change-of-Control Event**" means any person or group of persons acting in concert gains Control of the Borrower or of any entity that would at any time after the date of this Contract directly or ultimately Control the Borrower.

"**Change-of-Law Event**" means the enactment, promulgation, execution or ratification of or any change in or amendment to any law, rule or regulation (or in the application or official interpretation of any law, rule or regulation) that occurs after the date of this Contract and which would materially impair an Obligor's ability to perform its obligations under the Finance Documents.

"**Compliance Certificate**" means a certificate substantially in the form set out in Schedule E (*Form of Compliance Certificate*).

**"Contract"** has the meaning given to it in Recital (B).

"**Contract Number**" means the Bank generated number identifying this Contract and indicated on the cover page of this Contract after the letters "FI N°".

"**Control**" means the power to direct the management and policies of an entity, whether through the ownership of voting capital, by contract or otherwise and, for the avoidance of doubt, owning more than 50% (fifty per cent.) of the shares of an entity would constitute Control, and **"Controlling"** has corresponding meaning.

"**Credit**" has the meaning given to it in Article 2.1 (*Amount of Credit*).

"**Cross-border Project"** means a financing operation which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) involves entities located or established in one or more Member State(s); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) extends to one or more third countries, including acceding States, candidate countries and potential candidates,
countries falling within the scope of the European Neighbourhood Policy, the European Economic Area or the European Free Trade Area, to
an overseas country or territory linked to a Member State as set out in Annex II to the TFEU (OCT).

"**Declaration of Honour**" means the "Declaration of Honour under InvestEU operations" signed by the Borrower on 15<sup>th</sup> July 2025.

"**Default**" means an Event of Default or any event or circumstance specified in Article 9 (*Events of Default*) which would (with the expiry of a grace period, the giving of notice, the making of any determination under this Contract or any combination of any of the foregoing) be an Event of Default.

"**Deferred Interest Rate**" means 8% (eight hundred basis points) per annum for Tranche A and 7% (seven hundred basis points) per annum for Tranche B.

"**Disbursement Acceptance**" means a copy of the Disbursement Offer duly countersigned by the Borrower in accordance with the List of Authorised Signatories and Accounts.

"**Disbursement Acceptance Deadline**" means the date and time of expiry of a Disbursement Offer as specified therein.

"**Disbursement Account**" means, in respect of each Tranche, the bank account to which disbursements may be made under this Contract, as set out in the most recent List of Authorised Signatories and Accounts.

"**Disbursement Date**" means the date on which disbursement of a Tranche is made by the Bank.

"**Disbursement Offer**" means a letter substantially in the form set out in Schedule C (*Form of Disbursement Offer/Acceptance*).

"**Dispute**" has the meaning given to it in Article 10.2 (*Jurisdiction*).

"**Disruption Event**" means either or both of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a material disruption to those payment or communications systems or to those financial markets which are,
in each case, required to operate in order for payments to be made in connection with this Contract; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the occurrence of any other event which results in a disruption (of a technical or systems-related nature)
to the treasury or payments operations of either the Bank or the Borrower, preventing that Party from:

&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) performing its payment obligations under this Contract; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) communicating with the other Party in accordance with the terms of this Contract,

and which disruption (in either such case as per (a) or (b) above) is not caused by, and is beyond the control of, the Party whose operations are disrupted.

"**EBITDA**" means, in respect of any Relevant Period, the consolidated operating profit of the Group before taxation (excluding the results from discontinued operations):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) before deducting any interest, commission, fees, discounts, prepayment fees, premiums or charges and other
finance payments whether paid, payable or capitalised by any Group Company (calculated on a consolidated basis) in respect of that Relevant
Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not including any accrued interest owing to any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) after adding back any amount attributable to the amortisation or depreciation of assets of members of
the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) before taking into account any Exceptional Items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) after deducting the amount of any profit (or adding back the amount of any loss) of any Group Company
which is attributable to minority interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) plus or minus the Group's share of the profits or losses (after finance costs and tax) of entities which
are not Group Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) before taking into account any unrealised gains or losses on any financial instrument (other than any
derivative instrument which is accounted for on a hedge accounting basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) before taking into account any gain arising from an upward revaluation of any other asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) after adding back any amount attributable to share based compensation expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) after adding back any amount attributable to change in long term reserves,

in each case, to the extent added, deducted or taken into account, as the case may be, for the purposes of determining operating profits of the Group before taxation.

"**Eligible Territory**" means the territory of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Member State or an overseas country or territory linked to a Member State as set out in Annex II to the
TFEU (OCT);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Norway/Iceland;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a third country to which the Contract extends in case of Cross-border Projects; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) another third country, where necessary for the financing of a project in a country or territory referred
to in points (a), (b) or (c).

"**Environment**" means the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) fauna and flora, living organisms including the ecological systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) land, soil, water (including marine and coastal waters), air, climate and the landscape (natural or man-made
structures, whether above or below ground);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) cultural heritage (natural, tangible and intangible);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the built environment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) human health and wellbeing.

"**Environmental and Social Approval**" means any Authorisation required by Environmental and Social Law.

"**Environmental or Social Claim**" means any claim, proceeding, formal notice or investigation by any person in respect of any Environmental and Social Law.

"**Environmental and Social Law**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) EU Law, including principles and standards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) national laws and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) applicable international treaties,

in each case of which a principal objective is the preservation, protection or improvement of the Environment and/or the protection or improvement of Social Matters.

"**EU Law**" means the acquis communautaire of the European Union as expressed through the Treaties of the European Union, the regulations, the EU directives, delegated acts, implementing acts, principles, decisions and the case law of the Court of Justice of the European Union.

"**EUR**" or "**euro**" means the lawful currency of the Member States of the European Union which adopt or have adopted it as their currency in accordance with the relevant provisions of the Treaty on European Union and the Treaty on the Functioning of the European Union or their succeeding treaties.

"**EURIBOR**" has the meaning given to it in Schedule B (*Definition of EURIBOR*).

"**Event of Default**" means any of the circumstances, events or occurrences specified in Article 9 (*Events of Default*).

"**Exceptional Items**" means any material items of an unusual or non-recurring nature which represent gains or losses including those arising on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the restructuring of the activities of an entity and reversals of any provisions for the cost of restructuring;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) disposals, revaluations, write downs or impairment of non-current assets or any reversal of any write
down or impairment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) disposals of assets associated with discontinued operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other examples of "exceptional items" (as such term has the meaning given to it in IFRS).

"**Exclusion Policy**" means the European Investment Bank Exclusion Policy as published on the Bank's website.

"**Fee Letter**" means the letter from the Bank to the Borrower dated 15th July 2025.

"**Final Availability Date**" means (a) with respect to Tranche A, the date falling 9 (nine) months after the date of signature of this Contract;<br> (b) with respect to Tranche B, the date falling 18 (eighteen) months after the date of signature of this Contract;<br> (c) with respect to Tranche C, the date falling 30 (thirty) months after the date of signature of this Contract;

or, in each case, if such day is not a Relevant Business Day, then the preceding Relevant Business Day.

"**Finance Documents**" means this Contract, any Guarantee Agreement,<br> the Warrant Agreement, the Fee Letter, the TEG Letter, and any other document designated as "Finance Document" by the Borrower and the Bank.

"**Finance Lease**" means any lease or hire purchase contract which would, in accordance with IFRS in force prior to 1 January 2019, be treated as a finance or capital lease.

"**Financial Regulation**" means Regulation (EU, Euratom) 2018/1046 of the European Parliament and of the Council of 18 July 2018 on the financial rules applicable to the general budget of the Union, amending Regulations (EU) No 1296/2013, (EU) No 1301/2013, (EU) No 1303/2013, (EU) No 1304/2013, (EU) No 1309/2013, (EU) No 1316/2013, (EU) No 223/2014, (EU) No 283/2014, and Decision No 541/2014/EU and repealing Regulation (EC, Euratom) No 966/2012 (OJ L 193, 30.7.2018, p. 1), as it may be amended, supplemented or modified from time to time.

"**Fixed Rate**" means 6% (six hundred basis points) per annum for Tranche C.

"**GAAP**" means generally accepted accounting principles in France or the United States of America, including IFRS.

"**GDPR**" means General Data Protection Regulation (EU) 2016/679.

"**Group**" means the Group Companies, taken together as a whole.

"**Group Company**" means the Borrower and its Subsidiaries.

"**Guarantee Agreement**" means an autonomous first demand guarantee and indemnity agreement in form and substance satisfactory to the Bank entered or to be entered into by a Guarantor as guarantor and the Bank as beneficiary.

"**Guarantor**" means each Material Subsidiary which enters into a Guarantee Agreement in accordance with sub-paragraph (b) of Paragraph 16 (*Guarantees*) of Schedule H (*General Undertakings*).

"**IFRS**" means international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements.

"**Illegal Activities**" means any of the following illegal activities or activities carried out for illegal purposes according to applicable laws in any of the following areas: (i) fraud, corruption, coercion, collusion or obstruction, (ii) money laundering, financing of terrorism or tax crimes each as defined in the AML Directives, and (iii) other illegal activity against the financial interests of the European Union as defined in the PIF Directive.

"**Illegality Event**" has the meaning given to it in Article 5.3.3 (*Illegality Event*).

"**Indebtedness**" means any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) obligations for borrowed money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indebtedness under any acceptance credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) indebtedness under any bond, debenture, note or similar instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) instrument under any bill of exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) indebtedness in respect of any interest rate or currency swap or forward currency sale or purchase or
other form of interest or currency hedging transaction (including without limit caps, collars and floors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) indebtedness under any Finance Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) indebtedness (actual or contingent) under any guarantee, bond security, indemnity or other agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) indebtedness (actual or contingent) under any instrument entered into for the purpose of raising finance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse
basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) indebtedness arising under a securitisation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) other transaction which has the commercial effect of borrowing.

"**Intellectual Property Rights**" means intellectual property of every designation (including, without limitation, patents, utility patents, copyrights, design rights, trademarks, service marks and know how) whether capable of registration or not.

"**Intercompany Loan**" means a loan between 2 (two) Group Companies.

"**InvestEU Fund**" means the InvestEU Fund as established, inter alia, under the InvestEU Regulation.

"**InvestEU Fund MSS Declaration**" means the "InvestEU Minimum Social Safeguards (MSS) Declaration signed by the Borrower on 15<sup>th</sup> July 2025.

"**InvestEU Regulation**" means the regulation (EU) of the European Parliament and of the Council of 24 March 2021 establishing the InvestEU Programme and amending regulation (EU) 2015/1017 (OJ L 107, 26.3.2021, p. 30).

"**Investment**" has the meaning given to it in Recital (A).

"**Investment Cost Reduction Event**" has the meaning given to it in Article 5.3.1 (*Investment Cost Reduction Event*)

"**Lead Organisation**" means the European Union, the United Nations and international standard setting organisations including the International Monetary Fund, the Financial Stability Board, the Financial Action Task Force, the Organisation for Economic Cooperation and Development and the Global Forum on Transparency and Exchange of Information for Tax Purposes and any successor organisations.

"**List of Authorised Signatories and Accounts**" means a list, in form and substance satisfactory to the Bank, setting out: (i) the Authorised Signatories, accompanied by evidence of signing authority of the persons named on the list and specifying if they have individual or joint signing authority, (ii) the specimen signatures of such persons, (iii) the bank account(s) to which disbursements may be made under this Contract (specified by IBAN code if the country is included in the IBAN Registry published by SWIFT, or in the appropriate account format in line with the local banking practice), BIC/SWIFT code of the bank and the name of the bank account(s) beneficiary, together with evidence that such account(s) have been opened in the name of the beneficiary; and (iv) the bank account(s) from which payments under this Contract will be made by the Borrower (specified by IBAN code if the country is included in the IBAN Registry published by SWIFT, or in the appropriate account format in line with the local banking practice), BIC/SWIFT code of the bank and the name of the bank account(s) beneficiary, together with evidence that such account(s) have been opened in the name of the beneficiary.

"**Loan**" means the aggregate of the amounts disbursed from time to time by the Bank under this Contract.

"**Loan Outstanding**" means the aggregate of the amounts disbursed from time to time by the Bank under this Contract that remains outstanding.

"**Material Adverse Change**" means, any event or change of condition, which, in the opinion of the Bank, has a material adverse effect on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the ability of any Obligor to perform its obligations under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the business, operations, property, condition (financial or otherwise) or prospects of any Obligor or
the Group as a whole; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the legality, validity or enforceability of, or the effectiveness or ranking of, or the value of any Security
granted to the Bank, or the rights or remedies of the Bank under the Finance Documents.

"**Material Subsidiary**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Subsidiary (other than a Subsidiary incorporated in Malaysia) from time to time, whose gross revenues,
total assets or EBITDA represents not less than 5 % (five per cent) of (i) the consolidated gross revenues of the Group or, (ii) the Total
Assets, or, (iii) the consolidated EBITDA of the Group, as calculated based on the then latest consolidated audited accounts of the Group;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Subsidiary incorporated in Malaysia from time to time, whose gross revenues, total assets or EBITDA
represents not less seven point five 7,5 % (seven point five per cent) of (i) the consolidated gross revenues of the Group or, (ii) the
Total Assets, or, (iii) the consolidated EBITDA of the Group, as calculated based on the then latest consolidated audited accounts of
the Group.

"**Maturity Date**" means, for each Tranche, the last or the sole Repayment Date of that Tranche as specified in the relevant Disbursement Offer, being 5 years from the Disbursement Date of the relevant Tranche.

"**Non-EIB Financing**" includes any loan (save for the Loan, any other direct loans from the Bank to the Borrower ((or any other Group Company) or any intragroup financing between Group Companies permitted under this Contract), credit bond or other form of Indebtedness or any obligation for the payment or repayment of money originally granted to the Borrower ((or any other Group Company)).

"**Non-Utilisation Fee**" has the meaning given to such term in Article 2.9 (*Non-Utilisation Fee*).

"**Obligor**" means the Borrower and each Guarantor.

"**Payment Account**" means the bank account from which payments under this Contract will be made by the Borrower, as set out in the most recent List of Authorised Signatories and Accounts.

"**Payment Date**" means the annual dates specified in the Disbursement Offer until and including the Maturity Date, save that, in case any such date is not a Relevant Business Day, it means the following Relevant Business Day, without adjustment to the interest due under Article 4.1 (*Fixed Rate*) and/or Article 4.2 (Deferred Interest*)* , or the preceding Relevant Business Day, with adjustment (but only to the amount of interest due under Article 4.1 (*Fixed Rate*) *and/or* Article 4.2 *(Deferred Interest)* that accrued over the last interest period), in case repayment of principal is made in a single instalment in accordance with Article 5.1 (*Normal repayment)*.

"**Permitted Guarantees**" means each and every guarantee permitted in accordance with Paragraph 16 (*Guarantees*) of Schedule H (*General Undertakings*).

"**Permitted Hedging**" has the meaning given to such term in Paragraph 17 (*Hedging*) of Schedule H (*General Undertakings*).

"**Permitted Indebtedness**" means Indebtedness of the Borrower and/or any Group Company which is permitted in accordance with Paragraph 15 (*Indebtedness*) of Schedule H (*General Undertakings*).

"**Permitted Security**" means Security of the Borrower and/or any Group Company which is permitted in accordance with sub-paragraph (c) of Paragraph 23 (*Negative pledge*) of Schedule H (*General Undertakings*).

"**PIF Directive**" means Directive (EU) 2017/1371 of the European Parliament and of the Council of 5 July 2017 on the fight against fraud to the European Union's financial interests by means of criminal law.

"**Prepayment Amount**" means the amount of a Tranche to be prepaid by the Borrower in accordance with Articles 5.2 (*Voluntary prepayment*), 5.3 (*Compulsory prepayment*) or 9.1 (*Right to demand repayment*).

"**Prepayment Date**" means the date as requested by the Borrower and agreed by the Bank or indicated by the Bank, as applicable, on which the Borrower shall effect prepayment of a Prepayment Amount.

"**Prepayment Event**" means any of the events described in Article 5.3 (*Compulsory Prepayment*).

"**Prepayment Fee**" means, in relation to a Prepayment Amount in respect of a Tranche, a fee as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a fee of 6% (six hundred basis points) of the Prepayment Amount if the Prepayment Date is after the relevant
Disbursement Date but before or on the first anniversary of such Disbursement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a fee of 5% (five hundred basis points) of the Prepayment Amount if the Prepayment Date is after the first
anniversary of the relevant Disbursement Date but before or on the second anniversary of such Disbursement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a fee of 4% (four hundred basis points) of the Prepayment Amount if the Prepayment Date is after the second
anniversary of the relevant Disbursement Date but before or on the third anniversary of such Disbursement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a fee of 3% (three hundred basis points) of the Prepayment Amount if the Prepayment Date is after the
third anniversary of the relevant Disbursement Date but before or on the fourth anniversary of such Disbursement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a fee of 2% (two hundred basis points) of the Prepayment Amount if the Prepayment Date is after the fourth
anniversary of the relevant Disbursement Date but before the fifth anniversary of such Disbursement Date;

with such fee being payable on the applicable Prepayment Date.

"**Prepayment Notice**" means a written notice from the Bank to the Borrower in respect of prepayment of a Tranche in accordance with Article 5.2.3 (*Prepayment mechanics*) or Article 5.3.G (*Prepayment mechanics*), specifying the Prepayment Amount, the accrued interest due (including any interest under Article 4.2 (*Deferred Interest*)), the Prepayment Date, the Prepayment Fee and the fee under Article 5.4 (b) (*General*), if any.

"**Prepayment Request**" means a written request from the Borrower to the Bank to prepay all or part of the Loan Outstanding, in accordance with Article 5.2.1 (*Prepayment option*).

"**Prepayment Offer"** means a written notice from the Bank to the Borrower in accordance with Article 5.2.3 (*Prepayment mechanics*).

"**Quarter Date**" means each 31 March, 30 June, 30 September and 31 December from the date of this Contract until the Maturity Date.

"**Register**" means the share transfer register and shareholders' individual accounts (*registre de mouvement de titres et comptes individuels d'actionnaires*) of the Borrower and held by Uptevia.

"**Relevant Business Day**" means a day on which real time gross settlement system operated by the Eurosystem (T2), or any successor system, is open for settlement of payments in EUR.

"**Relevant Party**" has the meaning given to it in Schedule I (*Information and Visits*).

"**Relevant Period**" means each period of 12 (twelve) months ending on or about the last day of the financial year.

"**Relevant Person**" means, with respect to any Obligor, any member of its management bodies; or any of its person acting for it, on its behalf or under its control, having the power to give directions and/or exercise control with respect to the Credit, the Loan or the Investment.

"**Repayment Date**" shall mean each Payment Date specified in the Disbursement Offer for the repayment of a Tranche in accordance with Article 5.1 (*Normal repayment*).

"**Repeating Representations**" means each of the representations set out in Schedule G (*Representations and Warranties*) other than those Paragraphs thereof which are identified with the words "(*Non-repeating*)" at the end of the Paragraphs.

"**Sanctioned Person**" means any individual or entity (for the avoidance of doubt, the term entity includes, but is not limited to, any government, group or terrorist organisation) who is a designated target of, or who is otherwise a subject of, Sanctions (including, without limitation, as a result of being owned or otherwise controlled, directly or indirectly, by any individual or entity, who is a designated target of, or who is otherwise a subject of, Sanctions).

"**Sanctions**" means the economic or financial sanctions laws, regulations, trade embargoes or other restrictive measures (including, in particular, but not limited to, measures in relation to the financing of terrorism) enacted, administered, implemented and/or enforced from time to time by any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the United Nations including, inter alia, the United Nations Security Council;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the European Union including, inter alia, the Council of the European Union and the European Commission,
and any other competent bodies/institutions or agencies of the European Union;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the government of the United States of America, and any department, division, agency, or office thereof,
including, inter alia, the Office of Foreign Asset Control (OFAC) of the United States Department of the Treasury, the United States Department
of State and/or the United States Department of Commerce; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the government of the United Kingdom, and any department, division, agency, office or authority including,
inter alia, the Office of Financial Sanctions Implementation of His Majesty's Treasury and the Department for International Trade
of the United Kingdom.

"**Security**" means any mortgage, pledge, lien, charge, assignment, hypothecation, or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect.

"**Senior Management Change**" means that any Senior Management Personnel has ceased to be actively involved in the management of the Borrower without the Bank having given its prior written consent to such a change. Such consent shall not be required in case of Good Lever Event (death, long term illness, disability, disability of a relative).

"**Senior Management Personnel**" means Ryan Rhodes in its capacity as Chief Executive Officer.

"**Social Matters**" means all, or any of, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) labour and working conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) occupational health and safety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) rights and interests of vulnerable groups;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) rights and interests of indigenous peoples;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) gender equality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) public health, safety and security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) avoidance of forced evictions and alleviation of hardship arising from involuntary resettlement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) stakeholder engagement.

"**Subscription Form**" has the meaning given to such term in the Warrant Agreement.

"**Subsidiary**" means an entity of which the Borrower has direct or indirect control or owns directly or indirectly more than 50% (fifty per cent) of the voting capital or similar right of ownership and 'control' for this purpose means the power to direct the management and the policies of the entity, whether through the ownership of voting capital, by contract or otherwise.

"**Tax**" means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).

"**Technical Description**" has the meaning given to it in Recital (A).

"**TEG Letter**" means the letter from the Bank provided from time to time to the Borrower pursuant to Article 4.5 (*Effective Global Rate (Taux Effectif Global)*) substantially in the form of Schedule J (Form of TEG Letter).

"**Total Assets**" means the total consolidated assets of the Group, as shown in the Borrower's latest consolidated financial statements, as at the end of any Relevant Period.

"**Tranche**" means each disbursement made or to be made under this Contract consisting of Tranche A, Tranche B and Tranche C. In the event that no Disbursement Acceptance has been received, Tranche shall mean a Tranche as offered under Article 0 (*Disbursement Offer*).

"**Tranche A**" means the first Tranche in the amount set out in paragraph (a) of Article 2.2.1 (*Tranches*), in relation to which warrants are granted to the Bank in accordance with the Warrant Agreement and a Deferred Interest Rate shall be paid in accordance with Article 4.2 (Deferred *Interest*).

"**Tranche B**" means the second Tranche in the amount set out in paragraph (a) of Article 2.2.1 (*Tranches*), in relation to which warrants are granted to the Bank in accordance with the Warrant Agreement and a Deferred Interest Rate shall be paid in accordance with Article 4.2 (*Deferred Interest*).

"**Tranche C**" means the third Tranche in the amount set out in paragraph (a) of Article 2.2.1 (*Tranches*), in relation to which warrants are granted to the Bank in accordance with the Warrant Agreement and a Fixed Rate shall be paid in accordance with Article 4.1 (*Fixed Rate Tranches*).

**"Tranche A Warrants"** means the warrants (*bons de souscription d'actions*) to be issued by the Borrower and subscribed by the Bank in the context of the disbursement of Tranche A and entitling the Bank to subscribe shares of the Borrower, as further defined in the Warrant Agreement.

**"Tranche B Warrants"** means the warrants (*bons de souscription d'actions*) to be issued by the Borrower and subscribed by the Bank in the context of the disbursement of Tranche B and entitling the Bank to subscribe shares of the Borrower, as further defined in the Warrant Agreement

**"Tranche C Warrants"** means the warrants (*bons de souscription d'actions*) to be issued by the Borrower and subscribed by the Bank in the context of the disbursement of Tranche C and entitling the Bank to subscribe shares of the Borrower, as further defined in the Warrant Agreement

"**Voluntary Non-EIB Prepayment**" means a voluntary prepayment by any Group Company (for the avoidance of doubt, prepayment shall include a repurchase, redemption or cancellation where applicable) of a part or the whole of any Non-EIB Financing where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such prepayment is not made within a revolving credit facility (save for the cancellation of the revolving
credit facility); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such prepayment is not made out of the proceeds of a loan or other indebtedness having a term at least
equal to the unexpired term of the Non-EIB Financing prepaid.

"**Warrant Agreement**" means the agreement to be entered into between the Borrower (as warrant issuer) and the Bank (as warrant holder) relating to the issuance by the Borrower of Warrants.

**"Warrants"** means the warrants (*bons de souscription d'actions*) entitling the Bank to subscribe for shares in the Borrower as further defined in the Warrant Agreement.

#### ARTICLE 2<br> Credit and Disbursements
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Amount of Credit</u> 

By this Contract, the Bank establishes in favour of the Borrower, and the Borrower accepts, a credit in an amount of EUR 36,000,000 (thirty-six million euros) for the financing of the Investment (the "**Credit**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Disbursement procedure</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 Tranches

The Bank shall disburse the Credit in Euros in 3 (three) Tranches, as set out below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Tranche A, in an amount of EUR 11,000,000 (eleven million euros);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Tranche B, in an amount of EUR 12,000,000 (twelve million euros); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Tranche C, in an amount of EUR 13,000,000 (thirteen million euros).

Each Tranche shall be made available by way of a single drawdown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 Disbursement Offer

Upon request by the Borrower and subject to Article 2.5 (*Conditions of Disbursement*), provided that no event mentioned in Sub-Paragraph (b) of Article 2.5.4 (*Cancellation*) has occurred and is continuing, the Bank shall send to the Borrower a Disbursement Offer for the disbursement of a Tranche. The latest time for receipt by the Borrower of a Disbursement Offer is 6 (six) Business Days before the Final Availability Date. The Disbursement Offer shall specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Tranche [A/B/C];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount of the Tranche;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Disbursement Date, which shall be a Relevant Business Day, falling at least 6 (six) Business Days
after the date of the Disbursement Acceptance and on or before the Final Availability Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the interest rate basis of the Tranche, namely:

&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) that it is Fixed Rate and/or a Deferred Interest Rate ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fixed Rate and/or the Deferred Interest Rate applicable to such Tranche; 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) the Payment Dates and interest periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the terms and frequency for repayment of principal in accordance with
Article 5.1 (*Normal Repayment*) ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) first Repayment Date and Maturity Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Disbursement Acceptance Deadline; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the relevant number of Warrants to be issue and/or become exercisable in relation to the Tranche, if relevant .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 Disbursement Acceptance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower may accept a Disbursement Offer by delivering a Disbursement Acceptance to the Bank no later
than the Disbursement Acceptance Deadline which shall in any case be at least 6 (six) Business Days before the Disbursement Date. The
Disbursement Acceptance shall also be dispatched by registered letter in accordance with Article 11.1.A (*Form of notice*). The Disbursement
Acceptance shall be signed by an Authorised Signatory with individual representation rights or 2 (two) or more Authorised Signatories
with joint representation right and shall specify the Disbursement Account to which disbursement of the Tranche should be made in accordance
with Article 2.3 (*Disbursement Account*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Disbursement Offer is duly accepted by the Borrower in accordance with its terms on or before the
Disbursement Acceptance Deadline, and provided the conditions in Article 2.5.3 (*All Tranches – Other Conditions*) are
met, the Bank shall make the Accepted Tranche available to the Borrower in accordance with the relevant Disbursement Offer and subject
to the terms and conditions of this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall be deemed to have refused any Disbursement Offer which has not been duly accepted in
accordance with its terms on or before the Disbursement Acceptance Deadline, in which case the Tranche shall not be made available to
the Borrower by the Bank, and the Credit shall not be affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Bank may rely on the information set out in the most recent List of Authorised Signatories and Accounts
provided to the Bank by the Borrower. If a Disbursement Acceptance is signed by a person defined as Authorised Signatory under the most
recent List of Authorised Signatories and Accounts provided to the Bank by the Borrower, the Bank may assume that such person has the
power to sign and deliver in the name and on behalf of the Borrower such Disbursement Acceptance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Disbursement Account</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Disbursement shall be made to the Disbursement Account specified in the relevant Disbursement Acceptance,
provided that such Disbursement Account is acceptable to the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Only one Disbursement Account may be specified for each Tranche.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Currency of disbursement</u> 

The Bank shall disburse each Tranche in EUR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Conditions of Disbursement</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.1 Initial Documentary Conditions Precedent

No Disbursement Offer will be provided by the Bank under this Contract unless the Bank has confirmed that it has received all of the documents and other evidence listed in Schedule F (*Initial Documentary Conditions Precedent*) in form and substance satisfactory to it and no later than the date falling 10 (ten) Business Days before the Disbursement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.2 All Tranches - Documentary Conditions Precedent

Each Disbursement Offer, including the first Disbursement Offer, will be provided by the Bank under this Contract only once the Bank has confirmed that it has received, in form and substance satisfactory to it no later than the date falling 10 (ten) Business Days before the Disbursement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a certificate from the Borrower in the form of Schedule D (*Form of Drawdown Certificate*), signed by an Authorised Signatory and dated no earlier than the date falling 14 (fourteen) Business
Days before the respective Disbursement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a liquidity forecast for the next 12 (twelve) months of the Borrower which confirms that the Borrower
has sufficient liquidity to pay its debts as they fall due for at least 12 (twelve) months from the Disbursement Date, which may take
into account the disbursement of the proposed Tranche; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evidence of the Borrower's solvency position on the basis of a solvency certificate (*certificate de non faillite*) issued by the relevant Greffe du Tribunal de commerce (which
must not be dated more than 14 (fourteen) Business Days before the Disbursement Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.3 All Tranches – Other Conditions

The Bank will only be obliged to make any Accepted Tranche available to the Borrower if on the Disbursement Date for the proposed Tranche:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Repeating Representations are correct in all respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no event or circumstance which constitutes or would with the passage of time or the giving of notice or
the making of any determination under this Contract (or any combination of the foregoing) constitute:

&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) an Event of Default; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Prepayment Event other than pursuant to Article 5.3.1 (*Investment Cost Reduction Event*),

has occurred and is continuing unremedied or unwaived or would result from the disbursement of the proposed Tranche.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.4 Tranche A – Additional Conditions Precedent

Without prejudice to the generality of Articles 2.5.1 (*Initial Documentary Conditions Precedent*) to 2.5.3 (*All Tranches – Other Conditions*), no Disbursement Offer will be provided by the Bank under this Contract in respect of Tranche A unless the Bank has confirmed that it has received in form and substance satisfactory to it no later than the date falling 10 (ten) Business Days before the Disbursement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a copy of the resolution of the competent body (board of directors and/or general meeting of shareholders)
of the Borrower approving the issuance of the Tranche A Warrants by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a copy of the auditor's report(s) relating to the issuance of the Tranche A Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a copy of the Borrower's board of directors minutes acknowledging the amount of receivable held by the
Bank as part of the Arrangement Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a copy of the report issued by the Borrower's statutory auditors certifying the amount of receivable held
by the Bank as part of the Arrangement Fee and to be set off against the subscription price of the Tranche A Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a copy of the Subscription form substantially in the form set out in the Warrant Agreement relating to
the Tranche A Warrants executed by the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if not already included in paragraph (a) the decision of the competent body (board of directors and/or
general meeting of shareholders) acknowledging the subscription of the Tranche A Warrants by the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) evidence of registration of the Tranche A Warrants in the securityholders' account opened in the
name of the Bank in the Borrower's Register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a certificate issued by the Borrower confirming that the subscription to the Tranche A Warrants (i) has
not triggered and will not trigger any Borrower's shareholders rights pursuant to any shareholders' agreement, (ii) has not resulted and
will not result in a violation of the articles of association of the Borrower, any shareholders' agreement or any agreement to which the
Borrower is a party or any law, regulation or judgment to which it is subject and (iii) the Borrower is not aware of any governmental
authority or competent jurisdiction having enacted, issued, promulgated, enforced or entered into any judgment, decision, decree, injunction
or other order which prohibits consummation of the transaction or that seeks, or has the effect of, restraining or prohibiting consummation
of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a legal opinion from Jones Day, legal adviser to the Borrower, addressed to the Bank providing that (i)
the issuance of the Tranche A Warrants has been duly authorised by the Borrower and (ii) the Tranche A Warrants have been validly issued
to the benefit of the Bank and subscribed by it and (iii) the Bank is, as at the date of issuance of the Tranche A Warrants, the valid
owner of the Tranche A Warrants, which are duly registered in the Register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) evidence that the Group has reached a level of revenues during the last 12 (twelve) months at least equal
to EUR 58,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The following evidences of the direct presence in the United Kingdom and Sweden: (i) a signed employment
contract, evidencing that the Borrower or a Group Company has hired one (1) full-time employee located in the United Kingdom and dedicated
to sales, clinical or commercial support for the United Kingdom ; and (ii) a signed employment contract, evidencing that the Borrower
or a Group Company has hired one (1) full-time employee located in Sweden dedicated to sales, clinical or commercial support for the Nordic
countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The following evidences of CE Mark for Endometriosis and First Focal One telecollaboration: (i) copy of
GMED (notified body)'s report regarding CE Mark designation for the Focal One Robotic HIFU-System, for the treatment of posterior deep
endometriosis infiltrating the rectum and surrounding structures ; and (ii) press releases from the Cleveland Clinic regarding first remote
transatlantic Focal One procedure performed between Cleveland Clinic Ohio and Cleveland Clinic Abu-Dhabi;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) a certificate of an authorised signatory of the Borrower certifying that each copy document specified
above is correct, complete and in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.5 Tranche B – Additional Conditions Precedent

Without prejudice to the generality of Articles 2.5.1 (*Initial Documentary Conditions Precedent*) to 2.5.3 (*All Tranches – Other Conditions*), no Disbursement Offer will be provided by the Bank under this Contract in respect of Tranche B unless Tranche A has been fully disbursed and the Bank has confirmed that it has received in form and substance satisfactory to it no later than the date falling 10 (ten) Business Days before the Disbursement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a copy of the resolution of the competent body (board of directors and/or general meeting of shareholders)
of the Borrower approving the issuance of the Tranche B Warrants by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a copy of the auditor's report(s) relating to the issuance of the Tranche B Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a copy of the Borrower's board of directors minutes acknowledging the amount of receivable held by the
Bank as part of the Arrangement Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a copy of the report issued by the Borrower's statutory auditors certifying the amount of receivable held
by the Bank as part of the Arrangement Fee and to be set off against the subscription price of the Tranche B Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a copy of the Subscription form substantially in the form set out in the Warrant Agreement relating to
the Tranche B Warrants executed by the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if not already included in paragraph (a) the decision of the competent body (board of directors and/or
general meeting of shareholders) acknowledging the subscription of the Tranche B Warrants by the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) evidence of registration of the Tranche B Warrants in the securityholders' account opened in the
name of the Bank in the Borrower's Register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a certificate issued by the Borrower confirming that the subscription to the Tranche B Warrants (i) has
not triggered and will not trigger any Borrower's shareholders rights pursuant to any shareholders' agreement, (ii) has not resulted and
will not result in a violation of the articles of association of the Borrower, any shareholders' agreement or any agreement to which the
Borrower is a party or any law, regulation or judgment to which it is subject and (iii) the Borrower is not aware of any governmental
authority or competent jurisdiction having enacted, issued, promulgated, enforced or entered into any judgment, decision, decree, injunction
or other order which prohibits consummation of the transaction or that seeks, or has the effect of, restraining or prohibiting consummation
of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a legal opinion from Jones Day, legal adviser to the Borrower, addressed to the Bank providing that (i)
the issuance of the Tranche B Warrants has been duly authorised by the Borrower and (ii) the Tranche B Warrants have been validly issued
to the benefit of the Bank and subscribed by it and (iii) the Bank is, as at the date of issuance of the Tranche B Warrants, the valid
owner of the Tranche B Warrants, which are duly registered in the Register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) evidence, satisfactory to the Bank, that the Group has reached a level of EBITDA not lower than minus
EUR 16,500,000 during the last 12 (twelve) months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) evidence that the Group has reached a level of revenues during the last 12 (twelve) months at least equal
to EUR 60,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) evidence of the New Ultrasound Manufacturing Introduction, comprising a final manufacturing file or manufacturing
document prepared by the Borrower, regarding the new ultrasound product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) a report for a clinical study regarding benign prostatic hyperplasia (''BPH'') undertaken in the European
Union or an IRB Document for a for a clinical study regarding BPH undertaken in the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) a certificate of an authorised signatory of the Borrower certifying that each copy document specified
above is correct, complete and in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.6 Tranche C – Additional Conditions Precedent

Without prejudice to the generality of Articles 2.5.1 (*Initial Documentary Conditions Precedent*) to 2.5.3 (*All Tranches – Other Conditions*), no Disbursement Offer will be provided by the Bank under this Contract in respect of Tranche C unless Tranche A and Tranche B have been fully disbursed and the Bank has confirmed that it has received in form and substance satisfactory to it no later than the date falling 10 (ten) Business Days before the Disbursement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a copy of the resolution of the competent body (board of directors and/or general meeting of shareholders)
of the Borrower approving the issuance of the Tranche C Warrants by the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a copy of the auditor's report(s) relating to the issuance of the Tranche C Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a copy of the Borrower's board of directors minutes acknowledging the amount of receivable held by the
Bank as part of the Arrangement Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a copy of the report issued by the Borrower's statutory auditors certifying the amount of receivable held
by the Bank as part of the Arrangement Fee and to be set off against the subscription price of the Tranche C Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a copy of the Subscription form substantially in the form set out in the Warrant Agreement relating to
the Tranche C Warrants executed by the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if not already included in paragraph (a) the decision of the competent body (board of directors and/or
general meeting of shareholders) acknowledging the subscription of the Tranche C Warrants by the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) evidence of registration of the Tranche C Warrants in the securityholders' account opened in the
name of the Bank in the Borrower's Register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a certificate issued by the Borrower confirming that the subscription to the Tranche C Warrants (i) has
not triggered and will not trigger any Borrower's shareholders rights pursuant to any shareholders' agreement, (ii) has not resulted and
will not result in a violation of the articles of association of the Borrower, any shareholders' agreement or any agreement to which the
Borrower is a party or any law, regulation or judgment to which it is subject and (iii) the Borrower is not aware of any governmental
authority or competent jurisdiction having enacted, issued, promulgated, enforced or entered into any judgment, decision, decree, injunction
or other order which prohibits consummation of the transaction or that seeks, or has the effect of, restraining or prohibiting consummation
of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a legal opinion from Jones Day, legal adviser to the Borrower, addressed to the Bank providing that (i)
the issuance of the Tranche C Warrants has been duly authorised by the Borrower and (ii) the Tranche C Warrants have been validly issued
to the benefit of the Bank and subscribed by it and (iii) the Bank is, as at the date of issuance of the Tranche C Warrants, the valid
owner of the Tranche C Warrants, which are duly registered in the Register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) evidence, satisfactory to the Bank, that the Group has reached a level of EBITDA not lower than minus
EUR 12,500,000 during the last 12 (twelve) months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) evidence that that the Group has reached a level of revenues during the last 12 (twelve) months at least
equal to EUR 69,000,000 (of which HIFU equal to EUR 40,000,000);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a Final Design Transfer document demonstrating achievement of manufacturing readiness for Focal One systems
(including Focal One Plus and next generation systems);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) a FocalPak volume growth chart comparing calendar year 2025 (CY25) and calendar year 2026 (CY26);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) a purchase order or signed operating lease agreement confirming the placement of at least one (1) Focal
One system with Endometriosis capability in the European Union, to demonstrate the commercialization rollout of Focal One for Endometriosis
treatment in Europe; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) a certificate of an authorised signatory of the Borrower certifying that each copy document specified
above is correct, complete and in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Cancellation</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower may send a written notice to the Bank requesting a cancellation of the undisbursed Credit
or a portion thereof. In its written notice the Borrower:

&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) must specify whether the Credit shall be cancelled in whole or in part and, if in part, the amount of
the Credit to be cancelled; 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;(ii) must not request any cancellation of an Accepted Tranche which has a Disbursement Date falling within
5 (five) Business Days of the date of such written notice.

Upon receipt of such written notice, the Bank shall cancel the requested portion of the Credit with immediate effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time upon the occurrence of the following events, the Bank may notify the Borrower in writing that
the undisbursed portion of the Credit shall be cancelled in whole or in part:

&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) a Prepayment Event, which for the avoidance of doubt and only in case of event pursuant to Article 5.3.1
(*Investment Cost Reduction Event*), by an amount equal to the amount by which it is entitled to cancel the Credit;

&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) an Event of Default; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an event or circumstance which would, with the passage of time or the giving of notice or the making of
any determination under this Contract (or any combination of the foregoing) constitute a Prepayment Event other than pursuant to Article 5.3.1
(*Investment Cost Reduction Event*) or an Event of Default.

On the date of such written notification from the Bank the relevant undisbursed portion of the Credit shall be cancelled with immediate effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Sums due under this Article 2.5.4 (*Cancellation*)
shall be payable in EUR within 15 (fifteen) days of the Borrower's receipt of the Bank's demand or within any longer period specified
in the Bank's demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Fee for cancellation of an Accepted Tranche</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If pursuant to Sub-Paragraph (a) of Article 2.6 (*Cancellation*) the Borrower cancels an Accepted
Tranche, the Borrower shall pay to the Bank the Cancellation Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If pursuant to Sub-Paragraph (b) of Article 2.6 (*Cancellation*) the Bank cancels all or part
of an Accepted Tranche, the Borrower shall pay to the Bank the Cancellation Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If an Accepted Tranche is not disbursed on the Disbursement Date because the conditions precedent set
out in Article 2.5.3 (*All Tranches – Other Conditions*) are not satisfied on
such date, such Tranche shall be cancelled and the Borrower shall pay to the Bank the relevant Cancellation Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Cancellation after expiry of the Credit</u> 

On the day following the Final Availability Date, unless otherwise specifically notified in writing by the Bank to the Borrower, any part of the Credit in respect of which no Disbursement Acceptance has been received in accordance with Article 2.2.3 (*Disbursement Acceptance*) shall be automatically cancelled, without any further notice from the Bank to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Non-Utilisation Fee</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If no disbursement is made by the date falling 9 (nine) months after the signature of this Contract or
in case the Credit is cancelled in full under Article 2.6 (*Cancellation*) prior to the expiry of this term, the Borrower shall pay
to the Bank a one-off contractual fee of EUR 100,000 (one hundred thousand euros).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Non-Utilisation Fee shall be payable by the Borrower to the Bank within 15 (fifteen) days of the Borrower's
receipt of the Bank's demand or within any longer period specified in the Bank's demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the avoidance of doubt, the Non-Utilisation Fee(s) payable under this Article 2.9 (*Non-Utilisation Fee*) is independent of any other fees stipulated in this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Arrangement Fee</u> 

With respect to Tranche A, the Arrangement Fee is due and payable by the Borrower on the signing date of the Contract. With respect to Tranche B, the Arrangement Fee is due and payable by the Borrower on the date of the Board of Directors' meeting deciding the issuance of the Tranche B Warrants. With respect to Tranche C, the Arrangement Fee is due and payable by the Borrower on the date of the Board of Directors' meeting deciding the issuance of the Tranche C Warrants. The Parties agree that the amounts due and payable by the Borrower under the Arrangement Fee will be set off against the amounts due and payable by the Bank under the Subscription Price (as defined in the Warrant Agreement) of the relevant Tranche, on the date on which the Subscription Price is due and payable.

#### ARTICLE 3<br> The Loan
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Amount of Loan</u> 

The Loan shall comprise the aggregate amount of Tranches disbursed by the Bank under the Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Currency of repayment, interest and other charges</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall pay interest, principal and other charges payable in respect of each Tranche in EUR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any other payment shall be made in the currency specified by the Bank having regard to the currency of
the expenditure to be reimbursed by means of that payment.

#### ARTICLE 4<br> Interest
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Fixed Rate</u> 

The Borrower shall pay interest on the outstanding balance of Tranche C at the Fixed Rate annually in arrear on the relevant Payment Dates specified in the Disbursement Offer, and calculated on the basis of Article 6.1 (*Day count convention*). If the period from the Disbursement Date to the first Payment Date is 15 (fifteen) days or less then the payment of interest accrued during such period shall be postponed to the following Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Deferred Interest Rate</u> 

If a Deferred Interest Rate is specified in the Disbursement Offer in relation to a Tranche, interest shall accrue on the outstanding balance of such Tranche at the Deferred Interest Rate, and calculated on the basis of sub-paragraph (a) of Article 6.1 (Day count convention), and such interest shall be due and payable on the Maturity Date of such Tranche or, where a Tranche is prepaid, on the Prepayment Date. For the avoidance of doubt, any such interest shall not be capitalised and shall not bear interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Warrants</u> 

In addition to the interest payable pursuant to Article 4.1 (*Fixed Rate Tranches*) and 4.2 (*Deferred Interest*) above, the Bank shall be entitled to receive any amounts due in connection with the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Interest on overdue sums</u> 

Without prejudice to Article 9 (*Events of default*) and by way of exception to Article 4.1 (*Fixed Rate*) and 4.2 *(Deferred Interest)*, if the Borrower fails to pay any amount payable by it under the Contract on its due date, interest shall accrue on any such overdue amount from the due date to the date of actual payment at an annual rate equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for overdue sums related to Tranches with Fixed Rate and/or Deferred Interest Rate, the higher of (a)
the applicable Fixed Rate and/or Deferred Interest Rate plus 2% (two hundred basis points) or (b) EURIBOR plus 2% (two hundred basis points);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for overdue sums other than under sub-paragraph (a) of Article 4.4 (*Interest on overdue sums*)
above, EURIBOR plus 2% (two hundred basis points),

and shall be payable in accordance with the demand of the Bank. For the purpose of determining EURIBOR in relation to this Article 4.4 (*Interest on overdue sums*), the relevant periods within the meaning of Schedule B (*Definition of EURIBOR*) shall be successive periods of one month commencing on the due date.

If the overdue sum is in a currency other than the currency of the Credit, the relevant interbank rate that is generally retained by the Bank for transactions in that currency plus 2% (two hundred basis points) shall apply, calculated in accordance with the market practice for such rate.

Without prejudice to the fact that they may be due at any time, default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the request of the Bank, provided that, within the meaning of article 1343-2 of the French *Code civil*, such interest is due for a period of at least one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Effective Global Rate (*Taux Effectif Global*)</u> 

For the purpose of articles L.314-1 to L.314-5 and article R.314-1 et seq. of the French *Code de la consommation* and article L.313-4 of the French *Code monétaire et financier*, the Parties acknowledge that (i) the effective global rate calculated on the date of this contract, based on assumptions as to the period rate (*taux de période*) and the period term (*durée de période*) and on the assumption that the interest rate and all fees, costs or expenses payable under this Contract will be maintained at their original level throughout the term of this Contract, is set out in a TEG Letter from the Bank to the Borrower and (ii) the TEG Letter forms part of this Contract. The Borrower acknowledges receipt of the TEG Letter.

#### ARTICLE 5<br> Repayment
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Normal repayment</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 Repayment by instalments

The Borrower shall repay Tranche C by equal annual instalments of principal together with all other amounts outstanding under this Contract in relation to that Tranche on the Repayment Date(s) specified in the relevant Disbursement Offer.

The first Repayment Date of Tranche C shall fall not earlier than 30 (thirty) days from the Disbursement Date and not later than the first Repayment Date immediately following the Disbursement Date of Tranche C.

The last Repayment Date of Tranche C shall fall not later than 5 years from the Disbursement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 Single instalment

The Borrower shall repay each Tranche A and Tranche B, together with all other amounts outstanding under this Contract in relation to that Tranche, in a single instalment on the Maturity Date of that Tranche.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Voluntary prepayment</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 Prepayment option

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Articles 5.2.2 (*Prepayment Fee*), 5.2.3 (*Prepayment mechanics*) and 5.4 (*General*),
the Borrower may prepay all or part of any Tranche, together with accrued interest (including any interest under Articles 4.2 (*Deferred Interest*)), any Prepayment Fee, any other fees, if any and any amount due under any Finance Document in connection with such Tranche,
upon giving a Prepayment Request with at least 60 (sixty) calendar days prior notice specifying:

&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) the Prepayment Amount;

&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) the Prepayment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if applicable, the choice of application method of the Prepayment Amount in line with sub-paragraph (a)(i)
of Article 6.5.3 (Allocation of sums related to Tranches); 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;(iv) the Contract Number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Prepayment Request shall be irrevocable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 Prepayment Fee

If the Borrower prepays a Tranche, the Borrower shall pay the relevant Prepayment Fee on the Prepayment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3 Prepayment mechanics

Upon presentation by the Borrower to the Bank of a Prepayment Request in respect of a Tranche, the Bank shall issue a Prepayment Offer to the Borrower, not later than 15 (fifteen) days prior to the Prepayment Date. The Prepayment Offer shall specify the Prepayment Date, the Prepayment Amount, the accrued interest due thereon (including any interest under Article 4.2 (*Deferred* Interest)), and the Prepayment Fee (including the fee due under Article 5.4 (b) (*General*)), if any and the method of application of the Prepayment Amount and the deadline by which the Borrower may accept the Prepayment Offer.

If the Borrower accepts the Prepayment Offer no later than by the deadline specified therein, the Bank shall send to the Borrower, no later than 10 (ten) days prior to the relevant Prepayment Date, a Prepayment Notice.

If the Borrower does not duly accept the Prepayment Offer, the Borrower may not effect the prepayment in respect of such Tranche.

The Borrower shall pay the amount specified in the Prepayment Notice on the relevant Prepayment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Compulsory prepayment and cancellation</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1 Investment Cost Reduction Event

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall promptly inform the Bank if an Investment Cost Reduction Event has occurred or is likely
to occur. At any time after the occurrence of an Investment Cost Reduction Event the Bank may, by notice to the Borrower, cancel the undisbursed
portion of the Credit and/or demand prepayment of the Loan Outstanding up to the amount by which the Credit exceeds the limits referred
to in paragraph (b) below together with accrued interest and all other amounts accrued and outstanding under this Contract in relation
to the proportion of the Loan Outstanding to be prepaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purpose of this Article, "**Investment Cost Reduction Event**" means that the total
cost of the Investment at completion by the final date specified in the Technical Description falls below the figure stated in Recital
(A) so that the amount of the Credit exceeds:

&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) 50% (fifty per cent);

&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) when aggregated with the amount of any other funds from the European Union made available for the Investment,
70% (seventy per cent.); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) when aggregated with the principal amount of any loan provided by another implementing partner under the
InvestEU Fund to finance the Investment, 50% (fifty per cent),

of such total cost of the Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2 Change Events

The Borrower shall promptly inform the Bank if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Change-of-Control Event has occurred or is likely to occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Change-of-Law Event has occurred or is likely to occur; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a Senior Management Change has occurred or is likely to occur; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an Event of Default has occurred.

In such case, or if the Bank has reasonable cause to believe that a Change-of-Control Event has occurred or is likely to occur, a Change-of-Law Event has occurred or is likely to occur, a Senior Management Change has occurred or is likely to occur, or an Event of Default has occurred, the Borrower shall, on request of the Bank, consult with the Bank as to the impact of such event. If 30 (thirty) days have passed since the date of such request and the Bank is of the opinion that the effects of such event cannot be mitigated to its satisfaction, or in any event if a Change-of-Control Event, Change-of-Law Event, a Senior Management Change or an Event of Default has actually occurred, the Bank may by notice to the Borrower, cancel the undisbursed portion of the Credit and/or demand prepayment of the Loan Outstanding, together with accrued interest and all other amounts accrued or outstanding under this Contract or any other Finance Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.3 Illegality Event

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon becoming aware of an Illegality Event:

&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) the Bank shall promptly notify the Borrower, 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;(ii) the Bank may immediately (A) suspend or cancel the undisbursed portion of the Credit, and/or (B) demand
prepayment of the Loan Outstanding, together with accrued interest and all other amounts accrued and outstanding under this Contract on
the date indicated by the Bank in its notice to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of this Article, "Illegality Event" means that it becomes unlawful in any applicable
jurisdiction, or if it becomes contrary to any Sanctions, for the Bank 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;(i) perform any of its obligations as contemplated in this Contract; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) fund or maintain the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.4 Disposals

If the Borrower disposes of assets forming part of the Investment or shares in subsidiaries holding assets forming part of the Investment, without the approval of the Bank, the Borrower shall apply all proceeds of such disposal to prepay the Loan Outstanding (in part or in whole), together with accrued interest, promptly following receipt of such proceeds in accordance with sub-paragraph (b) of Paragraph 7 (*Disposal of assets*) of Schedule H (*General Undertakings*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.5 Warrant Resolution Challenge Event

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall promptly inform the Bank if a Warrant Resolution Challenge Event has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Borrower notifies the Bank of any Warrant Resolution Challenge Event, or if the Bank becomes aware
of any Warrant Resolution Challenge Event and notifies the Borrower to that effect, then the Borrower shall, on request of the Bank, consult
with the Bank as to the impact of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If:

&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) 30 (thirty) days have passed since the date of the Bank's request referred under Sub-Paragraph (b)
above and the Borrower has not provided the Bank with documents or information evidencing to the Bank's satisfaction that the relevant
Warrant Resolution Challenge is frivolous or will be otherwise successfully defended against; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the relevant court revokes or declares nullity of any of the resolutions referred to under Sub-Paragraph
(a) of Articles 2.5.4 to 2.5.6, then the Bank may by notice to the Borrower, cancel the undisbursed portion of the Credit and/or demand
prepayment of the Loan Outstanding, together with accrued interest and all other amounts accrued or outstanding under this Contract or
any other Finance Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the purpose of this Contract, "Warrant Resolution Challenge Event" means a lawsuit for the
revocation or declaration of nullity of any of the resolutions referred to under Sub-Paragraph (a) of Articles 2.5.4 to 2.5.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.6 Pari Passu to Non-EIB Financing

If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A Voluntary Non-EIB Prepayment has occurred; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) a Voluntary Non-EIB Prepayment is likely to occur and (B) the Bank has requested a consultation in
respect of such Voluntary Non-EIB Prepayment in accordance with Clause 5.4 and at least 30 (thirty) days have passed since the date of
such request,

the Bank may, by notice to the Borrower, cancel the undisbursed portion of the Credit and demand prepayment of the Loan. The proportion of the Loan that the Bank may require to be prepaid shall be the same as the proportion that the prepaid amount of the Non-EIB Financing bears to the aggregate outstanding amount of all Non-EIB Financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.7 Prepayment Fee

In the case of a Prepayment Event (other than pursuant to Article 5.3.3 (*Illegality Event*) in relation to a Tranche, the Borrower shall pay the relevant Prepayment Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.8 Prepayment mechanics

Any sum demanded by the Bank pursuant to Articles 5.3.1 (*Investment Cost Reduction Event*) to 5.3.5 (*Pari Passu to Non-EIB Financing*) shall be paid on the date indicated by the Bank in the Prepayment Notice, such date being a date falling not less than 30 (thirty) days from the date of the demand (or, if earlier, the last day of any applicable grace period permitted by law in respect of the event in Article 5.3.3 (*Illegality Event*)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>General</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A repaid or prepaid amount may not be reborrowed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Bank exceptionally accepts, solely upon the Bank's discretion, a Prepayment Request with
prior notice of less than 30 (thirty) calendar days, the Borrower shall pay to the Bank a fee of EUR 10,000 (ten thousand euros) per each
Tranche requested to be prepaid, partly or in full, in consideration of the administrative costs incurred by the Bank in connection with
such voluntary prepayment. In such case, the Bank shall not be under an obligation to observe the deadlines to send a Prepayment Offer
and/or the Prepayment Notice, as applicable, pursuant to this Contract.

#### ARTICLE 6<br> Payments
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Day count convention</u> 

Any amount due under this Contract and calculated in respect of a fraction of a year shall be determined based on a year of 360 (three hundred and sixty) days and a month of 30 (thirty) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Time and place of payment</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If neither this Contract nor the Bank's demand specifies a due date, all sums other than sums of interest,
indemnity and principal are payable within 15 (fifteen) days of the Borrower's receipt of the Bank's demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each sum payable by the Borrower under this Contract shall be paid to the following account:

---

| | |
|:---|:---|
| Bank: | European Investment Bank |
| City: | Luxembourg |
| Account number: | LU92 9980 0000 0000 0001 |
| SWIFT Code/BIC: | BEILLULLXXX |
| Remark: | /RT or direct via T2 (DVT), |

---

or such other account notified by the Bank to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall provide the Contract Number as a reference for each payment made under this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any disbursements by and payments to the Bank under this Contract shall be made using the Disbursement
Account (for disbursements by the Bank) and the Payment Account (for payments to the Bank).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>No set-off by the Borrower</u> 

All payments to be made by the Borrower under this Contract shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Disruption to Payment Systems</u> 

If either the Bank determines (in its discretion) that a Disruption Event has occurred or the Bank is notified by the Borrower that a Disruption Event has occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Bank may, and shall if requested to do so by the Borrower, consult with the Borrower with a view to
agreeing with the Borrower such changes to the operation or administration of this Contract as the Bank may deem necessary in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Bank shall not be obliged to consult with the Borrower in relation to any changes mentioned in sub-paragraph
(a) of this Article 6.4 (*Disruption to Payment* Systems) above if, in its opinion, it is not practicable to do so in the circumstances
and, in any event, shall have no obligation to agree to such changes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Bank shall not be liable for any damages, costs or losses whatsoever arising as a result of a Disruption
Event or for taking or not taking any action pursuant to or in connection with this Article 6.4 (*Disruption to Payment Systems*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Application of sums received</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.1 General

Sums received from the Borrower shall only discharge its payment obligations if and when received in accordance with the terms of this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.2 Partial payments

If the Bank receives a payment that is insufficient to discharge all the amounts then due and payable by the Borrower under this Contract, the Bank shall apply that payment, in the order set out below, in or towards payment of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) first, any unpaid fees, costs, indemnities and expenses due under this Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) secondly, any accrued interest due but unpaid under this Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) thirdly, any principal due but unpaid under this Contract; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) fourthly, any other sum due but unpaid under this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.3 Allocation of sums related to Tranches

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a partial voluntary prepayment of a Tranche that is subject to a repayment in several instalments, the
Prepayment Amount shall be applied *pro rata* to each outstanding instalment, or, at the
request of the Borrower, in inverse order of maturity,

&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) a partial compulsory prepayment of a Tranche that is subject to a repayment in several instalments, the
Prepayment Amount shall be applied in reduction of the outstanding instalments in inverse order of maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Sums received by the Bank following a demand under Article 9.1 (*Right to demand repayment*) and applied to a Tranche, shall reduce the outstanding instalments in inverse order of maturity. The Bank
may apply sums received between Tranches at its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In case of receipt of sums which cannot be identified as applicable to a specific Tranche, and on which
there is no agreement between the Bank and the Borrower on their application, the Bank may apply these between Tranches at its discretion.

#### ARTICLE 7 <br> Borrower undertakings and representations
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower makes the representations and warranties set out in Schedule G (*Representations and Warranties*)
to the Bank on the date of this Contract in respect of itself and, where applicable, the other Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Repeating Representations are deemed to be made by the Borrower (in respect of itself and, where applicable,
the other Obligors) on the date of each Disbursement Acceptance, each Disbursement Date , each Quarter
Date an d each Payment Date by reference to the facts and circumstances then existing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The undertakings in Schedule H (*General Undertakings*)
and Schedule I (*Information and Visits*) remain in force from the date of this Contract
for so long as any amount is outstanding under this Contract or the Credit is available.

#### ARTICLE 8<br> Charges and expenses
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Taxes, duties and fees</u> 

The Borrower shall pay all Taxes, duties, fees and other impositions of whatsoever nature, including stamp duty and registration fees, arising out of the execution or implementation of each Finance Document or any related document and in the creation, perfection, registration or enforcement of any security for the Loan to the extent applicable.

The Borrower shall pay all principal, interest, indemnities and other amounts due under this Contract gross without any withholding or deduction of any national or local impositions whatsoever, provided that if the Borrower is required by law or an agreement with a governmental authority or otherwise to make any such withholding or deduction, it will gross up the payment to the Bank so that after withholding or deduction, the net amount received by the Bank is equivalent to the sum due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Other charges</u> 

The Borrower shall bear all charges and expenses, including professional, banking or exchange charges incurred in connection with the preparation, execution, implementation, enforcement and termination of the Finance Documents (including, but not limited to, any Guarantee Agreement entered into pursuant to Paragraph 16 (*Guarantees*) of Schedule H (*General Undertakings*)) or any related document, any amendment, supplement or waiver in respect of the Finance Documents or any related document, and in the amendment, creation, management, enforcement and realisation of any security for the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Increased costs, indemnity and set-off</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall pay to the Bank any costs or expenses incurred or suffered by the Bank as a consequence
of the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or compliance
with any law or regulation which occurs after the date of this Contract, in accordance with or as a result of which (i) the Bank is obliged
to incur additional costs in order to fund or perform its obligations under this Contract, or (ii) any amount owed to the Bank under this
Contract or the financial income resulting from the granting of the Credit or the Loan by the Bank to the Borrower is reduced or eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without prejudice to any other rights of the Bank under this Contract or under any applicable law, the
Borrower shall indemnify and hold the Bank harmless from and against any loss incurred as a result of any full or partial discharge that
takes place in a manner other than as expressly set out in this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Bank may set off any matured obligation due from the Borrower under each Finance Document (to the
extent beneficially owned by the Bank) against any obligation (whether or not matured) owed by the Bank to the Borrower regardless of
the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Bank may convert
either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. If either obligation is
unliquidated or unascertained, the Bank may set off in an amount estimated by it in good faith to be the amount of that obligation.

#### ARTICLE 9<br> Events of default
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Right to demand repayment</u> 

The Bank may demand (in writing) without prior notice (*mise en demeure préalable*) or any judicial or extra judicial step immediate repayment by the Borrower of all or part of the Loan Outstanding (as requested by the Bank), together with accrued interest, any Prepayment Fee and all other accrued or outstanding amounts under any Finance Document, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any amount payable pursuant to any Finance Document is not paid on the due date at the place and in the
currency in which it is expressed to be payable, unless (i) its failure to pay is caused by an administrative or technical error or a
Disruption Event and (ii) payment is made within 3 (three) Business Days of its due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any information or document given to the Bank by or on behalf of any Obligor or any representation, warranty
or statement made or deemed to be made by the Borrower in, pursuant to or for the purpose of entering into any Finance Document or in
connection with the negotiation or performance of any Finance Document is or proves to have been incorrect, incomplete or misleading in
any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) following any default of any Obligor in relation to any loan, or any obligation arising out of any financial
transaction, other than the Loan:

&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) such Obligor is required or is capable of being required or will, following expiry of any applicable contractual
grace period, be required or be capable of being required to prepay, discharge, close out or terminate ahead of maturity such other loan
or obligation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any financial commitment for such other loan or obligation is cancelled or suspended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Obligor is unable to pay its debts as they fall due, or suspends its debts, or makes or seeks to make
a composition with its creditors including a moratorium, or commences negotiations with one or more of its creditors with a view to rescheduling
any of its Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any corporate action, legal proceedings or other procedure or step is taken in relation to the suspension
of payments, a moratorium of any indebtedness, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme
of arrangement or otherwise) or an order is made or an effective resolution is passed for the winding up of any Obligor, or if any Obligor
takes steps towards a substantial reduction in its capital, is declared insolvent or ceases or resolves to cease to carry on the whole
or any substantial part of its business or activities or any situation similar to any of the above occurs under any applicable law, including
any of the following in relation to the Borrower:

&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) the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration,
the opening of proceedings for *sauvegarde, sauvegarde accélérée, redressement judiciaire, liquidation judiciaire* or a judgement for *cession totale ou partielle de l'entreprise* pursuant to article L.620-1 to L.670-8 of the French *Code de commerce* or reorganisation (in the context of a mandat ad hoc or of a conciliation or otherwise in accordance with articles L.611-3
to L.611-16 of the French *Code de commerce*) of the Borrower;

&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) the appointment of a liquidator receiver, administrator, administrative receiver, provisional administrator,
mandataire ad hoc, conciliateur or other similar officer in respect of the Borrower or any of its assets;

&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) a judgment for *sauvegarde, sauvegarde accélérée, redressement judiciaire,cession totale ou partielle de l'entreprise* or *liquidation judiciaire* or any other measure, procedure or judgement referred to in book
6 of the French *Code de commerce* is entered into in relation to the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the enforcement by a third party of any Security over any assets of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Borrower applying for mandat ad hoc or conciliation in accordance with articles L.611-3 et seq. of
the French *Code de commerce*; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any procedure, judgment, or step is taken in any jurisdiction against the Borrower or any other Obligor,
which has effects similar to those, above-mentioned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) an encumbrancer takes possession of, or a receiver, liquidator, administrator, administrative receiver
or similar officer is appointed, whether by a court of competent jurisdiction or by any competent administrative authority or by any person,
of or over, any part of the business or assets of any Obligor or any property forming part of the Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) if any of the enforcement proceedings (including any of the enforcement proceedings provided for in the
French *Code des procedures civiles d'exécution*) provided for in the French law No.91-650 of 9 July 1991, or any expropriation,
attachment, sequestration, distress or execution affects any asset or assets any Obligor or any analogous process in any jurisdiction
affects any asset or assets of any Obligor and is not discharged or stayed within 14 (fourteen) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if the Borrower faces difficulties that it cannot overcome without being in a situation of insolvency
(*état de cessation de paiement*) within the meaning of article L.620-1 of the French *Code de commerce* or is in a situation
of insolvency (*état de cessation de paiement*) within the meaning of article L.631-1 of the French *Code de commerce*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Obligor defaults in the performance of any obligation in respect of any other loan granted by the
Bank or financial instrument entered into with the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any Obligor defaults in the performance of any obligation in respect of any other loan or financial instrument
made to it from the resources of the Bank or the European Union;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any distress, execution, sequestration or other process is levied or enforced upon the property of any
Obligor or any property forming part of the Investment and is not discharged or stayed within 14 (fourteen) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a Material Adverse Change occurs, as compared with the position at the date of this Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any of the Warrants are cancelled or otherwise cease to be in full force and effect for any reason whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) it is or becomes unlawful for any Obligor to perform any of its obligations under the Finance Documents,
or any Finance Document is not effective in accordance with its terms or is alleged by any Obligor to be ineffective in accordance with
its terms; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any Obligor fails to comply with any other provision under the Finance Documents (including, without limitation,
each of the undertakings in Schedule H (*General Undertakings*) and Schedule I (*Information and Visits*)), unless the non-compliance
or circumstance giving rise to the non-compliance is capable of remedy and is remedied within 20 (twenty) Business Days from the earlier
of the Borrower becoming aware of the non-compliance and a notice served by the Bank on the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Other rights at law</u> 

Article 9.1 (*Right to demand repayment*) shall not restrict any other right of the Bank at law to require prepayment of the Loan Outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Prepayment Fee</u> 

In case of demand under Article 9.1 (*Right to demand repayment*), the Borrower shall pay the Bank the amount demanded together with the relevant Prepayment Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Non-Waiver</u> 

No failure or delay or single or partial exercise by the Bank in exercising any of its rights or remedies under this Contract shall be construed as a waiver of such right or remedy. The rights and remedies provided in this Contract are cumulative and not exclusive of any rights or remedies provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>No Hardship</u> 

Each Party hereby acknowledges that the provisions of article 1195 of the French *Code civil* shall not apply to it with respect to its obligations under the Finance Documents and that it shall not be entitled to make any claim under article 1195 of the French *Code civil*.

#### ARTICLE 10<br> Law and jurisdiction, miscellaneous
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Governing Law</u> 

This Contract and any non-contractual obligations arising out of or in connection with it shall be governed by French law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Jurisdiction</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The courts of Paris have exclusive jurisdiction to settle any dispute (a "**Dispute**") arising
out of or in connection with this Contract (including a dispute regarding the existence, validity or termination of this Contract or the
consequences of its nullity) or any non-contractual obligation arising out of or in connection with this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties agree that the courts of Paris are the most appropriate and convenient courts to settle Disputes
between them and, accordingly, that they will not argue to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Place of performance</u> 

Unless otherwise specifically agreed by the Bank in writing, the place of performance under this Contract, shall be the seat of the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Evidence of sums due</u> 

In any legal action arising out of this Contract the certificate of the Bank as to any amount or rate due to the Bank under this Contract shall, in the absence of manifest error, be prima facie evidence of such amount or rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <u>Entire Agreement</u> 

This Contract constitutes the entire agreement between the Bank and the Borrower in relation to the provision of the Credit hereunder, and supersedes any previous agreement, whether express or implied, on the same matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 <u>Invalidity</u> 

If at any time any term of this Contract is or becomes illegal, invalid or unenforceable in any respect, or this Contract is or becomes ineffective in any respect, under the laws of any jurisdiction, such illegality, invalidity, unenforceability or ineffectiveness shall not affect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the legality, validity or enforceability in that jurisdiction of any other term of this Contract or the
effectiveness in any other respect of this Contract in that jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the legality, validity or enforceability in other jurisdictions of that or any other term of this Contract
or the effectiveness of this Contract under the laws of such other jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 <u>Amendments</u> 

Any amendment to this Contract shall be made in writing and shall be signed by the Parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 <u>Assignment and transfer by the Bank</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bank may assign or transfer (by way of novation, sub-participation or otherwise) all or part of its
rights, benefits or obligations under the Finance Documents. The Borrower herewith consents to any such assignment or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Bank shall have the right to disclose all information relating to or concerning the Borrower, the
Group, the Finance Documents and the Loan in connection with or in contemplation of any such assignment or transfer.

#### ARTICLE 11 <br> Final Articles
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Notices</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1 Form of notice

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice or other communication given under this Contract must be in writing and, unless otherwise stated,
may be made by letter or electronic mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notices and other communications for which fixed periods are laid down in this Contract or which themselves
fix periods binding on the addressee, may be made by hand delivery, registered letter or by electronic mail. Such notices and communications
shall be deemed to have been received by the other Party:

&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) on the date of delivery in relation to a hand-delivered or registered letter or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of any electronic mail, only when actually received in readable form and only if it is addressed
in such a manner as the other Party shall specify for this purpose..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice provided by the Borrower or a Guarantor to the Bank by electronic mail shall:

&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) mention the Contract Number in the subject line; 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;(ii) be in the form of a non-editable electronic image (pdf, tif or other common non-editable file format agreed
between the Parties) of the notice signed by one or more Authorised Signatories of the Borrower as appropriate, attached to the electronic
mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notices issued by the Borrower pursuant to any provision of this Contract shall, where required by the
Bank, be delivered to the Bank together with satisfactory evidence of the authority of the person or persons authorised to sign such notice
on behalf of the Borrower and the authenticated specimen signature of such person or persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without affecting the validity of electronic mail or communication made in accordance with this Article 11.1
(*Notices*), the following notices, communications and documents shall also be sent by registered letter to the relevant Party at
the latest on the immediately following Business Day:

&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) Disbursement Acceptance;

&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) any notices and communication in respect of the cancellation of a disbursement of any Tranche, Prepayment
Request, Prepayment Notice, Event of Default, any demand for prepayment, 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) any other notice, communication or document required by the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Parties agree that any above communication (including via electronic mail) is an accepted form of
communication, shall constitute admissible evidence in court and shall have the same evidential value as an agreement under hand (*sous seing privé*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.2 Addresses

The address and electronic mail address (and the department for whose attention the communication is to be made) of each Party for any communication to be made or document to be delivered under or in connection with this Contract is:

For the Bank Attention: OPS/EGPF/2 100 boulevard Konrad Adenauer L-2950 Luxembourg Email address ops-egpf-2-secretariat@eib.org <br> For the Borrower Attention: Finance Department EDAP TMS S.A. 4/6, rue du Dauphine, 69120 Vaulx-en-Velin, France France Email address Legal@focalone.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.3 Demand after notice to remedy

Each Party shall promptly notify the other Parties in writing of any change in their respective communication details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>English language</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice or communication given under or in connection with this Contract must be in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All other documents provided under or in connection with this Contract must be:

&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) in English; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if not in English, and if so required by the Bank, accompanied by a certified English translation and,
in this case, the English translation will prevail.

**IN WITNESS WHEREOF** the Parties hereto have caused this Contract to be executed in three (3) originals in the English language.

At Luxembourg and Vaulx-en-Velin, this 17 October 2025

Signed for and on behalf of EUROPEAN INVESTMENT BANK <br> By: Yu Zhang This 17 October 2025, in Luxembourg By: Edoardo Romano This 17 October 2025, in Luxembourg

Signed for and on behalf of EDAP TMS SA ______________________ Name: Ryan Rhodes Title: Chief Executive Officer (Directeur Général)

#### Schedule A

#### Investment Specification and Reporting
<u>A.1 Technical Description</u>

**Purpose, Location** 

The Project relates to the Borrower's expenditures in Research, Development and Innovation for the improvement of therapeutical options in prostate cancer, rectal endometriosis, and other conditions that respond to high-intensity focused ultrasound treatment.

The focus of the Project is the development and establishments of the Promoters FocalOne Robotic System. This includes new software modules and upgrades and functional improvements as well as clinical research to gain regulatory approval in new clinical indications.

The Project also entails production expansion activities at the French headquarter and costs for clinical evaluation, regulatory work, market access activities, and IP.

The Project will be implemented by the R&D teams in France (Lyon).

**Description**

Total project costs are EUR 77.6m.

The cost cover new product development for the HIFU programs (prototyping, clinical studies, regulatory. Clinical categories include prostate cancer, benign prostate hyperplasia (BPH), and Endometriosis.

A small portion of the project cost will go into RDI of ESWL (shockwave technology) and regulatory expenses for the distribution products.

100% of the Project costs are expected to be incurred in France.

**Calendar**

The investment covers the period of 2025 to 2028.

<u>A.2 Information Duties</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Dispatch of information: designation of the person responsible</u> 

The information below has to be sent to the Bank under the responsibility of:

---

| | |
|:---|:---|
| | **Financial and Technical Contact** |
| Company | EDAP TMS |
| Contact person | Raj Vakil |
| Title |  |
| Function / Department financial and technical | VP Finance |
| Address | 4 rue du Dauphiné, 69120 Vaulx-en-Velin, France |
| Phone | +33 408 507-7224 |
| Fax |  |
| Email | raj.vakil@focalone.com |

---

The above-mentioned contact person is the responsible contact for the time being.

The Borrower shall inform the EIB immediately in case of any change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Information on the Project's implementation</u> 

The Borrower shall deliver to the Bank the following information on Project progress during implementation at the latest by the deadline indicated below.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Document / information** | **Deadline** | **Frequency of reporting** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Progress Report<br>- *A brief update on the Technical Description, explaining the reasons for significant changes vs. initial scope;*<br> - *Update on the date of completion of each of the main Project's components, explaining reasons for any possible delay;*<br> - *Update on the cost of the Project, explaining reasons for any possible cost variations vs. initial budgeted cost (refer to cost table in A.1);*<br> - *A description of any major issue with impact on the environment and/or social impact;*<br> - *Update on the Project's demand or usage and comments;*<br> - *Any significant issue that has occurred and any significant risk that may affect the Project's operation;*<br> - *Any legal action concerning the Project that may be on-going;*<br> - *Non-confidential project-related pictures, if available.*<br>| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Annual, by*<br>*30.04.2026*<br> *30.04.2027*<br> *30.04.2028*<br> *30.04.2029*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Information on the end of works and first year of operation</u> 

The Borrower shall deliver to the Bank the following information on Project completion and initial operation at the latest by the deadline indicated below.<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Document / information** | **Date of delivery** <br> **to the Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Completion Report, including:<br>- *A final Technical Description of the Project as completed, explaining the reasons for any significant change compared to the Technical Description in A.1.;*<br> - *The date of completion of each of the main Project's components, explaining reasons for any possible delay;*<br> - *The final cost of the Project, explaining reasons for any possible cost variations vs. initial budgeted cost (please refer to the cost table in A.1);*<br> - *Employment effects of the Project: person-days required during implementation as well as permanent new jobs created;*<br> - *The number of new jobs created in R&D in France during the period 2025-2029);*<br> - *Number of devices sold during the period 2025-2029.*<br> - *New products launched in 2025-2029, and revenues generated*<br> - *Patents filed and patent granted over period 2025-2029;* <br> - *A description of any major issue with impact on the environment or social impacts; date on the Project's demand or usage and comments;*<br> - *Any significant issue that has occurred and any significant risk that may affect the Project's operation;*<br> - *Any legal action concerning the Project that may be on-going.*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>*30.06.2029* |

---

---

| | |
|:---|:---|
| **Language of reports** | *English* |

---

**Schedule B**

#### Definition of EURIBOR
"**EURIBOR**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of a relevant period of less than one month, the Screen Rate (as defined below) for a term
of one month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of a relevant period of one or more months for which a Screen Rate is available, the applicable
Screen Rate for a term for the corresponding number of months; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in respect of a relevant period of more than one month for which a Screen Rate is not available, the rate
resulting from a linear interpolation by reference to two Screen Rates, one of which is applicable for a period next shorter and the other
for a period next longer than the length of the relevant period,

(the period for which the rate is taken or from which the rates are interpolated being the "**Representative Period**").

For the purposes of paragraphs (a) to (c) above,

&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) "**available**" means the rates, for given maturities, that are calculated and published
by Global Rate Set Systems Ltd (GRSS), or such other service provider selected by the European Money Markets Institute (EMMI), or any
successor to that function of EMMI, as determined by the Bank; 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;(ii) "**Screen Rate**" means the rate of interest for deposits in EUR for the relevant period
as published at 11:00 a.m., Brussels time, or at a later time acceptable to the Bank on the day (the "**Reset Date**") which
falls 2 (two) Relevant Business Days prior to the first day of the relevant period, on Reuters page EURIBOR 01 or its successor page or,
failing which, by any other means of publication chosen for this purpose by the Bank.

If such Screen Rate is not so published, the Bank shall request the principal offices of four major banks in the euro-zone, selected by the Bank, to quote the rate at which EUR deposits in a comparable amount are offered by each of them, as at approximately 11:00 a.m., Brussels time, on the Reset Date to prime banks in the euro-zone interbank market for a period equal to the Representative Period. If at least 2 (two) quotations are provided, the rate for that Reset Date will be the arithmetic mean of the quotations. If no sufficient quotations are provided as requested, the rate for that Reset Date will be the arithmetic mean of the rates quoted by major banks in the euro-zone, selected by the Bank, at approximately 11:00 a.m., Brussels time, on the day which falls 2 (two) Relevant Business Days after the Reset Date, for loans in EUR in a comparable amount to leading European banks for a period equal to the Representative Period.

The Bank shall inform the Borrower without delay of the quotations received by the Bank.

All percentages resulting from any calculations referred to in this Schedule will be rounded, if necessary, to the nearest one thousandth of a percentage point, with halves being rounded up.

If any of the foregoing provisions becomes inconsistent with provisions adopted under the aegis of EMMI (or any successor to that function of EMMI as determined by the Bank) in respect of EURIBOR, the Bank may by notice to the Borrower amend the provision to bring it into line with such other provisions.

If the Screen Rate becomes permanently unavailable, the EURIBOR replacement rate will be the rate (inclusive of any spreads or adjustments) formally recommended by (i) the working group on euro risk-free rates established by the European Central Bank (ECB), the Financial Services and Markets Authority (FSMA), the European Securities and Markets Authority (ESMA) and the European Commission, or (ii) the European Money Market Institute, as the administrator of EURIBOR, or (iii) the competent authority responsible under Regulation (EU) 2016/1011 for supervising the European Money Market Institute, as the administrator of the EURIBOR, (iv) the national competent authorities designated under Regulation (EU) 2016/1011, or (v) the European Central Bank.

If the Screen Rate becomes permanently unavailable and no EURIBOR replacement rate is formally recommended as provided above, EURIBOR shall be the rate (expressed as a percentage rate per annum) which is determined by the Bank to be the all-inclusive cost to the Bank for the funding of the relevant Tranche based upon the then applicable internally generated Bank reference rate or an alternative rate determination method reasonably determined by the Bank.

#### Schedule C<br>

#### Form of Disbursement Offer/Acceptance
To: EDAP TMS SA

From: European Investment Bank

---

| | |
|:---|:---|
| Date: |  |
| Subject: | Disbursement Offer/Acceptance for the Finance Contract between European Investment Bank and EDAP TMS SA dated [\*\*\*] 20[\*\*\*] (the "**Finance Contract**") |
|  | Contract Number 99053 |
|  | Serapis Number 2025-0092 |

---

Dear Sirs,

We refer to the Finance Contract. Terms defined in the Finance Contract have the same meaning when used in this letter.

Following your request for a Disbursement Offer from the Bank, in accordance with Article 0 (*Disbursement Offer*) of the Finance Contract, we hereby offer to make available to you the following Tranche:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Tranche [A/B/C]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount to be disbursed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Disbursement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Interest rate basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [The Fixed Rate] [The *Deferred* Rate]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Payment Dates and interest periods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Terms and frequency for repayment of principal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) First Repayment Date and Maturity Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Number of Warrants to be issued and/or become exercisable in relation to the Tranche, if relevant:

To make the Tranche available subject to the terms and conditions of the Finance Contract, the Bank must receive a Disbursement Acceptance in the form of a copy of this Disbursement Offer duly signed on your behalf, to the following electronic mail [\*\*\*] no later than the Disbursement Acceptance Deadline of [*time*], Luxembourg time, on [*date*].

The Disbursement Acceptance below must be signed by an Authorised Signatory and must be fully completed as indicated, to include the details of the Disbursement Account.

If not duly accepted by the above stated time, the offer contained in this document shall be deemed to have been refused and shall automatically lapse.

If you do accept the Tranche as described in this Disbursement Offer, all the related terms and conditions of the Finance Contract shall apply, in particular, the provisions of Article 2.5 (*Conditions of Disbursement*).

Yours faithfully,

**EUROPEAN INVESTMENT BANK** 

We hereby accept the above Disbursement Offer for and on behalf of the Borrower:

__________________________________________

Date:

---

| |
|:---|
| Account to be credited: |
| Account N°: |
| Account Holder/Beneficiary: |
| (please, provide IBAN format if the country is included in IBAN Registry published by SWIFT, otherwise an appropriate format in line with the local banking practice should be provided) |
| Bank name, identification code (BIC) and address: |
| Payment details to be provided: |
| Please transmit information relevant to: |
| Name(s) of the Borrower's Authorised Signatory(ies): |
| ………………………………………………………..……………………………………………….. |
| Signature(s) of the Borrower's Authorised Signatory(ies): |

---

**IMPORTANT NOTICE TO THE BORROWER:**

**BY COUNTERSIGNING ABOVE YOU CONFIRM THAT THE LIST OF AUTHORISED SIGNATORIES AND ACCOUNTS PROVIDED TO THE BANK WAS DULY UPDATED PRIOR TO THE PRESENTATION OF THE ABOVE DISBURSEMENT OFFER BY THE BANK.** 

**IN THE EVENT THAT ANY SIGNATORIES OR ACCOUNTS APPEARING IN THIS DISBURSEMENT ACCEPTANCE ARE NOT INCLUDED IN THE LATEST LIST OF AUTHORISED SIGNATORIES AND ACCOUNTS RECEIVED BY THE BANK, THE ABOVE DISBURSEMENT OFFER SHALL BE DEEMED AS NOT HAVING BEEN MADE.**

#### Schedule D

#### Form of Drawdown Certificate
To: European Investment Bank

From: EDAP TMS SA

---

| | |
|:---|:---|
| Date: |  |
| Subject: | Finance Contract between European Investment Bank and EDAP TMS SA dated [\*\*\*] 20[\*\*\*] (the "**Finance Contract**") |
|  | Contract Number 99053 Serapis Number 2025-0092 |

---

Dear Sirs,

Terms defined in the Finance Contract have the same meaning when used in this letter.

For the purposes of Article 2.5 (*Conditions of Disbursement*) of the Finance Contract we hereby certify to you as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Prepayment Event has occurred and is continuing unremedied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Security of the type prohibited under Paragraph 23 (*Negative pledge*) of Schedule H (*General Undertakings*) has been created or is in existence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there has been no material change to any aspect of the Investment or in respect of which we are obliged
to report under the Finance Contract, save as previously communicated by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no Default, Event of Default or a Prepayment Event other than pursuant to Article 5.3.1 (*Investment Cost Reduction Event*) of the Finance Contract has occurred or is continuing, or would, in
each case, result from the disbursement of the proposed Tranche;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no litigation, arbitration administrative proceedings or investigation is current or to our knowledge
is threatened or pending before any court, arbitral body or agency which has resulted or if adversely determined is reasonably likely
to result in a Material Adverse Change, nor is there subsisting against us or any of our subsidiaries any unsatisfied judgement or award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Repeating Representations are correct in all respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Borrower is not in a state of cessation of payments (*cessation des paiements*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) no Material Adverse Change has occurred, as compared with the situation at the date of the Finance Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the borrowing of the Credit, or any part thereof, by the Borrower is within the corporate powers of the
Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the most recent List of Authorised Signatories and Accounts provided to the Bank by the Borrower is up-to-date
and the Bank may rely on the information set out therein.

We undertake to immediately notify the Bank if any the above fails to be true or correct as of the Disbursement Date for the proposed Tranche.

Yours faithfully,

For and on behalf of EDAP TMS SA

Date:

**Schedule E**

#### Form of Compliance Certificate
To: European Investment Bank

From: EDAP TMS SA

---

| | |
|:---|:---|
| Date: |  |
| Subject: | Finance Contract between European Investment Bank and EDAP TMS SA dated [\*\*\*] 20[\*\*\*] (the "**Finance Contract**") |
|  | Contract Number 99053 Serapis Number 2025-0092 |

---

Dear Sirs,

We refer to the Finance Contract. This is a Compliance Certificate. Terms defined in the Finance Contract have the same meaning when used in this Compliance Certificate.

We hereby confirm:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [insert information regarding asset disposal/acquisition];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [no security of the type prohibited under Paragraph 23 (*Negative pledge*) of Schedule H (*General Undertakings*) has been created or is in existence;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [no Default, Event of Default or a Prepayment Event other than pursuant to Article 5.3.1 (*Investment Cost Reduction Event*) of the Finance Contract has occurred or is continuing [after the disposal/acquisition.]
[ *If this statement cannot be made, this certificate should identify any potential event of default that is continuing and the steps, if any, being taken to remedy it* ];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that each of the Repeating Representations is true and correct in all respects as at the date hereof as
if made by reference to the facts and circumstances on the date hereof.

Yours faithfully,

For and on behalf of EDAP TMS SA

[director] [director]

**Schedule F**

#### Initial Documentary Conditions Precedent
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The duly executed Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The constitutional documents of each Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An electronic copy downloaded from Infogreffe website of (i) a certificate of incorporation (*extrait k-bis*), (ii) a solvency certificate (*certificat de non-faillite*) and (iii) a lien search (*état des inscriptions*)
relating to the Borrower and which must not be dated more than 14 (fourteen) Business Days before the signing of this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A copy of the resolution of the competent body (board of directors or general meeting of shareholders)
of each Obligor duly authorising the execution of the Finance Documents to which it is a party and duly authorising the relevant signatories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The List of Authorised Signatories and Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A legal opinion of Allen Overy Shearman Sterling LLP, addressed to the Bank on the legality, validity
and enforceability of the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a legal opinion of Jones Day, legal adviser to the Borrower, addressed to the Bank, and dated no earlier
than the date of signature of this Contract:

&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) which includes an insolvency search on the relevant Obligor conducted on the date of such legal opinion;
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;(ii) on the due incorporation, valid existence and good standing of the Borrower and EDAP TMS France, the authority
and capacity of each French Obligor to enter into the Finance Documents and perform its obligations thereunder, non-conflict with constitutional
documents and on laws applicable to companies generally in France, no consents, registrations or filings are required and no stamp duty
is to be paid in respect of the Finance Documents, all corporate and other action required to be taken has indeed been taken, the due
execution of the Finance Documents, choice of law and enforceability of judgments and that the Borrower is not entitled to claim immunity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a legal opinion of Jones Day, legal adviser to the Borrower, addressed to the Bank, and dated no earlier
than the date of signature of the relevant Guarantee Agreement on the due incorporation, valid existence and good standing of EDAP Technomed
Inc, the authority and capacity of such Guarantor to enter into and perform its obligations under the relevant Guarantee Agreement, the
due authorisation and execution of a Guarantee Agreement by such Guarantor, non-conflict with its constitutional documents and with laws
applicable to companies generally in its jurisdiction of incorporation, and that no consents, registrations or filings are required and
no stamp duty or similar tax is payable in its jurisdiction of incorporation in connection with the Guarantee Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a legal opinion of Jones Day, legal adviser to the Borrower, addressed to the Bank, and dated no earlier
than the date of signature of the relevant Guarantee Agreement on the due incorporation, valid existence and good standing of EDAP Technomed
Co. Ltd, the authority and capacity of such Guarantor to enter into and perform its obligations under the relevant Guarantee Agreement,
the due authorisation and execution of the Guarantee Agreement by such Guarantor, non-conflict with its constitutional documents and with
laws applicable to companies generally in its jurisdiction of incorporation, that no consents, registrations or filings are required and
no stamp duty or similar tax is payable in its jurisdiction of incorporation in connection with the Guarantee Agreement, and that such
Guarantor is not entitled to claim immunity from suit, enforcement, attachment or execution in relation to the Guarantee Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a legal opinion of Jones Day, legal adviser to the Borrower, addressed to the Bank, and dated no earlier
than the date of signature of the relevant Guarantee Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) which includes an insolvency search on the relevant Obligor conducted on the date of such legal opinion;
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;(ii) on the due incorporation, valid existence and good standing of EDAP TMS GmbH, the authority and capacity
of such Guarantor to enter into and perform its obligations under the relevant Guarantee Agreement, the due authorisation and execution
of the Guarantee Agreement by such Guarantor, non-conflict with its constitutional documents and with laws applicable to companies generally
in its jurisdiction of incorporation, that no consents, registrations or filings are required and no stamp duty or similar tax is payable
in its jurisdiction of incorporation in connection with the Guarantee Agreement, and that such Guarantor is not entitled to claim immunity
from suit, enforcement, attachment or execution in relation to the Guarantee Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A structure chart showing the Group certified as being complete and correct by an authorised signatory
of the Borrower provided such certification is dated no earlier than the date falling 14 (fourteen) Business Days before the Disbursement
Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The latest audited financial statements of the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Evidence of payment of all the fees and expenses as required under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) A certificate of an authorised signatory of each Obligor certifying that each copy document relating to
it specified in Schedule F (*Initial Documentary Conditions Precedent*) is correct, complete and in full force and effect as at a
date no earlier than the date falling 14 (fourteen) Business Days before the Disbursement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) A copy of any other document, authorisation, opinion or assurance which the Bank has notified the Borrower
is necessary or desirable in connection with the entry into and performance of, and the transactions contemplated by, the Finance Documents
or the validity and enforceability of the same.

**Schedule G**

#### Representations and Warranties
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Authorisations and Binding Obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor is duly incorporated and validly existing as a company with limited liability under the laws
of its jurisdiction of incorporation. No Obligor's shares (except the Borrower's) are publicly traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Obligor has the power to carry on its business as it is now being conducted and to own its property
and other assets, and to execute, deliver and perform its obligations under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Obligor has obtained all necessary Authorisations in connection with the execution, delivery and
performance of the Finance Documents and in order to lawfully comply with its obligations thereunder, and in respect of the Investment,
and all such Authorisations are in full force and effect and admissible in evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The execution and delivery of, the performance of each Obligor's obligations under and compliance
with the provisions of the Finance Documents do not and will not contravene or conflict with:

&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) any applicable law, statute, rule or regulation, or any judgement, decree or permit to which it is subject;

&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) any agreement or other instrument binding upon it which might reasonably be expected to have a material
adverse effect on its ability to perform its obligations under the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any provision of its constitutional documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations expressed to be assumed by each Obligor in each Finance Document to which it is a party
are legal, valid, binding and enforceable obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No default or other adverse event

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) There has been no Material Adverse Change since 13 August 2025 (Non-repeating)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No event or circumstance which constitutes an Event of Default has occurred and is continuing unremedied
or unwaived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No proceedings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No litigation, arbitration, administrative proceedings or investigation is current or to its knowledge
is threatened or pending before any court, arbitral body or agency which has resulted or if adversely determined is reasonably likely
to result in a Material Adverse Change, nor is there subsisting against it or any of its Subsidiaries any unsatisfied judgement or award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the best of its knowledge and belief (having made due and careful enquiry) no material Environmental
or Social Claim has been commenced or is threatened against any Obligor or any relevant Affiliate in relation to the Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As at the date of this Contract, no Obligor has taken any action to commence proceedings for, nor have
any other steps been taken or legal proceedings commenced or, so far as the Borrower is aware, threatened against any Obligor for its
insolvency, winding up or dissolution, or for any Obligor to enter into any arrangement or compositions for the benefit of creditors,
or for the appointment of an administrator, receiver, administrative receiver, examiner, trustee or similar officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower or any French Obligor has not taken any corporate action, legal proceedings or other procedure
or step in relation 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;(i) the suspension of payments, a moratorium of any indebtedness or the opening of proceedings for *sauvegarde*, *sauvegarde accélérée*, *redressement judiciaire*, *liquidation judiciaire* or reorganisation (in
the context of a *mandat ad hoc* or of a *conciliation* or otherwise) of the Borrower or French Obligor, as the case may be;

&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) the appointment of a liquidator receiver, administrator, administrative receiver, provisional administrator, *mandataire ad hoc*, *conciliateur* or other similar officer in respect of the Borrower (or French Obligor, as the case may
be) or any of its assets;

&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) a judgment for *sauvegarde*, *sauvegarde accélérée*, *redressement judiciaire*, *cession totale ou partielle de l'entreprise* or *liquidation judiciaire* or any other measure, procedure or judgement referred
to in book 6 of the French Code de commerce is entered into in relation to the Borrower or French Obligor, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the enforcement by a third party of any Security over any assets of the Borrower or French Obligor, as
the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Borrower or French Obligor, as the case may be, applying for *mandat ad hoc* or *conciliation* in accordance with articles L.611-3 et seq. of the French Code de commerce; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any procedure, judgement, or step is taken in any jurisdiction, which has effects similar to those, above-mentioned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Exclusion Criteria

At the date of this Contract, the Declaration of Honour continues to be true and correct.

***(Non-repeating)***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Security

At the date of this Contract, no Security exists over the assets of any Group Company other than Permitted Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Ranking

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Its payment obligations under this Contract rank not less than *pari passu* in right of payment with all other present and future unsecured and unsubordinated obligations under any of its debt
instruments except for obligations mandatorily preferred by law applying to companies generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No financial covenants have been concluded with any other creditor of any Obligor (other than the covenants
provided for under (i) the finance agreement entered into between Banque Palatine and EDAP-TMS France dated 17 December 2024 and (ii)
the finance agreement entered into between Banque Palatine and EDAP Technomed Inc. dated 19 December 2024, both shared with the Bank during
the due diligence phase).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Voluntary Non-EIB Prepayment has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Anti-Corruption

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor is in compliance with all applicable European Union and national legislation regarding Illegal
Activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Obligor is engaged in any Illegal Activities and to the best of the Borrower's knowledge no Illegal
Activities have occurred in connection with the Loan and the Investment. (*Non-repeating*)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Accounting and Tax

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The latest available consolidated and unconsolidated audited accounts of the Borrower and the other Obligors
have been prepared on a basis consistent with previous years and have been approved by its auditors as representing a true and fair view
of the results of its operations for that year and accurately disclose or reserve against all the liabilities (actual or contingent) of
the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The accounting reference date of the Borrower is 31 December.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except if otherwise provided in the relevant Guarantee Agreement, no Obligor required to make any deduction
for or on account of any Tax from any payment it may make under the Finance Documents. (*Non-repeating*)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All Tax returns required to have been filed by each Obligor or on its behalf under any applicable law
have been filed when due and contain the information required by applicable law to be contained in them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Obligor has paid when due all Taxes payable by it under applicable law except to the extent that
it is contesting payment in good faith and by appropriate means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) With respect to Taxes which have not fallen due or which it is contesting, each Obligor is maintaining
reserves adequate for their payment and in accordance, where applicable, with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Under the laws of the jurisdiction of incorporation of each Obligor, it is not necessary that the Finance
Documents be filed, recorded or enrolled with any court or other authority or that any stamp, registration or similar tax be paid on or
in relation to the Finance Documents, or the transactions contemplated by the Finance Documents. (*Non-repeating*)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Borrower represents that it is exempted from FATCA and that it is therefore entitled to receive payments
free from any FATCA Deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Information provided

As at the date of this Contract:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the information provided by any Group Company for the purposes of entering into this Contract and any
related documentation was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which
it is stated and continues to be true and accurate in all material respect as at the date of this Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Group structure chart is true, complete and accurate in all material respects and represents the complete
corporate structure of the Group as at the date of this Contract, and other than as set out therein the Borrower owns no other equity
and/or shares in any other business entity. (*Non-repeating*)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) the information provided by the Borrower under the Declaration of Honour and InvestEU Fund MSS Declaration
is complete, accurate and true in all respects; and (ii) the Borrower (and the Group as a whole where relevant) complies with the eligibility
and exclusion criteria to be the beneficiary of the Credit as such criteria are listed in the Declaration of Honour and InvestEU Fund
MSS Declaration. (*Non-repeating*)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. No indebtedness

No Obligor has Indebtedness outstanding other than Permitted Indebtedness. (*Non-repeating*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. No Immunity

No Obligor, nor any of its assets, is entitled to immunity from suit, execution, attachment or other legal process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Pensions

The pension schemes for the time being operated by the Obligors (if any) are funded in accordance with their rules and to the extent required by law or otherwise comply with the requirements of any law applicable in the jurisdiction in which the relevant pension scheme is maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Sanctions

No Obligor and/or any Relevant Person

G.0.1 is a Sanctioned Person; or

G.0.2 is in breach of any Sanctions.

It is acknowledged and agreed that the representations set out in this Paragraph 13 (*Sanctions*) are only sought by and given to the Bank to the extent that to do so would be permissible pursuant to any applicable anti-boycott rule of the EU such as Regulation (EC) 2271/96.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Other

The Borrower is established in an Eligible Territory.

**Schedule H**

#### General Undertakings
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Use of Loan

The Borrower shall use all amounts borrowed by it under the Loan to carry out the Investment. In any event, the Borrower shall ensure that the amount of the Credit together with any principal loan amount provided by another implementing partner under the InvestEU Fund shall not exceed 50% (fifty per cent) of the total cost of the Investment set out in Recital (A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Completion of Investment

The Borrower shall or shall procure that the Investment is carried out in accordance with the Technical Description as may be modified from time to time with the approval of the Bank, and complete it by the final date specified therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Procurement procedure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall procure works, goods and services for the Investment:

&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) in accordance with EU Law in general and in particular with the relevant European Union procurement directives,
if the latter are applicable;

&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) in accordance with procurement procedures which, to the satisfaction of the Bank, respect the criteria
of economy and efficiency and the principles of transparency, equal treatment and non-discrimination on the basis of nationality in case
of public contracts not subject to the European Union procurement directives; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in accordance with procurement procedures which, to the satisfaction of the Bank, respect the criteria
of economy and efficiency in case of contracts other than public contracts not subject to the European Union procurement directives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For cases (i) and (ii) of paragraph (a) above, the Borrower shall request in the tender documents
or other reference documents for the procurement procedures referred to in sub-paragraph (a) above that the bidder declares whether or
not it is subject to any exclusion decision or temporary suspension pursuant to the Exclusion Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a bidder declares to the Borrower prior to the contract award that it is subject to any exclusion decision
or temporary suspension covered by the Exclusion Policy, the Borrower shall engage with the Bank in good faith and shall make best efforts
in order 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;(i) achieve an exclusion of such a bidder under applicable law so that the bidder does not participate in
the Investment or, should such an exclusion not be possible,

&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) restructure the scope of the Investment so that no proceeds of the Loan be applied towards any works or
services under any contract awarded to that bidder, unless otherwise agreed with the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Compliance with laws

Each Obligor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) comply in all respects with all laws and regulations to which it or the Investment is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding paragraph (a) above comply with any laws to which it may be subject and the breach of
which would constitute an Illegal Activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Environment and Social Matters

The Borrower shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) implement and operate the Investment in compliance with Environmental and Social Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) obtain and maintain requisite Environmental and Social Approvals for the Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) comply with any such Environmental and Social Approvals;

and upon becoming aware of any breach of this Paragraph 5 (*Environment and Social Matters*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Borrower shall promptly notify the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Borrower and the Bank will consult for up to 15 (fifteen) Business Days from the date of notification
with a view to agreeing the manner in which the breach should be rectified; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Borrower shall remedy the breach within 30 (thirty) Business Days of the end of the consultation period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Integrity

The Borrower shall and shall ensure that each Obligor will, take, within a reasonable timeframe, appropriate measures in respect of any member of its management bodies who has been convicted by a final and irrevocable court ruling of an Illegal Activity perpetrated in the course of the exercise of his/her professional duties, in order to ensure that such member is excluded from any Borrower's activity in relation to the Credit, Loan or the Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Disposal of assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided below, the Borrower shall not, and shall procure that no Group Company shall, either
in a single transaction or in a series of transactions whether related or not and whether voluntarily or involuntarily dispose of all
or any part of any Group Company's business, undertaking or assets (including any shares or security of any entity or a business or undertaking,
or any interest in any of them).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Sub-paragraph (a) above does not apply to any such disposal:

&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) made with the prior written consent of the Bank;

&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) made on arm's length terms in the ordinary course of business of a Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) made on arm's length terms and at fair market value for cash, which is reinvested in assets of comparable
or superior type, value and quality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) made on arm's length terms in exchange for other assets comparable or superior as to type, value and quality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) by one Obligor to another Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) constituted by a licence of Intellectual Property Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) made in relation to non-material assets which have depreciated to less than 25% (twenty five per cent)
of their initial value or which are obsolete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) excluding any disposal otherwise permitted under (ii) to (vii) above, disposals where the higher of the
market value or consideration receivable for such disposals does not exceed (x) 10% (ten per cent) of Total Assets during any financial
year, and (y) 25% (twenty five per cent) of Total Assets during the term of the Credit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) arising as a result of Permitted Security,

provided that the disposal is not of assets forming part of the Investment or shares in subsidiaries holding assets forming part of the Investment, which may not be disposed of unless either (a) the Borrower consults the Bank in relation to such disposal, and the Bank approves the disposal, or (b) the proceeds of the disposal are applied to prepay the Bank in accordance with Article 5.3.4 (*Disposals*).

For the purposes of this Paragraph 7 (*Disposal of assets*), "dispose" and "disposal" includes any act effecting sale, transfer, lease or other disposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Maintenance of assets

The Borrower shall maintain, repair, overhaul and renew all assets required in relation to the Investment as required to keep such assets in good working order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Insurances

The Borrower shall, and shall procure that each Group Company shall, maintain insurances on and in relation to its business and assets with reputable underwriters or insurance companies against those risks and to the extent as is usual for companies carrying on the same or substantially similar business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Change in business

The Borrower shall procure that no substantial change is made to the general nature business of the Borrower or the Group as a whole from that carried on at the date of this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Merger

The Borrower shall not, and shall procure that no Group Company shall, enter into any amalgamation, demerger, merger or corporate reconstruction unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with the prior written consent of the Bank; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such amalgamation, demerger, merger or corporate reconstruction does not result in a Material Adverse
Change and is on a solvent basis, and provided that:

&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) only Group Companies are involved;

&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) the resulting entity will not be incorporated or located in a country which is in a jurisdiction that
is blacklisted by any Lead Organisation in connection with activities such as money laundering, financing of terrorism, tax fraud and
tax evasion or harmful tax practices as such blacklist may be amended from time to time; 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) if the Borrower is involved, (i) the rights and obligations of the Borrower under this Contract will remain
with the Borrower, (ii) the surviving entity will be the Borrower and the statutory seat of the Borrower would not as a result of such
merger be transferred to a different jurisdiction, (iii) the merger will not have an effect on the validity, legality or enforceability
of the Borrower's obligations under this Contract; and (iv) all of the business and assets of the Borrower are retained by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Books and records

Each Obligor shall ensure that it has kept and will continue to keep proper books and records of account, in which full and correct entries shall be made of all financial transactions and its assets and business, including expenditures in connection with the Investment, in accordance with GAAP as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Ownership

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall maintain not less than 51% (fifty one per cent) of the share capital, directly or indirectly,
of each of its Material Subsidiaries, unless a prior written consent of the Bank is received by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall in aggregate maintain not less than 51% (fifty one per cent) of the share capital,
directly or indirectly, of each Guarantor, unless prior written consent of the Bank is received by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall immediately notify the Bank in the event of a new entity becoming a Subsidiary of the
Borrower through any means, including but not limited to acquisition, creation and spin-off.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The undertakings in sub-paragraphs (a), (b) and (c) above shall be calculated in accordance with GAAP
as applied by the Borrower on the date of this Contract and as GAAP is amended from time to time and tested annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Acquisitions

The Borrower shall not, and shall procure that no Group Company shall, invest in or acquire any entity or a business going concern or an undertaking (whether whole or substantially the whole of the assets or business), or any division or operating unit thereof, or any shares or securities of any entity or a business or undertaking (or in each case, any interest in any of them) (or agree to any of the foregoing), save for an acquisition or investment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with the prior written consent of the Bank; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of shares or other ownership interests in any limited liability company or corporation, limited liability
partnership or any equivalent company, the consideration for which does not exceed an aggregate amount of (x) EUR 5,000,000 (five million
euros) during any financial year, and (y) EUR 10,000,000 (ten million euros) during the term of the Credit, provided that:

&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) no Event of Default is continuing on the date the relevant acquisition agreement is entered into or would
occur as a result of the acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the acquired entity is engaged in a business similar or complementary to the business carried on by the
Group as at the date of this Contract;

&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) the acquired entity is not incorporated or located in a jurisdiction that is blacklisted by any Lead Organisation
in connection with activities such as money laundering, financing of terrorism, tax fraud and tax evasion or harmful tax practices as
such blacklist may be amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in respect of any acquisition where the consideration exceeds EUR 5,000,000] (five million euro), legal
and financial due diligence reports (including customary reliance letters in favour of the Bank) and a business plan (in the form of the
most recent budget adjusted for the expected effects of the acquisition) in respect of the 3 (three) next following financial years and
any other due diligence reports received in connection with the acquisition (if any) are provided to the Bank; 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;(v) the Borrower provides a Compliance Certificate for the 2 (two) 12 (twelve) month financial periods immediately
following the acquisition, updated on a basis as if the acquisition has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Indebtedness

The Borrower shall not, and shall procure that no other Group Company shall, incur any Indebtedness, save for Indebtedness incurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with the prior written consent of the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) under this Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) unsecured Indebtedness subordinated to the Loan pursuant to a subordination agreement satisfactory to
the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) under any financing on receivables (factoring) if the aggregate amount of receivables does not at any
time exceed EUR 4,500,000 (four million and five hundred thousand euro) (or its equivalent in another currency or currencies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) under any Finance Lease if the aggregate liability in respect of the equipment leased does not at any
time exceed EUR 750,000 (seven hundred and fifty thousand euro) (or its equivalent in another currency or currencies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) under any financing on tax credit if the aggregate amount of such financing does not at any time exceed
EUR 1,000,000 (one million euro) (or its equivalent in another currency or currencies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) under Permitted Hedging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) under any credit line/business debt provided that such Indebtedness does not, singularly or in aggregate,
exceed EUR 4,250,000 (four million two hundred and fifty thousand euro) (or its equivalent in another currency or currencies); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect of a Permitted Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Guarantees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall not, and shall procure that no other Group Company shall, issue or allow to remain
outstanding any guarantees in respect of any liability or obligation of any person save for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with the prior written consent of the Bank; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) guarantees issued in the ordinary course of trade by any Group Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) under any Guarantee Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) under any negotiable instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in connection with any performance bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) in connection with any Permitted Indebtedness; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) issued by one Obligor to another Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall procure that, as soon as any Group Company becomes a Material Subsidiary (as identified
in any accounts delivered to the Bank from time to time pursuant to Paragraph 2 (*Information concerning the Borrower*) of Schedule
I (*Information and Visits*)), that Group Company shall promptly notify the Bank and on the Bank's request enter into a Guarantee
Agreement and provide the Bank with:

&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) a certified copy of the resolution of the competent body (management board, supervisory board, board of
directors and/or general meeting of shareholders) of such Material Subsidiary duly authorising the execution of such Guarantee Agreement
and duly authorising the person or persons signing such Guarantee Agreement on behalf of such Material Subsidiary together with the specimen
signature of each such person or persons;

&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) evidence that such Material Subsidiary has obtained all necessary Authorisations required in connection
with such Guarantee Agreement and, where applicable, any accession deed in respect of such Guarantee Agreement; 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) a legal opinion of a reputable law firm in the jurisdiction of incorporation of such Material Subsidiary,
addressed to the Bank on the valid existence of such Material Subsidiary, the authority and capacity of such Material Subsidiary to enter
into a Guarantee Agreement and on the due execution and choice of law of such Guarantee Agreement,

each in form and substance satisfactory to the Bank.

The Bank will ultimately decide whether a Material Subsidiary is required to enter into a Guarantee Agreement and can take into account:

legal related difficulties in obtaining such guarantee in the relevant jurisdiction and in particular general legal and statutory limitations, financial assistance, corporate benefit, fraudulent preference, "thin capitalisation" rules, capital maintenance, retention of title claims, employee consultation or approval requirements, exchange control restrictions and similar principles that may limit the ability of a Material Subsidiary to provide a guarantee or Security or may require that the guarantee to be limited by an amount or otherwise;

the economic cost to the Group of providing such guarantee (including, for the avoidance of doubt, adverse effects on interest deductibility and stamp duty, notarisation fees, legal fees and registration fees) and the proportionate benefit accruing to the Bank having regard to the extent of the obligations which can be secured by that guarantee and the maximum guaranteed amount may be limited to minimise stamp duty, notarisation, registration or other applicable fees, taxes and duties where the benefit to the Bank of increasing the guaranteed amount is disproportionate to the level of such fee, taxes and duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Hedging

The Borrower shall not, and shall procure that no other Group Company shall, enter into any derivative transaction other than Permitted Hedging, where "**Permitted Hedging**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any derivative transaction by a Group Company to hedge actual or projected exposure arising in the ordinary
course of trading and not for speculative purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any derivative instrument of a Group Company which is accounted for on a hedge accounting basis but is
not entered into for speculative purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Restrictions on distributions

The Borrower shall not, and shall procure that no other Group Company shall, declare or distribute dividends, or return or purchase shares, save for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with the prior written consent of the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) payments to a Group Company as a result of a solvent liquidation or reorganisation of a Group Company
which is not an Obligor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any dividend payments made by any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Restrictions on loans

The Borrower shall not, and shall ensure that no other member of the Group will, be a creditor in respect of any Indebtedness, save for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any trade credit extended by any Group Company to its customers on normal commercial terms and in the
ordinary course of its trading activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any loan made by a Group Company (other than an Obligor) to another member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a loan made by one Obligor to another Obligor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other Indebtedness or loan advanced to or made available by any Group Company with the prior written
consent of the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Restrictions on Intercompany Loans

The Borrower shall not, and shall procure that no other Group Company shall, make any payment in respect of any Intercompany Loan, save for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with the prior written consent of the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the lender of the Intercompany Loan is the Borrower or an Obligor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the payments to a Group Company as a result of a solvent liquidation or reorganisation of a Group Company
which is not an Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Intellectual Property Rights

The Borrower shall, and shall procure that each other Group Company shall, (i) obtain, safeguard and maintain its rights with respect to the Intellectual Property Rights required for the implementation of the Investment in accordance with this Contract, including complying with all material contractual provisions and that the implementation of the Investment in accordance with this Contract will not result in the infringement of the rights of any person with regard to the Intellectual Property Rights and (ii) ensure that any Intellectual Property Rights required for the implementation of the Investment will be owned by or licensed to the Borrower, and where such Intellectual Property Rights which are owned by a Group Company are capable of registration, are registered to such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Maintenance of Status

The Borrower shall, and shall procure that each other Group Company shall, remain duly incorporated and validly existing as a corporate entity with limited liability under the jurisdiction in which it is incorporated and that it will have no centre of main interests, permanent establishment or place of business outside the jurisdiction in which it is incorporated, and that it will continue to have the power to carry on its business as it is now being conducted and continue to own its property and other assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Negative pledge

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall not (and shall procure that no other Group Company shall) create or permit to subsist
any Security over any of its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of this Paragraph 23 (*Negative pledge*), the term Security shall also include
any arrangement or transaction on assets or receivables or money (such as the sale, transfer or other disposal of assets on terms whereby
they are or may be leased to or re-acquired by any Group Company, the sale, transfer or other disposal of any receivables on recourse
terms or any arrangement under which money or the benefit of a bank account or other account may be applied or set off or any preferential
arrangement having a similar effect) in circumstances where the arrangement or transaction is entered into primarily as a method of raising
credit or of financing the acquisition of an asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Sub-paragraph (a) above does not apply to any Security, listed below:

&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) any netting or set-off arrangement entered into by any Group Company in the ordinary course of its banking
arrangements for the purpose of netting debit and credit balances;

&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) any payment or close out netting or set-off arrangement pursuant to any Permitted Hedging, but excluding
any Security under a credit support arrangement in relation to a hedging transaction;

&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) any lien arising by operation of law and in the ordinary course of trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Security over or affecting any asset acquired by Group Company after the date of this Contract if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Security was not created in contemplation of the acquisition of that asset by a Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the principal amount secured has not been increased in contemplation of or since the acquisition of that
asset by a Group Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Security is removed or discharged within three months of the date of acquisition of such asset (unless
permitted hereunder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any Security over or affecting any asset of any company which becomes a Group Company after the date of
this Contract, where the Security is created prior to the date on which that company becomes a Group Company, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Security was not created in contemplation of the acquisition of that company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the principal amount secured has not increased in contemplation of or since the acquisition of that company;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Security is removed or discharged within three months of that company becoming a Group Company (unless
permitted hereunder);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any Security entered into pursuant to this Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any Security arising under any retention of title, hire purchase or conditional sale arrangement or arrangements
having similar effect in respect of goods supplied to a Group Company in the ordinary course of trading and on the supplier's standard
or usual terms and not arising as a result of any default or omission by any Group Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. Other Undertakings

The Borrower shall take note of the Bank's group statement on tax fraud, tax evasion, tax avoidance, aggressive tax planning, money laundering and financing of terrorism (as published on the Bank's website and as may be amended from time to time).

The Borrower shall notify to the Bank the amount of proceeds made available to it under each Tranche and which are on-lent to the French Guarantor or to any of its Subsidiaries (through intercompany loans or any other means) at each date on which such amount is on-lent to the French Guarantor or to any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. Data Protection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) When disclosing information (other than mere contact information relating to the Borrower's personnel
involved in the management of this Contract ("Contact Data")) to the Bank in connection with this Contract, the Borrower shall
redact or otherwise amend that information (as necessary) so that it does not contain any personal data, except where this Contract specifically
requires, or the Bank specifically in writing requests, the disclosure of that information in the form of personal data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Before disclosing any personal data (other than Contact Data) to the Bank in connection with this Contract,
the Borrower shall ensure that each data subject of those personal data:

&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) has been informed of the disclosure (including the categories of personal data to be disclosed); 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;(ii) has the information in (or has been provided with an appropriate link to) the Bank's privacy statement
in relation to its lending and investment activities set out at the relevant time at https://www.eib.org/en/privacy/lending (or such other address as the Bank may notify to the Borrower in writing from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. Sanctions

The Borrower shall not, and shall procure that no Obligor shall, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) enter into a business relationship with, and/or make any funds and/or
economic resources available to, or for the benefit of, any Sanctioned Person in connection with
the Investment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use all or part of the proceeds of the Loan or lend, contribute or otherwise make available such proceeds
to any person in any manner that would result in a breach by itself and/or by the Bank of any Sanctions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) fund all or part of any payment under this Contract or any Guarantee
Agreement out of proceeds derived from activities or businesses with a Sanctioned Person, a person in
breach of the Sanctions or in any manner that would result in a breach by itself and/or by the Bank of any Sanctions.

It is acknowledged and agreed that the undertakings set out in this Paragraph 26 (*Sanctions*) are only sought by and given to the Bank to the extent that to do so would be permissible pursuant to any applicable anti-boycott rule of the EU such as Regulation (EC) 2271/96.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Repayment of Loan under the InvestEU Fund

The Borrower shall ensure that the moneys to repay any Tranche under this Contract do not come from grants under an EU program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. Clauses by inclusion

If the Borrower or any Group Company concludes with any other unsecured and unsubordinated creditor a financing agreement that includes a loss-of-rating clause or a covenant or other provision regarding its financial ratios, if applicable, that is not provided for in this Contract or is more favourable to the relevant creditor than any equivalent provision of this Contract is to the Bank, the Borrower shall promptly inform the Bank and shall provide a copy of the more favourable provision to the Bank. The Bank may request that the Borrower promptly executes an agreement to amend this Contract so as to provide for an equivalent provision in favour of the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. Subordination of shareholder loans

Save for the intra-group loans between Obligors expressly permitted under the Contract, the Borrower and any Group Company shall ensure at all times that any loans granted to the Borrower or any Group Company by any of their shareholders are subordinated to the Loan.

**Schedule I**

#### Information and Visits
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Information concerning the Investment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall deliver to the Bank:

&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) the information in content and in form, and at the times, specified in Part A.2 (*Information Duties*)
of Schedule A (*Investment Specification and Reporting*) or otherwise as agreed from time to time by the Parties to this Contract;

&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) any such information or further document concerning the Investment as the Bank may require to comply with
its obligations under the InvestEU Regulation; 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) any such information or further document concerning the financing, procurement, implementation, operation
and environmental or social matters of or for the Investment or any information or further document required for the Bank to comply with
its obligations under the InvestEU Regulation as the Bank may reasonably require within a reasonable time,

**provided always that** if such information or document is not delivered to the Bank on time, and the Borrower does not rectify the omission within a reasonable time set by the Bank in writing, the Bank may remedy the deficiency, to the extent feasible, by employing its own staff or a consultant or any other third party, at the Borrower's expense and the Borrower shall provide such persons with all assistance necessary for the purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall submit for the approval of the Bank without delay any material changes to the Investment,
also taking into account the disclosures made to the Bank in connection with the Investment prior to the signing of this Contract, in
respect of, inter alia, the total cost, plans, timetable or to the expenditure programme or financing plan for the Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall promptly inform the Bank of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any action initiated or any objection raised by any third party or any genuine complaint received by the
Borrower, which is material, or any Environmental or Social Claim that is to its knowledge commenced, pending or threatened against it
with regard to environmental or other matters affecting the Investment;

&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) any fact or event known to the Borrower, which may substantially prejudice or affect the Borrower's ability
to execute the Investment;

&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) any incident or accident relating to the Investment which has or is likely to have a significant adverse
effect on the Environment or on Social Matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a genuine allegation, complaint or information with regard to Illegal Activities or any Sanctions related
to the Loan and/or the Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any self-declared exclusion by a bidder that occurs prior to the contract award and is covered by the
Exclusion Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any non-compliance by it with any applicable Environmental and Social Law; 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;(vii) any suspension, revocation or material modification of any Environmental and Social Approval.

and set out the action to be taken with respect to such matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the total cost of the Investment exceeds the estimated figure set out in Recital (A), the Borrower
shall notify the Bank without delay and shall inform the Bank of its plans to fund the increased costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Borrower shall provide to the Bank, if so requested:

&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) a certificate of its insurers showing that all assets required in order to carry out the Investment are
insured with reputable underwriters or insurance companies against those risks and to the extent as is usual for companies carrying on
the same or substantially similar business; 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;(ii) annually, a list of insurance policies in force covering any aspect of the Investment, together with confirmation
of payment of the current premiums.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Information concerning the Borrower

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall deliver to the Bank:

&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) as soon as they become available but in any event within 120 (one hundred and twenty) days after the end
of each of its financial years its audited consolidated and unconsolidated annual report, balance sheet, cash flow statement, profit and
loss account (in US GAAP, being specified that the evidence of the 10-K filing shall satisfy the obligation to deliver the US GAAP annual
accounts) and auditors report for that financial year together with a Compliance Certificate signed by 2 (two) directors;

&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) as soon as they become available but in any event within 150 (one hundred and fifty) days after the end
of each of its financial years its audited consolidated and unconsolidated annual report, balance sheet, cash flow statement, profit and
loss account (in IFRS) and auditors report for that financial year;

&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) as soon as they become available but in any event within 120 (one hundred and twenty days) days after
the end of each of the relevant accounting periods its interim consolidated and unconsolidated semi-annual report, balance sheet, profit
and loss account and cash flow statement (in US GAAP) for the first half-year of each of its financial years together with a Compliance
Certificate signed by 2 (two) directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as soon as they become available but in any event within 30 (thirty) days after the end of each relevant
period its liquidity forecast for the next 12 (twelve) months on a rolling basis, in form and substance satisfactory to the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such further information, evidence or document concerning its general financial situation or such certificates
of compliance with the undertakings of Article 7 (*Borrower undertakings and representations*)
as the Bank may deem necessary or may reasonably require to be provided within a reasonable time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any such further information, evidence or document concerning the compliance with the due diligence requirements
of the Bank, including, but not limited to "know your customer" (KYC) or similar identification procedures, when requested
and within a reasonable time; 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;(vii) such further information, evidence or document concerning the factual information or documents provided
to the Bank for the purposes of entering into this Contract, as the Bank may deem necessary or may require to be provided within a reasonable
time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall inform the Bank immediately of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Default or Event of Default having occurred or being threatened or anticipated;

&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) the occurrence or likely occurrence of any Senior Management Change and the details surrounding such a
change, including, without limitation, the impact of such an event, the reason behind such change and the CV of the proposed replacement;

&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 the extent permitted by law, any material litigation, arbitration, administrative proceedings or investigation
carried out by a court, administration or similar public authority, which, to the best of its knowledge and belief is current, threatened
or pending:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) against the Borrower or its Controlling entities or members of the Borrower's management bodies in connection
with Illegal Activities related to the Loan or the Investment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) which might if adversely determined result in a Material Adverse Change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Change in the Beneficial Ownership of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any Voluntary Non-EIB Prepayment that has occurred or is likely to occur; 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;(vi) any claim, action, proceeding, formal notice or investigation relating
to any Sanctions concerning an Obligor or any Relevant Person .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Visits by the Bank

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor shall allow the Bank and, when either required by the relevant mandatory provisions of EU
law or pursuant to the InvestEU Regulation and the Financial Regulation, as applicable, the competent EU institutions including the European
Court of Auditors, the European Commission, the European Anti-Fraud Office, the European Public Prosecutor's Office as well as persons
designated by the foregoing (each a "**Relevant Party** "):

&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 visit the sites, installations and works comprising the Investment;

&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 interview representatives of each Obligor, and not obstruct contacts with any other person involved
in or affected by the Investment; 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 conduct such investigations, inspections, on the spot audits and checks as they may wish and review
the Obligors' books and records in relation to the execution of the Investment and to be able to take copies of related documents
to the extent not prohibited by the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Obligor shall provide the Bank and any Relevant Party, or ensure that the Bank and any Relevant Party
is provided, with access to information, facilities and documentation for the purposes described in this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the case of a genuine allegation, complaint or information with regard to an Illegal Activity related
to the Loan and/or the Investment, the Borrower shall consult with the Bank in good faith regarding appropriate actions. In particular,
if it is proven that a third party committed Illegal Activities in connection with the Loan and/or the Investment with the result that
the Loan or the InvestEU financing were misapplied, the Bank may, without prejudice to the other provisions of this Contract, inform the
Borrower if, in its reasonable view, the Borrower should take appropriate recovery measures against such third party. In any such case,
the Borrower shall in good faith consider the Bank's views and keep the Bank informed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Disclosure and publication

The Borrower acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it will use the emblem of the European Union or a reference to the EU, as appropriate, in a visible way
in all its press releases, communications materials, the social media, as well as in the Finance Documents directly related to the Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Bank may be obliged to communicate information relating to the Borrower and the Investment including
without limitation of the occurrence of waivers to any competent institution or body of the European Union in accordance with the relevant
mandatory provisions of European Union law or pursuant to the InvestEU Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Bank and/or the European Commission may showcase this Investment by way of, among other, audio visual
material or print publications and including information on the name and address of the Borrower, the financing form and the sector of
activity of the Investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Bank may publish in its website or produce press releases containing information related to the financing
provided pursuant to this Contract with support under the InvestEU Fund , including the name, address and country of establishment of
the Borrower the purpose of the financing, and the type and amount of financial support received under this Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) unless the Borrower, prior to receiving financial support under the InvestEU Fund, declares in writing
to the Bank (including by way of representation in this Contract) that the below publication by the Bank:

&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) risks harming its commercial interests or threatening the rights and freedoms of the persons or entities
concerned as protected by the Charter of Fundamental Rights of the European Union; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) would be illegal under the laws and regulations applicable to the Borrower,

the Bank shall annually publish on its website information on the Borrower, which shall include the name and address of the Borrower and the financing form of support under the InvestEU Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if requested by the Bank, the Borrower undertakes to refer to this financing and any other financing granted
by the Bank or financial instrument entered into with the Bank in its public communications up to and including the Final Availability
Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Confidential information

Where the Borrower provides information to the Bank in connection with this Contract, it shall clearly indicate whether or not such information is already public, and if it is confidential the Borrower shall ensure the public publication of such information at the same time, or immediately after, it is shared with the Bank. The Borrower will not share any inside information with the Bank before it is published to the market and shall notify the Bank as to whether such information constitutes inside information (for the purposes of the EU Market Abuse Regulation) at the time it is shared.

**Schedule J**

#### Form of TEG Letter
To: EDAP TMS SA

From: EUROPEAN INVESTMENT BANK

---

| | |
|:---|:---|
| Date | [___] |
| Subject: | TEG Letter in the context of the Finance Contract between European Investment Bank and EDAP TMS SA dated [ ] October 2025 (the "**Finance Contract**") |
|  | Contract Number: 99053 Serapis Number: 2025-0092 |

---

Dear Sirs,

We refer to the Finance Contract. Terms defined in the Finance Contract have the same meaning when used in this letter.

We confirm that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this is the letter referred to in article 4.5 (*Effective Global Rate (Taux Effectif Global)*) of
the Finance Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the effective global rates ,
calculated in order to comply with the provisions of articles L.314-1 to L.314-5, R.314-1 et seq. of the French *Code de la consommation*,
and L.313-4 of the French *Code monétaire et financier* are indicated in this letter only as an indication; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) based on the assumptions described below, the effective global rate would be the following:

&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) 8.68% per annum for Tranche A (which corresponds to a *taux de période* of 8.68% for a *durée de période* of 12 (twelve) months);

&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) 7% per annum for Tranche B (which corresponds to a *taux de période* of 7% for a *durée de période* of 12 (twelve) months); 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) 6% per annum for Tranche C (which corresponds to a *taux de période* of 6% for a *durée de période* of 12 (twelve) months).

The above effective global rate is given on an indicative basis and on the following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the drawdown for the full amount of the Loan has been made on the date
hereof and thus the Disbursement Date is assumed to be the signing date of the Finance Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Tranche will be reimbursed on its Maturity Date and with the assumption that there is no prepayment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Fixed Rate amounts to 6% (six hundred basis points) per annum
with respect to Tranche C;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Deferred Interest Rate amounts
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;(1) with respect to Tranche A, 8% (seven hundred basis points) per annum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) with respect to Tranche B, 7% (seven hundred basis points) per annum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) interest periods are of 3 (three) months for the lifetime of each Tranche;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the effective global rate is calculated
on the basis of a year of 365 (three hundred and sixty-five) days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all fees, commissions and expenses
payable by you under the Finance Documents (including legal fees agreed separately between the Borrower and the Bank) will remain unchanged
throughout the term of the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Put Option (as defined in the Warrant Agreement) has not been exercised by the Bank.

Under the following additional assumptions and on an indicative basis the Put Option is exercised on the Maturity Date of each Tranche for the amount of the Tranche, the effective global rate would be the following:

&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) 25.39% per annum for Tranche A (which corresponds to a taux de période of 25.39% for a durée
de période of 12 (twelve) months, taking in consideration an exit valuation of EUR 340.1m;

&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) 18.07% per annum for Tranche B (which corresponds to a taux de période of 18.07% for a durée
de période of 12 (twelve) months, taking in consideration an exit valuation of EUR 340.1m;

&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) 15.90% per annum for Tranche C (which corresponds to a taux de période of 15.90% for a durée
de période of 12 (twelve) months, taking in consideration an exit valuation of EUR 340.1m

We understand that you will make all appraisals you consider necessary to assess the global costs of the Credit and that you will request all necessary information from us in this respect.

This letter is a Finance Document.

This letter shall be governed and construed in accordance with the laws of France. Any claim in connection with this letter shall be subject to the jurisdiction of the *Tribunal de commerce de Paris*.

We should be grateful if you would confirm your acceptance of the terms of this letter by signing 3 (three) originals and returning to us 2 (two) originals of this letter.

Yours faithfully,

**EUROPEAN INVESTMENT BANK**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **** <br>| |
| Name: [___]<br>Position: [___]<br>| Name: [___]<br>Position: [___]<br>|

---

We hereby accept the above information relating to the effective global rate on behalf of the Borrower:

__________________________________________

For and on behalf of EDAP TMS SA

Date: [___]

Name: [___]

Title: [___]

## Exhibit 99.2

**Exhibit 99.2**

FI N° 99053

Serapis N° 2025-0092

<u>DATED October 17, 2025</u>

**EDAP TMS**

**as the Company**

**AND**

**The European Investment Bank**

**as the Original Warrantholder**

**Warrant Agreement**

---

| | | |
|:---|:---|:---|
| 1. | Definitions and interpretation | 1 |
| 2. | The Warrants | 9 |
| 3. | Issuance of the Warrants | 10 |
| 4. | Anti-dilution Protection | 12 |
| 5. | Events | 12 |
| 6. | Warrant Settlement and Transfer | 13 |
| 7. | Issuance of Warrant Shares | 19 |
| 8. | Representations and Warranties | 20 |
| 9. | Undertakings | 21 |
| 10. | Representation of the Warrantholders | 22 |
| 11. | Liquidation of the Company | 22 |
| 12. | Termination | 22 |
| 13. | Finance Contract | 23 |
| 14. | Assignment | 23 |
| 15. | Business Days | 24 |
| 16. | Amendment | 24 |
| 17. | Waiver | 24 |
| 18. | Rights and Remedies are Cumulative | 24 |
| 19. | Invalidity | 24 |
| 20. | No partnership | 24 |
| 21. | Notices | 24 |
| 22. | COSTS | 25 |
| 23. | Taxes, duties and fees | 25 |
| 24. | EUR – Currency Exchange Rate | 25 |
| 25. | SET-OFF | 26 |
| 26. | Confidentiality | 26 |
| 27. | Further Assurance | 26 |
| 28. | Third Party Rights | 26 |
| 29. | Entire Agreement | 26 |
| 30. | Governing Law and Jurisdiction | 26 |
| Schedule 1 | Schedule 1 | 28 |
| Schedule 2 | Schedule 2 | 30 |
| Schedule 4 | Schedule 4 | 33 |
| Schedule 6 | Schedule 6 | 34 |
| Schedule 7 | Schedule 7 | 36 |

---

**THIS WARRANT AGREEMENT** (this "**Agreement**") is dated October 17, 2025

**Between:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **EDAP TMS**, a French limited liability company (*société anonyme*),
with a share capital of EUR 4,902,061.19, having its registered office at 4 rue du Dauphiné, Parc d'activité La Poudrette
Lamartine, 69120 Vaulx-en-Velin, registered with the Trade and companies registry of Lyon under number 316 488 204 (the "**Company** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **The European Investment Bank**, having its seat at 98-100 Boulevard Konrad
Adenauer, L- 2950 Luxembourg (the "**Original Warrantholder** ").

**Whereas:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Company is a limited liability company (*société anonyme*)
incorporated in France and listed on the NASDAQ.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Original Warrantholder has agreed to provide a loan facility to the Company
pursuant to the Finance Contract and entry into this Agreement is a condition precedent to disbursement of Tranche A under the Finance
Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Company agreed to take all actions available to it and to convene its relevant
corporate bodies to enable the Company to grant such rights and to issue such shares as set out in this Agreement.

**It is agreed** as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Definitions and interpretation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1**  ***Definitions.*** In this Agreement the following words and expressions will
have the following meanings, save where the context requires otherwise:

"**Adjustment Event**" means the occurrence, after the date of this Agreement, of any of the following events as well as any additional adjustment events provided for under articles L.228-98 et seq. of the French Commercial Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a financial transaction through the issuance of new Instruments with or without
preferential subscription rights of the Shareholders (including through the free distribution or subscription warrants (other than issuance
of Warrants B or Warrants C to the Warrantholder in accordance with this Agreement));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a free distribution of Shares to Shareholders, share split or reverse share split;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an incorporation into the share capital of reserves, profits or premiums through
an increase of the par value of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a distribution of reserves or premiums in cash or in kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a free distribution to the Company's Shareholders of any Instrument other
than the Company's Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a repurchase by the Company of its own Shares at a price higher than the market
price, other than a repurchase of its own Shares from the Original Warrantholder or its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a change in profit distribution, including through the creation of preferred shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a reduction or redemption of the Company's share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a dividend distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the issue of any Instrument (with or without preferential subscription rights),
including by way of dividend distribution or capitalization of profits or reserves (including share premium account and any capital redemption
reserve); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a merger (*absorption or fusion*), demerger of the Company with or into another
entity or other similar operation as a result of which the Company does not survive, or a spin-off (*scission*).

"**Affiliate**" means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company.

"**American Depositary Shares**" means those certain American Depositary Shares representing Shares; provided, however, (i) if the American Depositary Shares cease to exist, "American Depositary Shares" shall refer to the Shares and (ii) to the extent that the ratio of American Depositary Shares to Shares ceases to be one-to-one, all provisions herein tied to number of Shares or the price of a Share shall be proportionately and automatically adjusted.

"**Applicable Law**" means all applicable law and regulation which from time to time is binding on the Company.

"**Arrangement Fee**" has the meaning set out in the Finance Contract.

"**Articles**" means the articles of association (*statuts*) of the Company as amended from time to time.

"**Average Price per Share Tranche A**" means an amount equal to the euro (EUR) equivalent, calculated on the applicable Exchange Rate, of the average closing price (in USD) per American Depositary Share as reported by NASDAQ over the 90 days preceding, but not including, the date of issuance of the Tranche A Warrants by the Original Warrantholder.

"**Average Price per Share Tranche B**" means an amount equal to the euro (EUR) equivalent, calculated on the applicable Exchange Rate, of the average closing price (in USD) per American Depositary Share as reported by NASDAQ over the 90 days preceding, but not including, the date of issuance of the Tranche B Warrants by the Original Warrantholder.

"**Average Price per Share Tranche C**" means an amount equal to the euro (EUR) equivalent, calculated on the applicable Exchange Rate, of the average closing price (in USD) per American Depositary Share as reported by NASDAQ over the 90 days preceding, but not including, the date of issuance of the Tranche C Warrants by the Original Warrantholder.

"**Auditor**" means the statutory auditor (*commissaire aux comptes*) of the Company for the time being.

"**Board of Directors**" means the board of directors (*conseil d'administration*) of the Company from time to time.

"**Business Day**" means a day (other than a Saturday or Sunday) on which the Original Warrantholder and commercial banks are open for general business in the city of Luxembourg (Grand Duchy of Luxembourg) and Paris (France).

"**Change-of-Control Event**" has the meaning set out in the Finance Contract.

"**Completion**" means, with respect to a Tranche, each date on which the relevant Warrants are issued in favour of the Original Warranholder and the effective subscription by the Original Warrantholder, i.e., full payment of the Subscription Price of the corresponding Warrants by the Original Warrantholder pursuant to Clause 3.7 and delivery by the Original Warrantholder of its Subscription Form pursuant to Clause 3.2(c), which date shall occur immediately before the disbursement of the relevant Tranche on the relevant Disbursement Date.

"**Control**" has the meaning set out in the Finance Contract, and "**Controlling**" has the corresponding meaning.

"**Credit**" has the meaning set out in the Finance Contract.

"**Debt Repayment Event**" means (i) a prepayment of any principal amount due in respect of a Loan on a voluntary basis under article 5.2 of the Finance Contract or (ii) a compulsory prepayment under articles 5.3 and/or 9 of the Finance Contract.

"**Directors**" means the general manager (*directeur général*), the deputy general managers (*directeurs généreaux délégués*) and the members of the Board of Directors (*administrateurs*) of the Company from time to time.

"**Disbursed Amount**" means the aggregate amount of a Tranche or all Tranches, as the context requires, which have been or are disbursed from time to time by the Original Warrantholder under the Finance Contract.

"**Disbursement Date**" means the date on which disbursement of a Tranche is made by the Original Warrantholder pursuant to the Finance Contract.

"**Distribution**" means (i) any distribution or allocation of dividend, reserves or issue premium,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any share redemption, (iii) any grant of loans or credit or (iv) payment or benefit of any kind given, in each case (i) to (iv), by the Company to its Shareholders (in their capacity as shareholders), to any other direct or indirect holders of Instruments (in their capacity as holders of Instruments) or to any individual person or company directly or indirectly holding a capital participation in any shareholder of the Company (in its capacity as indirect shareholder of the Company), or to any company, person or entity being an Affiliate to any such shareholder or company, after the date of this Agreement, in any manner feasible, of its assets, profits, reserves or capital.

"**Encumbrance**" means any encumbrance, debenture, mortgage, blocking order, court decision, court order, leases, subleases, preliminary agreements on the conclusion of subleases, arrest, execution order, order preventing the sale of any assets, charge, pledge, lien, restriction, assignment, hypothecation, security interest, title retention or any other agreement or arrangement the effect of which is the creation of security, or any other interest, equity or other right of any person (including any right to acquire, option, right of first refusal or right of pre- emption), or any agreement or arrangement to create any of the same.

"**EUR**" means the lawful currency of the member states of the European Union which adopt or have adopted it as their currency in accordance with the relevant provisions of the Treaty on European Union and the Treaty on the Functioning of the European Union or their succeeding treaties.

"**Event**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Group Asset Sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Change-of-Control Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the occurrence of the Finance Contract Maturity Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a Debt Repayment Event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an Event of Default.

"**Event Date**" means the date on which any Event occurs, being the first of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in case of a Group Asset Sale, the date on which an agreement or agreements (including
a promissory agreement or agreements or any other binding contractual arrangement having a similar effect) for a Group Asset Sale become
or becomes unconditional in all respects and effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which a Change-of-Control Event occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Finance Contract Maturity Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the date on which a Debt Repayment Event occurs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the date of an Event of Default.

"**Event Notification**" means a written notice from the Company to the Warrantholder informing it of the occurrence of an Event or of an Event which is reasonably likely to occur, and which sets out:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) details of the Event or anticipated Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Event Date or, in respect of an anticipated Event, the expected Event Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such other information available to the Company which is or might reasonably be
considered to be material to the Warrantholder for purposes of the exercise of any of its rights under the Agreement in connection with
the occurrence of an Event or an Event which is reasonably likely to occur, including all such information as may reasonably be required
by the Warrantholder in order for the Warrantholder to calculate the Fair Market Value of the Warrants and the Warrant Shares.

"**Event of Default**" shall have the meaning set forth in the Finance Contract.

**Event of Default Notice**" means a written notice by the Original Warrantholder noting the occurrence of an Event of Default under and as defined in the Finance Contract.

"**Exchange Rate**" means the last EUR/USD currency exchange rate published by the European Central Bank on its website on the date immediately preceding the relevant date under this Agreement.

"**Exercise Ratio**" means the ratio between (i) the number of Warrant Shares to which one Warrant give the right to subscribe and (ii) one Warrant. At the date of issuance of the Warrants, and subject to Clause 4 and Schedule 7, the Exercise Ratio is of 1.0 (i.e. 1 Warrant for 1 Warrant Share)**.**

"**Expert**" means an expert appointed in accordance with Schedule **2** (*Expert Determination*).

"**Expert's Certificate**" has the meaning set out in Schedule **2**(*Expert Determination*).

"**Fair Market Value"** means the value of a Warrant or a Warrant Share as determined in accordance with the valuation principles set out in paragraph 3 (*Basis of valuation*) of Schedule **2** (*Expert Determination*) (for the avoidance of doubt, such principles will apply regardless of whether the valuation is being determined by the Warrantholder, the Company or the Expert as contemplated by any provision of this Agreement).

"**Final Availability Date**" has the meaning set out in the Finance Contract.

"**Finance Contract**" means the finance contract (governed by French law) dated on or about the date of this Agreement between the Company, as borrower, and the Original Warrantholder, as lender, pursuant to which a loan facility of up to EUR 36,000,000 is made available.

"**Finance Contract Maturity Date**" means the latest Maturity Date, as defined in the Finance Contract from time to time.

"**Fully Diluted Share Capital**" means, as at the relevant date, the aggregate of all Shares and of all shares capable of being issued pursuant to any other Instruments issued by the Company (including, as the case may be, the Warrants).

"**Group**" has the meaning set out in the Finance Contract.

"**Group Asset Sale**" means a sale, assignment, transfer or other disposal of assets forming part of the Investment or of shares in Subsidiaries holding assets forming part of the Investment, without the approval of the Original Warrantholder.

"**Holding Company**" means, in relation to a company or entity, any company or entity in respect of which that company or entity is a Subsidiary.

"**Interested Party**" means the Company (which may be substituted by any third party, including any Shareholder(s)) which has communicated its intention to exercise the Right of First Refusal to acquire Warrants in consideration of the payment to the Warrantholder of the Warrants Sale Price.

"**Instruments**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Shares capable of being issued and registered by the Company pursuant to the
exercise in full of all outstanding rights (whether or not contingent and assuming full performance of any equity-linked or performance-linked
rights or instruments) to subscribe for or convert into Shares (including under this Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all other issued or virtual shares, contractual shares, options, warrants, restricted
stock units (RSUs), pledge rights, participation rights, silent participations, conversion privileges or other rights or instruments which
are equity or performance-linked or presently granted to purchase, subscribe for, convert into or otherwise acquire any Shares of the
Company or other economic participations in the Company's share capital.

"**Issuance Date**" means, in respect of a Tranche, the date on which the issuance of the relevant Warrants shall occur;

"**Lead Organisation**" means the European Union, the United Nations and international standard setting organisations including the International Monetary Fund, the Financial Stability Board, the Financial Action Task Force, the Organisation for Economic Cooperation and Development and the Global Forum on Transparency and Exchange of Information for Tax Purposes and any successor organisations.

"**Loan**" has the meaning set out in the Finance Contract.

"**Longstop Date**" means the date on which the Credit has been drawn in full or when the undisbursed amount under the Credit has been cancelled.

"**Masse**" has the meaning ascribed to is in Clause 8 (*Representation of the Warrantholders)*.

"**Masse Representative**" has the meaning ascribed to it in in Clause 10 (*Representation of the Warrantholders)*.

"**Non**-**Vested Warrants**" has the meaning ascribed to it in Clause 3.5 (*Vesting*).

"**Objection Period**" means 20 Business Days from delivery of the draft Warrantholder's Put Option Notice.

"**Obligor**" has the meaning set out in the Finance Contract.

"**Party**" means a party to this Agreement.

"**Put Option**" has the meaning ascribed to it in Clause 6.5 .

"**Put Option Price**" means the fee payable in cash by the Company to the Warrantholder as set out in the Warrantholder's Put Option Notice being an amount equal to the Fair Market Value of that Warrant.

"**QES**" means qualified electronic signatures in the meaning of Regulation (EU) No 910/2014 of the European Parliament and of the Council of 23 July 2014 on electronic identification and trust services for electronic transactions in the internal market and repealing Directive 1999/93/EC.

"**Right of First Refusal**" means the right (but not the obligation) of the Company (which may substitute any third party purchaser designated by the Company (including any of its Shareholders)) to require the Warrantholder to transfer all (but not part of) the Vested Warrants stated in the Right of First Refusal Notice to the Company in accordance with Clause 6.4(a) (*Warrant Sale*).

"**Right of First Refusal Notice**" means a written notice served by the Warrantholder to the Company stating that the Warrantholder wishes to sell one or more Vested Warrants; provided that the First Refusal Notice shall set forth the name of the proposed acquirer (and, if applicable, its ultimate beneficial owner holding directly or indirectly more than 25% of said acquirer), the proposed transfer price offered by the relevant acquirer for the Vested Warrants to be transferred and the bank account details of the Warrantholder.

"**Shareholder**" means any person or entity holding, at any time, Shares, including in the form of American Depositary Shares.

"**Shares**" means, at the date hereof, the ordinary shares, nominal value €0.13 per share, issued by the Company as well as, after the date of this Agreement, any further ordinary shares or share of any other category, if any, issued by the Company (including further to any split or grouping of shares or nominal value of the Company, if any, after the date of this Agreement).

"**Strike Price**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to each Tranche A Warrant, an amount "Sa" in euro (EUR) determined
according to the following formula:

**Sa** = SPa \* 0.90

Where **Spa** refers to the Average Price per Share Tranche A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to each Tranche B Warrant, an amount "Sb" in euro (EUR) determined
according to the following formula:

**Sb** = SPb \* 0.90

Where **SPb**: refers to the Average Price per Share Tranche B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to each Tranche C Warrant, an amount "Sc" in euro (EUR) determined
according to the following formula:

**Sc** = SPc \* 0.90

Where **SPc**: refers to the Average Price per Share Tranche C.

"**Subscription Form**" means a subscription form substantially in the form set out in Schedule 6 (Subscription form of Warrants).

"**Subscription Price**" means EUR 0.13 (thirtheen euro cents) per Warrant, such subscription of the Warrants by the Original Warrantholder being made by way of set-off against a valid and payable receivable under the relevant Arrangement Fee.

"**Subsidiary**" has the meaning set out in the Finance Contract.

"**Supporting Calculations**" means the basis of calculation, assumptions and working papers used to determine the Fair Market Value of any Warrant or Warrant Share.

"**Tranche**" has the meaning set out in the Finance Contract.

"**Tranche A Warrants**" means the number "X" of Warrants to be issued by the Company, as condition precedent to the disbursement by the Original Warrantholder of Tranche A, determined according to the following formula:

**X** = 11,000,000 / (SPa x 2.5)

Where **SPa** refers to the Average Price per Share Tranche A.

"**Tranche B Warrants**" means the number X of Warrants to be issued by the Company, as condition precedent to the disbursement by the Original Warrantholder of Tranche B, determined according to the following formula:

**X** = 12,000,000 / (SPb x 3)

Where **SPb** refers to the Average Price per Share Tranche B.

"**Tranche C Warrants**" means the number X of Warrants to be issued by the Company, as condition precedent to the disbursement by the Original Warrantholder of Tranche C, determined according to the following formula:

X = 13,000,000 / (SPc x 4.2)

Where **SPc** refers to the Average Price per Share Tranche C.

"**Vested Warrants**" has the meaning ascribed to it in Clause 3.5 (*<u>Vesting</u>*).

"**Warrant Exercise Notice**" means a notice in writing informing the Company of the Warrantholder's exercise of its rights under any or all of the Vested Warrants then outstanding and exercisable, setting out the full name and address of the Warrantholder to whom Warrant Shares will be issued in accordance with the terms of this Agreement, and being accompanied by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a copy of the wire transfer made by the Warrantholder to the Company corresponding
to the payment of the total Strike Price for the relevant number of Warrant Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (in the case of the Original Warrantholder) a written direction from the Original
Warrantholder to the Company to apply any sums due and owing by the Company to the Original Warrantholder under the Finance Contract in
satisfaction of a corresponding amount of the Warrantholder's liability to pay the Strike Price for the relevant number of Warrant Shares.

"**Warrant Sale**" means, subject to Clause 6, in relation to any Warrant a sale, assignment, transfer or other disposal of that Warrant by the Warrantholder to any person or persons selected by the Warrantholder in accordance with and as contemplated by Clause 14 (*Assignment*).

"**Warrant Share**" means each Share to be issued by the Company at the Issuance Date upon the exercise of a Warrant; provided that at the date hereof, the Company has issued only ordinary shares and, in case the Company issues a class of shares senior to its ordinary shares after the date hereof, the Parties agree to implement all necessary steps so that, subject to the approval by the Shareholders' meeting of the Company, the Warrant Shares shall be shares of such senior class as set forth in Clauses 2.3(c) and 9.2(b).

"**Warrantholder**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Original Warrantholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any person or persons to whom any Warrant (and any related rights) is at any time
sold, assigned, transferred or otherwise disposed pursuant to Clause 14 (*Assignment*)

and only for so long as each of the foregoing holds any Warrant (and any related rights).

"**Warrantholder's Put Option Notice**" means a put option notice served by the Warrantholder on the Company in substantially the form set out in Schedule **1** (*Warrantholder's Put Option Notice*).

"**Warrants**" means the transferable securities issued by the Company, granting the holder the right to subscribe for Warrant Shares.

"**Warrants Sale Price**" has the meaning ascribed to it in Clause 6.4(a) (*Warrant Sale*).

"**Warrants Tranche**" means either the Tranche A Warrants, the Tranche B Warrants or the Tranche C Warrants, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2**  ***Interpretation*.** Unless a contrary indication appears, a reference in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to this Agreement or any other agreement or instrument is a reference to this Agreement
or other agreement or instrument as amended, novated, supplemented, extended or restated at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to clause, paragraph or schedule is, unless stated otherwise, a reference to a
clause or paragraph of, or schedule to, this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in a clause or schedule to a paragraph is, unless otherwise stated, a reference
to a paragraph in that clause or schedule, where that schedule is split into parts, a reference to a paragraph in that part of that schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to a statute or statutory provision includes a reference to any subordinate legislation
and is a reference 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;(i) that statute, statutory provision or subordinate legislation as modified, consolidated,
superseded, re-enacted, re-numbered, or replaced (whether with or without modification) from time to time after the date of this Agreement);
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;(ii) any statute, statutory provision or subordinate legislation which it consolidates,
supersedes, re-enacts or replaces (whether with or without modification);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to a "**person**" includes any individual, company, corporation, firm,
partnership, joint venture, association, state, state agency, institution, foundation or trust (whether or not having a separate legal
personality);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to a Party will be deemed to be a reference to any successor to such Party or to
any person or persons to whom that Party assigns or otherwise transfers any or its rights and/or obligations under this Agreement in accordance
with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to the Warrantholder in the context of any Warrant or related Warrant Share means
the person or persons within the definition of "Warrantholder" who at that time holds or hold that Warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to one gender is a reference to all or any genders, and references to the singular
include the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to a legal term for a legal document, court, judicial process, action, remedy, legal
status, official or any other legal concept or thing which is specific to a particular jurisdiction shall, in respect of any other jurisdiction,
be deemed to be a reference to whatever most closely equates to that legal term in the relevant jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to "**including**" or "**includes**" does not limit the
scope of the meaning of the words preceding it but shall be taken as meaning "**including without limitation**" or "**includes without limitation** ".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3**  ***Translation of legal terms.*** In this Agreement French concepts and
legal terms are expressed and described in English terms, not in the original French terms. These French concepts and terms may not be
identical to the concepts described by the equivalent English concepts and terms as they exist in the laws of other jurisdictions. Where
reference is made in this Agreement to concepts or terms of French law, the meaning of the concepts or terms in the French language or
under French law shall take precedence over their meaning in English and under foreign laws respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4**  ***Schedules.*** The schedules form part of this Agreement and a reference
to "**this Agreement**" includes its schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5**  ***Recitals, index and headings.*** The recitals, index and headings in this
Agreement do not affect its interpretation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Warrants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1**  ***Warrant entitlement.*** The Warrants shall entitle the Original Warrantholder
to subscribe for, subject to Clause 4 (*Anti-Dilution Protection*), such number of Warrant Shares representing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for the Tranche A, the Tranche A Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the Tranche B, the Tranche B Warrants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the Tranche C, the Tranche C Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2**  ***Warrant features.*** The Warrants shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be issued free from Encumbrances including but not limited to any prior approval,
pre- emptive or anti-dilution rights of the Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be subscribed by the Original Warrantholder through the signature of a Subscription
Form at the Subscription Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to Clause 3.5 (*Vesting*), entitle the Warrantholder to Warrant Shares
in accordance with the Exercise Ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to Clause 3.5 (*Vesting*), be exercisable on the terms and subject to
the conditions set out in this Agreement against payment of the Strike Price to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3**  ***Warrant Shares features.*** The Warrant Shares issued in connection with
the exercise of the Vested Warrants shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be issued free from Encumbrances and from any prior approval, pre-emptive or anti-
dilution rights of the Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be credited as fully paid (subject to effective and full payment of the relevant
the Strike Price to the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) rank at least *pari passu* in all respects, from the effective date of issue,
with the other most preferential class of Shares then issued. The Parties acknowledge that at the date hereof, such Shares are ordinary
shares, and agree that, without prejudice to Clause 9.2(b), in case, at the time of issuance of a Warrant, the Company has issued a class
of Shares senior to its ordinary Shares, the Warrant Shares shall rank at least *pari passu* in all respects, from the effective
date of issue, with the other Shares of such senior class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) be entitled to all Distributions as from their date of issuance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) otherwise have the rights and privileges set out in the Articles in relation to
the class of Shares referred to in paragraph (c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Issuance of the Warrants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1**  ***Steps prior to Completion.*** 

Before the Completion of the Tranche A Warrants, the Board of Directors must approve a board resolution, in form and substance satisfactory to the Original Warrantholder which approves the terms of, and the transaction contemplated by, this Agreement and its execution by the Company.

Before each Completion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Board of Directors must convene a general meeting of the Shareholders of the
Company for purposes of paragraph (b) below in accordance with the Articles and Applicable Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the general meeting of the Shareholders of the Company must approve, at applicable
majority, appropriate shareholder resolutions, in form and substance satisfactory to the Original Warrantholder, to approve:

&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) delegation of authority to the Board of Directors of the Company to proceed to
the issuance of the Warrants to the Original Warrantholder, acknowledge any future increase of the Company's share capital which
would result from any future exercise of Vested Warrants (including further to any adjustment as per Clause 4 and Schedule 7) and proceed
with any amendment to the Articles so as to reflect such share capital increase; 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;(ii) the waiver of the Shareholders to the preferential right of subscription (*droit préférentiel de souscription*) to the Warrants and underlying Warrants Shares in favor of the Original Warrantholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Auditor must issue its report(s) in relation to the above Shareholders'
resolutions in accordance with Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2**  ***Steps at Completion*** . At each Completion, subject to approval by the
general meeting of Shareholders of appropriate Shareholders' delegation of authority pursuant to Clause 3.1 (b) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Board of Directors of the Company, acting as per such delegation, shall decide
the issuance of the relevant Tranche of Warrants to the Original Warrantholder in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company shall:

&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) deliver to the Original Warrantholder a certified copy of the decisions of the
Board of Directors of the Company in relation to the acknowledgement of the amount of receivable held by the Original Warrantholder as
part of the Arrangement Fee and to be set off against the Subscription Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) save as otherwise agreed between the Parties, deliver to the Original Warrantholder
the copy of the Auditor's statement relating to receivables (*attestation du commissaire aux comptes relative à l'arrêté de créance*) issued by the Company's Auditor;

&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) subject to delivery by the Original Warrantholder of the relevant executed Subscription
Form, issue to the Original Warrantholder the relevant Warrants, exercisable on the terms and subject to the conditions set out in this
Agreement and which shall entitle the Original Warrantholder to subscribe for, subject to Clause 4 (*Anti-dilution Protection*),
such number of Warrant Shares as is contemplated in this Agreement; 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;(iv) issue to the Original Warrantholder a certificate stating that (i) the issuance
of the relevant Warrants by the Company has not resulted and will not result in a violation of the Articles of the Company or any other
agreement to which the Company is party or any Applicable Law or judgment to which it is subject, (ii) it is not aware of any shareholders'
agreement or similar arrangements in place between all or part of the Shareholders and (iii) it is not aware of any governmental authority
or competent jurisdiction having enacted, issued, promulgated, enforced or entered into any judgement, decision, decree, injunction or
other order against the Company which prohibits the issuance of the relevant Warrants to the Original Warrantholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Original Warrantholder shall provide the executed Subscription Form to the
Company, whereby it agrees to subscribe for the relevant Warrants and pay their full Subscription Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to delivery by the Original Warrantholder of the relevant executed Subscription
Form, the Company shall register the relevant Warrants in a specific securityholder's account opened in the name of the Original
Warrantholder in the books of the Company held by Uptevia (or, as the case may be, such other registrar appointed by the Company) and
provide the Original Warrantholder with written confirmation and evidence thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3**  ***Subscription Price.*** The Subscription Price for the Warrants shall
be payable by the Subscriber to the Company through the setting off of the receivable owned by the Original Warrantholder against the
Company under the Arrangement Fee related to such number of Warrants to be issued, which is valid, due and payable (*certaine, liquide et exigible*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4**  ***Multiple Completions*** . For the avoidance of doubt, where this Agreement
foresees more than one Completion, the steps described in Clauses 3.1 (*Steps prior to Completion*) and 3.2 *(Steps at Completion*)
of this Agreement may, if deemed acceptable by the Bank, be taken before the first Completion in a manner also covering subsequent Completions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 Vesting

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Warrants of a Warrants Tranche shall vest as from the earlier of (i) the relevant
Maturity Date (as defined in the Finance Contract) of the Tranche of the Loan relating to such Warrants Tranche and (ii) the relevant
Event Date in case of occurrence of an Event (the "**Vested Warrants** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Warrantholder can exercise the Vested Warrants in relation to the relevant Tranche,
at any time after their vesting in accordance with paragraph (a) above and until the 20th (twentieth) anniversary of the Disbursement
Date of such relevant Tranche (the "**Warrant Exercise Period"**). If not duly exercised during the Warrant Exercise Period,
the right to exercise the Vested Warrants shall automatically lapse and the Vested Warrants shall be deemed automatically null and void
and no longer exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The balance between the Warrants initially subscribed and the Vested Warrants as
calculated at the Longstop Date (the "**Non-Vested Warrants**") shall automatically lapse on the Longstop Date and such Non-Vested
Warrants shall automatically be deemed null and void and irrevocably cease to be exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6**  ***Fractional entitlements.*** The exercise of Warrants may only result
in the Subscription of a whole number of Warrant Shares. Accordingly, when a Warrantholder exercises its Warrants and the corresponding
number of new Warrant Shares would not be a whole number, that Warrantholder may either request to subscribe for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the whole number of Warrant Shares immediately lower than such number, in which
case the Company shall pay to that Warrantholder a sum in cash equal to the Subscription Price of one Warrant Share multiplied by the
relevant fraction of Warrant Shares (*rompu*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the whole number of Warrant Shares immediately greater than such number, in which
case that Warrantholder shall pay to the Company (including by way of set-off, as the case may be) a sum in cash equal to the Subscription
Price of one Warrant Share multiplied by the additional fraction of Warrant Shares so requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Anti-dilution Protection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1**  ***Company to notify Adjustment Event.*** The Company must notify the Warrantholder
of any Adjustment Event promptly and, in any case, no later than five (5) Business Days as of the date of its occurrence. Upon an Adjustment
Event, the Company undertakes to comply with the anti- dilution provisions set out in Schedule 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2**  ***Exceptions to anti-dilution protection.*** The anti-dilution protection
set out in Clause 4.1 and Schedule 7 above shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any event that is not an Adjustment Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any issue of Shares at a price per share equal to or higher than the higher of
the Average Price per Share Tranche A, the Average Price per Share Tranche B and the Average Price per Share Tranche C; or in case of
warrants, options and other kind of Shares with conversion rights, at a strike price equal or higher than the higher of the Average Price
per Share Tranche A, the Average Price per Share Tranche B and the Average Price per Share Tranche C; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any issue or redemption of Instruments granted as incentive instruments to directors,
managers, employees, advisors, provided that (i) it is completed in compliance with Applicable Laws, and (ii) the total aggregate number
of all such additional incentive Instruments to be issued after the date hereof does not exceed 10% (ten per cent) in aggregate of the
Fully Diluted Share Capital from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3**  ***No impact on Change-of-Control.*** For the avoidance of doubt, this
Clause 4 (*Anti-dilution Protection*) is without prejudice to the consequences of a Change-of-Control Event under and as defined
in the Finance Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Events

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1**  ***Obligors to notify Events.*** Each Obligor shall inform the Warrantholder
promptly if an Event has occurred or is likely to occur (having regard to the relevant facts or circumstances at the time) by serving
an Event Notification on the Warrantholder. Additionally, the Company undertakes to make its best efforts to notify if an Event is likely
to occur with such advance as may be reasonable for the Warrantholder to exercise the Warrants before the relevant Event Date. For this
purpose, without limitation, the Company must (i) include the Warrantholder in all notices to be sent to the Shareholders in relation
to the occurrence (or the likely occurrence) of an Event and (ii) shall deliver to the Warrantholder all notices that it receives from
a Shareholder in relation to the occurrence (or the likely occurrence) of an Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2**  ***Pre-emptive action by Warrantholder.*** If the Warrantholder has reasonable
cause to believe that an Event is about to occur, the Warrantholder may request that any or all of the Obligors consult with the Warrantholder.
Such consultation shall take place within 10 (ten) Business Days from the date of the Warrantholder's request. After the earlier
of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 10 (ten) Business Days lapsing from the date of such Warrantholder's request
without the Company or the relevant Shareholders, as applicable, having confirmed that the Event will either (i) not occur or (ii) occur
at a later date (provided that, in the case of (ii), the Company informs the Warrantholder of that date promptly upon becoming aware of
it); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the occurrence of the anticipated Event,

the Obligors will be deemed to have served an Event Notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3**  ***Ongoing information about Events.*** Following service (or deemed service)
of an Event Notification, the Obligors shall keep the Warrantholder informed in a timely manner of any and all material developments in
relation to that Event, or anticipated Event and provide the Warrantholder in a timely manner with any information of which it becomes
aware that might reasonably be required by the Warrantholder in order for the Warrantholder to calculate the Fair Market Value of the
Warrants and the Warrant Shares by reference to such Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4**  ***Notice if Event unlikely to occur.*** If, following service (or deemed
service) of an Event Notification, it becomes apparent to any Obligor that the Event in question will not take effect, that Obligor shall
as soon as practicable give written notice of that fact to the Warrantholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Warrant Settlement and Transfer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Exercise of Warrant.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time during the applicable Warrant Exercise Period, the Warrantholder may
physically exercise the Vested Warrants in full or in part for Warrant Shares by serving upon the Obligors a Warrant Exercise Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon exercise of any Warrant, the Warrantholder shall fully pay to the Company the
Strike Price of the relevant Warrant; <u>provided</u> that, in accordance with article L.225-128 of the French Commercial Code, should,
on the date of the Warrant Exercise Notice, a New Exercise Ratio apply pursuant to Clause 4 and Schedule 7 and, as result, the Strike
Price of each Warrant be lower than the total aggregate amount of the nominal value of all Warrant Shares to be issued upon exercise of
such Warrant (the **Aggregate Nominal Value**), at the discretion of the Warrantholder: (i) such Strike Price shall be increased to
the Aggregate Nominal Value or (ii) the Exercise Ratio shall be adjusted as strictly required in order to enable the issuance of the Warrant
Shares and the payment in full of their subscription price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon exercise of the Vested Warrants and subject to full payment by the Warrantholder
of their Strike Price, the Company will reflect the issuance of the underlying Warrant Shares in the specific securityholder's account
opened in the name of the Original Warrantholder in the books of the Company held by Uptevia (or, as the case may be, such other registrar
appointed by the Company) and provide the Warrantholder with written confirmation and evidence thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Once served in accordance with paragraph (a) above, a Warrant Exercise Notice is
irrevocable (except with the written consent of the Obligors).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Registration Rights

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees that, within five (5) calendar days of the filing of its Annual
Report on Form 10-K for the fiscal year ended June 30, 2025, but in no event earlier than April 1, 2026 (the "**Required Filing Date** "), the Company will, notwithstanding anything to the contrary in Section 6.2(c), file with the Commission (at the Company's
sole cost and expense) a registration statement (the "**Registration Statement**") registering the resale of the Warrants
and the Warrant Shares issued or issuable upon exercise of the Warrants issued in the applicable Tranche(s) (to the extent determinable
at that time and capable of being so registered) (the "**Registrable Securities** "), and the Company shall have the Registration
Statement declared effective as soon as practicable after the filing thereof, but in any event no later than 60 calendar days after the
Required Filing Date (the "**Effectiveness Deadline** "); *provided,* that the Company shall have the Registration
Statement declared effective within five (5) Business Days after the date the Company is notified (orally or in writing, whichever is
earlier) by the staff of the

Securities and Exchange Commission (the "**Commission**") that the Registration Statement will not be "reviewed" or will not be subject to further review; *provided, further*, that if the Effectiveness Deadline falls on a Saturday, Sunday or other day that the Commission is closed for business, the Effectiveness Deadline shall be extended to the next Business Day on which the Commission is open for business. To the extent that the Company has an existing shelf registration statement that has been declared effective by the Commission or was automatically effective upon its filing with the Commission (a "**Shelf Registration Statement**") and registers the resale of the Company's securities by shareholders of the Company, such Shelf Registration Statement shall be the Registration Statement contemplated by this Clause 6.2 to the extent the Company registers the Registrable Securities for resale pursuant to a prospectus supplement thereto (the "**Shelf Prospectus Supplement**"). The Company shall provide a draft of the Registration Statement, or the Shelf Prospectus Supplement in the case of a Shelf Registration Statement, to the Original Warrantholder for review at least seven (7) Business Days in advance of the date of filing the Registration Statement or Shelf Prospectus Supplement, as applicable, with the Commission (the "**Filing Date**"), and the Original Warrantholder shall provide any comments on the Registration Statement or Shelf Prospectus Supplement, as applicable, to the Company no later than the day immediately preceding the Filing Date. Unless otherwise agreed to in writing by the Original Warrantholder prior to the filing of the Registration Statement or Shelf Prospectus Supplement, as applicable, the Original Warrantholder shall not be identified as a statutory underwriter in the Registration Statement or Shelf Prospectus Supplement, as applicable; *provided*, that if the Commission requests that the Original Warrantholder be identified as a statutory underwriter in the Registration Statement, the Original Warrantholder will have the opportunity to withdraw from the Registration Statement upon its prompt written request to the Company. Notwithstanding the foregoing, if the Commission prevents the Company from including any or all of the Registrable Securities proposed to be registered under the Registration Statement due to limitations on the use of Rule 415 of the Securities Act of 1933 (the "**Securities Act**") for the resale of the Registrable Securities by the applicable holders or otherwise, such Registration Statement shall register for resale such number of Registrable Securities which is equal to the maximum number of Registrable Securities as is permitted by the Commission. Any failure by the Company to file a Registration Statement by the Effectiveness Deadline shall not otherwise relieve the Company of its obligations to file or effect a Registration Statement as set forth in this Clause 6.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company agrees that, except for such times as the Company is permitted hereunder
to suspend the use of the prospectus forming part of a Registration Statement, the Company will use its commercially reasonable efforts
to cause such Registration Statement to remain effective with respect to the Original Warrantholder, including to prepare and file any
post-effective amendment to such Registration Statement or a supplement to the related prospectus such that the prospectus will not include
any untrue statement or a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading, until the date on which all of the Registrable Securities shall have been sold and the Company
shall use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement
as soon as reasonably practicable. For so long as the Registration Statement shall remain effective, the Company will use commercially
reasonable efforts to file all reports, and provide all customary and reasonable cooperation, necessary to enable the Original Warrantholder
to resell the Registrable Securities pursuant to the Registration Statement, qualify the Registrable Securities, upon exchange for American
Depositary Shares, for listing on the applicable stock exchange on which the American Depositary Shares are then listed, and update or
amend the Registration Statement as necessary to include the Registrable Securities. The Company will use its commercially reasonable
efforts to (i) for so long as the Original Warrantholder holds any Warrants or

Registrable Securities, make and keep public information available (as those terms are understood and defined in Rule 144) and file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the "**Exchange Act**"), so long as the Company remains subject to such requirements to enable the Original Warrantholder to resell the Registrable Securities pursuant to Rule 144, (ii) cause the removal of all restrictive legends from any Registrable Securities being sold under the Registration Statement or pursuant to Rule 144 at the time of sale of such Registrable Securities and, at the request of the Original Warrantholder, cause the removal of all restrictive legends from any Registrable Securities held by the Original Warrantholder that may be sold by such Holder without restriction under Rule 144, including without limitation, any volume and manner of sale restrictions, and (iii) cause its legal counsel to deliver the necessary legal opinions, if any, to the transfer agent in connection with the instruction under subclause (ii) upon the receipt of such supporting documentation, if any, as reasonably requested by such counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company's obligations to include the Registrable Securities in the Registration
Statement are contingent upon the Original Warrantholder furnishing in writing to the Company a completed selling holder questionnaire
in customary form that contains such information regarding the Original Warrantholder, the securities of the Company held by the Original
Warrantholder and the intended method of disposition of the Registrable Securities as shall be reasonably requested by the Company to
effect the registration of the Registrable Securities, and the Original Warrantholder shall execute such documents in connection with
such registration as the Company may reasonably request that are customary of a selling holder in similar situations, including providing
that the Company shall be entitled to postpone and suspend the effectiveness or use of the Registration Statement during any customary
blackout or similar period or as permitted hereunder; *provided*, that the Company shall request such information from the Original
Warrantholder, including the selling holder questionnaire, at least five Business Days prior to the anticipated filing date of the Registration
Statement or Shelf Prospectus Supplement, as applicable. For the avoidance of doubt, the Original Warrantholder shall not in connection
with the foregoing be required to execute any lock-up or similar agreement or otherwise be subject to any contractual restriction on the
ability to transfer the Registrable Securities. In the case of the registration effected by the Company pursuant hereto, the Company shall,
upon reasonable request, inform the Original Warrantholder as to the status of such registration. The Original Warrantholder shall not
be entitled to use the Registration Statement for an underwritten offering of the Registrable Securities. Notwithstanding anything to
the contrary contained herein, the Company may delay or postpone filing of such Registration Statement, and from time to time require
the Original Warrantholder not to sell under the Registration Statement or suspend the use or effectiveness of any such Registration Statement
if it determines in good faith that in order for the registration statement to not contain a material misstatement or omission, an amendment
thereto would be needed, or if such filing or use would reasonably be expected to materially affect a bona fide business or financing
transaction of the Company or would reasonably be expected to require premature disclosure of information that would materially adversely
affect the Company; *provided, that* (w) the Company shall not so delay filing or so suspend the use of the Registration Statement
for a period of more than 60 consecutive days or more than two times in any 360 day period and (x) the Company shall use commercially
reasonable efforts to make such registration statement available for the sale by the Original Warrantholder of such securities as soon
as practicable thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon receipt of any written notice from the Company (which notice shall not contain
any material non-public information regarding the Company and which notice shall not be subject to any duty of confidentiality) of the
happening of (a) an issuance by the

Commission of any stop order suspending the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose, which notice shall be given promptly from the date of such event, (b) any Suspension Event during the period that the Registration Statement is effective, which notice shall be given promptly from the date of such Suspension Event, or (c) or if as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made (in the case of the prospectus) not misleading, the Original Warrantholder agrees that (1) it will immediately discontinue offers and sales of the Registrable Securities under the Registration Statement (excluding, for the avoidance of doubt, sales conducted pursuant to Rule 144) until the Original Warrantholder receives copies of a supplemental or amended prospectus (which the Company agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become effective or unless otherwise notified by the Company that it may resume such offers and sales, and (2) it will maintain the confidentiality of any information included in such written notice delivered by the Company unless otherwise required by law, subpoena or regulatory request or requirement. If so directed by the Company, the Original Warrantholder will deliver to the Company or, in the Original Warrantholder's sole discretion destroy, all copies of the prospectus covering the Registrable Securities in Subscriber's possession; *provided, however,* that this obligation to deliver or destroy all copies of the prospectus covering the Registrable Securities shall not apply (w) to the extent the Original Warrantholder is required to retain a copy of such prospectus (A) in order to comply with applicable legal, regulatory, self-regulatory or professional requirements or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in accordance with a bona fide pre-existing document retention policy or (x) to copies stored electronically on archival servers as a result of automatic data back-up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding the registration obligations set forth herein, if the Commission
informs the Company that the resale of all of the Registrable Securities as a secondary offering cannot, as a result of the application
of Rule 415, be registered on a single registration statement, the Company agrees to promptly inform each of the holders of the Registrable
Securities thereof and use its reasonable efforts to file amendments to the Registration Statement as required by the Commission, covering
the maximum number of the Registrable Securities permitted to be registered by the Commission. In addition, notwithstanding any other
provision hereof, if the Commission or any SEC Guidance (defined below) sets forth a limitation on the number of the Registrable Securities
permitted to be registered on the Registration Statement, the number of the Registrable Securities to be registered on such Registration
Statement will be reduced pro rata among all such selling stockholders whose securities are included in such Registration Statement. In
the event of a cutback hereunder, the Company shall give the applicable holder of the Registrable Securities at least five (5) Business
Days prior written notice along with the calculations as to such holder's allotment. In the event the Company amends the Registration
Statement in accordance with the foregoing, the Company will use its reasonable efforts to file with the Commission, as promptly as allowed
by the Commission or SEC Guidance provided to the Company, one or more registration statements to register the resale of those Shares
that were not otherwise registered. "SEC Guidance" means (a) any publicly-available written or oral guidance of the Commission
staff, or any comments, requirements or requests of the Commission staff and (b) the Securities Act and the rules and regulations promulgated
thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3**  ***Lock-up period*** . The Warrantholder undertakes not to transfer the Warrants
(whether Vested or Non-Vested) until the Maturity Date (as defined in the Finance Contract) of the relevant Tranche except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to the Right of First Refusal set forth in Clause 6.4, in case of occurrence
of, and in connection with, an Event; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in case of a transfer to an Affiliate (together with all its rights and obligations
under this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Warrant Sale and Right of First Refusal.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to its lock-up undertaking under Clause 6.3, the Warrantholder may conduct
a Warrant Sale in relation to all or part of the Vested Warrants, provided that the Warrantholder shall deliver a Right of First Refusal
Notice to the Company, following which the Company shall have a Right of First Refusal in relation to the relevant Vested Warrants, whereupon
it shall be entitled to acquire the Warrants pursuant to this Clause 6.4 against payment to the Warrantholder of the purchase price
offered for the relevant Vested Warrants by one or several third parties or Shareholders in the relevant Warrant Sale and all transfer
taxes, fees, costs and expenses incurred by the Warrantholder in connection with such transfer (if not included in the transfer price)
(the "**Warrants Sale Price** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Warrantholder has exercised the Put Option in relation to any Vested Warrant
and the Put Option Price is not, for whatever reason, paid to the Warrantholder in accordance with, and within the time frame set out
in, Clause 6.5 (*Put Option*), the Company shall not be entitled to a Right of First Refusal and a Warrant Sale can be made by the
Warrantholder without compliance with any of the conditions set out in this Clause 6.4 (*Warrant Sale and Right of First Refusal*).
For the avoidance of doubt, a Warrant Sale as described in this Clause shall be without prejudice to any remedies the Warrantholder may
otherwise have in respect of the relevant Obligor's breach of its obligation to pay the Warrants Sale Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Within twenty (20) Business Days of the Right of First Refusal Notice being served
on the Company, the Company may exercise its Right of First Refusal by written notice to the Warrantholder or to the Masse Representative,
as the case may be, (the "**ROFR Exercise Notice** "). In case of a ROFR Exercise Notice, the transfer of the relevant Vested
Warrants and the payment of the Warrants Sale Price in cash, by electronic transfer of funds for same day value, to such bank account
as the Warrantholder specifies in the Right of First Refusal Notice, shall occur within thirty (30) Business Days from the ROFR Exercise
Notice, failing which the Interested Party shall be deemed to have waived its Right of First Refusal in respect of the concerned transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon receipt of all amounts to be paid to the Warrantholder in accordance with Clause
6.4(c), the Warrantholder shall transfer the relevant Vested Warrants to the relevant Interested Parties. In relation to the Vested Warrants
so transferred, no representations or warranties whatsoever shall be made by the Warrantholder (save for customary title and capacity
representations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Company does not exercise the Right of First Refusal or the Interested Parties
do not make the payment in accordance with, and within the time-frame set out in Clause 6.4(c) above, the Warrantholder may proceed with
the Warrant Sale at a price at least equal to the Warrants Sale Price set out in the Right of First Refusal Notice; <u>provided</u> that,
in case the relevant Warrant Sale is at a price inferior to the Warrants Sale Price set out in the Right of First Refusal Notice, the
Right of First Refusal shall apply *mutatis mutandis* to such transfer of Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Right of First Refusal set out in this Clause 6.4 shall not apply to a Warrant
Sale where both the Warrantholder and the intended transferee/nominee are (i) the Original Warrantholder, (ii) an Affiliate of the Original
Warrantholder, (iii) a promotional bank or finance agency set up by one or more member states of the European Union or (iv) any transferee
of the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 Put Option

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company irrevocably grants the the Original Warrantholder the right, but not
the obligation (or the right, but not the obligation, of an Affiliate of the Original Warrantholder or a promotional bank or finance agency
set up by one or more member states of the

European Union to whom the Warrants are transferred pursuant and subject to the terms and conditions of this Agreement) to require the Company to cancel or purchase any Vested Warrant in consideration of the payment by the Company to the Warrantholder of the Put Option Price (the **Put Option**) in the terms set out in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the occurrence of an Event, the Warrantholder may exercise the Put Option
on or after the applicable Event Date that occurs during the Warrant Exercise Period applicable to the relevant Vested Warrant, by serving
the Company a Warrantholder's Put Option Notice, which upon being served is irrevocable (except as may be otherwise agreed in writing
by the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Put Option shall be exercisable only up to the number of Vested Warrants that
would result in the Put Option Price being no higher than twenty million euros (EUR 20,000,000) in respect of all then Vested Warrants.
Any Vested Warrants in excess of this limit may not be transferred through the Put Option and shall remain outstanding until otherwise
exercised in accordance with this Agreement. For the avoidance of doubt, the limit set out above for the Put Option Price shall not vary
based on the Disbursed Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Warrantholder shall specify the Fair Market Value of the relevant Vested Warrants
and Warrant Shares and the aggregate Put Option Price in respect of the relevant Vested Warrants in the draft Warrantholder's Put Option
Notice, such calculations to be based on the valuation as set forth in Schedule 2 (*Expert determination*) (taking into account any
adjustment under Clause 4 (*Anti-dilution Protection*) and Schedule 7), together with the Supporting Calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall have the Objection Period to agree or dispute the Warrantholder's
calculation of the Fair Market Value and/or the aggregate Put Option Price in respect of the relevant Vested Warrants as set out in the
Supporting Calculations. If, by the end of the Objection Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company has not delivered a notice in writing to the Warrantholder disputing
the Fair Market Value and/or the aggregate Put Option Price in respect of the relevant Warrants, the Company shall be deemed to have agreed
the Fair Market Value and the aggregate Put Option Price in respect of the relevant Vested Warrants specified in the draft Warrantholder's
Put Option Notice, and the draft Warrantholder's Put Option Notice shall automatically become final and binding on the Parties;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the extent that the Company has delivered a notice in writing to the Warrantholder
disputing the Fair Market Value and/or the aggregate Put Option Price in respect of the relevant Warrants, either or both of the Warrantholder
and the Company shall refer the matter to the Expert for determination in accordance with Schedule **2** (*Expert determination*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Within five (5) Business Days of the Expert's decision, the Warrantholder must
deliver to the Company a revised Warrantholder's Put Option Notice (together with the Supporting Calculations) incorporating such
adjustments, if any, as have been determined by the Expert. The revised Warrantholder's Put Option Notice will supersede the initial
draft Warrantholder's Put Option Notice and will be final and binding on the Parties from the date of its delivery to the Company
provided that it reflects the changes that have been determined by the Expert.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Within thirty (30) Business Days of the Warrantholder's Put Option Notice
becoming final and binding in accordance with this Clause 6.5 (*Put Option*), the Company must pay the aggregate Put Option Price
in respect of the relevant Warrants in cash by electronic transfer of funds for same day value to such bank account as the Warrantholder
has specified in the Warrantholder's Put Option Notice, whereupon the relevant Warrants will be cancelled and of no further force
and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6** **Third Party Offers** 

If a general offer to purchase Shares (or Instruments) (whether involving a formal offer by way of an offer document, an invitation to join a transaction to be evidenced by a sale and purchase agreement or otherwise) is made to (i) Shareholders holding more than 50% (fifty percent) of the Shares (or of the Instruments) or (ii) 50% (fifty percent) of the Shareholders, each Obligor shall, immediately if and upon becoming aware of such offer:

&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) give notice of the offer to the Warrantholder, which notice shall (to the extent
that the information set forth below are available to the relevant Obligor):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) specify the number of Shares (or Instruments) proposed to be purchased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) name the potential buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) specify the price and terms of such proposed offer; 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;(ii) make its best efforts so that the Warrantholder be treated as a Shareholder as if
it had exercised the Vested Warrants then outstanding and exercisable and, if any consideration is receivable by any relevant Shareholders
pursuant to the relevant sale, the Warrantholder receives the same consideration it would have been entitled to receive had it been the
holder of the Warrant Shares following exercise of any Vested Warrants, after deducting the Strike Price in respect of those Vested Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Issuance of Warrant Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Issuance

 ****

Subject to and after the receipt of a Warrant Exercise Notice and of full payment of the relevant Strike Price, the Board of Directors of the Company, acting upon delegation of authority of the extraordinary general meeting of Shareholders of the Company, shall, at its next meeting which the Company undertakes to convene within forty-five (45) Business Days: (i) acknowledge of the Warrant Exercise and issuance of the relevant number of underlying Warrants Shares to the Warrantholder against payment of the Strike Price and (ii) amend the Articles to reflect the exercise of the Warrants and the capital increase resulting from the issuance of the Warrants Shares. More broadly, the Company shall take any decision or measure and to carry out any formality or step necessary or useful for the completion of the issuance of the Warrant Shares (including the update of the Company's share transfer register and shareholders' accounts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Maximum Percentage.

 ****

The Company shall not effect the exercise of all or a portion of the Warrants held by a Warrantholder, and such Warrantholder shall not have the right to exercise all or a portion of such Warrants, to the extent that after giving effect to such exercise, such person (together with such person's Affiliates), to the Company's actual knowledge, would beneficially own in excess of 4.99% (the "**Maximum Percentage**") of the Shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number Shares beneficially owned by such person and its Affiliates shall include the number of Shares issuable upon exercise of all or a portion of the Warrants held by the Warrantholder and its Affiliates with respect to which the determination of such sentence is being made, but shall exclude Shares that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrants beneficially owned by such Warrantholder and its Affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such Warrantholder and its Affiliates, subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended. For purposes of this Agreement, in determining the number of outstanding Shares, the Warrantholder may rely on the number of

outstanding Shares as reflected in (1) the Company's most recent Annual Report on Form 10- K or 20-F, Quarterly Report on Form 10-Q, Current Report on Form 8-K or 6-K or other public filing with the Commission, as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company setting forth the number of Shares outstanding. For any reason at any time, upon the written request of the Warrantholder, the Company shall, within one (1) Business Day, confirm orally and in writing to the Warrantholder the number of Shares then outstanding. By written notice to the Company, the Warrantholder may from time to time increase or decrease the Maximum Percentage applicable to it to any other percentage specified in such notice; provided, however, that any such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Representations and Warranties

The Company represents and warrants to the Warrantholder on the date of this Agreement and on 1 January and 1 July each subsequent year and until its termination that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor, as far as it is concerned:

&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) has full legal capacity and authority to execute, undertake and comply with its
obligations under this Agreement, and, subject to approval of appropriate resolutions at its Shareholders' meeting, to carry out
all actions required from it in connection with the creation and delivery of the Warrants and the satisfaction of all rights of the Warrantholder
pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at such time as any Warrant is exercised, subject to approval of appropriate resolutions
at its Shareholders' meeting, will have full legal capacity and authority to carry out all actions required from it in connection
with the issuance and delivery to the Warrantholder of the corresponding Warrant Shares in accordance with Applicable Law, the Articles
and any other applicable corporate documents or the relevant Shareholder resolutions;

&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) is duly incorporated and validly existing under the law of its jurisdiction to carry
out its own business, trade and ordinary activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) has obtained all necessary consents and approvals in connection with the execution,
delivery and performance of this Agreement and in order to lawfully comply with its obligations thereunder and all such consents and approvals
are in full force and effect and are admissible in evidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) does not breach any of its constitutional documents, bylaws or any applicable law,
statute, rule or regulation, or any judgement, decree or permit binding on it or on its assets by entering into this Agreement; 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;(vi) does not breach any agreement or other instrument binding upon it by entering into
this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Obligor:

&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) is incorporated or established in (1) a jurisdiction classified by any Lead Organisation
as being weakly regulated and/or weakly supervised and/or non- transparent and/or uncooperative or any equivalent classification used
by any Lead Organisation, in connection with activities such as money laundering, financing of terrorism, tax fraud and tax evasion or
harmful tax practices, and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a jurisdiction that is blacklisted by any Lead Organisation in connection with such activities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is insolvent, over-indebted or subject to a court-ordered restructuring procedure,
nor is such insolvency, over-indebtedness or procedure threatened against it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has its corporate seat and principal place of management in France, and has no
establishment outside the territory of France;

&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) has granted no Instruments other than those described in Fully Diluted Share Capital
of the Company as of the date of this Agreement as per Schedule 4 (*Capitalisation Table*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the general manager (*directeur general*) of the Company will, at such time
as the Put Option is exercised, have full corporate power and capacity under Applicable Law, the Articles and any relevant decisions by
the corporate bodies of the Company to pay the relevant Put Option Price in accordance with this Agreement without need for any further
approval from any corporate body of the Company or from any third-party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the capitalisation table set out in Schedule 4 (*Capitalisation Table*) is
true, correct and complete and reflects the Fully Diluted Share Capital of the Company as of the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Undertakings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1**  ***Positive undertakings by the Company.*** The Company undertakes to the Warrantholder to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) take all acts at its own initiative or upon reasonable request from the Warrantholder
in order to implement or facilitate any of the transactions contemplated in this Agreement, in particular for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) granting the Warrantholder's rights under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) issuing and granting the Warrants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) issuing the Warrant Shares to the Warrantholder following exercise of the Warrants,
irrespective of whether the Strike Price is satisfied in cash or via set-off (in relation to amounts owing by the Company to the Warrantholder)
free from prior approval, pre-emption and anti-dilution rights and any Encumbrance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) notify the Warrantholder as soon as reasonably practicable of, and in any event
at least 7 (seven) days before, any creation of a class of Shares that is senior to its ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) notify the Warrantholder no later than upon first convening of any shareholders'
meeting convened to resolve on any amendment to the Articles that do not require its prior approval pursuant to this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) take all such other action that is or may reasonably be considered by the Warrantholder,
taking into account Applicable Law and market practice in the jurisdiction of the Company, to be necessary or desirable for any of the
purposes mentioned in Clause 9.1(a)(i) to (iii) (Positive undertakings by the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2**  ***Negative undertakings by Obligors.*** For so long as any Warrants remain
exercisable or outstanding, no Obligor shall, except with the written consent of the Warrantholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) take any action that may result in any Warrants not being exercisable or the Warrant
Shares not being issuable in the terms set out in this Agreement, including revoking any

authority granted to any corporate body of the Company to issue the Warrants or the Warrant Shares to the Warrantholder or to take any prior or subsequent step required under Applicable Law to give effect to either issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) create or issue a new class of Shares with preferential treatment to the ordinary
shares (or the class of shares to which the Warrants give right in accordance with Clause 2.3(c)) it being understood that the Warrantholder's
possible consent to the introduction of a new class of shares with preferential treatment to the ordinary shares will be conditional solely
on the Warrants subsequently entitling to Shares of such new class instead of ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert the Company into an entity of another form under any jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) make any issue, grant or Distribution or take any other action if, on the exercise
of any of the Warrants or the issue of the Warrant Shares, the effect of such issue, grant or Distribution would result in Warrant Shares
being issued in a manner different from the one contemplated herein or where the Warrantholder would be treated differently from the Shareholders
holding Shares of the same class as the Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Representation of the Warrantholders

In accordance with article L. 228-103 of the French Commercial Code, the Warrantholders shall be grouped in a masse (the "**Masse**") with legal status as provided by applicable law, provided there is more than one (1) Warrantholder.

The Masse shall be represented by a person (the "**Masse Representative**") designated by the general assembly of the Warrantholders in compliance with applicable law.

The provisions in relation to the Masse, the Masse Representative and the general assembly of the Warrantholders under article L. 228-103 of the French Commercial Code shall be applicable to the Warrants.

If at any time the Warrants are held by one Warrantholder, such Warrantholder shall personally exercise the rights granted to the Masse Representative and the general assembly of the Warrantholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Liquidation of the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1**  ***Procedure on liquidation.*** If, at any time any Vested Warrants remain
exercisable or outstanding, an order is made or an effective resolution is passed for the liquidation of the Company, or if the Company
is liquidated by operation of law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Company is subject to judicial liquidation proceedings (in accordance with
Articles L.640-1 *et seq.* of the French commercial Code), the Vested Warrants shall be deemed no longer exercisable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Company is subject to an amicable liquidation (in accordance with Articles
L.237- 1 et seq. of the French Commercial Code), or to a dissolution, the Company shall immediately send to the Warrantholder a written
notice stating that such an order has been made or resolution has been passed or other liquidation is to be effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2**  ***Agreement to lapse on liquidation.*** Subject to compliance with this
Clause 8 (*Liquidation of the Company*), this Agreement will lapse, and all outstanding Warrants will be cancelled, on liquidation
of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Termination

This Agreement ceases to have effect when the Warrantholder has exercised all of the Warrants and acquired Warrant Shares, or when all the Warrants have been cancelled, in each case in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Finance Contract

The following provisions of the Finance Contract are deemed incorporated in this Agreement by reference (except to the extent expressly modified herein) with the same force and effect as though fully set forth herein, regardless of whether the Finance Contract is in force, regardless of whether there is any amount outstanding under the Finance Contract, and regardless of whether the Credit is available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Paragraphs (a) and (b) of Article 7 (*Borrower undertakings and representations*)
of the Finance Contract, save that:

&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) the Repeating Representations as defined in the Finance Contract only include the
representations set out in Paragraph 1 (*Authorisations and Binding Obligations*), Paragraph 3 (*No proceedings*), Paragraph
7 (*Anti-Corruption*) and Paragraph 13 (*Sanctions*) of Schedule G (*Representations and Warranties*) of the Finance Contract;
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;(ii) such Repeating Representations are deemed to be made by the Company on the date
of each Disbursement Acceptance (as defined in the Finance Contract), each Disbursement Date (as defined in the Finance Contract), each
Quarter Date (as defined in the Finance Contract) and each Payment Date (as defined in the Finance Contract) in respect of each Tranche;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paragraph (c) of Article 7 (*Borrower undertakings and representations*) of
the Finance Contract, save that the undertakings of the Finance Contract which the Company shall undertake include all undertakings in
Schedule I (*Information and Visits*) and the following undertakings in Schedule H (*General Undertakings*):

&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) Paragraph 2 (*Completion of Investment*),

&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) Paragraph 3 (*Procurement procedure*),

&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) Paragraph 4 (*Compliance with laws*),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Paragraph 5 (*Environment and Social Matters*),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Paragraph 6 (*Integrity*),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Paragraph 10 (*Change in business*),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Paragraph 11 (*Merger*),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Paragraph 12 (*Books and records*),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Paragraph 22 (*Maintenance of Status*), 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;(x) Paragraph 26 (*Sanctions*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Assignment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1**  ***Assignment subject to conditions.*** Except as provided in Clause 6.4
(*Warrant Sale and Right of First Refusal*) and in this Clause 14 (*Assignment*), or where otherwise consented to by the Parties
in writing, no Party may assign, transfer, charge or deal in any other manner with any of its rights or obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2**  ***Assignment by the Warrantholder.*** Subject to Clause 6.3 (*Lock-up period*) and Clause 6.4 (*Warrant Sale and Right of First Refusal*), at any time following a Warrant becoming vested, the Warrantholder
may sell, assign, transfer or otherwise dispose of that Warrant to any person or persons and/or all or any of its rights and/or obligations
under this Agreement relating to that Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Business Days

Any payment under this Agreement which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Amendment

Any amendment to this Agreement shall be made in writing and shall be signed by the Parties. For the avoidance of doubt, any accession to this Agreement pursuant to 14.2 (*Conditions to assign*) shall not be deemed to be an amendment to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Waiver

Failure to exercise, or a delay in exercising, a right or remedy provided by this Agreement or by law does not constitute a waiver of the right or remedy or a waiver of other rights or remedies. No single or partial exercise of a right or remedy provided by this Agreement or by law prevents the further exercise of the right or remedy or the exercise of another right or remedy. A waiver of a breach of this Agreement does not constitute a waiver of a subsequent or prior breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Rights and Remedies are Cumulative

The rights and remedies provided by this Agreement are cumulative and do not exclude any rights and remedies provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Invalidity

If, at any time, any term of this Agreement is or becomes illegal, invalid or unenforceable in any respect, or this Agreement is or becomes ineffective in any respect, under the laws of any jurisdiction, such illegality, invalidity, unenforceability or ineffectiveness shall not affect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the legality, validity or enforceability in that jurisdiction of any other term
of this Agreement or the effectiveness in any other respect of this Agreement in that jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the legality, validity or enforceability in other jurisdictions of that or any
other term of this Agreement or the effectiveness of this Agreement under the laws of such other jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. No partnership

Nothing in this Agreement constitutes a partnership between the Parties or constitutes any Party as agent of another Party for any purpose whatever and, except as explicitly set out in this Agreement, no Party has the authority or power to bind any other or to contract in the name of or create liability against another Party in any way or for any purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Notices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1**  ***Contact details.*** Notices and other communications given under this
Agreement addressed to a Party shall be made to the address or e-mail address as set out below, or to such other address or e-mail address
as a Party previously notifies to the other Parties in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the Original Warrantholder:

Attention: OPS-EGPF2-Secretariat <br> Address: no 98-100 boulevard Konrad Adenauer L-2950 Luxembourg <br> Email address: ops-egpf-2-secretariat@eib.org

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the Company:

Attention: Legal Affairs Department <br> Address: EDAP TMS S.A 4, rue du Dauphiné, 69120 Vaulx-en-Velin, France <br> Email address: Legal@focalone.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For any Warrantholder other than the Original Warrantholder, such address, attention
and fax number as that Warrantholder may notify the other Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.2**  ***Form and language for notices.*** Any notice or other communication
given under this Agreement must be in writing and in the English language.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.3**  ***Notices setting deadlines.*** Notices and other communications, for which
fixed periods are laid down in this Agreement or which themselves fix periods binding on the addressee, may be made by hand delivery or
registered letter with acknowledgement of receipt. Such notices and communications shall be deemed to have been received by the relevant
Party on the date of delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.4**  ***Other notices.*** Other notices and communications may be made may be
made by hand delivery, registered letter, or e-mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.5**  ***Notices by e-mail.*** Without affecting the validity of any notice delivered
by e-mail according to the paragraphs above, a copy of each notice delivered by e-mail shall also be sent by letter to the relevant Party
on the next following Business Day at the latest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.6**  ***Evidence of signing authority.*** Notices issued by any Obligor pursuant
to any provision of this Agreement shall, where required by the Warrantholder, be delivered to the Warrantholder together with satisfactory
evidence of the authority of the person or persons authorised to sign such notice on behalf of that Obligor and the authenticated specimen
signature of such person or persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.** **COSTS** 

***Company to bear costs.*** The Company shall bear the costs and expenses of the Warrantholder in relation to the preparation, negotiation, execution, implementation, enforcement and termination of this Agreement or any ancillary documents, as well as any subsequent amendments, supplements or waivers of or to this Agreement or any ancillary document, including the costs of any legal, accountancy and other advisors and any exchange charges incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Taxes, duties and fees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.1**  ***Company to pay all taxes.*** The Company shall pay all taxes, duties,
and other impositions of whatsoever nature, including stamp duty and registration fees, arising out of the execution or implementation
of this Agreement or any ancillary document, including in connection with the exercise of the Warrants or of the Put Option as set out
under this Agreement except for any transfer tax payable in connection with the Original Warrantholder transferring the Warrants or the
Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.2**  ***Obligors to gross up.*** The Obligors shall pay all amounts due under
this Agreement gross without any withholding or deduction of any national or local impositions whatsoever, provided that if any such withholding
or deduction is required by law or by an agreement with a governmental authority or otherwise, the Obligors will gross up the payment
to the Warrantholder so that after withholding or deduction, the net amount received by the Warrantholder is equivalent to the sum due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. EUR – Currency Exchange Rate

Payments to be made by any Obligor shall be made in EUR, unless otherwise agreed in writing with the Warrantholder.

In case any amount under this Agreement is not in EUR, the relevant amount shall be converted in EUR based on the last relevant exchange rate published by the European Central Bank on its website on the date immediately preceding the relevant date under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.** **SET-OFF** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.1**  ***No set-off by Obligors.*** All payments to be made by an Obligor under
this Agreement shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim (except the payment
of the Arrangement Fee by set off against the Subscription Price for each relevant Warrant).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.2**  ***Set-off by Warrantholder.*** A Warrantholder may set off any matured
obligation due from an Obligor (to the extent beneficially owned by that Warrantholder) against any matured obligation owed by that Warrantholder
to that Obligor (including, without limitation, the Subscription Price and the Strike Price), regardless of the place of payment, booking
branch or currency of either obligation. If the obligations are in different currencies, the Warrantholder may convert either obligation
at a market rate of exchange in its usual course of business for the purpose of the set-off. If either obligation is unliquidated or unascertained,
the Warrantholder may set off in an amount estimated by it in good faith to be the amount of that obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. Confidentiality

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.1** The Parties shall consider the Agreement, its appendices, and any agreement or arrangement
entered into in connection with this Agreement as confidential. Each Party undertakes to the other Party that it shall not use, divulge
or communicate to any person any confidential information relating to the other Party, save if such disclosure is required by legal or
regulatory provisions or a regulatory authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.2** Any technical, financial, economical information related to the business of the
Company and/or the Obligors disclosed to the Warrantholder in its capacity as Warrantholder shall be deemed as strictly confidential,
and the Warrantholder shall take all reasonable and necessary measures to prohibit its employees from disclosing such information to any
Third Party, save where (i) such information is already in the public domain or (ii) such disclosure will be required by legal or regulatory
provisions or (iii) such disclosure is reasonably necessary to protect the Warrantholder's interests under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Further Assurance

Each Obligor shall, at its cost, execute all documents and do all acts and things as the Warrantholder might reasonably consider necessary or desirable for the purpose of giving the Warrantholder the full benefit of all the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. Third Party Rights

A person who is not a Party is not entitled to any right under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. Entire Agreement

This Agreement and the Finance Contract constitute the entire agreement between Parties in relation to the grant of the Warrants and the issue of Warrant Shares, and supersede any previous agreement, whether express or implied, on the same matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. Governing Law and Jurisdiction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.1**  ***Governing law.*** This Agreement and any non-contractual obligations
arising out of or in connection with it shall be governed by and construed in accordance with the laws of France.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.2**  ***Jurisdiction*.** The Parties agree that the commercial court of Paris,
France (*tribunal des activités économiques de Paris*) shall have exclusive jurisdiction to settle any claim, dispute
or matter of difference which may arise in any way whatsoever out of or in connection with this Agreement (including without limitation
claims for set-off or counterclaim) or the legal

relationships established by this Agreement (a "**Dispute**") and, accordingly, that they will not argue to the contrary.

**This Agreement** has been entered into on the date stated at the beginning of this Agreement.

#### Schedule 1
**Warrantholder's Put Option Notice**

To: EDAP TMS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ \*\*\* *address* \*\*\* ]

FAO: [●]

**Warrant Agreement between, amongst others, EDAP TMS and the European Investment Bank dated [** **●] (the "Warrant Agreement")**

We refer to the Warrant Agreement. Capitalised terms used in this Notice have the meanings ascribed to them in the Warrant Agreement.

Number of Vested Warrants to be transferred : [<u> </u>]

Our good faith assessment of the above number of Vested Warrant and the Fair Market Value of said Vested Warrants is set out in the annex to this Notice, where the basis of calculation, assumptions and working papers are shown. Accordingly, the Put Option Price is EUR [●].

Please countersign this Notice to indicate your acceptance of this Notice and remit the Put Option Price to the following account:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Bank: | &nbsp;&nbsp;[●] |
| &nbsp;&nbsp;Branch: | &nbsp;&nbsp;[●] |
| &nbsp;&nbsp;Sort Code: | &nbsp;&nbsp;[●] |
| &nbsp;&nbsp;Account Number: | &nbsp;&nbsp;[●] |
| &nbsp;&nbsp;Account name: | &nbsp;&nbsp;[●] |
| &nbsp;&nbsp;BIC: | &nbsp;&nbsp;[●] |
| &nbsp;&nbsp;SWIFT: | &nbsp;&nbsp;[●] |
| &nbsp;&nbsp;IBAN: | &nbsp;&nbsp;[●] |
| &nbsp;&nbsp;Reference: | &nbsp;&nbsp;Cancellation of EDAP TMS Warrants |

---

Signed by ...................................................

for and on behalf of

**European Investment Bank**

Full Name ...................................................

Address ...................................................

...................................................

...................................................

**We hereby confirm our agreement to the Notice of Cancellation becoming final and binding**

Signed by ...................................................

for and on behalf of

**EDAP TMS**

Full Name ...................................................

Address ...................................................

...................................................

...................................................

**Annex**

**Supporting Calculations**

#### Schedule 2
**Expert Determination**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Identity and selection of expert** 

The Expert will be an independent, international and leading investment bank or a leading global firm of accountants (in each case, which has at least one office in Luxembourg) as jointly appointed by the Company and the Warrantholder, or failing agreement as to such appointment after 10 (ten) Business Days of the proposed referral to the Expert pursuant to paragraph (d) of Clause 6.5 (*Put Option*) or the Adjustment Event (as applicable), by decision of the Company amongst the three (3) candidates proposed by the Warrantholder who satisfy the criteria set forth above in this paragraph 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Duties of Expert** 

The Expert will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) determine (as appropriate) the Fair Market Value for any Warrant or Warrant Shares
on the basis set out in paragraph 3 (*Basis of valuation*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) within one month of the matter being referred to it, give written notice of its
determination to the Parties (the "**Expert's Certificate** "), together with a written explanation setting out in reasonable
detail the basis and methods used for the purposes of the calculations performed under the previous subparagraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Basis of valuation** 

The valuation of the Fair Market Value shall be determined

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the American Depositary Shares are not listed or are not becoming listed on
a stock exchange:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. assuming the Vested Warrants then outstanding are fully exercisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. by applying techniques that are appropriate in light of the nature, facts, and
circumstances of the financial instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. using reasonable current market data and inputs combined with market participant
assumptions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. taking into account valuations retained in previous transaction or offers related
to Instruments of the Company over the preceding 12 months period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. based on the price
 that would be received for an asset or paid to transfer a liability in an Orderly Transaction,
 given market conditions at the measurement date, between market participants that are (i)
 independent of each other, (ii) knowledgeable of the market, (iii) able to transact and willing
 to transact, that is, they are motivated but not forced or otherwise compelled to do so.
 For the purposes hereof, any preferred rights shall be taken into consideration for the purposes
 of such valuation<sup>1</sup>. For the avoidance of doubt, should part of the price be paid
 in kind (e.g. by exchange with shares of the acquirer), the Put Option Price shall be settled
 in cash by the Company in accordance with Article 6.5 (*Put Option*), based on the cash
 consideration for a share of the same class as the Warrants Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. adding up any ordinary and preferred distributions made to Shareholders or holder
of instruments giving rise to any kind of distribution or profit entitlement since the date of issuance of the respective Warrants which
have not been compensated by the issuance of new Warrants to the Warrantholder or the adjustment of the Exercise Ratio;

<sup>1</sup> To observe the liquidation waterfall and preferred dividends for the purposes of the valuation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. such valuation to be by guided by the International Private Equity and Venture Capital
Valuation Guidelines as such are amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the American Depositary Shares are listed on any regulated stock exchange, the
Fair Market Value of each Warrant shall be equal to the 20-day volume weighted average of the reported daily volume weighted average price
(VWAP) per American Depositary Share as reported on Bloomberg on a regulated stock exchange to be determined at the first Business Day
following the last day of the 20-day period starting 21 Business Days before the exercise of the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Fair Market Value of a Warrant shall be equal to (i) the Fair Market Value
of an American Depositary Share (determined as per the above) multiplied by (ii) the Exercise Ratio of the Warrant (as adjusted from time
to time) and minus (iii) the Strike Price of the Warrant;

For the purposes of this paragraph 3 (*Basis of valuation*), "**Orderly Transaction**" means a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving the respective assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Terms of appointment of Expert** 

The Parties shall co-operate with each other and shall take all reasonable action as is necessary to ensure that the terms of appointment of the Expert will enable the Expert to give effect to and act in accordance with the provisions of this schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Expert refusing or ceasing to act** 

If the Expert is unable for whatever reason to act, or does not deliver the decision within the time required by paragraph 2(b) (*Duties of Expert*), the Company and the Warrantholder shall appoint a replacement expert in accordance with paragraph 1 (*Identity and selection of Expert*) of this Schedule 2 (*Expert Determination*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Language** 

All matters under this schedule will be conducted, and the Expert's decision will be written, in the English language.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Parties to provide information and make submissions** 

The Parties are entitled to make submissions to the Expert including oral submissions and shall provide (or procure that others provide) the Expert with such information, assistance and documents necessary or as the Expert reasonably requires for the purpose of reaching a decision subject to the Expert agreeing to give such confidentiality undertakings as the Parties may reasonably require.

Any information disclosed to the Expert by the Company, or any person for or on behalf the Company shall also be disclosed simultaneously to the Warrantholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Expert may determine procedures** 

To the extent not provided for by this schedule, the Expert may, in its reasonable discretion, determine such other procedures to assist with the conduct of the determination as he considers just or appropriate, including (to the extent he considers necessary) instructing professional advisers to assist it in reaching its determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Conduct of parties** 

The Parties shall promptly take all such reasonable action which is necessary to give effect to the terms of this schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Expert not arbitrator** 

The Expert shall act pursuant to the provisions of article 1592 of the French Code civil and not as arbitrator. The Expert will determine any dispute arising in connection with the provisions of this schedule, its jurisdiction to determine the matters and issues referred to it, or its terms of reference. The Expert's written decision on the matters referred to it will be final and binding in the absence of manifest error or fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Costs of the Expert** 

The Expert's fees and any costs properly incurred by it in arriving at its determination (including any fees and costs of any advisers appointed by the Expert) will be paid equally to the Expert by the Company and the Warrantholder. Subsequently, the Company will reimburse to the Warrantholder the relevant Expert's fees and costs paid by it at the time of the settlement of the Put Option Price.

#### Schedule 4
**Capitalisation Table\***

![](schedule4.jpg)

*\*Capitalisation table immediately prior to issuance of Tranche A Warrants.*

 

*\*\* Not including the Warrants*

 

#### Schedule 6
**Subscription Form**

**EDAP TMS S.A.**

***Société Anonyme* with a share capital of EUR [●]**

**Registered office: Parc d'activité La Poudrette Lamartine, 4 rue du Dauphiné, 69120**

**Vaulx-en-Velin, France**

**316 488 204 RCS Lyon**

**(the "Company")**

**SUBSCRIPTION FORM**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Amount and conditions of the share capital increase** 

By its decisions of [●], the board of directors of the Company, acting upon delegation of the extraordinary shareholders' general meeting of the Company held on [●], decided the issuance of a maximum of [●] Tranche [A/B/C] Warrants, the terms and conditions of such Warrants being attached to this subscription form (the "**Warrants**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Subscription** 

We, the undersigned, acting in our capacities as duly authorised signatories of the European Investment Bank, having its registered office at 98-100, boulevard Konrad Adenauer, L-2950 Luxembourg, Luxembourg, after having acquainted ourselves with the terms and conditions of the issuance and exercise of the Warrants described in the documentation delivered to us and in the current subscription form,

Declare that the European Investment Bank hereby subscribes, for its behalf and on its own account, [●] Tranche [A/B/C] Warrants issued by the Company representing a total subscription price equal to EUR [●] to be fully paid up against a valid, due and payable receivable (*créance certaine liquide et exigible*) which it owns against the Company.

Done in Luxembourg,

In three (3) originals, two (2) being kept by the signatory who acknowledges it,

On<u> </u>

---

| | |
|:---|:---|
| <u> </u> and | <u> </u> |
| **NAME:** | **NAME:** |
| **TITLE:** | **TITLE:** |
| For and on behalf of: | For and on behalf of: |
| European Investment Bank | EDAP TMS S.A. |

---

**NB**: the Subscriber shall add the following handwritten mention before his signature "*Bon pour la souscription de [●] ([●]) Bons de Souscription d'Actions de Tranche [A/B/C] / Subscription of [●] ([●]) Tranche [A/B/C] Warrants confirmed*"

**SCHEDULE 1**

**THE WARRANTS**

#### Schedule 7

#### Adjustment of the Exchange Ratio in case of an Adjustment Event
Upon completion of any of Adjustment Event which the Company may carry out after the issuance of the Warrants, and whose Record Date (as defined below) occurs prior to the delivery date of the Warrant Shares issued or delivered upon the exercise of the Warrants, the rights of the Warrantholders will be maintained up to but excluding the delivery date of the shares by means of an adjustment to the exercise ratio, in accordance with the provisions set out below.

The "**Record Date**" is the date on which the ownership of the Shares of the Company is established in order to determine which Shareholders to whom a distribution, attribution, or an allotment, announced or approved on or before such date, should be paid, delivered or carried out.

The new Exercise Ratio will be calculated to two decimal places by rounding to the nearest thousandth (with 0.005 being rounded upwards to the nearest thousandth, i.e., 0.01). Any subsequent adjustments will be carried out on the basis of such newly calculated and rounded exercise ratio. As the Warrants may only result in the delivery of a whole number of Warrant Shares, fractional entitlements will be settled as specified in Clause 3.6 (*Fractional entitlements*) of the Agreement.

**<u>A. Principle</u>**

Upon completion of any Adjustment Event that has a dilutive impact on the share capital and/or number of Shares, the Company shall take all reasonable steps (including by holding the relevant shareholders' meetings to the extent necessary to approve resolutions increasing the number of Warrant Shares) to ensure that the Warrants (assuming 100% of the Warrants are vested) shall give at any time the right to the Warrantholder to subscribe to a number of Warrant Shares representing, further to such event, the same percentage of the Fully Diluted Share Capital of the Company than the percentage of the Fully Diluted Share Capital of the Company to which the Warrants (assuming 100% of the Warrants had been vested) gave right at the date of their subscription (such percentage being adjusted should an authorised dilutive operation referred to below previously occurred in accordance with the provisions of this Agreement). The new Exercise Ratio of each Warrant (the "**New Exercise Ratio**") shall then be equal to:

**New Exercise Ratio** = {[(EFDS+NS-EW)/(1-WP)]\*WP) / EW

where:

"**EFDS**" means the Fully Diluted Share Capital existing immediately before the Adjustment Event;

"**NS**" means the total number of Shares (and/or of Shares capable of being issued pursuant to the new Instruments) which have been subscribed and issued pursuant to the Adjustment Event;

"**EW**" means the total number of Shares to which the exercise of all the outstanding Warrants gives right to pursuant to the Exercise Ratio applicable immediately prior to the adjustment effected pursuant to this clause;

"**WP**" means the percentage of the share capital on a Fully Diluted Share Capital basis to which the exercise of the outstanding Warrants gives right to pursuant to the Exercise Ratio applicable immediately prior to the adjustment effected pursuant to this clause.

B. <u>Adjustment to the Conversion Ratio pursuant to Articles L.228-98 and L.228-99 al 2, 3° of the French Commercial Code</u>

To the extent not contradictory with the principle set forth in section A above, which shall apply in priority in case of an Adjustment Event that has a dilutive impact on the share capital and/or number of Shares and shall prevail in case of discrepancy, the following provisions of Article L. 228-98 of the French Commercial code shall be applicable to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to Clause 9, the Company may freely alter its corporate form or purpose without requiring the authorisation of the general meeting of the holders of Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company may, without requiring the authorisation of the general meeting of the holders of Warrants, redeem its share capital or change its profit distribution and/or issue preferred shares, provided that, as long as any Warrants are outstanding, it takes the necessary measures to preserve rights of the holders of Warrants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the event of a reduction of the Company's share capital resulting from losses and realized through a decrease of the par value or of the number of shares comprising its share capital, the rights of the holders of the Warrants will be reduced accordingly, as if they had exercised them before the date such share capital reduction occurred. In the event of a reduction of the Company's share capital through a decrease in the number of shares comprising its share capital, the new exercise ratio will be equal to the product of the exercise ratio in effect prior to the reduction in the number of shares multiplied by:

*Number of shares comprising the share capital after the reduction*

*Number of shares comprising the share capital prior to the reduction*

 

Further, in accordance with Article R. 228-92 of the French Code de commerce, if the Company decides to carry out an issuance, in whatever form, of new shares or securities giving access to the share capital with preferential subscription rights reserved to its shareholders, to distribute reserves, in cash or in kind, or paid in capital or to modify the allocation of profits through the creation of preferred shares, it will inform (to the extent required by applicable regulations) the holders of Warrants by registered letter with acknowledgment of receipt.

**C. <u>Adjustments of the exercise ratio in the case of other Adjustment Events</u>**

To the extent not contradictory with the principle set forth in section A above, which shall apply in priority in case of an Adjustment Event that has a dilutive impact on the share capital and/or number of Shares and shall prevail in case of discrepancy, the following provisions shall apply to the calculation of the exercise ratio for the following Adjustment Events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event of a financial transaction with preferential subscription rights, the new exercise ratio will be determined by multiplying the exercise ratio in effect prior to the relevant transaction by the following ratio:

 

*Price of the shares after detachment of preferential subscription rights*

+ Price of the preferential subscription rights

*Price of the shares after detachment of preferential subscription rights*

 

For the calculation of this ratio, the prices of the shares after detachment of the preferential subscription right and of the preferential subscription rights will be equal to the arithmetic mean of the opening prices quoted on NASDAQ on each trading day included in the subscription period. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of financial transactions involving a free distribution of listed subscription warrants to the Shareholders with the corresponding ability to sell the securities resulting from the exercise of warrants that were unexercised by their holders at the end of the subscription period open to them, the new exercise ratio will be equal to the product of the exercise ratio in effect prior to commencement of the relevant transaction and the following ratio:

 

*Price of the shares after detachment of warrants*

Price of the warrants

*Price of the shares after detachment of the warrants*

 

For purposes of the calculation of this ratio:

the price of the shares after detachment of the warrant will be equal to the volume- weighted average of (i) the American Depositary Shares prices quoted on NASDAQ on each trading day during the subscription period, and (ii) (a) the sale price of the securities sold in connection with the offering, if they are fungible with the Company's existing shares, applying the volume of shares sold in the offer to the sale price, or (b) the Company's American Depositary Shares price quoted on NASDAQ on the date the sale price of the securities sold in the offering is set if such securities are not fungible with the Company's existing shares;

the price of the warrants will be determined on the basis of the volume-weighted average of (i) the prices of the warrants as determined by the Expert, and (ii) the warrant's implicit value resulting from the sale price of the shares sold in the offering - which is the difference (if positive), adjusted for the exercise ratio of the warrants, between the sale price of securities sold in the offering and the subscription price of the securities - applying to this determined price the volume corresponding to warrants exercised to allocate the securities sold in the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of a distribution of free shares to shareholders, or a share split or reverse share split, the exercise ratio will be determined by multiplying the exercise ratio in effect prior to the transaction by the following ratio:

*Number of shares included in share capital after the transaction*

*Number of shares included in share capital before the transaction*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event of a capital increase by incorporation of reserves, profits or premiums, achieved by increasing the par value of the Company's Shares, the par value of the shares that the holders may obtain upon exercise of their Warrants will be increased accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event of a distribution of reserves or premiums in cash or in kind, the new exercise ratio will be determined by multiplying the exercise ratio in effect prior to the commencement of the relevant transaction by the following ratio:

*Share price before distribution*

*Share price before distribution – Amount distributed per share or the value of the*

*securities or assets distributed per share*

 

For purposes of the calculation of this ratio:

- the share price before the distribution will be equal to the daily volume-weighted average price of the Company's American Depositary Shares quoted on NASDAQ during the three trading days preceding the date on which the Company's Shares are traded ex- distribution;

- if the distribution is carried out in-kind, the price of the distributed securities will be determined as provided above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the event of a free distribution to the Company's shareholders of securities other than shares of the Company the new exercise ratio will be determined by multiplying the exercise ratio in effect prior to the commencement of the relevant transaction by the following ratio:

*Price of the share ex-free distribution right*

*+ Price of the securities allotted with respect to each share*

*Price of the share ex-free distribution right*

 

For purposes of the calculation of this ratio:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the price of the share ex-free distribution right will be determined on the basis of the volume-weighted average of the prices quoted on NASDAQ of the American Depositary Shares ex-free distribution rights during the first three trading days following the date on which the Company American Depositary Shares are traded ex-free distribution right; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the value of the security or securities distributed per share will be equal to the volume- weighted average price of such securities on NASDAQ during the first three trading days (inclusive) in such period during which the securities are listed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In case of a merger (*absorption ou fusion*), demerger of the Company with or into another entity or any other similar operation as a result of which the Company does not survive, or spin-off (*scission*), the rights of each Warrantholder shall be protected in accordance with article L.228- 101 of the French Commercial code (i.e. the Warrants will give right to allotment of shares of the merged or new company or of the beneficiary companies of such spin-off), excluding the provisions of article L.228-65 of the French Commercial Code. Such operation shall be approved in accordance with the provisions of article L.228-103 of the French Commercial Code.

Accordingly, the new exercise ratio will be determined by multiplying the exercise ratio in effect prior to the commencement of the relevant transaction by the exchange ratio of shares in the Company to the shares of the acquiring or new company or the beneficiary companies of a spin- off. These companies will be automatically substituted for the Company with respect to its obligations towards the holders of the Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In the event of a repurchase by the Company of its own shares at a price higher than the market price, the new exercise ratio will be determined by multiplying the exercise ratio in effect prior to the repurchase by the following ratio:

*Share price x (1-Pc%)*

*Share price – Pc% x Repurchase price*

 

For purposes of this calculation:

· "**Share price**" means the volume-weighted average price of the Company's American Depositary Shares quoted on NASDAQ during the last three trading days preceding the repurchase (or the repurchase option);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· "**Pc%**" means the percentage of share capital repurchased; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· "**Repurchase price**" means the actual price at which any shares are repurchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the event the Company changes its profit distribution and/or creates preferred shares, the new exercise ratio will be determined by multiplying the exercise ratio in effect prior to the commencement of the relevant transaction by the following ratio:

Share price before the modification

*Share price before the modification – Reduction per share of the*

*right to profit distributions*

For purposes of the calculation of this ratio:

· the share price before the modification will be determined by the volume-weighted average price of the Company's American Depositary Shares quoted on NASDAQ during the last three trading days preceding the date of the modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the reduction per share of the right to profit distributions will be determined by the Expert.

Notwithstanding the foregoing, if such preferred shares are issued with preferential subscription rights maintained or by way of a free distribution of warrants to purchase such preferred shares, the new exercise ratio will be adjusted pursuant to paragraphs (a) or (e) above.

In the event that preference shares are created which do not modify the Company's profit distribution, any adjustment to the exercise ratio will be determined, if necessary, by the Expert.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) In the event of a redemption of share capital, the new exercise ratio will be determined by multiplying the exercise ratio in effect prior to the commencement of the relevant transaction by the following ratio:

*Share price before redemption*

*Share price before redemption – Amount of the redemption per share*

 

For purposes of calculating this ratio, the share price before redemption will be equal to the volume-weighted average price of the Company's American Depositary Shares quoted on NASDAQ during the last three trading days preceding the date on which the shares are traded ex-redemption.

Such adjustments will be carried out so that, to the nearest hundredth of a share, the value of the shares that would have been delivered if the Warrants had been exercised immediately before the completion of any of the transactions mentioned in (a) to (j) above, is equal to the value of the shares to be delivered upon the exercise of the Warrants immediately after the completion of such a transaction.

**Signature Page to the Warrant Agreement**

**Company**

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| Executed by | |
| **EDAP TMS** | |
| acting by: | |
| Name: | Name: |
| Title: | Title: |

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**Signature Page to the Warrant Agreement**

**Original Warrantholder**

Executed by

**The European Investment Bank**

acting by:

  <br> Name:   Name:   <br> Title:   Title:

## Exhibit 99.3

**Exhibit 99.3**

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| ![](edap_logo.jpg) | ![](eib_logo.jpg) |

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**EDAP Secures €36 Million Credit Facility from European Investment Bank to Accelerate Growth of Focal One<sup>®</sup> Robotic HIFU**

**Lyon, France – October 20, 2025 – EDAP TMS SA (Nasdaq: EDAP) ("EDAP" or the "Company")**, a global leader in robotic, energy-based therapeutic technologies, today announced that it has entered into a €36 million multi-tranche credit facility (the "Credit Facility") with the European Investment Bank (the "EIB").

Proceeds from the financing will be used to support the continued global expansion of the Company's Focal One Robotic High-Intensity Focused Ultrasound (HIFU) platform. The funds will also accelerate the development of new clinical indications for the Company's innovative HIFU technology.

EDAP expects to draw the first tranche of €11 million under the Credit Facility in the fourth quarter of 2025.

"This Credit Facility provides EDAP with an important source of strategic growth capital," said Ryan Rhodes, Chief Executive Officer of EDAP TMS. "These financial resources will enable us to further expand the reach of Focal One Robotic HIFU to meet the growing global patient demand for effective non-invasive treatment options for both cancer and benign conditions"

"Health and Life sciences are an important part of the European Investment Bank's focus. The EIB is happy to support the next development phase of the Lyon-based medical technology company EDAP, and its innovative robotic HIFU platform designed for treating prostate cancer and endometriosis with non-invasive solutions", said Ambroise Fayolle, Vice-President of the EIB.

The collaboration with the EIB underscores EDAP's ongoing commitment to driving innovation in urological, gynecological and therapy-based care through the development and commercialization of cutting-edge robotic HIFU technologies.

**Key Elements of the Credit Facility are as follows:** 

&nbsp;&nbsp;&nbsp;&nbsp;▪ The Credit Facility provides a loan to the Company in the amount of up to EUR 36 million that can be accessed,
upon the achievement of certain conditions and milestones, in three separate tranches: Tranche A for EUR 11 million at interest rate of
8%, Tranche B for EUR 12 million at interest rate of 7%, and Tranche C for EUR 13 million at interest rate of 6%.

&nbsp;&nbsp;&nbsp;&nbsp;▪ As additional remuneration for the loan, the Company will issue a number of warrants to EIB specific to
each Tranche, which shall provide the right to subscribe to the most preferential class of Company shares.

&nbsp;&nbsp;&nbsp;&nbsp;▪ The maturity date of the borrowings for each Tranche is 5 years from the date of disbursement.

Additional details on the terms of the Credit Facility can be found in the Company's most recent filing with the SEC.

**About EDAP TMS SA** 

A recognized leader in robotic energy-based therapies, EDAP TMS develops, manufactures, promotes and distributes worldwide minimally invasive medical devices for various conditions using ultrasound technology. By combining the latest technologies in imaging, robotics and precise non-invasive energy delivery, EDAP introduced the Focal One<sup>®</sup> in Europe and in the U.S. as the leading prostate focal therapy controlled by urologists with the potential to expand to multiple indications beyond prostate cancer. For more information on the Company, please visit https://focalone.com/.

**About EIB** 

The European Investment Bank (EIB), whose shareholders are the Member States of the European Union (EU), is the EU's long-term financing institution. Across eight major priorities, we support investments in climate action and the environment, digital transition and technological innovation, security and defense, cohesion, agriculture and the bioeconomy, social infrastructure, capital markets union, and a stronger Europe in a more peaceful and prosperous world. In 2024, the EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing in support of more than 900 projects in Europe and worldwide.

**Forward-Looking Statements**

In addition to historical information, this press release contains forward-looking statements within the meaning of applicable federal securities laws, including Section 27A of the U.S. Securities Act of 1933 (the "Securities Act") or Section 21E of the U.S. Securities Exchange Act of 1934, which may be identified by words such as "believe," "can," "contemplate," "could," "plan," "intend," "is designed to," "may," "might," "potential," "objective," "target," "project," "predict," "forecast," "ambition," "guideline," "should," "will," "estimate," "expect" and "anticipate," or the negative of these and similar expressions, which reflect our views about future events and financial performance. Such statements include the expected timing for receipt of Tranche A funds. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties, including matters not yet known to us or not currently considered material by us, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others, the clinical status and market acceptance of our HIFU devices and the continued market potential for our lithotripsy and distribution divisions, as well as risks associated with the current worldwide inflationary environment, the uncertain worldwide economic, political and financial environment, geopolitical instability, climate change and pandemics like the COVID 19 pandemic, or other public health crises, and their related impact on our business operations, including their impacts across our businesses or demand for our devices and services. Other factors that may cause such a difference may also include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission and in particular, in the sections "Cautionary Statement on Forward-Looking Information" and "Risk Factors" in the Company's Annual Report on Form 20-F.

Forward-looking statements speak only as of the date they are made. Other than required by law, we do not undertake any obligation to update them in light of new information or future developments. These forward-looking statements are based upon information, assumptions and estimates available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete.

**Company Contacts**

Blandine Confort

Investor Relations / Legal Affairs

EDAP TMS SA

+33 4 72 15 31 50

bconfort@edap-tms.com

Raj Vakil

Finance

EDAP TMS SA

(512) 832-7956

raj.vakil@focalone.com

**Investor Contact**

John Fraunces

LifeSci Advisors, LLC

(917) 355-2395

jfraunces@lifesciadvisors.com

**EIB Contacts**

Andrea Morawski

a.morawski@eib.org

mobile: +352 691 284 349<br> Website: www.eib.org/press

Press Office: press@eib.org