# EDGAR Filing Document

**Accession Number:** 0001576427
**File Stem:** 0001576427-26-000058
**Filing Date:** 2026-5
**Character Count:** 1028074
**Document Hash:** d610f4eaf55b42f83442ebbaf727c7fa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001576427-26-000058.hdr.sgml**: 20260508

**ACCESSION NUMBER**: 0001576427-26-000058

**CONFORMED SUBMISSION TYPE**: DEF 14A

**PUBLIC DOCUMENT COUNT**: 56

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260508

**DATE AS OF CHANGE**: 20260508

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Criteo S.A.
- **CENTRAL INDEX KEY:** 0001576427
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-ADVERTISING AGENCIES [7311]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** I0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DEF 14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36153
- **FILM NUMBER:** 26956066

**BUSINESS ADDRESS:**
- **STREET 1:** 32 RUE BLANCHE
- **CITY:** PARIS
- **STATE:** I0
- **ZIP:** 75009
- **BUSINESS PHONE:** 33175850939

**MAIL ADDRESS:**
- **STREET 1:** 32 RUE BLANCHE
- **CITY:** PARIS
- **STATE:** I0
- **ZIP:** 75009

?xml version='1.0' encoding='ASCII'? crto-20260508

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**SCHEDULE 14A**

Proxy Statement Pursuant to Section 14(a) of

the Securities Exchange Act of 1934 (Amendment No.)

---

| | |
|:---|:---|
| Filed by the Registrant ⌧ | Filed by the Registrant ⌧ |
| Filed by a Party other than the Registrant □ | Filed by a Party other than the Registrant □ |
| Check the appropriate box: | Check the appropriate box: |
| □ | Preliminary Proxy Statement |
| □ | **Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))** |
| ⌧ | Definitive Proxy Statement |
| □ | Definitive Additional Materials |
| □ | Soliciting Material under §240.14a-12 |

---

---

| | |
|:---|:---|
| **Criteo S.A.** | **Criteo S.A.** |
| (Name of Registrant as Specified In Its Charter) | (Name of Registrant as Specified In Its Charter) |
| (Name of Person(s) Filing Proxy Statement, if other than the Registrant) | (Name of Person(s) Filing Proxy Statement, if other than the Registrant) |
| Payment of Filing Fee (Check all boxes that apply): | Payment of Filing Fee (Check all boxes that apply): |
| ⌧ | No fee required. |
| □ | Fee paid previously with preliminary materials. |
| □ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |

---

![Preliminary Proxy 2026 - Front Cover_FINAL.jpg](crto-20260508_g1.jpg)

---

| | |
|:---|:---|
| ![Criteo Logo - Cropped.jpg](crto-20260508_g2.jpg)<br>**Letter to Our Shareholders**<br>| ![Michael Komasinski Headshot_2.jpg](crto-20260508_g3.jpg) |

---

Dear Fellow Shareholders,

As I reflect on my first year as CEO, I am confident in the direction we are taking and the role Criteo can play in the future of

our industry. While 2025 did not unfold as we initially expected, we delivered solid operational performance and, more

importantly, made meaningful progress in positioning Criteo for long term growth.

We made deliberate choices this year. We sharpened our focus, aligned our organization more tightly around execution, and

continued to invest behind the areas where we see the greatest potential to create durable value. At the center of this is our

priorities to lead in agentic AI, scale our performance engine, and advance our leadership in Retail Media.

**Reinforcing our Foundations** 

In 2025, we refined our operating model to enhance execution, increase accountability, and better align our resources with our

highest value opportunities. These changes are already enabling us to move faster, innovate more effectively, and serve our

clients with greater impact.

In Performance Media, we see a meaningful runway for growth. We are reenergizing this business through a more focused

approach centered on scaling self service capabilities, expanding cross channel activation, and extending performance

solutions further up the funnel. As consumer journeys become less linear and more dynamic, advertisers are increasingly

looking for unified solutions that can drive measurable outcomes across the full path to purchase. Our early progress across

these priorities reinforces our confidence that Performance Media will remain a durable and growing contributor to our

business.

In Retail Media, we continue to build on our position as a global leader in one of the fastest growing segments of digital

advertising. With 235 leading retail partners worldwide, our focus is on unlocking greater demand by enabling broader

advertiser budgets, scaling newly launched formats, and bringing more conversational and intelligent experiences to retail

environments. While we experienced the impact of specific client changes this year, the underlying trends in the business are

robust, and we see clear opportunities to accelerate over time.

**Leading in Commerce Intelligence and Orchestration** 

Our industry is evolving quickly. AI is reshaping how consumers discover, evaluate, and purchase products, and how

companies connect with them. The rise of AI powered assistants and agentic systems is introducing a new discovery layer that

complements existing channels. This shift is accelerating fragmentation while increasing the importance of relevance, trust,

and high quality data. In this environment, the ability to orchestrate decisions in real time across multiple touchpoints becomes

critical.

reach across billions of users, products, and interactions, Criteo is well positioned to lead in this new paradigm. Our

differentiated data, scaled AI capabilities, and deep integrations across the commerce ecosystem allow us to act as a

decisioning and orchestration layer for marketers and retailers. This is a natural extension of what we have built, while

expanding our ambition.

We have invested early in the infrastructure required to support agentic AI use cases, including Model Context Protocol

capabilities that enable external agents to interact with Criteo in new ways, driving more dynamic demand creation, activation,

and optimization. We are also developing new conversational shopping experiences, including conversational ads and

sponsored recommendations within retailer agents.

Our role as the first partner to integrate with OpenAI's advertising offering reflects how we are leaning into this transformation.

It highlights both the strength of our assets and our ambition to help shape how commerce operates in an AI driven world.

<u>[**Table of Contents**](#i0a082b1cae7543198d8e88d109bed8fd_16)</u>

**Capital Discipline and Shareholder Value** 

Delivering shareholder value is a top priority. In 2025, we repurchased 5.4 million shares for $152 million, and our Board of

Directors increased our remaining share buyback authorization to up to $200 million in February 2026. These actions reflect

our confidence in the strength and resilience of our business, and our disciplined approach to capital allocation, balancing

investment in growth with returns to shareholders.

We also took a meaningful step to simplify the company through our plan to redomicile Criteo to Luxembourg and directly list

our ordinary shares on Nasdaq, which was approved with overwhelming shareholder support on February 27, 2026. We are

confident this transaction will streamline our corporate structure, broaden our shareholder base, and enhance our financial and

strategic flexibility. Put simply, it makes Criteo easier to understand, easier to invest in, and better positioned for the future.

**Looking ahead** 

We enter 2026 with a clear strategy and a strong focus on execution.

Commerce is becoming more dynamic, more data driven, and more dependent on real time decisioning. The companies that

can orchestrate that complexity at scale will define the next phase of our industry. We are confident Criteo will play a leading

role in shaping that next phase.

We will continue to invest in innovation, operate with discipline, and focus on delivering measurable results for our clients and

long term value for our shareholders.

On behalf of the Board of Directors and our senior leadership team, I would like to thank you for your continued trust and

investment in Criteo.

Sincerely,

![Michael's Signature.jpg](crto-20260508_g4.jpg)

**Michael Komasinski**

Chief Executive Officer

<u>[**Table of Contents**](#i0a082b1cae7543198d8e88d109bed8fd_16)</u>

**Notice of 2026 Annual General Meeting of Shareholders**

To Our Shareholders:

---

| | | | |
|:---|:---|:---|:---|
| What: | Our 2026 Annual Combined General Meeting of Shareholders (the "Annual <br>General Meeting") | Our 2026 Annual Combined General Meeting of Shareholders (the "Annual <br>General Meeting") |  |
| When: | June 29, 2026 at 5:00 p.m., local time | June 29, 2026 at 5:00 p.m., local time |  |
| Where: | 32 Rue Blanche, 75009 Paris, France | 32 Rue Blanche, 75009 Paris, France |  |
| Why: | At this Annual General Meeting, shareholders of Criteo S.A. (the "Company") will <br>be asked to: | At this Annual General Meeting, shareholders of Criteo S.A. (the "Company") will <br>be asked to: |  |
|  | ***Resolutions within the authority of the Ordinary Shareholders' Meeting***  | ***Resolutions within the authority of the Ordinary Shareholders' Meeting***  | ***Board*** <br>***Recommendation***<br>|
|  | 1. | Renew the term of office of Mr. Michael Komasinski as Director, | **FOR** |
|  | 2. | Renew the term of office of Ms. Marie Lalleman as Director, | **FOR** |
|  | 3. | Renew of the term of office of Mr. Ernst Teunissen as Director, | **FOR** |
|  | 4. | Renew the term of office of Mr. Edmond Mesrobian as Director, | **FOR** |
|  | 5. | Non-binding advisory vote to approve the compensation for the named <br>executive officers of the Company, <br>| **FOR** |
|  | 6. | Approve the statutory financial statements for the fiscal year ended <br>December 31, 2025,<br>| **FOR** |
|  | 7. | Approve the consolidated financial statements for the fiscal year ended <br>December 31, 2025,<br>| **FOR** |
|  | 8. | Approve the allocation of results for the fiscal year ended December 31, <br>2025,<br>| **FOR** |
|  | 9. | Approve the Indemnification Agreement entered into between the Company <br>and Ms. Stefanie Jay (agreement referred to in Articles L.225-38 et seq. of <br>the French Commercial Code),<br>| **FOR** |
|  | 10. | Authorize the Board of Directors to execute a buyback of Company stock in <br>accordance with the provisions of Article L. 225-209-2 of the French <br>Commercial Code,<br>| **FOR** |
|  | ***Resolutions within the authority of the Extraordinary Shareholders' Meeting*** | ***Resolutions within the authority of the Extraordinary Shareholders' Meeting*** | ***Board*** <br>***Recommendation***<br>|
|  | 11. | Authorize the Board of Directors to reduce the Company's share capital by <br>canceling shares as part of the authorization to the Board of Directors <br>allowing the Company to buy back its own shares in accordance with the <br>provisions of Article L. 225-209-2 of the French Commercial Code,<br>| **FOR** |
|  | 12. | Authorize the Board of Directors to reduce the Company's share capital by <br>canceling shares acquired by the Company in accordance with the provisions <br>of Article L. 225-208 of the French Commercial Code,<br>| **FOR** |
|  | 13. | Delegate authority to the Board of Directors to reduce the share capital by <br>way of a buyback of Company stock followed by the cancellation of the <br>repurchased stock,<br>| **FOR** |
|  | 14. | Authorize the Board of Directors to grant OSAs (options to subscribe for new <br>ordinary shares) or OAAs (options to purchase ordinary shares) of the <br>Company to employees and corporate officers of the Company and <br>employees of its subsidiaries pursuant to the provisions of Articles L. 225-177 <br>et seq. of the French Commercial Code without shareholders' preferential <br>subscription rights,<br>| **FOR** |

---

<u>[**Table of Contents**](#i0a082b1cae7543198d8e88d109bed8fd_16)</u>

---

| | | |
|:---|:---|:---|
| 15. | Approve the maximum number of shares that may be issued or acquired <br>pursuant to Resolution 15 of the Shareholders' Meeting dated June 25, 2024 <br>(authorization to grant Time-Based RSUs to employees and corporate <br>officers of the Company and employees of its subsidiaries), Resolution 16 of <br>the Shareholders' Meeting dated June 25, 2024 (authorization to grant <br>Performance-Based RSUs to employees and corporate officers of the <br>Company and employees of its subsidiaries), and Resolution 14 of this <br>Shareholders' Meeting (authorization to grant options to purchase or to <br>subscribe shares to employees and corporate officers of the Company and <br>employees of its subsidiaries),<br>| **FOR** |
| 16. | Delegate authority to the Board of Directors to increase the Company's share <br>capital by issuing ordinary shares, or any securities giving access to the <br>Company's share capital, for the benefit of a category of persons meeting <br>predetermined criteria (underwriters), without shareholders' preferential <br>subscription rights,<br>| **FOR** |
| 17. | Delegate authority to the Board of Directors to increase the Company's share <br>capital by issuing ordinary shares or any securities giving access to the <br>Company's share capital, while preserving the shareholders' preferential <br>subscription rights,<br>| **FOR** |
| 18. | Delegate authority to the Board of Directors to increase the Company's share <br>capital by issuing ordinary shares, or any securities giving access to the <br>Company's share capital, through a public offering (excluding offers covered <br>by paragraph 1 of article L. 411-2 of the French Monetary and Financial <br>Code), without shareholders' preferential subscription rights,<br>| **FOR** |
| 19. | Delegate authority to the Board of Directors to increase the number of <br>securities to be issued as a result of a share capital increase with or without <br>preserving shareholders' preferential subscription rights pursuant to <br>Resolutions 16, 17 and 18 above ('green shoe'),<br>| **FOR** |
| 20. | Delegate authority to the Board of Directors to increase the Company's share <br>capital by way of issuing shares and securities giving access to the <br>Company's share capital for the benefit of members of a Company savings <br>plan (plan d'épargne d'entreprise), without shareholders' preferential <br>subscription rights, <br>| **FOR** |
| 21. | Approve the overall limits pursuant to Resolution 16 to 20 above, and | **FOR** |
| 22. | Amend the fifth paragraph of Article 19 of the by-laws of the Company related <br>to general meetings in order to comply with the new provisions of Article R. <br>225-86 of the French Commercial Code.<br>| **FOR** |

---

We intend that this notice of the Annual General Meeting and accompanying proxy materials will be first

made available to you, as a holder of record of Criteo S.A. Ordinary Shares, on or about May 8, 2026. The Bank

of New York Mellon, as the depositary (the "Depositary"), or a broker, bank or other nominee will provide the proxy

materials to holders of American Depositary Shares ("ADSs"), each of which represents one Ordinary Share of the

Company.

If you are a holder of Ordinary Shares at 12:00 a.m., Paris time, on June 22, 2026, which is the record

date for the Annual General Meeting (the "ORD Record Date"), you will be eligible to vote on the items to be

presented at the Annual General Meeting. You may (i) vote in person at the Annual General Meeting, (ii) vote by

submitting your proxy card by mail, (iii) grant your voting proxy directly to the chairperson of the Annual General

Meeting, or (iv) grant your voting proxy to another shareholder, your spouse or your partner with whom you have

entered into a civil union. You can change your vote by submitting another properly completed proxy card with a

later date (i) by the Annual General Meeting if you choose to (x) grant a proxy to the chairperson of the Annual

General Meeting or (y) grant a proxy to another shareholder, your spouse or a partner with whom you are in a civil

union, (ii) at any time prior to June 25, 2026 if you choose to vote in advance by mail, or (iii) by attending the

Annual General Meeting and voting in person.

If you hold ADSs, you may instruct the Depositary, either directly or through your broker, bank or other

nominee, how to vote the Ordinary Shares underlying your ADSs. Please note that only holders of Ordinary

<u>[**Table of Contents**](#i0a082b1cae7543198d8e88d109bed8fd_16)</u>

Shares, and not ADS holders, are entitled to vote directly at the Annual General Meeting. The Depositary has

fixed a record date for the determination of holders of ADSs who shall be entitled to give such voting instructions.

We have been informed by the Depositary that it has set the ADS record date for the Annual General Meeting as

of April 2, 2026 (the "ADS Record Date"). If you wish to have your votes cast at the meeting, you must obtain,

complete and timely return a voting instruction form from the Depositary, if you are a registered holder of ADSs, or

from your broker, bank or other nominee in accordance with any instructions provided therefrom.

**Your vote is important.** Please read the proxy statement and the accompanying materials. Whether or

not you plan to attend the Annual General Meeting, and no matter how many Ordinary Shares or ADSs you own,

please submit your proxy card or voting instruction form, as applicable, in accordance with the procedures

described above.

By order of the Board of Directors

![rvdk signature.jpg](crto-20260508_g5.jpg)

---

| |
|:---|
| Frederik van der Kooi |
| Chairperson of the Board of Directors |

---

<u>[**Table of Contents**](#i0a082b1cae7543198d8e88d109bed8fd_16)</u>

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
| <u>[CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#i0a082b1cae7543198d8e88d109bed8fd_22)</u> ................................. | <u>[2](#i0a082b1cae7543198d8e88d109bed8fd_22)</u> |
| <u>[QUESTIONS AND ANSWERS ABOUT THE ANNUAL MEETING](#i0a082b1cae7543198d8e88d109bed8fd_25)</u> ................................................... | <u>[3](#i0a082b1cae7543198d8e88d109bed8fd_25)</u> |
| <u>[BOARD OF DIRECTORS AND CORPORATE GOVERNANCE](#i0a082b1cae7543198d8e88d109bed8fd_28)</u> ...................................................... | <u>[12](#i0a082b1cae7543198d8e88d109bed8fd_28)</u> |
| <u>[RESOLUTIONS 1 TO 4: ELECTION OF DIRECTORS](#i0a082b1cae7543198d8e88d109bed8fd_31)</u> ...................................................................... | <u>[31](#i0a082b1cae7543198d8e88d109bed8fd_31)</u> |
| <u>[DIRECTOR COMPENSATION](#i0a082b1cae7543198d8e88d109bed8fd_34)</u> ............................................................................................................... | <u>[33](#i0a082b1cae7543198d8e88d109bed8fd_34)</u> |
| <u>[EXECUTIVE OFFICERS](#i0a082b1cae7543198d8e88d109bed8fd_37)</u> ......................................................................................................................... | <u>[37](#i0a082b1cae7543198d8e88d109bed8fd_37)</u> |
| <u>[EXECUTIVE COMPENSATION](#i0a082b1cae7543198d8e88d109bed8fd_40)</u> ............................................................................................................. | <u>[38](#i0a082b1cae7543198d8e88d109bed8fd_40)</u> |
| <u>[COMPENSATION DISCUSSION AND ANALYSIS](#i0a082b1cae7543198d8e88d109bed8fd_43)</u> .................................................................... | <u>[38](#i0a082b1cae7543198d8e88d109bed8fd_43)</u> |
| <u>[COMPENSATION COMMITTEE REPORT](#i0a082b1cae7543198d8e88d109bed8fd_46)</u> ................................................................................ | <u>[65](#i0a082b1cae7543198d8e88d109bed8fd_46)</u> |
| <u>[COMPENSATION TABLES](#i0a082b1cae7543198d8e88d109bed8fd_49)</u> ........................................................................................................... | <u>[66](#i0a082b1cae7543198d8e88d109bed8fd_49)</u> |
| <u>[PAY RATIO DISCLOSURE](#i0a082b1cae7543198d8e88d109bed8fd_52)</u> ............................................................................................................ | <u>[76](#i0a082b1cae7543198d8e88d109bed8fd_52)</u> |
| <u>[PAY VERSUS PERFORMANCE](#i0a082b1cae7543198d8e88d109bed8fd_55)</u> .................................................................................................. | <u>[77](#i0a082b1cae7543198d8e88d109bed8fd_55)</u> |
| <u>[COMPENSATION COMMITTEE INTERLOCKS AND INSIDER](#i0a082b1cae7543198d8e88d109bed8fd_58)</u><br><u>[PARTICIPATION](#i0a082b1cae7543198d8e88d109bed8fd_58)</u> ..............................................................................................................................<br>| <u>[83](#i0a082b1cae7543198d8e88d109bed8fd_58)</u> |
| <u>[RESOLUTION 5: ADVISORY VOTE TO APPROVE THE COMPENSATION](#i0a082b1cae7543198d8e88d109bed8fd_61)</u><br><u>[OF OUR NAMED EXECUTIVE OFFICERS](#i0a082b1cae7543198d8e88d109bed8fd_61)</u> ...........................................................................<br>| <u>[84](#i0a082b1cae7543198d8e88d109bed8fd_61)</u> |
| <u>[RESOLUTION 6 TO 8: VOTE ON THE 2025 FINANCIAL STATEMENTS AND ALLOCATION](#i0a082b1cae7543198d8e88d109bed8fd_64)</u><br><u>[OF RESULTS](#i0a082b1cae7543198d8e88d109bed8fd_64)</u> ..............................................................................................................................<br>| <u>[85](#i0a082b1cae7543198d8e88d109bed8fd_64)</u> |
| <u>[RESOLUTION 9: VOTE ON AGREEMENT REFERRED TO IN ARTICLES L. 225-38 ET SEQ.](#i0a082b1cae7543198d8e88d109bed8fd_67)</u><br><u>[OF THE FRENCH COMMERCIAL CODE](#i0a082b1cae7543198d8e88d109bed8fd_67)</u> ..............................................................................<br>| <u>[86](#i0a082b1cae7543198d8e88d109bed8fd_67)</u> |
| <u>[AUDIT COMMITTEE REPORT](#i0a082b1cae7543198d8e88d109bed8fd_70)</u> .............................................................................................................. | <u>[88](#i0a082b1cae7543198d8e88d109bed8fd_70)</u> |
| <u>[INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#i0a082b1cae7543198d8e88d109bed8fd_73)</u> ....................................................... | <u>[90](#i0a082b1cae7543198d8e88d109bed8fd_73)</u> |
| <u>[DELINQUENT SECTION 16(A) REPORTS](#i0a082b1cae7543198d8e88d109bed8fd_76)</u> ......................................................................................... | <u>[91](#i0a082b1cae7543198d8e88d109bed8fd_76)</u> |
| <u>[OWNERSHIP OF SECURITIES](#i0a082b1cae7543198d8e88d109bed8fd_79)</u> ............................................................................................................. | <u>[92](#i0a082b1cae7543198d8e88d109bed8fd_79)</u> |
| <u>[CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS](#i0a082b1cae7543198d8e88d109bed8fd_82)</u> .................................... | <u>[95](#i0a082b1cae7543198d8e88d109bed8fd_82)</u> |
| <u>[RESOLUTION 10: VOTE ON THE DELEGATION OF AUTHORITY TO THE](#i0a082b1cae7543198d8e88d109bed8fd_85)</u><br><u>[BOARD OF DIRECTORS TO EXECUTE A BUYBACK OF](#i0a082b1cae7543198d8e88d109bed8fd_85)</u><br><u>[COMPANY STOCK](#i0a082b1cae7543198d8e88d109bed8fd_85)</u> ....................................................................................................................<br>| <u>[97](#i0a082b1cae7543198d8e88d109bed8fd_85)</u> |

---

<u>[**Table of Contents**](#i0a082b1cae7543198d8e88d109bed8fd_16)</u>

---

| | |
|:---|:---|
| <u>[RESOLUTION 11: VOTE ON THE DELEGATION OF AUTHORITY TO THE](#i0a082b1cae7543198d8e88d109bed8fd_88)</u><br><u>[BOARD OF DIRECTORS TO REDUCE THE COMPANY'S SHARE](#i0a082b1cae7543198d8e88d109bed8fd_88)</u><br><u>[CAPITAL BY CANCELING SHARES AS PART OF THE](#i0a082b1cae7543198d8e88d109bed8fd_88)</u><br><u>[AUTHORIZATION TO BUY BACK SHARES](#i0a082b1cae7543198d8e88d109bed8fd_88)</u> .........................................................................<br>| <u>[99](#i0a082b1cae7543198d8e88d109bed8fd_88)</u> |
| <u>[RESOLUTION 12: VOTE ON THE AUTHORIZATION TO BE GIVEN TO THE](#i0a082b1cae7543198d8e88d109bed8fd_91)</u><br><u>[BOARD OF DIRECTORS TO REDUCE SHARE CAPITAL BY](#i0a082b1cae7543198d8e88d109bed8fd_91)</u><br><u>[CANCELING SHARES ACQUIRED PURSUANT TO PROVISIONS](#i0a082b1cae7543198d8e88d109bed8fd_91)</u><br><u>[OF ARTICLE L. 225-208 OF THE FRENCH COMMERCIAL CODE](#i0a082b1cae7543198d8e88d109bed8fd_91)</u> .................................<br>| <u>[100](#i0a082b1cae7543198d8e88d109bed8fd_91)</u> |
| <u>[RESOLUTION 13: VOTE ON THE DELEGATION OF AUTHORITY TO THE BOARD OF](#i0a082b1cae7543198d8e88d109bed8fd_94)</u><br><u>[DIRECTORS TO REDUCE SHARE CAPITAL BY WAY OF A BUYBACK OF](#i0a082b1cae7543198d8e88d109bed8fd_94)</u><br><u>[COMPANY STOCK FOLLOWING THE CANCELLATION OF REPURCHASED](#i0a082b1cae7543198d8e88d109bed8fd_94)</u><br><u>[STOCK](#i0a082b1cae7543198d8e88d109bed8fd_94)</u> .........................................................................................................................................<br>| <u>[101](#i0a082b1cae7543198d8e88d109bed8fd_94)</u> |
| <u>[EQUITY RESOLUTION INTRODUCTION](#i0a082b1cae7543198d8e88d109bed8fd_97)</u> ........................................................................................... | <u>[102](#i0a082b1cae7543198d8e88d109bed8fd_97)</u> |
| <u>[RESOLUTION 14: AUTHORIZATION TO BE GIVEN TO THE BOARD OF DIRECTORS TO](#i0a082b1cae7543198d8e88d109bed8fd_100)</u><br><u>[GRANT OSAS (OPTIONS TO SUBSCRIBE FOR NEW ORDINARY SHARES) OR](#i0a082b1cae7543198d8e88d109bed8fd_100)</u><br><u>[OAAS (OPTIONS TO PURCHASE ORDINARY SHARES) OF THE COMPANY TO](#i0a082b1cae7543198d8e88d109bed8fd_100)</u><br><u>[EMPLOYEES AND CORPORATE OFFICERS OF THE COMPANY AND](#i0a082b1cae7543198d8e88d109bed8fd_100)</u><br><u>[EMPLOYEES OF ITS SUBSIDIARIES PURSUANT TO THE PROVISIONS OF](#i0a082b1cae7543198d8e88d109bed8fd_100)</u><br><u>[ARTICLES L. 225-177 ET SEQ. OF THE FRENCH COMMERCIAL CODE WITHOUT](#i0a082b1cae7543198d8e88d109bed8fd_100)</u><br><u>[SHAREHOLDERS' PREFERENTIAL SUBSCRIPTION RIGHTS](#i0a082b1cae7543198d8e88d109bed8fd_100)</u> ......................................<br>| <u>[119](#i0a082b1cae7543198d8e88d109bed8fd_100)</u> |
| <u>[RESOLUTION 15: APPROVAL OF THE MAXIMUM NUMBER OF SHARES](#i0a082b1cae7543198d8e88d109bed8fd_103)</u><br><u>[THAT MAY BE ISSUED OR ACQUIRED PURSUANT TO THE](#i0a082b1cae7543198d8e88d109bed8fd_103)</u><br><u>[AUTHORIZATIONS GIVEN TO THE BOARD OF DIRECTORS BY](#i0a082b1cae7543198d8e88d109bed8fd_103)</u><br><u>[THE 2024 ANNUAL GENERAL MEETING (TO GRANT TIME-](#i0a082b1cae7543198d8e88d109bed8fd_103)</u><br><u>[BASED RESTRICTED STOCK UNITS AND PERFORMANCE-](#i0a082b1cae7543198d8e88d109bed8fd_103)</u><br><u>[BASED RESTRICTED STOCK UNITS) AND PURSUANT TO](#i0a082b1cae7543198d8e88d109bed8fd_103)</u><br><u>[RESOLUTION 14 HEREIN (TO GRANT OPTIONS TO PURCHASE](#i0a082b1cae7543198d8e88d109bed8fd_103)</u><br><u>[OR TO SUBSCRIBE SHARES TO EMPLOYEES AND CORPORATE](#i0a082b1cae7543198d8e88d109bed8fd_103)</u><br><u>[OFFICERS OF THE COMPANY AND EMPLOYEES OF ITS](#i0a082b1cae7543198d8e88d109bed8fd_103)</u><br><u>[SUBSIDIARIES)](#i0a082b1cae7543198d8e88d109bed8fd_103)</u> .........................................................................................................................<br>| <u>[120](#i0a082b1cae7543198d8e88d109bed8fd_103)</u> |
| <u>[RESOLUTIONS 16 to 21: FINANCIAL AUTHORIZATIONS](#i0a082b1cae7543198d8e88d109bed8fd_106)</u> .............................................................. | <u>[121](#i0a082b1cae7543198d8e88d109bed8fd_106)</u> |
| <u>[RESOLUTION 16: VOTE ON SHARE CAPITAL INCREASE THROUGH AN](#i0a082b1cae7543198d8e88d109bed8fd_109)</u><br><u>[UNDERWRITTEN OFFERING, WITHOUT SHAREHOLDERS'](#i0a082b1cae7543198d8e88d109bed8fd_109)</u><br><u>[PREFERENTIAL SUBSCRIPTION RIGHTS](#i0a082b1cae7543198d8e88d109bed8fd_109)</u> .........................................................................<br>| <u>[123](#i0a082b1cae7543198d8e88d109bed8fd_109)</u> |
| <u>[RESOLUTION 17: VOTE ON SHARE CAPITAL INCREASE, WHILE PRESERVING](#i0a082b1cae7543198d8e88d109bed8fd_112)</u><br><u>[SHAREHOLDERS' PREFERENTIAL SUBSCRIPTION RIGHTS](#i0a082b1cae7543198d8e88d109bed8fd_112)</u> ......................................<br>| <u>[125](#i0a082b1cae7543198d8e88d109bed8fd_112)</u> |
| <u>[RESOLUTION 18: VOTE ON SHARE CAPITAL INCREASE THROUGH A](#i0a082b1cae7543198d8e88d109bed8fd_115)</u><br><u>[PUBLIC OFFERING, WITHOUT SHAREHOLDERS'](#i0a082b1cae7543198d8e88d109bed8fd_115)</u><br><u>[PREFERENTIAL SUBSCRIPTION RIGHTS](#i0a082b1cae7543198d8e88d109bed8fd_115)</u> .........................................................................<br>| <u>[126](#i0a082b1cae7543198d8e88d109bed8fd_115)</u> |
| <u>[RESOLUTION 19: VOTE ON OVER-ALLOTMENT OPTION, AS PART OF A](#i0a082b1cae7543198d8e88d109bed8fd_118)</u><br><u>[SHARE CAPITAL INCREASE PURSUANT TO THE DELEGATIONS](#i0a082b1cae7543198d8e88d109bed8fd_118)</u><br><u>[IN RESOLUTIONS 16, 17 AND 18 ('GREEN SHOE')](#i0a082b1cae7543198d8e88d109bed8fd_118)</u> ..........................................................<br>| <u>[128](#i0a082b1cae7543198d8e88d109bed8fd_118)</u> |
| <u>[RESOLUTION 20: VOTE ON SHARE CAPITAL INCREASE IN](#i0a082b1cae7543198d8e88d109bed8fd_121)</u><br><u>[CONNECTION WITH A COMPANY SAVINGS PLAN (PLAN](#i0a082b1cae7543198d8e88d109bed8fd_121)</u><br><u>[D'ÉPARGNE D'ENTREPRISE), WITHOUT SHAREHOLDERS'](#i0a082b1cae7543198d8e88d109bed8fd_121)</u><br><u>[PREFERENTIAL SUBSCRIPTION RIGHTS](#i0a082b1cae7543198d8e88d109bed8fd_121)</u> **.........................................................................**<br>| <u>[129](#i0a082b1cae7543198d8e88d109bed8fd_121)</u> |
| <u>[RESOLUTION 21: VOTE ON THE OVERALL LIMITS PURSUANT TO RESOLUTIONS 16 TO](#i0a082b1cae7543198d8e88d109bed8fd_124)</u><br><u>[20](#i0a082b1cae7543198d8e88d109bed8fd_124)</u> ..................................................................................................................................................<br>| <u>[130](#i0a082b1cae7543198d8e88d109bed8fd_124)</u> |

---

<u>[**Table of Contents**](#i0a082b1cae7543198d8e88d109bed8fd_16)</u>

---

| | |
|:---|:---|
| <u>[RESOLUTION 22: VOTE ON THE AMENDMENT OF ARTICLE 19 OF THE COMPANY'S BY-](#i0a082b1cae7543198d8e88d109bed8fd_127)</u><br><u>[LAWS (STATUS) RELATING TO SHAREHOLDERS MEETINGS IN ORDER TO](#i0a082b1cae7543198d8e88d109bed8fd_127)</u><br><u>[COMPLY WITH NEW PROVISIONS OF THE FRENCH COMMERCIAL CODE](#i0a082b1cae7543198d8e88d109bed8fd_127)</u> ............<br>| <u>[131](#i0a082b1cae7543198d8e88d109bed8fd_127)</u> |
| <u>[SHAREHOLDER RESOLUTIONS FOR THE 2027 ANNUAL MEETING OF](#i0a082b1cae7543198d8e88d109bed8fd_130)</u><br><u>[SHAREHOLDERS](#i0a082b1cae7543198d8e88d109bed8fd_130)</u> ......................................................................................................................<br>| <u>[132](#i0a082b1cae7543198d8e88d109bed8fd_130)</u> |
| <u>[INCORPORATION BY REFERENCE](#i0a082b1cae7543198d8e88d109bed8fd_133)</u> .................................................................................................... | <u>[132](#i0a082b1cae7543198d8e88d109bed8fd_133)</u> |
| <u>[OTHER MATTERS](#i0a082b1cae7543198d8e88d109bed8fd_136)</u> ................................................................................................................................... | <u>[133](#i0a082b1cae7543198d8e88d109bed8fd_136)</u> |
| <u>[IMPORTANT NOTICE REGARDING DELIVERY OF SHAREHOLDER](#i0a082b1cae7543198d8e88d109bed8fd_139)</u><br><u>[DOCUMENTS](#i0a082b1cae7543198d8e88d109bed8fd_139)</u> .............................................................................................................................<br>| <u>[134](#i0a082b1cae7543198d8e88d109bed8fd_139)</u> |
| <u>[ANNEX A: ENGLISH TRANSLATION OF FULL TEXT OF RESOLUTIONS](#i0a082b1cae7543198d8e88d109bed8fd_142)</u><br><u>[TO BE VOTED ON AT THE ANNUAL GENERAL MEETING](#i0a082b1cae7543198d8e88d109bed8fd_142)</u> ..............................................<br>| <u>[Annex A-1](#i0a082b1cae7543198d8e88d109bed8fd_142)</u> |
| <u>[ANNEX B: ENGLISH TRANSLATION OF FRENCH GAAP STATUTORY](#i0a082b1cae7543198d8e88d109bed8fd_145)</u><br><u>[FINANCIAL STATEMENTS](#i0a082b1cae7543198d8e88d109bed8fd_145)</u> .......................................................................................................<br>| <u>[Annex B-1](#i0a082b1cae7543198d8e88d109bed8fd_145)</u> |
| <u>[ANNEX C: ENGLISH TRANSLATION OF IFRS CONSOLIDATED](#i0a082b1cae7543198d8e88d109bed8fd_196)</u><br><u>[FINANCIAL STATEMENTS](#i0a082b1cae7543198d8e88d109bed8fd_196)</u> .......................................................................................................<br>| <u>[Annex C-1](#i0a082b1cae7543198d8e88d109bed8fd_196)</u> |
| <u>[ANNEX D: RECONCILIATION OF CASH FROM OPERATING ACTIVITIES TO FREE CASH](#i0a082b1cae7543198d8e88d109bed8fd_313)</u><br><u>[FLOW](#i0a082b1cae7543198d8e88d109bed8fd_313)</u> ...........................................................................................................................................<br>| <u>[Annex D-1](#i0a082b1cae7543198d8e88d109bed8fd_313)</u> |
| <u>[APPENDIX A: AMENDED 2016 STOCK OPTION PLAN](#i0a082b1cae7543198d8e88d109bed8fd_316)</u> ................................................................... | <u>[Appendix A-1](#i0a082b1cae7543198d8e88d109bed8fd_316)</u> |
| <u>[APPENDIX B: AMENDED AND RESTATED 2015 TIME-BASED RSU PLAN](#i0a082b1cae7543198d8e88d109bed8fd_319)</u> ............................... | <u>[Appendix B-1](#i0a082b1cae7543198d8e88d109bed8fd_319)</u> |
| <u>[APPENDIX C: AMENDED AND RESTATED 2015 PERFORMANCE-BASED](#i0a082b1cae7543198d8e88d109bed8fd_322)</u><br><u>[RSU PLAN](#i0a082b1cae7543198d8e88d109bed8fd_322)</u> ...................................................................................................................................<br>| <u>[Appendix C-1](#i0a082b1cae7543198d8e88d109bed8fd_322)</u> |

---

<u>[**Table of Contents**](#i0a082b1cae7543198d8e88d109bed8fd_16)</u>

![Criteo-Logo-Orange-300 (2).jpg](crto-20260508_g6.jpg)

**Criteo S.A.**

**32 Rue Blanche** 

**75009 Paris, France**

**PROXY STATEMENT**

**FOR THE ANNUAL COMBINED GENERAL MEETING OF SHAREHOLDERS**

**To Be Held on June 29, 2026** 

**The proxy statement and annual report are available at** 

**http://criteo.investorroom.com/annuals**

This proxy statement is being furnished to you by the Board of Directors of Criteo S.A. (the

"Company," "Criteo," "our," "us," or "we") to solicit your proxy to vote your ordinary shares, nominal value

€0.025 per share ("Ordinary Shares") at our 2026 Annual General Meeting of Shareholders (the "Annual

General Meeting"). The Annual General Meeting will be held on June 29, 2026 at 5:00 p.m., local time, at

32 Rue Blanche, 75009 Paris, France. We intend that this proxy statement and the accompanying proxy

card will be first made available on or about May 8, 2026 to holders of our Ordinary Shares at 12:00 a.m.,

Paris time, on June 22, 2026 (the "ORD Record Date"). The Bank of New York Mellon, as the depositary

(the "Depositary"), or a broker, bank or other nominee will provide the proxy materials to holders of

American Depositary Shares as of April 2, 2026 (the "ADS Record Date"), each representing one

Ordinary Share, nominal value €0.025 per share ("ADSs").

<u>[**Table of Contents**](#i0a082b1cae7543198d8e88d109bed8fd_16)</u>

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

This proxy statement contains forward-looking statements and other statements that are not

historical facts and involve risks and uncertainties that could cause actual results to differ materially.

Factors that might cause or contribute to such differences include, but are not limited to: failure related to

our technology and our ability to innovate and respond to changes in technology, including our use and

expected use of AI, uncertainty regarding our ability to access a consistent supply of internet display

advertising inventory and expand access to such inventory, investments in new business opportunities

and the timing of these investments, whether the projected benefits of acquisitions or strategic

transactions, including the redomiciliation from France to Luxembourg (the "Conversion") materialize as

expected, uncertainty regarding our international operations and expansion, including related to changes

in a specific country's or region's political or economic conditions or policies and related uncertainties

(such as the imposition and enforceability of tariffs), the impact of competition or client in-housing,

uncertainty regarding legislative, regulatory or self-regulatory developments regarding data privacy

matters and the impact of efforts by other participants in our industry to comply therewith, our ability to

obtain and utilize certain data as a result of consumer concerns regarding data collection and sharing, as

well as potential limitations in accessing data from third parties, failure to enhance our brand cost-

effectively, recent growth rates not being indicative of future growth, client flexibility to increase or

decrease spend, our ability to manage growth, potential fluctuations in operating results, our ability to

grow our base of clients, and the financial impact of maximizing Contribution ex-TAC, as well as risks

related to future opportunities and plans, including the uncertainty of expected future financial

performance and results, changes in general political, economic and competitive conditions and specific

market conditions, adverse changes in the advertising industry, changes in applicable laws or accounting

practices, the Conversion not being completed, the impact or outcome of any legal proceedings or

regulatory actions that may be instituted against us in connection with the Conversion, failure to list our

shares on Nasdaq following the Conversion or maintain our listing thereafter, inability to take advantage of

the potential strategic opportunities provided by, and realize the potential benefits of, the Conversion, the

disruption of current plans and operations by the Conversion, the disruption to the Company's

relationships, including with employees, landowners, suppliers, lenders, partners, governments and

shareholders, the future financial performance of Criteo following the Conversion, including our

anticipated growth rate and market opportunity, changes in shareholders' rights as a result of the

Conversion, inability to terminate the deposit agreement and withdraw our ordinary shares from the

depositary so as to terminate our ADS program in connection with the Conversion, difficulty in adapting to

operating under the laws of Luxembourg, following the completion of the Conversion, a delay or failure in

our ability to redomicile to the United States via the merger into a newly incorporated and wholly-owned

U.S. subsidiary for any reason, costs or taxes related to the Conversion, and those risks detailed from

time-to-time under the caption "Risk Factors" and elsewhere in the Company's SEC filings and reports,

including the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed

with the SEC on February 26, 2026, and in subsequent Quarterly Reports on Form 10-Q as well as future

filings and reports by the Company. Importantly, at this time, macro-economic conditions including

inflation and fluctuating interest rates in the U.S. have impacted and may continue to impact Criteo's

business, financial condition, cash flow and results of operations.

Except as required by law, the Company undertakes no duty or obligation to update any forward-

looking statements contained in this proxy statement as a result of new information, future events,

changes in expectations or otherwise.

![](crto-20260508_g7.gif)

<sup>1</sup> The number of shares outstanding reflects the total number of shares that can be voted at the Annual General Meeting. The

number of shares that can be voted at the Annual General Meeting does not include any Company-owned treasury shares.

<u>[**Table of Contents**](#i0a082b1cae7543198d8e88d109bed8fd_16)</u>

**QUESTIONS AND ANSWERS ABOUT THE ANNUAL GENERAL MEETING**

***Who is entitled to vote at the Annual General Meeting?***

As of March 31, 2026, the Company had outstanding 50,098,139<sup>1</sup> ordinary shares ("Ordinary

Shares"), with a nominal value of EUR 0.025 per share (the "Nominal Value"), the majority of which were

represented by ADSs.

Holders of record of Ordinary Shares at 12:00 a.m., Paris time, on June 22, 2026, which is the

record date for the Annual General Meeting (the "ORD Record Date") will be eligible to vote on the items

to be presented at the Annual General Meeting. Holders of American Depositary Shares ("ADSs")

registered in such holder's name on the books of the Depositary as of the ADS Record Date may instruct

the Depositary to vote the Ordinary Shares underlying its ADSs, so long as the Depositary receives such

holder's voting instructions by 12:00 p.m., Eastern Time, on June 23, 2026. Holders of ADSs held through

a brokerage, bank or other account as of the ADS Record Date should follow the instructions that its

broker, bank or other nominee provides to vote the Ordinary Shares underlying its ADSs. The Depositary

has fixed a record date for the determination of holders of ADSs who shall be entitled to give such voting

instructions. We have been informed by the Depositary that it has set the ADS record date for the Annual

General Meeting as April 2, 2026 (the "ADS Record Date").

***What matters will be voted on at the Annual General Meeting and what are the Board of Directors'***

***voting recommendations?***

There are 22 Resolutions scheduled to be considered and voted on at the Annual General

Meeting:

---

| | | |
|:---|:---|:---|
| ***Resolutions within the authority of the Ordinary Shareholders' Meeting*** | ***Resolutions within the authority of the Ordinary Shareholders' Meeting*** | ***Board*** <br>***Recommendation***<br>|
| 1. | Renew the term of office of Mr. Michael Komasinski as Director, | **FOR** |
| 2. | Renew the term of office of Ms. Marie Lalleman as Director, | **FOR** |
| 3. | Renew of the term of office of Mr. Ernst Teunissen as Director, | **FOR** |
| 4. | Renew the term of office of Mr. Edmond Mesrobian as Director, | **FOR** |
| 5. | Non-binding advisory vote to approve the compensation for the named <br>executive officers of the Company, <br>| **FOR** |
| 6. | Approve the statutory financial statements for the fiscal year ended December <br>31, 2025,<br>| **FOR** |
| 7. | Approve the consolidated financial statements for the fiscal year ended <br>December 31, 2025,<br>| **FOR** |
| 8. | Approve the allocation of results for the fiscal year ended December 31, 2025, | **FOR** |
| 9. | Approve the Indemnification Agreement entered into between the Company <br>and Ms. Stefanie Jay (agreement referred to in Articles L.225-38 et seq. of the <br>French Commercial Code),<br>| **FOR** |
| 10. | Authorize the Board of Directors to execute a buyback of Company stock in <br>accordance with the provisions of Article L. 225-209-2 of the French <br>Commercial Code,<br>| **FOR** |
| ***Resolutions within the authority of the Extraordinary Shareholders' Meeting*** | ***Resolutions within the authority of the Extraordinary Shareholders' Meeting*** | ***Board*** <br>***Recommendation***<br>|
| 11. | Authorize the Board of Directors to reduce the Company's share capital by <br>canceling shares as part of the authorization to the Board of Directors allowing <br>the Company to buy back its own shares in accordance with the provisions of <br>Article L. 225-209-2 of the French Commercial Code,<br>| **FOR** |

---

<u>[**Table of Contents**](#i0a082b1cae7543198d8e88d109bed8fd_16)</u>

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| | | |
|:---|:---|:---|
| 12. | Authorize the Board of Directors to reduce the Company's share capital by <br>canceling shares acquired by the Company in accordance with the provisions <br>of Article L. 225-208 of the French Commercial Code,<br>| **FOR** |
| 13. | Delegate authority to the Board of Directors to reduce the share capital by way <br>of a buyback of Company stock followed by the cancellation of the repurchased <br>stock,<br>| **FOR** |
| 14. | Authorize the Board of Directors to grant OSAs (options to subscribe for new <br>ordinary shares) or OAAs (options to purchase ordinary shares) of the <br>Company to employees and corporate officers of the Company and employees <br>of its subsidiaries pursuant to the provisions of Articles L. 225-177 et seq. of the <br>French Commercial Code without shareholders' preferential subscription rights,<br>| **FOR** |
| 15. | Approve the maximum number of shares that may be issued or acquired <br>pursuant to Resolution 15 of the Shareholders' Meeting dated June 25, 2024 <br>(authorization to grant Time-Based RSUs to employees and corporate officers <br>of the Company and employees of its subsidiaries), Resolution 16 of the <br>Shareholders' Meeting dated June 25, 2024 (authorization to grant <br>Performance-Based RSUs to employees and corporate officers of the <br>Company and employees of its subsidiaries), and Resolution 14 of this <br>Shareholders' Meeting (authorization to grant options to purchase or to <br>subscribe shares to employees and corporate officers of the Company and <br>employees of its subsidiaries),<br>| **FOR** |
| 16. | Delegate authority to the Board of Directors to increase the Company's share <br>capital by issuing ordinary shares, or any securities giving access to the <br>Company's share capital, for the benefit of a category of persons meeting <br>predetermined criteria (underwriters), without shareholders' preferential <br>subscription rights,<br>| **FOR** |
| 17. | Delegate authority to the Board of Directors to increase the Company's share <br>capital by issuing ordinary shares or any securities giving access to the <br>Company's share capital, while preserving the shareholders' preferential <br>subscription rights,<br>| **FOR** |
| 18. | Delegate authority to the Board of Directors to increase the Company's share <br>capital by issuing ordinary shares, or any securities giving access to the <br>Company's share capital, through a public offering (excluding offers covered by <br>paragraph 1 of article L. 411-2 of the French Monetary and Financial Code), <br>without shareholders' preferential subscription rights,<br>| **FOR** |
| 19. | Delegate authority to the Board of Directors to increase the number of <br>securities to be issued as a result of a share capital increase with or without <br>preserving shareholders' preferential subscription rights pursuant to <br>Resolutions 16, 17 and 18 above ('green shoe'),<br>| **FOR** |
| 20. | Delegate authority to the Board of Directors to increase the Company's share <br>capital by way of issuing shares and securities giving access to the Company's <br>share capital for the benefit of members of a Company savings plan (plan <br>d'épargne d'entreprise), without shareholders' preferential subscription rights, <br>| **FOR** |
| 21. | Approve the overall limits pursuant to Resolution 16 to 20 above, and | **FOR** |
| 22. | Amend the fifth paragraph of Article 19 of the by-laws of the Company related <br>to general meetings in order to comply with the new provisions of Article R. <br>225-86 of the French Commercial Code.<br>| **FOR** |

---

We encourage you to read the English translation of the full text of the Resolutions to be voted

upon at the Annual General Meeting, which can be found in Annex A to this proxy statement.

<u>[**Table of Contents**](#i0a082b1cae7543198d8e88d109bed8fd_16)</u>

***Why did I receive a "Notice of Internet Availability of Proxy Materials" but no other proxy*** 

***materials?***

We are distributing our proxy materials to holders of ADSs via the Internet under the "Notice and

Access" approach permitted by the rules of the U.S. Securities and Exchange Commission (the "SEC").

This approach expedites shareholders' receipt of proxy materials while conserving natural resources and

reducing our distribution costs. We intend that on or about May 8, 2026, we will make available to ADS

holders a Notice of Internet Availability of Proxy Materials ("Notice of Internet Availability") containing

instructions on how to access and review the proxy materials and how to vote. If you would prefer to

receive printed copies of the proxy materials in the mail, please follow the instructions in the Notice of

Internet Availability for requesting those materials.

***If you hold ADSs, how do your rights differ from those who hold Ordinary Shares?***

ADS holders do not have the same rights as holders of our Ordinary Shares. French law governs

the rights of holders of our Ordinary Shares. The Deposit Agreement, as amended from time to time (the

"Deposit Agreement"), among the Company, the Depositary and holders of ADSs, and all other persons

directly and indirectly holding ADSs from time to time, sets out the rights of ADS holders as well as the

rights and obligations of the Depositary and the Company. Each ADS represents one Ordinary Share (or

a right to receive one Ordinary Share) deposited with Uptevia as custodian (the "Custodian") for the

Depositary in France under the Deposit Agreement or any successor custodian. Each ADS also

represents any other securities, cash or other property which may be held by the Depositary in respect of

the depositary facility. The Depositary's offices are located at 240 Greenwich Street, New York, New York

10286. The Depositary is the holder of the Ordinary Shares underlying the ADSs and held on deposit with

the Custodian. The Custodian's offices are located at 3 Rue d'Antin, 75002 Paris, France.

***What is the difference between holding ADSs as a beneficial owner through a broker, bank or*** 

***other nominee, and as a holder of record?***

If you hold ADSs as a holder of record, you may instruct the Depositary directly how to vote the

Ordinary Shares underlying your ADSs. If you hold ADSs through a broker, bank or other nominee in

"street name", you must instruct your broker, bank or other nominee how to vote the Ordinary Shares

underlying your ADSs and your broker, bank or other nominee will provide voting instructions to the

Depositary on your behalf. If you are a record holder of ADSs and fail to provide voting instructions to the

Depositary or if you hold ADSs in street name and fail to provide voting instructions to your broker, bank

or other nominee, then, in each case, the Ordinary Shares underlying your ADSs will not be voted on any

of the Resolutions being presented at the Annual General Meeting, except that if requested by the

Company and subject to the terms of the Deposit Agreement, the Depositary for the ADSs will give a

discretionary proxy to a person designated by the Company to vote the Ordinary Shares underlying an

ADS, including an ADS held through a broker, bank or other nominee, (i) on each Resolution included in

this proxy statement that is not subject to substantial opposition and (ii) against any new matter that is

submitted or existing matter that is amended following the date of the proxy statement (including during

the Annual General Meeting). If such discretionary proxy under the aforementioned clause (i) is granted to

the Company to vote on the Resolutions included in this proxy statement, the Company intends to vote in

accordance with the Board of Directors' recommendation on each Resolution.

***From whom will I receive proxy materials for the Annual General Meeting?***

If you hold Ordinary Shares registered with our registrar, Uptevia, you are considered the

shareholder of record with respect to those Ordinary Shares and you will receive instructions to access

the proxy materials from us. If you hold Ordinary Shares through a broker, bank or other nominee, you are

considered the beneficial owner of the Ordinary Shares and you will receive proxy materials from your

broker, bank or other nominee.

If you hold ADSs in your own name registered on the books of the Depositary, you are considered

the registered holder of the ADSs and will receive the Notice of Internet Availability and, if requested,

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other proxy materials from the Depositary. If you hold ADSs through a broker, bank or other nominee, you

are considered the beneficial owner of the ADSs and you will receive the Notice of Internet Availability

and, if requested, other proxy materials from your broker, bank or other nominee.

***How can I vote my Ordinary Shares or ADSs?***

**If you hold Ordinary Shares**, you have the right to (i) vote at the Annual General Meeting, (ii)

vote in advance by submitting your proxy card by mail, (iii) grant your voting proxy directly to the

chairperson of the Annual General Meeting, or (iv) grant your voting proxy to another shareholder, your

spouse or your partner with whom you have entered into a civil union, provided in each case that you are

the holder of record of such Ordinary Shares on the ORD Record Date. You may vote in person at the

General Meeting by requesting an admission card by checking the appropriate box on your proxy card. If

you would like to submit your proxy card by mail, simply mark the proxy card in accordance with the

instructions and date, sign and return it. If you choose to vote by mail, your proxy card must be received

by Uptevia by June 25, 2026 in order to be taken into account. If you cast your vote by appointing the

chairperson of the Annual General Meeting as your proxy, the chairperson of the Annual General Meeting

will vote your Ordinary Shares in accordance with the Board of Directors' recommendations. If you

appoint another shareholder, your spouse or your partner with whom you are in a civil union to act as your

proxy, such proxy must be written and made known to the Company, and such other shareholder's proxy

must be received by Uptevia by June 25, 2026 in order to be taken into account.

**If you are a holder of ADSs and you are an ADS record holder**, you may instruct the

Depositary directly how to vote the Ordinary Shares underlying your ADSs. We have been informed by

the Depositary that it has set the ADS Record Date for the Annual General Meeting as April 2, 2026. If you

hold ADSs through a broker, bank or other nominee in "street name", you must instruct your broker, bank

or other nominee how to vote the Ordinary Shares underlying your ADSs and your broker, bank or other

nominee will provide voting instructions to the Depositary on your behalf. If you held ADSs as of the ADS

Record Date, you have the right to instruct the Depositary, if you held your ADSs directly, or the right to

instruct your broker, bank or other nominee, if you held your ADSs through such intermediary, how to

vote. So long as the Depositary receives your voting instructions by 12:00 p.m., Eastern Time, on

June 23, 2026, it will, to the extent practicable and subject to French law and the terms of the deposit

agreement, vote the underlying Ordinary Shares as you instruct. If your ADSs are held through a broker,

bank or other nominee, such intermediary will provide you with instructions on how you may give voting

instructions with respect to the Ordinary Shares underlying your ADSs. Please check with your broker,

bank or other nominee, as applicable, and carefully follow the voting procedures provided to you.

As an ADS holder, you will not be entitled to vote in person at the Annual General Meeting. To the

extent you timely provide the Depositary, or your broker, bank or other nominee, as applicable, with voting

instructions, the Depositary will, to the extent practicable and subject to French law and the terms of the

Deposit Agreement, vote the Ordinary Shares underlying your ADSs in accordance with your instructions.

You may exercise the right to vote the Ordinary Shares underlying your ADSs by surrendering

your ADSs and withdrawing the Ordinary Shares represented by your ADSs pursuant to the terms

described in the Deposit Agreement. However, in connection with voting at the Annual General Meeting

and in accordance with the Deposit Agreement, we understand that the Depositary has temporarily

suspended surrenders of ADSs for the purpose of withdrawing the Ordinary Shares during the period from

April 1, 2026 until June 30, 2026, the day after the Annual General Meeting (the "Suspension Period").

Notwithstanding such temporary suspension, a holder of ADSs may still request the Depositary to permit

it to surrender ADSs and withdraw the Ordinary Shares represented by such ADSs during the Suspension

Period, so long as such surrendering holder certifies in writing to the Depositary that: (i) it was the owner

of all ADSs being surrendered (the "Surrendered ADSs") as of the ADS Record Date and has the power to

vote and dispose of the Surrendered ADSs; (ii) it has not, prior to the date of such certification, provided

and will not provide following the date of such certification, voting instructions with respect to voting the

Ordinary Shares underlying the Surrendered ADSs at the Annual General Meeting to either the

Depositary or to a broker, bank or other nominee that is the registered holder of any Surrendered ADSs;

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(iii) it will not, at any time on or after the date of such certification, cause or attempt to cause the Ordinary

Shares underlying any Surrendered ADSs to be voted more than once, including by providing any voting

instructions with respect to voting the Ordinary Shares underlying any Surrendered ADSs at the Annual

General Meeting to either the Depositary or to a broker, bank or other nominee that is the registered

holder of any Surrendered ADSs; and (iv) it confirms its understanding that in the event that it has

provided or does provide such voting instructions referenced in the foregoing clauses (ii) and (iii) or

otherwise cause the Ordinary Shares underlying any Surrendered ADSs to be voted more than once, any

votes cast with respect to Ordinary Shares that are withdrawn upon surrender of Surrendered ADSs will

be void and not be counted as votes cast at the Annual General Meeting. Even if you are able to withdraw

Ordinary Shares during the Suspension Period by providing the required certification, it is possible that

you may not have sufficient time to withdraw your Ordinary Shares and vote them at the upcoming Annual

General Meeting as a holder of record of Ordinary Shares. Holders of ADSs may also incur additional

costs associated with the surrender process.

***How will my Ordinary Shares be voted if I do not vote?***

If you hold Ordinary Shares and do not (i) vote at the Annual General Meeting, (ii) vote by

submitting in advance a proxy card by mail, (iii) grant your voting proxy directly to the chairperson of the

Annual General Meeting, or (iv) grant your voting proxy to another shareholder, your spouse or your

partner with whom you have entered into a civil union, your Ordinary Shares will not be counted as votes

cast and will have no effect on the outcome of the vote with respect to any matter.

If you hold Ordinary Shares and you vote in advance by mail, your Ordinary Shares will be

treated as abstentions (which will not be counted as a vote "FOR" or "AGAINST") on any matters with

respect to which you did not make a selection.

If you hold Ordinary Shares and grant your voting proxy directly to the chairperson of the Annual

General Meeting, your Ordinary Shares will be voted in accordance with the Board of Directors'

recommendations.

***How will the Ordinary Shares underlying my ADSs be voted if I do not provide voting instructions*** 

***to the Depositary or my broker, bank or other nominee or if a matter is subsequently added to the*** 

***agenda of the Annual General Meeting (including during the Annual General Meeting)?***

If you are a registered holder of ADSs and do not provide voting instructions to the Depositary on

how you would like the Ordinary Shares underlying your ADSs to be voted on one or more matters or do

not return your voting instruction form or if you are a beneficial holder of ADSs and do not return your

voting instruction form to your broker, bank or other nominee, the Ordinary Shares underlying your ADSs

will not be voted on the Resolutions being presented at the Annual General Meeting, except that if

requested by the Company subject to the terms of the Deposit Agreement, the Depositary for the ADSs

will give a discretionary proxy to a person designated by the Company to vote the Ordinary Shares

underlying an ADS, including an ADS held through a broker, bank or other nominee, (i) on each

Resolution included in this proxy statement that is not subject to substantial opposition and (ii) against any

new matter that is submitted or existing matter that is amended following the date of this proxy statement

(including during the Annual General Meeting). If such discretionary proxy under the foregoing clause (i) is

granted to the Company to vote on the Resolutions included in this proxy statement, the Company

intends to vote in accordance with the Board of Directors' recommendation on each Resolution.

***Can I surrender my ADSs and withdraw the underlying Ordinary Shares during the period between*** 

***the ADS Record Date and the ORD Record Date?***

In connection with voting at the Annual General Meeting and in accordance with the Deposit

Agreement, we understand that the Depositary has temporarily suspended surrenders of ADSs for the

purpose of withdrawing the Ordinary Shares during the Suspension Period (from April 1, 2026 until June

30, 2026). Notwithstanding such temporary suspension, a holder of ADSs may still request the Depositary

to permit it to surrender ADSs and withdraw the Ordinary Shares represented by such ADSs during the

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Suspension Period, so long as such surrendering holder certifies in writing to the Depositary that: (i) it

was the owner of all Surrendered ADSs as of the ADS Record Date and has the power to vote and

dispose of the Surrendered ADSs; (ii) it has not, prior to the date of such certification, provided and will

not provide following the date of such certification, voting instructions with respect to voting the Ordinary

Shares underlying the Surrendered ADSs at the Annual General Meeting to either the Depositary or to a

broker, bank or other nominee that is the registered holder of any Surrendered ADSs; (iii) it will not, at any

time on or after the date of such certification, cause or attempt to cause the Ordinary Shares underlying

any Surrendered ADSs to be voted more than once, including by providing any voting instructions with

respect to voting the Ordinary Shares underlying any Surrendered ADSs at the Annual General Meeting

to either the Depositary or to a broker, bank or other nominee that is the registered holder of any

Surrendered ADSs; and (iv) it confirms its understanding that in the event that it has provided or does

provide such voting instructions referenced in the foregoing clauses (ii) and (iii) or otherwise cause the

Ordinary Shares underlying any Surrendered ADSs to be voted more than once, any votes cast with

respect to Ordinary Shares that are withdrawn upon surrender of Surrendered ADSs will be void and not

be counted as votes cast at the Annual General Meeting.

***How will my Ordinary Shares be voted if I grant my proxy to the chairperson of the Annual General*** 

***Meeting?***

If you are a holder of Ordinary Shares and you grant your proxy to the chairperson of the Annual

General Meeting, the chairperson of the Annual General Meeting will vote your Ordinary Shares in

accordance with the Board of Directors' recommendations. As a result, your Ordinary Shares would be

voted "FOR" the nominees of the Board of Directors in Resolutions 1 to 4 and "FOR" each of Resolutions

5 to 22.

***Could other matters be decided at the Annual General Meeting?***

At this time, we are unaware of any matters, other than as set forth above and the possible

submission of additional shareholder resolutions, as described under "Other Matters" elsewhere in this

proxy statement, that may properly come before the Annual General Meeting.

**Holders of Ordinary Shares:** To address the possibility of another matter being presented at the

Annual General Meeting, holders of Ordinary Shares who choose to vote in advance by mail may use

their proxy card to (i) grant a proxy to the chairperson of the Annual General Meeting to vote on any new

matters that are proposed during the meeting, (ii) abstain from voting (which will not be counted as a vote

"FOR" or "AGAINST") on such matters, or (iii) grant a proxy to another shareholder, a spouse or a partner

with whom the holder of Ordinary Shares is in a civil union to vote on such matters. If no instructions are

given with respect to matters about which we are currently unaware, your Ordinary Shares will be voted

"AGAINST" such matters.

If a holder of Ordinary Shares chooses to grant a proxy to the chairperson of the Annual General

Meeting, with respect to either all matters or only any additional matters not disclosed in this proxy

statement, the chairperson of the Annual General Meeting shall issue a vote in favor of adopting such

undisclosed resolutions submitted or approved by the Board of Directors and a vote against adopting any

other such undisclosed resolutions.

**Holders of ADSs:** Ordinary Shares underlying ADSs will not be voted on any matter not

disclosed in the proxy statement, or for which specific voting instructions are not provided by the holder of

such ADSs, except that if requested by the Company subject to the terms of the Deposit Agreement, the

Depositary for the ADSs will give a discretionary proxy to a person designated by the Company to vote

the Ordinary Shares underlying an ADS, including an ADS held through a broker, bank or other nominee,

(i) on each Resolution included in this proxy statement that is not subject to substantial opposition and (ii)

against any new matter that is submitted or existing matter that is amended following the date of this

proxy statement (including during the Annual General Meeting). If such discretionary proxy under the

foregoing clause (i) is granted to the Company to vote on the Resolutions included in this proxy

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statement, the Company intends to vote in accordance with the Board of Directors' recommendation on

each Resolution.

***Who may attend the Annual General Meeting?***

Holders of record of Ordinary Shares as of the ORD Record Date and ADS holders as of the ADS

Record Date, or their duly appointed proxies, may attend the Annual General Meeting. Holders of

Ordinary Shares may request an admission card for the Annual General Meeting by checking the

appropriate box on the proxy card, dating and signing it, and returning the proxy card by regular mail or by

presenting evidence of their status as a shareholder at the Annual General Meeting as of the ORD

Record Date.

Holders of ADSs may be asked to provide proof of ownership in order to be admitted to the

Annual General Meeting, such as their most recent account statement or other similar evidence

confirming their ownership as of the ADS Record Date.

Holders of Ordinary Shares or ADSs can obtain directions to the Annual General Meeting by

contacting our Investor Relations department by phone at +1 929 287 7835 or by email at

InvestorRelations@criteo.com.

***Can I submit questions to be answered during the Annual General Meeting?***

You can submit questions during the Annual General Meeting and in advance of the Annual

General Meeting. Questions submitted in advance of the Annual General Meeting must be sent to the

Company in written form at least four business days prior to the date of the Annual General Meeting.

Such questions should be directed to the attention of the Chief Executive Officer of the Company and can

be sent either by mail to the Company's registered office at Criteo S.A., 32 Rue Blanche, 75009 Paris,

France with acknowledgment of receipt or by email to our Investor Relations department at

InvestorRelations@criteo.com, in each case, accompanied with proof of a shareholding certificate. Proper

questions raised in advance of the meeting in accordance with these procedures will be addressed by the

Company during the Annual General Meeting.

***Can I vote at the Annual General Meeting?***

If you hold Ordinary Shares as of the ORD Record Date you may vote at the Annual General

Meeting unless you submit your proxy or voting instructions prior to the Annual General Meeting.

If you hold ADSs, you will not be able to vote the Ordinary Shares underlying your ADSs at the

Annual General Meeting.

***Can I change my vote and/or revoke my proxy?***

Yes. If you are a holder of Ordinary Shares you can change your vote and/or revoke your proxy

by submitting another properly completed proxy card with a later date (i) by the Annual General Meeting if

you choose to (x) grant a proxy to the chairperson of the Annual General Meeting or (y) grant a proxy to

another shareholder, your spouse or a partner with whom you are in a civil union, (ii) at any time prior to

June 25, 2026 if you choose to vote in advance by mail, or (iii) by attending the Annual General Meeting

and voting in person.

If you hold ADSs, directly or through a broker, bank or other nominee, you must follow the

instructions provided by the Depositary or such broker, bank or other nominee if you wish to change your

vote. The last instructions you submit prior to the deadline indicated by the Depositary or the broker, bank

or other nominee, as applicable, will be used to instruct the Depositary how to vote the Ordinary Shares

underlying your ADSs.

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***What is an "abstention" and how would it affect voting?***

With respect to Ordinary Shares, an "abstention" occurs when a shareholder votes in advance by

mail with instructions to abstain from voting regarding a particular matter or without making a selection

with respect to a particular matter. With respect to ADSs, an "abstention" occurs when a shareholder

sends proxy instructions to the Depositary to abstain from voting regarding a particular matter.

An abstention by a holder of Ordinary Shares or by a holder of ADSs will be counted toward the

presence of a quorum. Because an abstention from voting is not voted affirmatively or negatively, it will

have no effect on the approval of any of the Resolutions.

***What is a broker non-vote?***

A broker non-vote occurs when a broker, bank or other nominee votes on behalf of a beneficial

owner for the Annual General Meeting but does not vote on a particular Resolution because such broker,

bank or other nominee does not have discretionary voting power with respect to that Resolution and has

not received voting instructions from the beneficial owner. All Ordinary Shares are held in registered name

(in accordance with French law) and only ADSs may be held through a broker, bank or other nominee. If

requested by the Company and subject to the terms of the Deposit Agreement, if the holder of an ADS

does not provide voting instructions, the Depositary for the ADSs will give a discretionary proxy to a

person designated by the Company to vote the Ordinary Shares underlying an ADS, including an ADS

held through a broker, bank or other nominee, (i) on each Resolution included in this proxy statement that

is not subject to substantial opposition and (ii) against any new matter that is submitted or existing matter

that is amended following the date of this proxy statement (including during the Annual General Meeting).

If there are broker non-votes at the Annual General Meeting, then broker non-votes will be considered

present for the purposes of establishing a quorum, but will not count as votes cast at the Annual General

Meeting. Because of this, we do not expect there to be any broker non-votes at the Annual General

Meeting. If there are broker non-votes at the Annual General Meeting, then broker non-votes will be

considered present for the purposes of establishing a quorum, but will not count as votes cast at the

Annual General Meeting.

***What are the quorum requirements for the Resolutions?***

In deciding the Resolutions that are scheduled for a vote at the Annual General Meeting, each

shareholder as of the ORD Record Date is entitled to one vote per Ordinary Share. Under our by-laws, in

order to take action on the Resolutions, a quorum, consisting of the holders of one-third of the Ordinary

Shares entitled to vote, must be present in-person or by proxy. Abstentions and broker non-votes (if any)

are treated as Ordinary Shares that are present for purposes of determining the presence of a quorum. If

a quorum is not present, the meeting will be adjourned.

***What are the voting requirements for the Resolutions?***

The affirmative vote of a majority of the total number of votes cast by shareholders present or

represented is required for the election of each director nominee named in Resolutions 1 to 4 and for the

approval of each matter described in Resolutions 5 to 10. Under French law, this means that the votes

cast "FOR" a nominee must exceed the aggregate of the votes cast "AGAINST" that nominee, and the

votes cast "FOR" a Resolution must exceed the aggregate of the votes cast "AGAINST" that Resolution.

For approval of Resolutions 11 through 22, the affirmative vote of two-thirds of the total number of votes

cast by shareholders present or represented is required. Abstentions and broker non-votes (if any) will not

count as votes cast on any of the Resolutions to be presented at the Annual General Meeting.

***Who will count the votes?***

Representatives of Uptevia will tabulate the votes and act as inspectors of election.

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***Who will conduct the proxy solicitation and how much will it cost?***

The Company is making this proxy solicitation and will pay all expenses in connection with the

solicitation of proxies for the Annual General Meeting. Our directors and certain of our employees may

solicit proxies in person or by telephone, email or other means. These employees and directors will not be

paid additional compensation for these services, other than for reimbursement of expenses. In addition, to

aid in the solicitation of proxies, we have retained Innisfree as proxy solicitor for a fee of up to $40,000.00,

plus reimbursement of expenses and indemnification against certain losses, costs and expenses.

We will make arrangements with the Depositary, brokers, banks and other nominees for the

forwarding of solicitation material to the direct and indirect holders of ADSs, and we will reimburse the

Depositary and such intermediaries for their related expenses.

***Where can I find the documents referenced in this proxy statement?***

The following documents are included in this proxy statement: (i) an English translation of the

statutory financial statements of the Company for the fiscal year ended December 31, 2025 prepared in

accordance with generally accepted accounting principles as applied to companies in France ("French

GAAP"), (ii) an English translation of the consolidated financial statements of the Company for the fiscal

year ended December 31, 2025 prepared in accordance with International Financial Reporting Standards

("IFRS") as adopted by the European Union, and (iii) an English translation of the full text of the

Resolutions to be submitted to shareholders at the Annual General Meeting. This proxy statement will be

accompanied by the Company's 2025 Annual Report on Form 10-K, which includes the consolidated

financial statements of the Company for the fiscal year ended December 31, 2025 prepared under

generally accepted accounting principles as applied in the United States ("U.S. GAAP"). The Company's

2025 Annual Report on Form 10-K was filed with the SEC on February 26, 2026 and is available on our

website at http://criteo.investorroom.com. In addition, once available, the Report of the Board of Directors

and the Management Report will be posted on our website at http://criteo.investorroom.com and filed with

the SEC. Information contained on, or that can be accessed through, any website referenced herein does

not constitute a part of this proxy statement. Websites referenced herein are included solely as an

inactive textual reference.

You may obtain additional information, which we make available in accordance with French law,

by contacting the Company's Investor Relations department at Criteo S.A., 32 Rue Blanche, 75009 Paris,

France, or by emailing InvestorRelations@criteo.com. Such additional information includes, but is not

limited to, the statutory auditors' reports and the report prepared by the independent expert appointed

pursuant to the provisions of Article L. 225-209-2 of the French Commercial Code referenced in the

Resolutions described below.

***Who can I contact if I have questions about voting my Ordinary Shares or ADSs or attending the*** 

***Annual General Meeting?***

If you have any questions about voting your Ordinary Shares or ADSs or attending the Annual

General Meeting, please contact our Investor Relations department by phone at +1 (929) 287-7835 or by

email at InvestorRelations@criteo.com, or our proxy solicitor, Innisfree, in the United States at (877) 717-3923 and outside the United States at +1 (412) 232-3651.

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**BOARD OF DIRECTORS AND CORPORATE GOVERNANCE**

Our Board of Directors believes that having a mix of directors with complementary qualifications,

expertise, experience, backgrounds, and attributes is essential to meeting its multifaceted oversight

responsibilities, representing the best interests of our shareholders, and providing practical insights and a

wide range of perspectives.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Board** <br>**Member /** <br>**Nominee**<br>| **Technology** | **Corporate** <br>**Finance and** <br>**Accounting**<br>| **Public** <br>**Company** <br>**Board**<br>| **Leadership** <br>**(CEO/** <br>**Business** <br>**Unit)**<br>| **Global** <br>**Business** <br>**Operations**<br>| **Strategy /** <br>**Business** <br>**Transformation**<br>| **M&A** | **Marketing** | **Cyber-**<br>**security**<br>|
| **Nathalie** <br>**Balla**<br>| **x** | **x** | **x** | **x** | **x** | **x** | **x** | **x** |  |
| **Stefanie Jay** | **x** | **x** | **x** | **x** | **x** | **x** | **x** | **x** |  |
| **Michael** <br>**Komasinski**<br>| **x** |  |  | **x** | **x** | **x** | **x** | **x** | **x** |
| **Frederik van** <br>**der Kooi**<br>| **x** | **x** |  | **x** | **x** | **x** | **x** |  |  |
| **Marie** <br>**Lalleman**<br>| **x** |  | **x** | **x** | **x** | **x** |  | **x** |  |
| **Edmond** <br>**Mesrobian**<br>| **x** |  | **x** |  | **x** | **x** | **x** |  | **x** |
| **Rachel** <br>**Picard**<br>| **x** |  | **x** | **x** | **x** | **x** | **x** | **x** |  |
| **Ernst** <br>**Teunissen**<br>| **x** | **x** | **x** | **x** | **x** | **x** | **x** | **x** | **x** |

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The lack of a skill in the above table does not mean that the director does not possess that skill or

experience. We look to each director to be knowledgeable in these areas; however, the mark indicates that

the item is a particularly prominent qualification or characteristic that the director brings to the Board of

Directors.

**Director and Director Nominee Biographies** 

Presented below is information with respect to the Board of Director's eight incumbent directors

and its director nominees. The information presented below for each such person includes the specific

experience, qualifications, attributes and skills that led the Board of Directors to conclude that such person

should serve on the Board of Directors.

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| | |
|:---|:---|
| ![Michael Komasinski Headshot_2a.jpg](crto-20260508_g8.jpg)<br>Michael <br>Komasinski<br>**CEO & Director**<br>Age: **55**<br>Director since: **2025** | **Professional Experience**  |
| ![Michael Komasinski Headshot_2a.jpg](crto-20260508_g8.jpg)<br>Michael <br>Komasinski<br>**CEO & Director**<br>Age: **55**<br>Director since: **2025** | •Chief Executive Officer of the Americas, President of Global Data and Technology, dentsu (2023 – <br>2025)<br>•Global Chief Executive Officer, Merkle (2015 – 2023)<br>•Chief Operating Officer, Razorfish (2014 – 2015)<br>•President, Schawk Retail Marketing, SGK (2010 – 2014)<br>•Vice President Global Operations, Nielsen (2003 – 2010) |
| ![Michael Komasinski Headshot_2a.jpg](crto-20260508_g8.jpg)<br>Michael <br>Komasinski<br>**CEO & Director**<br>Age: **55**<br>Director since: **2025** | **Key Skills & Qualifications** |
| ![Michael Komasinski Headshot_2a.jpg](crto-20260508_g8.jpg)<br>Michael <br>Komasinski<br>**CEO & Director**<br>Age: **55**<br>Director since: **2025** | **•Technology / AdTech / Retail Media Expertise**: Mr. Komasinski brings over 20 years of AdTech <br>expertise and a proven track record of driving accelerated growth, AI-driven innovation and scale. <br>He has vast retail media expertise, having grown Merkle's retail media consulting practice and <br>combining it with dentsu's leading media buy-side capabilities.<br>•**Strategy / Business Transformation Experience**: At dentsu, Mr. Komasinski led the <br>technological transformation of its product suite during a time of rapid innovation. Those efforts <br>included embedding AI across dentsu's products and platforms to enhance value for clients and <br>defining dentsu's client-facing data drive, technology strategy, which resulted in significant <br>enterprise client wins. <br>•**Global Business Experience**: Prior to joining dentsu, Mr. Komasinski was responsible at Merkle <br>for overseeing a staff of more than 14,000 employees in over 50 locations throughout the <br>Americas, EMEA, and APAC. He previously served in leadership positions at Razorfish, Schawk <br>Retail Marketing, The Nielsen Company, and A.T. Kearney. Mr. Komasinski is a board member of <br>the Ad Council and the Interactive Advertising Bureau (IAB). |
| ![Michael Komasinski Headshot_2a.jpg](crto-20260508_g8.jpg)<br>Michael <br>Komasinski<br>**CEO & Director**<br>Age: **55**<br>Director since: **2025** | **Current Organizations** |
| ![Michael Komasinski Headshot_2a.jpg](crto-20260508_g8.jpg)<br>Michael <br>Komasinski<br>**CEO & Director**<br>Age: **55**<br>Director since: **2025** | •Director, Ad Council (2023 – Present)<br>•Director, Interactive Advertising Bureau (IAB) (2025 – Present) |
| ![Michael Komasinski Headshot_2a.jpg](crto-20260508_g8.jpg)<br>Michael <br>Komasinski<br>**CEO & Director**<br>Age: **55**<br>Director since: **2025** | **Education** |
| ![Michael Komasinski Headshot_2a.jpg](crto-20260508_g8.jpg)<br>Michael <br>Komasinski<br>**CEO & Director**<br>Age: **55**<br>Director since: **2025** | •Bachelor of Science in Engineering and Philosophy, Vanderbilt University<br>•MBA degree, Indiana University's Kelley School of Business |

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| ![F. van der Kooi Headshot.jpg](crto-20260508_g9.jpg)<br>Frederik van <br>der Kooi <br>**Chairperson of the Board &**<br>**Independent Director**<br>Age: **59**<br>Director since: **2023** <br>Committee:<br>**Nomination & Corporate** <br>**Governance** | **Professional Experience**  |
| ![F. van der Kooi Headshot.jpg](crto-20260508_g9.jpg)<br>Frederik van <br>der Kooi <br>**Chairperson of the Board &**<br>**Independent Director**<br>Age: **59**<br>Director since: **2023** <br>Committee:<br>**Nomination & Corporate** <br>**Governance** | •Microsoft Corporation<br>◦Corporate Vice President (Microsoft Advertising) (2010 – 2021)<br>◦Corporate Vice President & COO (Online Services Division) (2009 – 2010)<br>◦Corporate Vice President & CFO (Online Services Division and Windows) (2006 – 2009)<br>◦General Manager (Finance – EMEA) (2003 – 2006)<br>◦Senior Finance Director (Western Europe) (2001 – 2003)<br>◦Finance Director (Benelux) (1999 – 2001)<br>•Previously held numerous finance and business roles at General Motors including CFO of IBC <br>Vehicles  |
| ![F. van der Kooi Headshot.jpg](crto-20260508_g9.jpg)<br>Frederik van <br>der Kooi <br>**Chairperson of the Board &**<br>**Independent Director**<br>Age: **59**<br>Director since: **2023** <br>Committee:<br>**Nomination & Corporate** <br>**Governance** | **Key Skills & Qualifications** |
| ![F. van der Kooi Headshot.jpg](crto-20260508_g9.jpg)<br>Frederik van <br>der Kooi <br>**Chairperson of the Board &**<br>**Independent Director**<br>Age: **59**<br>Director since: **2023** <br>Committee:<br>**Nomination & Corporate** <br>**Governance** | **•Technology / AdTech Expertise:** Mr. van der Kooi has deep expertise in digital advertising, <br>leading Microsoft's digital advertising business for over a decade, covering search, display, native, <br>retail media and video offerings and leading strategy, sales, marketing and partnerships globally.<br>•**Corporate Finance / M&A Experience:** Mr. van der Kooi led Microsoft's acquisitions and <br>integration of PromoteIQ in retail media, Xandr and others, and closed transformative business <br>partnerships with Yahoo, AOL, AppNexus and global agency partners.<br>•**Strategy / Business Transformation Experience:** Mr. van der Kooi built and scaled Microsoft's <br>global advertising business fivefold over a decade, reaching ~$10bn by the end of his tenure. <br>•**Global Business Experience:** Throughout his career, Mr. van der Kooi has led multi-country <br>teams and held positions of leadership in the United States, Western Europe and the United <br>Kingdom. |
| ![F. van der Kooi Headshot.jpg](crto-20260508_g9.jpg)<br>Frederik van <br>der Kooi <br>**Chairperson of the Board &**<br>**Independent Director**<br>Age: **59**<br>Director since: **2023** <br>Committee:<br>**Nomination & Corporate** <br>**Governance** | **Education** |
| ![F. van der Kooi Headshot.jpg](crto-20260508_g9.jpg)<br>Frederik van <br>der Kooi <br>**Chairperson of the Board &**<br>**Independent Director**<br>Age: **59**<br>Director since: **2023** <br>Committee:<br>**Nomination & Corporate** <br>**Governance** | •Master of Business Administration, Instituto de Estudios Superiores de la Empresa (IESE)<br>•Bachelor of Business Administration, Nyenrode University |

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| ![N. Balla Headshot.jpg](crto-20260508_g10.jpg)<br>Nathalie Balla<br>**Independent Director**<br>Age: **58**<br>Director since: **2017** <br>Committee:<br>**Audit and Compensation** | **Professional Experience**  |
| ![N. Balla Headshot.jpg](crto-20260508_g10.jpg)<br>Nathalie Balla<br>**Independent Director**<br>Age: **58**<br>Director since: **2017** <br>Committee:<br>**Audit and Compensation** | •Co-owner and Chief Executive Officer (2014 – 2022), Chief Executive Officer (2009 – 2014), La <br>Redoute<br>•Co-owner and Managing Director (2014 – 2022), Relais Colis<br>•Managing Director, Robert Klingel Europe (2005 – 2008)<br>•Executive Committee (International Operations), Quelle and Neckermann (2001 – 2005)<br>•Managing Director, Quelle Versand and Mode&Preis Switzerland (1998 – 2001)<br>•Managing Director, Madeleine Switzerland and Austria (1992 – 1998) <br>•Auditor, Price Waterhouse Switzerland (1990 – 1991)  |
| ![N. Balla Headshot.jpg](crto-20260508_g10.jpg)<br>Nathalie Balla<br>**Independent Director**<br>Age: **58**<br>Director since: **2017** <br>Committee:<br>**Audit and Compensation** | **Key Skills & Qualifications** |
| ![N. Balla Headshot.jpg](crto-20260508_g10.jpg)<br>Nathalie Balla<br>**Independent Director**<br>Age: **58**<br>Director since: **2017** <br>Committee:<br>**Audit and Compensation** | **•Retail Media Expertise:** Ms. Balla brings extensive experience in retail media and a keen <br>understanding of how to successfully influence customers at points of purchase having served as <br>CEO of La Redoute, the number one online retailer for apparel and home & decoration in France <br>and one of Europe's largest home shopping organizations.<br>•**Global Business Experience:** Throughout her career, Ms. Balla has led multi-country teams in <br>the retail industry, including serving as a key leader in charge of international operations at <br>German retailer Quelle and Neckermann and as the CEO of La Redoute at Redcats, part of <br>Kering.<br>•**Strategy / Business Transformation Experience:** Ms. Balla led the turnaround and successful <br>transformation of Relais Colis and La Redoute by leveraging her deep experience in the <br>digitalization of physical retail to grow sales.<br>•**Corporate Finance / M&A Experience:** Ms. Balla led the acquisition, capital raising and <br>transformation of Relais Colis and La Redoute, leading to the ultimate sale of La Redoute to <br>Galeries Lafayette Group and Relais Colis to Walden Group in 2022. |
|  | **Other Boards (within past five years)** |
|  | •Director, Edenred (OTCMKTS: EDNMY) (2023 – Present) <br>•Director, IDI (EPA: IDIP) (2021 – Present) <br>•Director, DEE Tech (acquired July 2023) (2021 – 2023) |
|  | **Current Organizations** |
|  | •Partner, 50 Partners Digital, Healthcare, Impact (2023 – Present)<br>•Vice-President, FEVAD (2014 – 2022) |
|  | **Education** |
|  | •PhD in Business Administration (Finance and Accounting), Sankt Gallen University<br>•Master Degree, École supérieure de commerce (ESCP-EAP) of Paris |

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| ![Jay Bio Pic.jpg](crto-20260508_g11.jpg)<br>Stefanie Jay<br>**Independent Director**<br>Age: **47**<br>Director Since: **2025**<br>Committee: <br>**Audit** | **Professional Experience**  |
| ![Jay Bio Pic.jpg](crto-20260508_g11.jpg)<br>Stefanie Jay<br>**Independent Director**<br>Age: **47**<br>Director Since: **2025**<br>Committee: <br>**Audit** | •Senior Vice President and Chief Business and Strategy Officer, eBay, Inc (2021 – 2024)<br>•Walmart, Inc <br>◦Vice President and General Manager (Walmart Media Group (now Walmart Connect)) (2017 <br>– 2021)<br>◦Vice President and Head of M&A and Strategic Partnerships, Global eCommerce (2015 – <br>2017)<br>•Goldman Sachs & Co. <br>◦Vice President, Investment Banking Division (2013 – 2015)<br>◦Vice President and Head of Client Strategy Group, Executive Office (2009 – 2012)<br>◦Vice President, Consumer Retail Group, Investment Banking Division (2001 – 2009) |
| ![Jay Bio Pic.jpg](crto-20260508_g11.jpg)<br>Stefanie Jay<br>**Independent Director**<br>Age: **47**<br>Director Since: **2025**<br>Committee: <br>**Audit** | **Key Skills & Qualifications** |
| ![Jay Bio Pic.jpg](crto-20260508_g11.jpg)<br>Stefanie Jay<br>**Independent Director**<br>Age: **47**<br>Director Since: **2025**<br>Committee: <br>**Audit** | **•Retail Media Expertise:** Ms. Jay served as Vice President and General Manager at Walmart <br>Connect, where she transformed its advertising business, grew revenue over 7x and significantly <br>scaled its platform and operations.<br>•**E-commerce and Global Business Experience:** Ms. Jay brings nearly 20 years of experience <br>across omnichannel retail, e-commerce, and global digital marketplaces and most recently served <br>as Senior Vice President and Chief Business and Strategy Officer of eBay. At eBay, Ms. Jay led <br>the development of a new strategic vision and planning approach, contributing to its return to <br>growth and improved operating margins.<br>•**Corporate Development / M&A Experience:** Ms. Jay brings strong experience in global strategy <br>and corporate development. She led global M&A and business development initiatives at Walmart, <br>including the acquisition of Jet.com and key strategic investments and partnerships. At eBay, Ms. <br>Jay also led the acquisition and integration of five category-leading companies, notably Goldin <br>Auctions and TCG Player, and 10 investments to strengthen eBay's category positioning.<br>•**Capital Markets Experience**: Ms. Jay spent over a decade at Goldman Sachs, where she held <br>leadership roles in investment banking and client strategy, including in its Consumer and Retail <br>Group and Executive Office. |
|  | **Other Boards (within past five years)** |
|  | •Director, MiniLuxe Holding Corp (TSXV:MNLX) (2021 – Present)<br>•Director, PWP Forward Acquisition Corp (FRW) (2021 – 2022) |
|  | **Education** |
|  | •Bachelor of Arts in Economics, Columbia University |

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| ![M. Lalleman headshot.jpg](crto-20260508_g12.jpg)<br>Marie Lalleman<br>**Independent Director**<br>Age: **61**<br>Director since: **2019** <br>Committee Chair:<br>**Nomination & Corporate** <br>**Governance** | **Professional Experience**  |
| ![M. Lalleman headshot.jpg](crto-20260508_g12.jpg)<br>Marie Lalleman<br>**Independent Director**<br>Age: **61**<br>Director since: **2019** <br>Committee Chair:<br>**Nomination & Corporate** <br>**Governance** | •Global External Advisor (Customer/Marketing, Data and Retail Practices, Bain & Company)<br>•Chairwoman of the Advisory Board of Vusion S.A.<br>•The Nielsen Company<br>◦Executive Vice President (Global Strategic Partners, France/USA) (2017 – 2021)<br>◦Global Partner, Amazon (Retail, Advertising) (2017 – 2021)<br>◦Global Operating Leadership Team, USA (Nielsen Media) (2017 – 2021)<br>◦Retailers Global Partnership & Global Client Partner (Carrefour Group, France) (2007 – 2017)<br>◦Nielsen Executive Committee, Europe (2007 – 2017)<br>◦International Client Business Partner for EMEA, Asia, Latam (Unilever/Kimberly Clark, UK/<br>France) (2001 – 2006)<br>◦Business Unit Director, EMEA (1998 – 2001)<br>◦International Client Director, Europe (1992 – 1997)<br>•Held leadership positions at several other global companies including Dataquest (Dun & <br>Bradstreet Group), EMS-Chemie and Carillon Importers |
| ![M. Lalleman headshot.jpg](crto-20260508_g12.jpg)<br>Marie Lalleman<br>**Independent Director**<br>Age: **61**<br>Director since: **2019** <br>Committee Chair:<br>**Nomination & Corporate** <br>**Governance** | **Key Skills & Qualifications** |
| ![M. Lalleman headshot.jpg](crto-20260508_g12.jpg)<br>Marie Lalleman<br>**Independent Director**<br>Age: **61**<br>Director since: **2019** <br>Committee Chair:<br>**Nomination & Corporate** <br>**Governance** | **•Technology / AdTech Expertise:** Ms. Lalleman's tenure holding various senior positions at The <br>Nielsen Company has given her deep global expertise with the retail and media digital players as <br>well as an understanding of the transformation dynamics of the industry.<br>•**Strategy / Business Transformation Experience:** With extensive leadership experience at <br>Nielsen, particularly in driving data-driven strategic growth, Ms. Lalleman leveraged her deep <br>expertise in retail, e-commerce and digital media to lead Nielsen in navigating digital disruption <br>and business model transformation. <br>•**Global Business Experience:** Throughout her career, Ms. Lalleman has led multi-country teams <br>and has worked in a broad range of industries in the United States as well as in Western and <br>Eastern Europe.<br>•**Retail Media:** Ms. Lalleman brings extensive experience in understanding how retailers transform <br>their business models implementing innovative enterprise data strategy and Retail Media <br>solutions, having served as Global Strategic Partner with Nielsen for e-commerce, digital media & <br>retail global players, and current retail advisory practice. |
|  | **Current Organizations** |
|  | •Chairwoman of Advisory Board of Vusion S.A. (2024 – Present)<br>•Member of the Advisory Board of *Tech-for-Retail* Conference |
|  | **Other Boards (within past five years)** |
|  | •Director & Chair of Nomination & Remuneration Committee, Trainline (LON: TRN) (2024 –Present)<br>•Director & Chair of the Remuneration Committee, Payfit SA (2023 – Present)<br>•Director & Chair of Nomination & Remuneration Committee, Patrizia (ETR: PAT) (2021 – 2024)  |
|  | **Education** |
|  | •Diploma in International Business Management and Administration, Kedge School of Business |

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| ![E. Mesrobian headshot.jpg](crto-20260508_g13.jpg)<br>Edmond <br>Mesrobian<br>**Independent Director** <br>Age: **65**<br>Director since: **2017** <br>Committee: <br>**Compensation** | **Professional Experience**  |
| ![E. Mesrobian headshot.jpg](crto-20260508_g13.jpg)<br>Edmond <br>Mesrobian<br>**Independent Director** <br>Age: **65**<br>Director since: **2017** <br>Committee: <br>**Compensation** | •Chief Technology and Information Officer, Nordstrom (USA) (2018 – 2022)<br>•Group Chief Technology Officer, Tesco (2015 – 2018)<br>•Chief Technology Officer, Expedia Group (2011 – 2014) <br>•Chief Technology Officer, RealNetworks (2003 – 2010)<br>•Chief Technology Officer, ARTISTdirect (2002 – 2003)<br>•Previously held various CTO and leadership positions at Amplified Holdings, Checkout.com and <br>The Walt Disney Company |
| ![E. Mesrobian headshot.jpg](crto-20260508_g13.jpg)<br>Edmond <br>Mesrobian<br>**Independent Director** <br>Age: **65**<br>Director since: **2017** <br>Committee: <br>**Compensation** | **Key Skills & Qualifications** |
| ![E. Mesrobian headshot.jpg](crto-20260508_g13.jpg)<br>Edmond <br>Mesrobian<br>**Independent Director** <br>Age: **65**<br>Director since: **2017** <br>Committee: <br>**Compensation** | •**Retail Media Expertise:** Mr. Mesrobian was responsible for implementing Nordstrom's first retail <br>media solution in his role as its Chief Technology and Information Officer. <br>•**Technology / AdTech Expertise:** Mr. Mesrobian has extensive experience as an information <br>technology executive having served as Chief Technology Officer of several global companies, <br>including Nordstrom, Tesco and Expedia, over 20+ years.<br>•**Strategy / Business Transformation Experience:** Mr. Mesrobian has demonstrated expertise in <br>crafting and executing corporate strategies to drive growth and innovation. During his time at <br>Nordstrom, he focused on transforming the company into a digital first enterprise interconnected <br>by the Nordstrom Analytical Platform to power customer, merchandising and inventory processes. <br>At Tesco, as part of the company's One Tesco initiative, he focused on strengthening the <br>company's technological capabilities and creating innovative solutions for its customers. <br>•**Global Business Experience:** Mr. Mesrobian has extensive experience leading teams at large <br>international companies, including Tesco and Expedia, to enhance digital strategy and customer <br>engagement efforts with global audiences. At RealNetworks, he focused on media solutions <br>(music, video, and gaming) for direct-to-consumer subscription services as well as SaaS offerings <br>to global telecom and cable operators. |
| ![E. Mesrobian headshot.jpg](crto-20260508_g13.jpg)<br>Edmond <br>Mesrobian<br>**Independent Director** <br>Age: **65**<br>Director since: **2017** <br>Committee: <br>**Compensation** | **Other Boards** |
|  | •Director, Apigee Corporation (acquired in November 2016) (2015 – 2016) <br>•Director, Entain Plc (May 2025 – present) |
|  | **Education** |
|  | •Ph.D. in Computer Science, University of California, Los Angeles<br>•Master of Science in Computer Science, University of California, Los Angeles <br>•Bachelor of Science in Math and Computer Science, University of California, Los Angeles |

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| ![R. Picard Headshot.jpg](crto-20260508_g14.jpg)<br>Rachel Picard<br> **Independent Director**<br>Age: **59**<br>Director since: **2017**<br>Committee:<br>**Nomination & Corporate** <br>**Governance** | **Professional Experience**  |
| ![R. Picard Headshot.jpg](crto-20260508_g14.jpg)<br>Rachel Picard<br> **Independent Director**<br>Age: **59**<br>Director since: **2017**<br>Committee:<br>**Nomination & Corporate** <br>**Governance** | •Co-founder and Chief Executive Officer of Velvet (2024 – Present)<br>•Chief Executive Officer of SNCF Voyages (2014 – 2020)<br>•Chief Executive Officer of SNCF Gares & Connexions at SNCF Group (2012 – 2014)<br>•Chief Executive Officer of Thomas Cook France and Deputy General Manager of Tour Operating <br>and Marketing at Thomas Cook Group (2010 – 2012) |
| ![R. Picard Headshot.jpg](crto-20260508_g14.jpg)<br>Rachel Picard<br> **Independent Director**<br>Age: **59**<br>Director since: **2017**<br>Committee:<br>**Nomination & Corporate** <br>**Governance** | **Key Skills & Qualifications** |
| ![R. Picard Headshot.jpg](crto-20260508_g14.jpg)<br>Rachel Picard<br> **Independent Director**<br>Age: **59**<br>Director since: **2017**<br>Committee:<br>**Nomination & Corporate** <br>**Governance** | **•Business Transformation:** As the former CEO of SNCF Voyages, Ms. Picard brings extensive <br>expertise in overseeing and executing successful transformations of large businesses to Criteo's <br>boardroom. She led a comprehensive transformation of SNCF Train Stations and the TGV <br>business model, which increased growth, quality and profitability and launched two new services <br>that expanded the company's market reach.<br>•**Digital and E-Commerce Strategies:** Ms. Picard has over 20 years of experience leading <br>innovative product design projects and her strategic vision has supported early integrated digital <br>efforts in e-commerce, including as the former Head of voyages-sncf.com. Her first-hand <br>knowledge in developing and executing digital strategies adds significant digital innovation and e-<br>commerce expertise to the Board of Directors to guide Criteo's unified technology platform.<br>•**Global CEO Experience:** Ms. Picard successfully developed and led corporate strategies, <br>including as CEO of SNCF Voyages and SNCF Gares & Connexions, where she drove the <br>implementation of technology enhancements and service improvement of its high-speed train <br>network, strengthening the long-term value of SNCF for customers and investors. She brings <br>valuable experience leading large, complex companies that supports the ability of Criteo's Board <br>of Directors to effectively oversee management and increase accountability. She also brings an <br>entrepreneurial experience, building business models and growth expertise as co-founder and <br>CEO of a greenfield train operator, backed by an investment of 1 billion euros. |
| ![R. Picard Headshot.jpg](crto-20260508_g14.jpg)<br>Rachel Picard<br> **Independent Director**<br>Age: **59**<br>Director since: **2017**<br>Committee:<br>**Nomination & Corporate** <br>**Governance** | **Other Boards (within past five years)** |
|  | •Director, AXA S.A. (EPA: CS) (2022 – Present) <br>•Member, Supervisory Board of Rocher Participations (2020 – 2024) <br>•Director, Compagnie des Alpes (EPA: CDA) (2009 – 2022) |
|  | **Education** |
|  | •Master's Degree, HEC Paris |

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| ![Teunissen Bio.jpg](crto-20260508_g15.jpg)<br>Ernst Teunissen<br>**Independent Director** <br>**Age: 60**<br>Director since: **2024** <br>Committee Chair:<br>**Compensation** <br>Committee: <br>**Audit and Compensation** | **Professional Experience**  |
| ![Teunissen Bio.jpg](crto-20260508_g15.jpg)<br>Ernst Teunissen<br>**Independent Director** <br>**Age: 60**<br>Director since: **2024** <br>Committee Chair:<br>**Compensation** <br>Committee: <br>**Audit and Compensation** | •Chief Financial Officer of TripAdvisor & Chief Executive – Viator, TheFork & CruiseCritic, business <br>units of TripAdvisor (2015 – 2022)<br>•Chief Financial Officer of Cimpress (2009 – 2015)<br>•Founder, ThreeStone Ventures & Co-Founder, Manifold Partners (2003 – 2009)<br>•Executive Director (Media & Communications), Morgan Stanley (1999 – 2003)<br>•Senior Associate Director (Global Telecommunications), Deutsche Bank (1997 – 1999)<br>•Senior Strategy Consultant, Monitor Company (1990 – 1997) |
| ![Teunissen Bio.jpg](crto-20260508_g15.jpg)<br>Ernst Teunissen<br>**Independent Director** <br>**Age: 60**<br>Director since: **2024** <br>Committee Chair:<br>**Compensation** <br>Committee: <br>**Audit and Compensation** | **Key Skills & Qualifications** |
| ![Teunissen Bio.jpg](crto-20260508_g15.jpg)<br>Ernst Teunissen<br>**Independent Director** <br>**Age: 60**<br>Director since: **2024** <br>Committee Chair:<br>**Compensation** <br>Committee: <br>**Audit and Compensation** | **•Corporate Finance / M&A Experience:** Most recently, Mr. Teunissen led global finance <br>operations and was responsible for multiple acquisitions, investments and joint ventures as the <br>CFO of TripAdvisor. Prior to that, as CFO of Cimpress, Mr. Teunissen oversaw revenue growth <br>from $600 million to $1.8 billion and multiple successful acquisitions.<br>•**Capital Market Experience:** Throughout his career as an investment banker and a public <br>company CFO, Mr. Teunissen has executed a significant number of capital market transactions <br>including IPOs, equity follow-ons and debt issuances.<br>•**Technology / AdTech Expertise:** Mr. Teunissen has deep experience in consumer internet, <br>online marketplaces and online advertising stemming from his tenure at TripAdvisor, where he <br>drove growth acceleration of several business units, as well as his tenure at Cimpress.<br>•**Global Business Experience**: Over the course of his 30-year career, Mr. Teunissen has held <br>numerous leadership positions in the United States, Europe and Asia. |
|  | **Other Boards (within past five years)** |
|  | •Member, Supervisory Board & Audit Committee, Just Eat Takeaway.com NV (2024 – Present)<br>•Director, Chair of Audit Committee & Member of Audit Committee, Printful (2021 – Present)<br>•Director, Supervisory Board, LuxExperience B.V. (2025 – Present) |
|  | **Education** |
|  | •Post-Graduate Diploma, University of Surrey<br>•Master of Business Administration, University of Oregon<br>•BBA, Nijenrode University, The Netherlands School of Business |

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**Family Relationships** 

There are no family relationships among any of our executive officers, directors or director

nominees.

**Board Leadership and Corporate Governance Framework**

Our governance framework provides the Board of Directors with flexibility to select the appropriate

board leadership structure for the Company. The Board of Directors has reviewed its leadership structure

in light of the Company's operating and governance environment and determined that, due to his

respective significant expertise and history with the Company, Mr. van der Kooi should serve as

chairperson of the Board of Directors until his term as director expires at the 2027 annual general meeting

of shareholders. Ms. Picard, who had previously served as chairperson of the Board of Directors, resigned

from her position as chairperson effective April 9, 2025, but continues to serve on the Board of Directors.

Because the Board of Directors currently has an independent chairperson, the Board of Directors

does not currently utilize a lead independent director. The Board of Directors previously determined that it

was appropriate to have a lead independent director for so long as the chairperson of the Board of

Directors is holding an executive position, or otherwise is not an independent director.

Although our chairperson and Chief Executive Officer positions are currently separated, our Board

of Directors does not have a policy that requires the combination or separation of these roles. Given the

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dynamic and competitive environment in which we operate, the Board of Directors continues to believe that

retaining the flexibility to vary the leadership structure as appropriate based on certain circumstances over

time is in the best interests of the Company and its shareholders at this time.

Our corporate governance framework enables our Board of Directors and management to pursue

our goals and strategic objectives in seeking to maximize long-term shareholder value. Our Board of

Directors has adopted corporate governance guidelines that set forth the role of our Board of Directors,

board composition and structure (including independence requirements), board membership criteria, and

other governance policies. In addition, our Board of Directors has adopted written charters for its standing

committees (audit, compensation, and nomination and corporate governance), as well as certain other

policies, as detailed below. The Board of Directors is committed to sound corporate governance, and

regularly evaluates its practices to ensure alignment with our strategy and execution and seek

opportunities for improvement. Annually, the Board of Directors considers updates to our corporate

governance framework based on shareholder feedback, results from the annual general shareholders

meeting, the Board of Directors and committees' self-assessments, governance best practices, and

regulatory developments.

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| | |
|:---|:---|
| **Our Corporate Governance Documents** | **Our Corporate Governance Documents** |
| •By-laws | •Anti-Corruption Policy |
| •Code of Business Conduct & Ethics | •Clawback Policy |
| •Corporate Governance Guidelines and Board Charter | •Insider Trading Policy |
| •Third Party Code of Conduct | •Compensation Committee Charter |
| •Executive Share Ownership Guidelines | •Audit Committee Charter |
| •Non-Employee Director Share <br>Ownership Guidelines<br>| •Nomination and Corporate Governance <br>Committee Charter<br>|
| These documents are available on our website at http://criteo.investorroom.com under "Governance Documents" or at <br>http://criteo.com/sustainability/. | These documents are available on our website at http://criteo.investorroom.com under "Governance Documents" or at <br>http://criteo.com/sustainability/. |

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**Code of Business Conduct and Ethics** 

We have adopted a Code of Business Conduct and Ethics (the "Code of Conduct") that is

applicable to all of our employees, temporary workers and interns, officers and directors, including our

chief executive and senior financial officers. The audit committee is responsible for overseeing the Code of

Conduct, and our Board of Directors is required to approve any waivers of the Code of Conduct for

employees, executive officers and directors. We expect that any amendments to the Code of Conduct or

waivers of its requirements required to be disclosed under the rules of the SEC or Nasdaq will be disclosed

on our website.

**Insider Trading and Anti-Hedging/Pledging Policies**

We have an Insider Trading Policy governing the purchase, sale and other dispositions of Criteo's

securities that applies to our directors, officers and employees. We believe that our Insider Trading Policy

is reasonably designed to promote compliance with insider trading laws, rules and regulations, as well as

applicable listing standards. In addition, with regards to the Company's trading in its own securities, it is the

policy of the Company to comply with applicable U.S. securities laws and exchange listing requirements.

Additionally, our Insider Trading Policy makes clear that all subject persons may not (i) trade in

options, warrants, puts, calls or other similar derivative instruments on Company securities or sell

Company securities "short," (ii) hold Company securities in margin accounts, (iii) engage in hedging

transactions and all other forms of monetization transactions (including through the use of financial

instruments, such as prepaid variable forwards, equity swaps, collars and exchange funds) or (iv) pledge

Company securities as collateral for loans.

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A copy of our Insider Trading Policy was filed as Exhibit 19.1 to our Annual Report on Form 10-K

for the fiscal year ended December 31, 2024, which was filed with the SEC on February 28, 2025.

**Human Rights Policy**

In February 2020, we adopted a Global Human Rights Policy. While governments have the primary

responsibility for protecting and upholding the human rights of their citizens, Criteo recognizes our

responsibility to respect internationally recognized standards of fair treatment and non-discrimination in our

operations. Standards that we look to and are guided by include the United Nations ("UN") Guiding

Principles on Business and Human Rights and the UN Universal Declaration of Human Rights. Further, we

are committed to respecting all internationally recognized human rights wherever we do business. The

policy applies to Criteo S.A. and its subsidiaries, and applies to everyone in the Company including the

Board of Directors and all colleagues when doing work for the Company. Additionally, we strive to select

and work with vendors, partners and suppliers who respect all relevant human rights conventions and

principles.

**Director Independence**

Our nomination and corporate governance committee and our Board of Directors have undertaken

a review of the independence of the directors using the current standards for "independence" established

by Nasdaq and considered whether any director has a material relationship with us that could compromise

his or her ability to exercise independent judgment in carrying out the responsibilities of a director. As a

result of this review, our Board of Directors determined that Mses. Balla, Jay, Lalleman and Picard, and

Messrs. van der Kooi, Mesrobian and Teunissen, who currently serve on our Board of Directors, are

"independent directors" as that term is defined under the applicable rules and regulations of the SEC and

Nasdaq. Our Board of Directors determined that Mr. de Pesquidoux, who did not stand for re-election

following the expiration of his term as director at the annual meeting of shareholders in 2025, also qualified

as independent. In making these determinations, our Board of Directors considered the relationships that

each non-employee director has with us and all other facts and circumstances our Board of Directors

deemed relevant in determining the director's independence, including the number of Ordinary Shares

beneficially owned by the director and his or her affiliated entities, if any. For more information, see

"Certain Relationships and Related Transactions—Other Relationships."

**Role of the Board in Risk Oversight**

Our Board of Directors is primarily responsible for the oversight of our risk management activities

and has delegated to the audit committee the responsibility to assist our Board of Directors in this task.

The audit committee also monitors our system of disclosure controls and procedures and internal control

over financial reporting and reviews contingent financial liabilities. The audit committee reviews and

discusses with management, and, as appropriate, the Company's auditors, the Company's guidelines and

policies for risk assessment and management, including major financial, data privacy, cybersecurity and

sustainability risks, and the steps taken by management to monitor and control those exposures. For a

description of the principal duties and responsibilities of the audit committee, see "—Board Committees—

Audit Committee" below.

While our Board of Directors oversees our risk management, our management is responsible for

day-to-day risk management processes. Our Board of Directors expects our management:

✔to consider risk and risk management in each business decision,

✔to proactively develop and monitor risk management strategies, and

✔to process day-to-day activities to effectively implement risk management strategies

adopted by the Board of Directors.

We believe this division of responsibilities is the most effective approach for addressing the risks we face.

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**Board Committees** 

The Board of Directors has established an audit committee, a compensation committee and a

nomination and corporate governance committee, each of which operates pursuant to a separate charter

adopted by our Board of Directors. The charters of each of the Company's board committees and other

governance materials can be accessed on our website at http://criteo.investorroom.com under

"Governance Documents." The composition and functioning of all of our committees complies with all

applicable requirements of the French Commercial Code, the Securities Exchange Act of 1934, as

amended (the "Exchange Act"), and Nasdaq and SEC rules and regulations. In accordance with French

law, committees of our Board of Directors only have an advisory role for matters falling into the

competence of the Board of Directors under French law and can only make recommendations to our Board

of Directors in this respect. As a result, such decisions are made by our Board of Directors taking into

account non-binding recommendations of the relevant board committee. In addition, special *ad hoc* 

committees of the Board of Directors may be created from time to time to assist the Board of Directors with

special projects and other matters, including M&A and other strategic options.

***Audit Committee***

*Membership*

Mses. Balla and Jay, and Mr. Teunissen currently serve on the committee, with Mr. Teunissen

serving as its chairperson. Our Board of Directors has determined that each member of the committee is

independent within the meaning of applicable Nasdaq and SEC rules and the independence requirements

contemplated by Rule 10A-3 under the Exchange Act. Our Board of Directors has further determined that

each of Mses. Balla and Jay, and Mr. Teunissen qualify as financially sophisticated under Nasdaq rules. In

addition, our Board of Directors has determined that each of Mses. Balla and Jay, and Mr. Teunissen is an

"audit committee financial expert" as defined by SEC rules and regulations, based, in the case of Mr.

Teunissen, on his extensive experience in finance roles, including as the Chief Financial Officer of

TripAdvisor, in the case of Ms. Balla, on her extensive experience directly supervising principal financial

and accounting officers as the former Chief Executive Officer of La Redoute, and in the case of Ms. Jay, on

her extensive experience in finance and in financial oversight roles, including at Goldman Sachs, Walmart

and eBay.

*Description and Responsibilities*

Our audit committee assists the Board of Directors in overseeing the Company's corporate

accounting and financial reporting process, the Company's systems of internal control over financial

reporting, risk management and audits of financial statements, the quality and integrity of the Company's

financial statements and reports, the qualifications, independence and performance of the Company's

independent outside auditors for the purpose of preparing or issuing an audit report or performing audit or

review services (which may include independent registered public accounting firm to serve as financial

statement auditors or statutory auditors and sustainability auditors, as required by applicable laws, referred

to in this section as "Auditors"), the performance of the Company's internal audit function and the

Company's compliance program. The committee held five meetings in 2025. The principal duties and

responsibilities of our audit committee include, among other things:

• making recommendations on the appointment, compensation, renewal and/or retention, and

oversight of our Auditors, assessing their independence and qualifications, including the

performance and qualifications of the lead partner, overseeing the Auditors' work, determining the

Auditors' compensation and evaluating the performance of the Auditors;

• reviewing and approving engagements of the Auditors, including the scope of and plans for audit

or non-audit services;

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• reviewing and discussing with management and our Auditors the results of the annual audit,

including any critical audit matters identified by our Auditors;

• reviewing the Company's internal quality control procedures and conferring with management and

the Auditors regarding the scope, adequacy and effectiveness of the Company's disclosure

controls and procedures and internal control over financial reporting;

• reviewing and discussing with management and, as appropriate, the Auditors, the Company's

guidelines and policies with respect to risk assessment and management, including the

Company's major financial risk exposures, data privacy and cybersecurity risks and sustainability

risks and the steps taken by management to monitor and control these exposures;

• reviewing and recommending procedures for the receipt, retention and treatment of complaints

received by the Company regarding accounting, internal accounting controls or auditing matters,

as well as for the confidential, anonymous submission by our employees of concerns regarding

questionable accounting or auditing matters;

• reviewing the results of management's efforts to monitor compliance with the Company's programs

designed to ensure adherence to applicable laws and regulations, as well as the Code of Conduct,

including reviewing and making recommendations with respect to related person transactions;

• reviewing and recommending appropriate insurance coverage for the Company's directors and

officers;

• reviewing and making recommendations, under applicable French and U.S. rules, with respect to

the financial statements proposed to be included in any of the Company's reports to be filed with

the SEC, reviewing disclosure discussing the Company's financial performance in any reports to

be filed with the SEC, reviewing earnings press releases and financial information and earnings

guidance provided to analysts and ratings agencies and preparing any reports of the audit

committee as may be required by the SEC; and

• reviewing any significant issues that arise regarding accounting principles and financial statement

presentation, conflicts or disagreements between management and the Auditors or other financial

or sustainability reporting issues, as required by applicable laws, and reporting to the Board of

Directors with respect to related material issues.

Nasdaq rules require that the audit committee have the specific audit committee responsibilities

and authority necessary to comply with Rule 10A-3(b)(2), (3), (4) and (5) under the Exchange Act, which

requires, among other things, that the audit committee have direct responsibility for the appointment,

compensation, retention and oversight of our Auditors, establishment of procedures for complaints made

and selection of consultants with respect to its duties. However, Rule 10A-3 provides that if the laws of a

company's home country prohibit the full Board of Directors from delegating such responsibilities to the

audit committee, the audit committee's powers with respect to such matters may instead be advisory. As

indicated above, under French law, our audit committee may only have an advisory role and make

recommendations to our Board of Directors for matters falling into the competence of the Board of

Directors under French law. Moreover, Rule 10A-3 also provides that its audit committee requirements do

not conflict with any laws of a company's home country that require shareholder approval of such matters.

Under French law, our shareholders must appoint, or renew the appointment of, the statutory auditors once

every six fiscal years. In accordance with the applicable requirements of the French Commercial Code, we

have two statutory auditors. Our shareholders renewed the term of office of Deloitte & Associés, our

independent registered public accounting firm, at the 2023 Annual General Meeting, the term of office of

RBB Business Advisors, as statutory auditor, at the 2024 Annual General Meeting, and Nexbonis Advisory

to continue as statutory auditor in lieu and in place of RBB Business Advisors for the remaining term of

office of RBB Business Advisors through the Annual General Shareholders' Meeting held in 2030.

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***Compensation Committee***

*Membership*

Ms. Balla and Mr. Mesrobian and Teunissen currently serve on the committee, with Ms. Balla

serving as its chairperson. Our Board of Directors has determined that each member of the committee is

independent within the meaning of the applicable Nasdaq and SEC rules.

*Description and Responsibilities*

Our compensation committee assists our Board of Directors in reviewing, making

recommendations to our Board of Directors regarding, and overseeing matters related to, the

compensation of our executive officers and non-employee directors, including establishing and overseeing

the Company's compensation philosophy, policies, plans and programs. The committee held eight

meetings in 2025. The principal duties and responsibilities of our compensation committee include, among

other things:

• reviewing and making recommendations to the Board of Directors with respect to the

overall compensation strategy and policies for the Company, including making

recommendations to the Board of Directors regarding pay levels, pay mix and pay

structures, including performance goals and objectives of the Chief Executive Officer and

other executive officers, reviewing regional and industry-wide compensation practices and

trends and evaluating and recommending to the Board of Directors the compensation

plans and programs, terms of employment or employment agreements, severance

arrangements, change in control protections and any other compensatory arrangements

(including, without limitation, perquisites and any other form of compensation) and

compensation-related policies advisable for the Company (or the modification or

termination thereof);

• reviewing and making recommendations to the Board of Directors regarding the

compensation of our non-employee directors;

• reviewing and making recommendations to the Board of Directors regarding the

Company's equity compensation strategy including annual budget, award levels, eligibility,

award mix and vesting;

• reviewing and making recommendations to the Board of Directors with respect to other

personnel and compensation matters, including benefit plans;

• reviewing and evaluating risks associated with the Company's compensation programs;

• reviewing and discussing with management the compensation discussion and analysis

and other compensation information that we may be required to include in SEC filings and

preparing any reports of the compensation committee on executive compensation as may

be required by the SEC;

• considering the results of shareholder advisory votes on executive compensation (and on

the frequency thereof), and, to the extent it deems appropriate, taking such results into

consideration in connection with the review and approval of executive and, as applicable,

director compensation;

• reviewing the Company's strategies, initiatives and programs with respect to the

Company's culture, talent recruitment, development and retention, inclusion initiatives, and

employee engagement;

• review and approve the implementation or revision of, and oversee, any compensation

recoupment, "clawback" or similar policy allowing or requiring the Company to recoup

compensation; and

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• reviewing, and reporting to the Board of Directors, succession planning and management

development topics for senior leaders.

The charter for our compensation committee allows the compensation committee, in certain

circumstances, to delegate its authority to subcommittees, as appropriate.

The compensation of our executive officers is determined by the Board of Directors, taking into

account recommendations from our compensation committee. In the case of members of executive officers

other than our Chief Executive Officer, our Board of Directors also takes into account recommendations

from our Chief Executive Officer.

Under French law, we must obtain shareholder approval at a general meeting of shareholders in

order to authorize the Board of Directors to grant equity compensation. Generally, we ask shareholders to

give our Board of Directors the authority to decide on the specific terms of the grant of equity

compensation, within the limits of the shareholders' authorization. The most recent authorization to grant

equity compensation was given to our Board of Directors at the 2024 Annual General Meeting. The

compensation committee is responsible for evaluating and making recommendations to the Board of

Directors with respect to our equity plans.

Our compensation committee engages independent compensation consultants from time to time to

assist in evaluating the design and assessing the competitiveness of our executive and non-employee

director compensation. For more detailed information on the role of compensation consultants, see

"Executive Compensation–Compensation Discussion and Analysis – Compensation Philosophy and

Objectives – Participants in the Compensation Process – Role of Compensation Consultant" elsewhere in

this proxy statement.

***Nomination and Corporate Governance Committee***

*Membership*

Mses. Lalleman and Picard and Mr. van der Kooi currently serve on the committee, with

Ms. Lalleman serving as its chairperson. Our Board of Directors has determined that each member of the

committee is independent within the meaning of the applicable Nasdaq and SEC rules.

*Description and Responsibilities*

Our nomination and corporate governance committee mainly assists our Board of Directors in

overseeing all aspects of the Company's corporate governance functions and making recommendations to

the Board of Directors regarding corporate governance issues. The committee also identifies, reviews,

evaluates and recommends to our Board of Directors candidates to serve as directors. The committee held

five meetings in 2025. The principal duties and responsibilities of our nomination and corporate

governance committee include:

• identifying, reviewing, evaluating and recommending to the Board of Directors the persons

to be nominated for election (or re-election) as directors and appointed to each of the

committees of the Board of Directors and establishing related policies, including

consideration of any potential conflicts of interest, applicable independence and

experience requirements, a wide range of perspectives, and any other relevant factors that

the committee considers appropriate in the context of the needs of the Board of Directors;

• reviewing and assessing the performance of management and the Board of Directors,

including committees of the Board of Directors;

• overseeing the Company's strategy on global corporate social responsibility and

environmental, social and governance ("ESG") initiatives;

• overseeing the composition of the Board of Directors and its committees;

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• assessing the independence of directors;

• developing and recommending to the Board of Directors corporate governance principles

and practices; and

• reviewing with the Chief Executive Officer plans for succession to the offices of the

Company's Chief Executive Officer.

The charter for our nomination and corporate governance committee allows the committee to

delegate its authority to subcommittees, as appropriate.

**Nomination of Directors**

Our Board of Directors believes that it should be composed of directors with a wide range of

complementary backgrounds, and that directors should, at a minimum, exhibit proven leadership

capabilities and possess experience at a high level of responsibility within their chosen fields. When

considering a candidate for director, the nomination and corporate governance committee considers

whether the directors, both individually and collectively, can and do provide the experience, judgment,

commitment, skills and expertise appropriate to lead the Company in the context of its industry. In addition,

the nomination and corporate governance committee considers a nominee's expected contribution to skills,

background, experiences and perspectives, as well as whether such nominee could provide added value

to any of the committees of the Board of Directors, given the then existing composition of the Board of

Directors as a whole. The nomination and corporate governance committee also provides input and

guidance regarding the independence of directors, for formal review and approval by our Board of

Directors.

Prior to nominating a sitting director for re-election at an annual meeting of shareholders, in

addition to the factors described above, the nomination and corporate governance committee will consider

the director's past attendance at, and participation in, meetings of the Board of Directors and the

committees on which the director sits, as well as the director's formal and informal contributions to the

work of the Board of Directors and its committees. The nomination and corporate governance committee

will also consider feedback received during the annual committee assessment process, as well as general,

overall board assessments conducted from time to time. The nomination and corporate governance

committee considers each director nominee's experience, judgment, commitment, skills and expertise

relevant to service on our Board of Directors.

When seeking candidates for director, the nomination and corporate governance committee may

solicit suggestions from incumbent directors, management, shareholders and others. Additionally, the

Board of Directors has in the past used and may continue to use the services of third-party search firms to

assist in the identification and analysis of appropriate candidates. For example, Stefanie Jay, who was

elected to our Board of Directors at the annual meeting of shareholders in 2025, was identified as a

candidate by our nomination and corporate governance committee and our Chief Executive Officer further

to a search launched by Spencer Stuart, a search firm. After conducting an initial evaluation of a

prospective candidate by said committee, each of the chairperson of said committee and the Chief

Executive Officer will interview that candidate if they believe the candidate might be suitable. The

chairperson or vice-chairperson of the Board of Directors or the lead independent director, if any, may also

ask the candidate to meet with certain members of executive management, and for the final candidate,

other members of the Board of Directors. If the nomination and corporate governance committee believes

a candidate would be a valuable addition to the Board of Directors, it may recommend to the Board of

Directors that candidate's appointment or election, who, in turn, can submit the candidate for consideration

by the shareholders.

The nomination and corporate governance committee will consider candidates for director

recommended by a shareholder or group of shareholders who meet the requirements set forth in Articles L.

225-105 and R. 225-71 of the French Commercial Code. The nomination and corporate governance

committee will evaluate such recommendations applying its regular nomination criteria and considering the

additional information set forth below. Eligible shareholders wishing to recommend a candidate for

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nomination as a director are requested to send the recommendation in writing to: Board of Directors,

Criteo, 32 Rue Blanche, 75009 Paris, France. The nomination and corporate governance committee will

accept recommendations of director candidates throughout the year; however, in order for a recommended

director candidate to be considered by the nomination and corporate governance committee for nomination

to stand for election at an upcoming annual meeting of shareholders, the recommendation must be

received no fewer than 25 days prior to the date of the Company's annual meeting of shareholders. A

shareholder recommendation must contain the following information:

• the text of the resolution to appoint the director candidate;

• a brief explanation of the reason for such recommendation;

• information about the director nominee set forth in Article R. 225-83 5<sup>○</sup> of the French

Commercial Code; and

• an affidavit to evidence the requisite share holdings.

Further, any shareholder seeking to solicit proxies in support of director nominees other than the

Company's nominees must comply with Rule 14a-19 under the Exchange Act, including by delivering a

notice to the Company which must (i) be received by the Company no later than 60 calendar days prior to

the anniversary date of the Company's annual meeting of shareholders (assuming the current year's

meeting is held within 30 days of such anniversary date); (ii) include the names of all director candidate

nominees for whom the shareholder intends to solicit proxies; and (iii) include a statement that such

shareholder intends to solicit the holders of shares representing at least 67% of the voting power of shares

entitled to vote on the election of directors in support of the director candidate nominees other than the

Company's nominees. Any such notice should be sent (i) in writing, to: Board of Directors, Criteo S.A., 32

Rue Blanche, 75009 Paris, France; or (ii) by electronic notice, to: AGM@criteo.com.

In connection with its evaluation of director candidates, the nomination and corporate governance

committee or the Board of Directors may request additional information from the candidate or the

recommending shareholder and may request an interview with the candidate. The nomination and

corporate governance committee has discretion to decide which individuals, if any, to recommend for

nomination as directors to the Board of Directors, provided that any such nomination will be reviewed by

the full Board of Directors. The Board of Directors then makes a recommendation to the shareholders.

**Executive Sessions of Non-Management Directors**

In order to promote discussion among the non-management directors, regularly scheduled

executive sessions (*i.e.*, meetings of non-management directors without management present) are held to

review such topics as the non-management directors determine.

**Communications with the Board of Directors**

The Board of Directors has established a process to facilitate communication between

shareholders and other interested parties and our directors. All communications by shareholders and other

interested parties can be sent to: Chief Legal and Transformation Officer, Criteo, 32 Rue Blanche, 75009

Paris, France. Communications are distributed to the Board of Directors or to any specific director(s), as

appropriate. Items unrelated to the duties and responsibilities of the Board of Directors or otherwise

unsuitable for distribution to the Board of Directors will be redirected.

**Directors' Attendance at Board, Committee and Annual Meetings**

The Board of Directors held eight meetings (four of which were held by videoconference) during

2025. Each incumbent director attended 100% of the aggregate of the meetings of the Board of Directors

and meetings held by all committees on which such director served during the portion of 2025 in which he

or she served, with the exception of Mr. de Pesquidoux (who did not stand for re-election following the

expiration of his term as director at the 2025 Annual General Meeting) and Mr. Komasinski, who were each

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absent and excused from one Board of Directors meeting. A director's retainer fees are reduced if such

director does not attend 100% of the regularly-scheduled in-person quarterly meetings held by the Board

of Directors and committee meetings during the fiscal year, provided that each director is permitted to

attend one such in-person quarterly meeting telephonically or by video conference without his or her

retainer fees being reduced. In addition, a director may attend an in-person meeting telephonically or by

video conference without his or her retainer fees being reduced if such director is unable to attend in

person due to a change in the date or location of the physical meeting after the Board of Directors

establishes its meeting calendar for any particular fiscal year.

Directors are invited but not required to attend the annual meeting of shareholders. Mr. Komasinski

and Mr. Frederik van der Kooi attended the 2025 Annual General Meeting of Shareholders.

**Succession Planning**

Our Board of Directors deems succession planning a core responsibility that should involve collaboration

between the directors and the Chief Executive Officer. Our nomination and corporate governance

committee is primarily responsible for periodically reviewing with the current Chief Executive Officer plans

for succession to the office of the Company's Chief Executive Officer and developing plans for interim

succession in the event of an unexpected occurrence. Following coordination with the current Chief

Executive Officer, the nomination and corporate governance committee will make recommendations to the

Board of Directors with respect to the selection of appropriate individuals to succeed to this position.

The compensation committee also has the responsibility to ensure that the Company considers a long-

term program for effective senior leadership development and succession, as well as short-term

contingency plans for emergencies and other normal contingencies, such as the termination of

employment or death or disability of certain senior leaders.

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**Human Capital Management**

We have a demonstrated history of commitment to the well-being and success of our workforce, and our

Company is driven by our core values of "open, together and impactful".

As noted above in the description of the compensation committee's responsibilities, our compensation

committee has oversight of and periodically reviews the Company's strategies, initiatives and programs

with respect to the Company's culture, talent recruitment, development and retention and employee

engagement.

---

| | |
|:---|:---|
| **Talent Acquisition** | Attracting and retaining top talent is a key objective at Criteo. We are committed to offering an <br>environment in which employees are ensured equal job opportunities and have a chance for <br>advancement. Our compelling employee value proposition, attractive compensation packages and <br>vibrant culture are instrumental in our ability to attract and retain talent. |
| **Learning and** <br>**Development**<br>| We strive to provide exceptional training opportunities and development programs for our employees. <br>In 2025, approximately 18,000 training hours were delivered to our employees. To assess and <br>improve employee retention and engagement, we periodically survey employees and take action to <br>address areas of employee concern. In 2025, we carried out three employee surveys, soliciting <br>feedback on a wide range of topics including well-being, flexibility, and inclusion. |
| **Culture** | As a global technology company, we believe that an inclusive culture is the cornerstone for driving <br>creative collaboration and sustainable growth. We are proud that our employees can be themselves <br>at work and we value a broad range of perspectives in the workforce. We are committed to building <br>on our culture and collaborative work environment through how we hire, develop, reward and retain <br>talent at Criteo. Our efforts to foster a positive culture and an inclusive workplace are led by a <br>dedicated leadership team who coordinate through the business and leverage our employee <br>resource groups to encourage community, engagement and networking for all employees.  |
| **Health, Safety and** <br>**Wellness**<br>| Employee health, safety and wellness is a priority for Criteo. We devote time and effort across all of <br>our locations to provide positive working conditions, work-life balance and a healthy office <br>environment for our employees. We recognize and support employees with their work life integration <br>and believe that flexibility is an essential element to remain engaged, efficient, and productive. We <br>also believe in the importance of employee contribution and results, rather than focusing on where <br>work is being completed. We foster a dynamic environment where employees are empowered to <br>reach their highest potential. |
| **Total Rewards** | We are focused on offering competitive compensation and comprehensive benefit packages <br>designed to meet the needs of our employees and reward their efforts and contributions. We seek <br>coherence and fairness in total compensation with reference to external market comparisons, internal <br>equity and the relationship between management and non-management compensation. Our total <br>compensation packages include base pay, performance-based incentives, long-term incentives such <br>as equity awards, retirement plans, healthcare and other insurance benefits, paid time off, paid family <br>leave, employee assistance and well-being programs among many others. |

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**RESOLUTIONS 1 TO 4:** 

**ELECTION OF DIRECTORS**

**General** 

Pursuant to our by-laws and in accordance with French law, our Board of Directors must be

composed of between three and ten members. We currently have eight directors. Directors are elected,

re-elected and may be removed at a shareholders' general meeting with the affirmative vote of the

majority of votes cast with respect to each Resolution. Currently, pursuant to our by-laws, our directors

are elected for two-year terms.

Our by-laws also provide, in accordance with French law, that our directors may be removed with

or without cause by the affirmative vote of the majority of votes cast at the relevant ordinary shareholders'

meeting. In addition, our by-laws provide, in accordance with French law, that any vacancy on our Board

of Directors resulting from the death or resignation of a director may be filled by vote of a majority of our

directors then in office, provided there are at least three directors remaining, and provided further that

there has been no shareholders' meeting since such death or resignation. Directors chosen or appointed

to fill a vacancy are elected by the Board of Directors for the remaining duration of the current term of the

replaced director. The appointment must be ratified at the shareholders' general meeting following such

election by the Board of Directors. In the event the Board of Directors is composed of less than three

directors as a result of vacancies, the remaining directors shall immediately convene a shareholders'

general meeting to elect one or several new directors in order for there to be at least three directors

serving on the Board of Directors at any given time, in accordance with French law.

The following table sets forth information regarding each continuing director and director

nominee, including his or her age, as of March 31, 2026.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name**  | **Age** | **Current** <br>**Position**<br>| **Director** <br>**Since**<br>| **Term** <br>**Expiration** <br>**Year**<br>|
| Michael Komasinski | 55 | Director | 2025 | 2026 |
| Nathalie Balla<sup>(1)(3)</sup> | 58 | Director | 2017 | 2027 |
| Stefanie Jay <sup>(1)</sup> | 47 | Director  | 2025 | 2027 |
| Frederik van der Kooi<sup>(2)</sup> | 59 | Chairperson | 2023 | 2027 |
| Marie Lalleman<sup>(2)</sup> | 61 | Director | 2019 | 2026 |
| Edmond Mesrobian<sup>(3)</sup> | 65 | Director | 2017 | 2026 |
| Rachel Picard<sup>(2)</sup> | 59 | Director | 2017 | 2027 |
| Ernst Teunissen<sup>(1)(3)</sup> | 60 | Director | 2024 | 2026 |

---

(1) Member of the audit committee.

(2) Member of the nomination and corporate governance committee.

(3) Member of the compensation committee.

Mr. Mesrobian, while not a formal audit committee member, attended three committee meetings

in 2025 to advise the audit committee on matters of cybersecurity. In addition, pursuant to French

ordinance no. 2017-1386, Criteo has a social and economic committee (*comité social et économique*) that

includes the employer and a staff delegation composed of representatives elected among the employees.

Our social and economic committee was formed in May 2019 and replaced the former works council

(*comité d'entreprise*). Two of these representatives are entitled to attend all meetings of the Board of

Directors and meetings of the shareholders in an observer capacity.

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**Director Nominees**

The Board of Directors, based on the recommendation of the nomination and corporate

governance committee, has nominated Mr. Komasinski, Ms. Lalleman, Mr. Teunissen and Mr. Mesrobian

to be elected as directors at the Annual General Meeting.

Each of the nominees for director to be elected at the Annual General Meeting, currently serves

as a director of the Company. Each director elected or re-elected at the Annual General Meeting will hold

office until the 2028 Annual General Meeting. Each director elected at the Annual General Meeting will

serve until his or her successor is duly elected and qualified.

If any nominee at the time of election is unable or unwilling to serve or is otherwise unavailable

for election, and as a consequence thereof other nominees are designated, then the persons named in

the proxy or their substitutes will have the discretion and authority to vote or to refrain from voting for

other nominees in accordance with their judgment.

Given the unique and indispensable skills and expertise, and the dedication and value that each

of Mr. Komasinski, Ms. Lalleman, Mr. Teunissen and Mr. Mesrobian bring to our Board of Directors, we

request that, pursuant to Resolutions 1 through 4, you approve:

• the renewal of the term of office of Mr. Komasinski;

• the renewal of the term of office of Ms. Lalleman;

• the renewal of the term of office of Mr. Teunissen; and

• the renewal of the term of office of Mr. Mesrobian.

For the full text of Resolutions 1 to 4, please see Annex A.

***RECOMMENDATION***

***THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE "FOR"*** 

***RESOLUTIONS 1 TO 4.***

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**DIRECTOR COMPENSATION**

**Director Compensation Table**

The following table sets forth compensation information for each person who served as a non-

employee member of our Board of Directors during 2025. Mr. Komasinski, who served as our Chief

Executive Officer and as a member of the Board of Directors during 2025, is not included in this table, as

he was not entitled to director compensation due to his service as an executive officer of the Company.

The compensation received by Mr. Komasinski for 2025 is described under "Executive Compensation—

Compensation Discussion and Analysis–Elements of Executive Compensation Program" and under

"Executive Compensation–Summary Compensation Table" and the tables that follow.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Fees Earned** <br>**or Paid in** <br>**Cash**<br>**($)**<sup>(1)</sup><br>| **Stock** <br>**Awards**<br>**($)**<br>| **Option** <br>**Awards**<br>**($)**<br>| **Non-Equity** <br>**Incentive** <br>**Plan** <br>**Compensation**<br>**($)**<br>| **Change in** <br>**Pension Value** <br>**and** <br>**Nonqualified** <br>**Deferred** <br>**Compensation** <br>**Earnings**<br>**($)**<br>| **All Other** <br>**Compensation**<br>**($)**<sup>(2)</sup><br>| **Total**<br>**($)**<br>|
| Nathalie Balla<sup>(3)</sup> | 263220 |  |  |  |  | 38638 | 301858 |
| Stefanie Jay  | 127250 |  |  |  |  | 18679 | 145929 |
| Frederik van der Kooi | 336732 |  |  |  |  | 120818 | 457550 |
| Marie Lalleman<sup>(4)</sup> | 243400 |  |  |  |  | 104314 | 347714 |
| Edmond Mesrobian<sup>(5)</sup> | 260495 |  |  |  |  | 38238 | 298733 |
| Hubert de <br>Pesquidoux<sup>(6)</sup><br>| 32700 |  |  |  |  | 4800 | 37500 |
| Rachel Picard | 282196 |  |  |  |  | 121447 | 403643 |
| Ernst Teunissen | 273030 |  |  |  |  | 40078 | 313108 |

---

(1) These amounts include cash required to be used by the directors to purchase Criteo shares on the open market pursuant to the terms of our Independent Director Compensation Plan. Such shares, once purchased, are subject to a two-year holding period. The net amount of cash paid to the directors to purchase Criteo shares on the open market was $200,000 for each of Ms. Balla, Ms. Lalleman, Mr. Mesrobian and Mr. Teunissen, $248 750 for Mr. van der Kooi, $240 000 for Ms. Picard, and $100,000 for Ms. Jay. The total number of shares purchased by Ms. Balla, Ms. Jay, Mr. van der Kooi, Ms. Lalleman, Mr. Mesrobian, Ms. Picard, and Mr. Teunissen pursuant to this program during 2025 was 6,450, 4,444, 7,701, 6,270, 6,172, 8,276, and 6,177, respectively.

(2) The amounts reported in the "All Other Compensation" column reflect gross-ups to the cash amounts paid to the directors on account of withholding taxes in the total amount of $38,638 for Ms. Balla, $18,679 for Ms. Jay, $58,566 for Mr. van der Kooi, $44,507 for Ms. Lalleman, $38,238 for Mr. Mesrobian, $4,800 for Mr. de Pesquidoux, $51,666 for Ms. Picard, and $40,078 for Mr. Teunissen, and gross-ups in respect of social contributions in the amount of $62,251 for Mr. van der Kooi, $59,807 for Ms. Lalleman, and $69,780 for Ms. Picard.

(3) The cash portion of Ms. Balla's remuneration for her service as a director (other than with respect to the additional remuneration described in footnote (1) was paid in euros rather than U.S. dollars. For purposes of this disclosure, such amount has been converted from euros to U.S. dollars at a rate of €1.00 = $1.0411, €1.00 = $1.1376, €1.00 = $1.1756 and €1.00 = $1.1593, which represent the respective exchange rates on the dates of payment of Ms. Balla's remuneration.

(4) The cash portion of Ms. Lalleman's remuneration for her service as a director (including with respect to the additional remuneration described in footnote (1) was paid in euros rather than U.S. dollars. For purposes of this disclosure, such amount has been converted from euros to U.S. dollars at a rate of €1.00 = $1.0411, €1.00 = $1.1376, €1.00 = $1.1756 and €1.00 = $1.1593, which represent the respective exchange rates on the dates of payment of Ms. Lalleman's remuneration.

(5) The cash portion of Mr. Mesrobian's remuneration for his service as a director includes $9,375 for his participation in three audit committee meetings due to his expertise in matters of cybersecurity.

(6) Mr. de Pesquidoux's term as director expired at the 2025 Annual General Meeting, and he did not stand for re-election.

**Independent Director Compensation**

The compensation committee is responsible for reviewing and recommending the compensation

for the independent members of our Board of Directors for approval. The compensation committee

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reviews our independent director compensation periodically and, with the assistance of its independent

compensation consultant, Compensia, Inc. ("Compensia"), designs and updates director compensation to

maintain competitive but reasonable compensation levels and structures.

In making decisions regarding independent director compensation, the compensation committee

considers a competitive market analysis provided by Compensia based on compensation data regarding

independent director compensation at the companies in our compensation peer group (the composition of

our compensation peer group is described below under "Executive Compensation–Compensation

Discussion and Analysis"). Total average compensation for each of our independent directors is generally

targeted at the median of our peer group's total average director compensation.

For fiscal year 2025, Compensia conducted a review of our independent director compensation

program compared to the competitive market based on the compensation peer group. See "Executive

Compensation—Compensation Discussion and Analysis" for details on the composition of our

compensation peer group. Based on this review, we maintained the same independent director

compensation structure for fiscal year 2025 that was in place for 2024. However, due to the change of the

Chairperson of the Board that was approved by the Nomination and Corporate Governance Committee

and Compensation Committee on April 9, 2025, the remuneration of the Chairperson of the Board was

amended as indicated below. The following table sets forth a summary of Compensia's review of the

Company's target annual independent director compensation for fiscal year 2025:

![Directors Compensation Compensia Benchmark 2026.jpg](crto-20260508_g16.jpg)

(1) In connection with Mr. van der Kooi's appointment as chairperson of the Board of Directors effective April 9, 2025, the Board of

Directors changed the Total Additional Compensation from $205,000 to $110,000 in part to better align with market peers.

(2) Excludes "All Other Compensation" as quantified in the Director Compensation Table above.

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The components of independent director compensation for 2025 were as follows:

---

| | |
|:---|:---|
| **Compensation Element** | **Director Compensation** |
| Annual cash remuneration - Chairperson<sup>(1)</sup> | $95000 |
| Annual cash remuneration - other non-<br>employee directors<sup>(1)</sup><br>| $50000 |
| Annual equity award - Chairperson<sup>(2)(3)</sup> | $265,000 in shares purchased on the open market that are subject to <br>a two-year holding period<sup>(4)</sup><br>|
| Annual equity award - Vice-chairperson (if <br>applicable)<sup>(2)(3)</sup><br>| $250,000 in shares purchased on the open market that are subject to <br>a two-year holding period<sup>(4)</sup><br>|
| Annual equity award - other non-employee <br>directors<sup>(2)(3)</sup><br>| $200,000 in shares purchased on the open market that are subject to <br>a two-year holding period<sup>(4)</sup><br>|
| Committee membership remuneration<sup>(1)</sup> | $12,500 for audit committee<br>$10,000 for compensation committee<br>$6,000 for nomination and corporate governance committee<br>|
| Committee Chair remuneration<sup>(1)</sup> | $25,000 for audit committee<br>$20,000 for compensation committee<br>$12,000 for nomination and corporate governance committee<br>|
| New director equity award (one-time <br>grant)<sup>(2)(4)</sup><br>| $200,000 in shares purchased on the open market that are subject to <br>a two-year holding period<br>|
| Vice chairperson remuneration (if <br>applicable)<br>| $20000 |
| (1) Cash remuneration paid to directors is contingent, subject to limited exceptions described below, on attendance at 100% of <br>the four scheduled in-person ordinary Board of Directors' meetings and four scheduled in-person ordinary committee <br>meetings and are reduced pro-rata to the extent of any absence from such meetings taken as a whole; provided (i) directors <br>are allowed to attend one meeting per year (where in-person attendance otherwise would be required) by telephone or video <br>conference without their 100% participation rate being affected, and (ii) in the event that a regularly scheduled in-person <br>Board of Directors' or Committees' meeting is changed during the course of the year, a director's attendance at such meeting <br>by telephone or video conference will not affect his or her 100% participation rate. | (1) Cash remuneration paid to directors is contingent, subject to limited exceptions described below, on attendance at 100% of <br>the four scheduled in-person ordinary Board of Directors' meetings and four scheduled in-person ordinary committee <br>meetings and are reduced pro-rata to the extent of any absence from such meetings taken as a whole; provided (i) directors <br>are allowed to attend one meeting per year (where in-person attendance otherwise would be required) by telephone or video <br>conference without their 100% participation rate being affected, and (ii) in the event that a regularly scheduled in-person <br>Board of Directors' or Committees' meeting is changed during the course of the year, a director's attendance at such meeting <br>by telephone or video conference will not affect his or her 100% participation rate. |
| (2) The equity attendance remuneration (both the initial grant and annual grant) must be used to purchase our shares on the <br>open market and such shares are subject to a two-year holding period. The amount shown is grossed up to take into account: <br>(i) when allocated to non-French residents (other than the chairperson), a withholding tax of 12.8% payable by the Company; <br>(ii) when allocated to French residents (other than the chairperson), a withholding tax of 12.8% (*prélèvements obligatoires*) <br>and social contributions of 17.2% (*prélèvements sociaux*) payable by the Company (*i.e.*, 30% in total); and (iii) when allocated <br>to a French or non-French resident who is also the chairperson, a withholding tax of 12.8% (*prélèvements obligatoires*) and <br>social security contributions of up to 23% (*cotisations de sécurité sociale)* payable by the Company, if due. | (2) The equity attendance remuneration (both the initial grant and annual grant) must be used to purchase our shares on the <br>open market and such shares are subject to a two-year holding period. The amount shown is grossed up to take into account: <br>(i) when allocated to non-French residents (other than the chairperson), a withholding tax of 12.8% payable by the Company; <br>(ii) when allocated to French residents (other than the chairperson), a withholding tax of 12.8% (*prélèvements obligatoires*) <br>and social contributions of 17.2% (*prélèvements sociaux*) payable by the Company (*i.e.*, 30% in total); and (iii) when allocated <br>to a French or non-French resident who is also the chairperson, a withholding tax of 12.8% (*prélèvements obligatoires*) and <br>social security contributions of up to 23% (*cotisations de sécurité sociale)* payable by the Company, if due. |
| (3) Directors do not receive the annual equity attendance remuneration for the fiscal year in which they join the Board of <br>Directors. | (3) Directors do not receive the annual equity attendance remuneration for the fiscal year in which they join the Board of <br>Directors. |
| (4) Prorated for directors who join during the year. | (4) Prorated for directors who join during the year. |

---

The compensation committee believes that a combination of cash and equity (via open market

purchases) is the best way to attract and retain directors with the background, experience and skills

necessary for a company such as ours, and is in line with our industry's practice. Pursuant to French law,

non-employee or independent directors may not be granted stock options or RSUs. Accordingly, in 2025

and in previous years, we paid our independent directors additional remuneration for the purpose of

purchasing Criteo shares on the open market. We believe the additional remuneration that we pay to

directors to facilitate their investment in Company securities is a key element of our independent director

compensation aligned with our strategy to remain competitive against our peers in the advertising

technology and broader technology industries.

In order to facilitate the investment in Criteo securities, in 2025 each independent member of our

Board of Directors received (i) an initial grant of $200,000 to purchase shares of Criteo stock on the open

market upon being appointed and (ii) for each subsequent fiscal year, an annual grant of $200,000 (for

our general independent directors), $250,000 (for our vice-chairperson, if applicable) or $265,000 (for our

chairperson) to purchase shares of Criteo stock on the open market. The payment of this additional

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remuneration constitutes taxable compensation to these directors and is grossed up for certain

withholding taxes and social security charges. The payment of this remuneration is assuming the

independent director has attended 100% of the board's scheduled in-person meetings for that year and it

is reduced proportionately for any scheduled in-person meetings during that fiscal year that they do not

attend.

All such securities purchased on the open market by the independent directors are subject to a

two-year holding period intended to function as a vesting period during which the director bears the risk of

loss. Each independent director may elect to keep up to 30% of such remuneration in cash to pay his or

her personal taxes or social security charges that arise in connection with such cash remuneration and to

purchase securities with the remaining amount of cash received.

Utilizing this method of cash remuneration followed by purchases of securities on the open

market allows our independent directors to continue to acquire and hold Criteo equity but without any

resulting incremental shareholder dilution.

**Non-Employee Director Share Ownership Guidelines**

We maintain share ownership guidelines for our non-employee directors (including the

chairperson of our Board of Directors). Pursuant to these guidelines, each non-employee director is

required to own Company securities equal to the lesser of (i) 17,308 shares or (ii) the amount of shares

that have a fair market value equal to five times such board member's annual cash retainer, disregarding

any additional fees paid for specific leadership roles or committee membership. The non-employee

directors are required to meet the applicable ownership requirements within five years of becoming

subject to them. If required share ownership is not satisfied within five years, the individual must retain

100% of any shares resulting from vested non-employee director warrants or his or her purchase of

shares, until the guidelines are met.

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**EXECUTIVE OFFICERS**

The following table sets forth information regarding our current executive officers, including their

ages, as of March 31, 2026:

---

| | | |
|:---|:---|:---|
| **<u>Name</u>** | **<u>Age</u>** | **<u>Position(s)</u>** |
| Michael Komasinski | 55 | Chief Executive Officer |
| Sarah Glickman | 57 | Chief Financial Officer |
| Ryan Damon | 53 | Chief Legal and Transformation Officer |

---

*Michael Komasinski* was appointed as our Chief Executive Officer and a member of our Board of

Directors effective as of February 15, 2025. Mr. Komasinski brings over 20 years of AdTech expertise and

a proven track record of driving accelerated growth, AI-driven innovation, and scale. Throughout his

career, Mr. Komasinski has gained significant data-driven technology expertise and vast retail media

experience. From July 2023 to February 2025, Mr. Komasinski served as CEO of the Americas, President

of Global Data & Technology, and member of the Group Executive Management team at dentsu, one of

the largest global advertising holding companies. Mr. Komasinski joined dentsu through its acquisition of

Merkle in 2016 and led both the EMEA and Americas regions before becoming Global CEO of Merkle in

November 2021. Mr. Komasinski previously served in leadership positions at Razorfish, Schawk Retail

Marketing, The Nielsen Company, and A.T. Kearney. Mr. Komasinski is a board member of the Ad Council

and the Interactive Advertising Bureau (IAB). Mr. Komasinski holds a Bachelor of Science degree in

Engineering and Philosophy from Vanderbilt University and an MBA degree from Indiana University's

Kelley School of Business.

*Sarah Glickman* has served as our Chief Financial Officer and Principal Accounting Officer since

August 2020. Ms. Glickman oversees the Company's finance, procurement and corporate

communications organization. Ms. Glickman previously served as Acting Chief Financial Officer for 20

months at XPO Logistics, a Fortune 200 company and leading provider of transportation and logistics

solutions, where she previously served as Senior Vice President, Corporate Finance and Transformation.

Prior to XPO Logistics, Ms. Glickman held operational Chief Financial Officer roles at Novartis and

Honeywell International. Ms. Glickman started her career at PricewaterhouseCoopers before taking a

finance executive role at Bristol-Myers Squibb. Ms. Glickman has served on the board of directors of

AptarGroup, Inc., a global designer and manufacturer of consumer product dosing, dispensing and

protection technologies, since September 2023. Ms. Glickman has served on the board of directors of

2seventy bio, Inc., an emerging immuno-oncology company, from November 2021 to May 2025. Ms.

Glickman is a U.K. Fellow Chartered Accountant, has a U.S. CPA, with a degree in economics from the

University of York, England. She has extensive global experience in strategic decision making and leading

transformative change, including M&A, with a strong focus on execution, including strong financial

performance and operational excellence.

*Ryan Damon* has served as our Chief Legal and Transformation Officer (and previously Chief

Legal and Corporate Affairs Officer) since August 2018. In addition to overseeing the Company's legal,

compliance and public affairs organization, Mr. Damon is responsible for driving transformation initiatives

that support Criteo's Commerce Media Platform vision and execution roadmap, including Criteo's trading

infrastructure and custom capabilities. Prior to joining Criteo, Mr. Damon was with Riverbed Technology

for 11 years, where he spent his last three years as Senior Vice President, General Counsel and

Secretary, leading legal and corporate development and Riverbed's take-private with Thoma Bravo. Mr.

Damon has held senior legal roles at Charles Schwab and was an attorney with the law firm

of Gunderson Dettmer in Silicon Valley, representing start-up technology companies and venture capital

investors. Mr. Damon started his career as a software programmer with Edison International. Mr. Damon

received a B.A. in Geography with a Specialization in Computing from the University of California at Los

Angeles and a J.D. from the University of California, Hastings.

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**EXECUTIVE COMPENSATION**

**COMPENSATION DISCUSSION AND ANALYSIS** 

The following compensation discussion and analysis provides comprehensive information and

analysis regarding our executive compensation program for 2025 for our named executive officers and

provides context for the decisions underlying the compensation reported in the executive compensation

tables in this proxy statement. For 2025, our named executive officers included (i) our principal executive

officer; (ii) our former principal executive officer who served during a portion of fiscal year 2025, (iii) our

principal financial officer; (iv) our other executive officer, other than the principal executive officer and the

principal financial officer, who was serving as of the end of the fiscal year; and (v) our former executive

officer who served during a portion of fiscal year 2025. Unless otherwise noted, titles referred to in this

section are as of December 31, 2025. For the year ended December 31, 2025, our named executive

officers were:

---

| | |
|:---|:---|
| Michael Komasinski | Chief Executive Officer (principal executive officer) |
| Megan Clarken | Former Chief Executive Officer (principal executive officer) |
| Sarah Glickman | Chief Financial Officer (principal financial officer) |
| Ryan Damon | Chief Legal and Transformation Officer |
| Brian Gleason | Former Chief Revenue Officer and President, Retail Media |

---

We believe that we have a strong team of executives with the ability to execute our strategic and

operational priorities. The combination of strong executive leadership and highly talented and motivated

employees played a key role in our solid financial performance in 2025, as described below.

**2025 Financial and Operating Results** 

We are a global commerce intelligence platform that drives performance for brands, agencies,

retailers, and publishers. Built on proprietary commerce data from more than $1 trillion in annual

transactions and two decades of AI innovation, we help companies across the ecosystem make smarter

decisions and achieve better outcomes, while delivering more relevant experiences for shoppers. With

thousands of clients and deep partnerships across global retail and digital commerce, we provide the

technology and insights businesses need to compete and grow.

***2025 Financial Results:***

In 2025, the financial results of our two reportable segments: Performance Media and Retail

Media, included the following highlights:

• Revenue increased by 1%, or was flat at constant currency, from $1,933 million in 2024 to $1.945

billion in 2025. This was driven by Retail Media growth and partially offset by flat revenue in

Performance Media;

• Gross profit increased 7% year-over-year, from $983 million in 2024 to $1,049 million in 2025;

• Contribution excluding traffic acquisition costs, which we refer to as Contribution ex-TAC, which is

a non-GAAP financial measure, increased by 5% year-over-year, or 4% at constant currency,

from $1,121 million in 2024 to $1,175 million in 2025;

• Retail Media Contribution ex-TAC grew 2% year-over-year (or 2% on a constant currency basis)

and same-retailer Contribution ex-TAC retention was 112% in 2025 excluding the scope reduction

from our largest client;

![](crto-20260508_g17.gif)

<sup>2</sup> Free Cash Flow, defined as cash flow from operating activities less acquisition of intangible assets, property, plant and equipment,

is a non-GAAP financial measure. For the year 2025, Free Cash Flow is calculated by considering Cash Flow from Operating

Activities of $311 million and a $101 million usage for net additions to intangible assets, property, and equipment. For a reconciliation

from operating activities to free cash flow, please see Annex D.

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• Performance Media Contribution ex-TAC increased 6% year-over-year (or 4% on a constant

currency basis);

• Net income increased by 30% year-over-year from $115 million in 2024 to $149 million in 2025;

• Adjusted EBITDA, which is a non-GAAP financial measure, increased by 4% from $390 million in

2024 to $407 million in 2025; and

• Cash from operating activities was $311 million and Free Cash Flow amounted to $211 million in

2025.<sup>2</sup>

Contribution ex-TAC and Adjusted EBITDA are non-GAAP measures. Contribution ex-TAC is a

profitability measure akin to gross profit. It is calculated by deducting traffic acquisition costs from revenue

and reconciled to gross profit through the exclusion of other cost of revenue. We define Adjusted EBITDA

as our consolidated earnings before financial income (expense), income taxes, depreciation and

amortization, adjusted to eliminate the impact of equity awards compensation expense, pension service

costs, certain restructuring, integration and transformation costs, certain acquisition-related costs and a

loss contingency related to a regulatory matter. Traffic acquisition costs consist primarily of purchases of

impressions from publishers on a CPM basis. We purchase impressions directly from publishers or third-

party intermediaries, such as advertising exchanges. We recognize cost of revenue on a publisher by

publisher basis as incurred. Costs owed to publishers but not yet paid are recorded in our consolidated

statements of financial position as trade payables. Please refer to "Item 7. Management's Discussion and

Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the

fiscal year ended December 31, 2025, filed with the SEC on February 26, 2026 on page 57 for a

reconciliation of gross profit to Contribution ex-TAC and at page 72 for a reconciliation of net income to

Adjusted EBITDA, in each case the most directly comparable financial measure calculated and presented

in accordance with U.S. GAAP. Constant currency measures exclude the impact of foreign currency

fluctuations and are computed by applying the 2024 average exchange rates for the relevant period to

2025 figures. A reconciliation is provided in "Item 7. Management's Discussion and Analysis of Financial

Condition and Results of Operations" of our 2025 Annual Report on Form 10-K at page 68 in the section

entitled "Constant Currency Reconciliation."

The following charts show the change in our revenue, Contribution ex-TAC, gross profit, net

income, Adjusted EBITDA and cash flow from operating activities over the past three years:

![](crto-20260508_g7.gif)

<sup>3</sup> Media spend is defined as the sum of working media spend allocated to Retail Media campaigns and media spend activated on

behalf of Performance Media clients.

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![Financial Metrics Proxy.jpg](crto-20260508_g18.jpg)

***Operational Metrics:***

***•***Criteo's media spend<sup>3</sup> activated by the Commerce AI Platform for marketers and media owners

was over $4.3 billion in 2025;

• Criteo had approximately 740 million Daily Active Users (DAUs), or more than three billion DAUs

across channels, including social;

• We ended the year with approximately 17,000 clients globally, while maintaining an average client

retention rate (as measured on a quarterly basis) of approximately 90% over the past three years;

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**Executive Compensation Highlights for 2025**

Highlights of our executive compensation program for 2025 include the following:

• We continue to maintain rigorous short- and long-term incentive compensation programs for our

executive officers to ensure fair ongoing pay-for-performance outcomes and strong alignment

with our shareholders:

• We paid out annual incentives to our active named executive officers at 96%-101% of target

based primarily on our achievement of quantitative Company financial performance metrics along

with the named executive officers' achievement of qualitative objectives;

• We updated our compensation peer group to maintain alignment with key attributes of the

Company (including our industry, market capitalization and certain financial metrics, including

annual revenue and annual revenue growth), and determined executive compensation levels with

reference, in part, to these reasonably comparable groups;

• We continued the practice by which a majority of our executive officers' target total direct

compensation opportunity is performance-based and variable paid in the form of both short-term

incentives and long-term equity-based incentives, including performance-based stock units

("PSUs") and time-vesting restricted stock units ("RSUs"). Our long-term equity incentive awards

vest over four years for RSUs and three years for PSUs, and provide executives with

differentiated payout opportunities tied to growth in Company value over time or achievement of

measurable, objective, pre-established performance goals; and

**•**We maintained changes from 2024 to our long-term incentives ("LTI") programs for our executive

officers designed to align with long-term shareholder interests, such as linking the majority to

performance conditions, keeping rigorous time and ownership requirements, and retaining

relative TSR as a strategic performance metric for 50% of the PSUs awarded to such executive

officers.

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**Executive Compensation Policies and Practices**

We maintain several policies and practices, including compensation-related corporate

governance standards, consistent with our executive compensation philosophy:

---

| | |
|:---|:---|
| **What We Do** | **What We Don't Do** |
| ✔ Performance-based equity incentives with <br>long-term vesting requirements<br>✔ Strong percentage of executive equity granted <br>in the form of performance-based annual <br>incentives <br>✔ Caps on performance-based cash and equity <br>compensation payouts<br>✔ Annual compensation program review and, <br>where appropriate, alignment with our <br>compensation peer group; review of external <br>analysis of competitive market data when <br>making compensation decisions<br>✔ Significant portion of executive compensation <br>contingent upon corporate performance, which <br>directly influences shareholder return along <br>with relative TSR performance<br>✔ Four-year equity award vesting periods for <br>RSUs, three-year performance period for <br>certain of our PSUs<br>✔ Clawback policy requiring recoupment of <br>erroneously awarded incentive-based <br>compensation paid to executive officers if our <br>financial statements are the subject of an <br>accounting restatement that complies with <br>applicable SEC and Nasdaq rules <br>✔ Prohibition on short sales, hedging of stock <br>ownership positions and transactions involving <br>derivatives of our ADSs<br>✔ Limited executive perquisites<br>✔ Independent compensation consultant <br>engaged by our compensation committee<br>✔ Annual board and committee self-evaluations<br>✔ Rigorous Section 16 executive officer share <br>ownership requirement guidelines<br>✔ Stringent non-employee director share <br>ownership requirement guidelines <br>| 🗶 No "single-trigger" change of control benefits<br>🗶 No post-termination retirement or pension <br>non-cash benefits or perquisites for our <br>executive officers that are not available to our <br>employees generally<br>🗶 No tax "gross-ups" for change of control <br>benefits<br>🗶 No employment agreements with executive <br>officers that contain guaranteed salary <br>increases, bonuses, or equity compensation <br>rights<br>🗶 No discounted stock options or option re-<br>pricings without shareholder approval<br>🗶 No payment or accrual of dividends on <br>unvested stock options, PSU or RSU awards<br>|

---

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**New Hire Package and Year One Compensation for New CEO**

Michael Komasinski joined Criteo as CEO on February 15, 2025, bringing over 20 years of

advertising industry expertise and a proven track record of driving accelerated growth, AI-driven

innovation, and scale. In formulating his compensation package, the compensation committee, together

with the Board of Directors, reviewed carefully what it would take to attract, motivate and retain a

recognized leader of Mr. Komasinski's caliber, while considering closely competitive market data and

practice in our peer group and the broader AdTech sector.

The compensation committee designed a compensation package that would remain consistent

with Criteo's executive compensation practices, linking the majority of CEO compensation to performance

with clear metrics. Over 80% of the total target compensation opportunity was in equity with a long-term

focus and alignment with shareholder outcomes, with 70% of this equity initially tied to performance, half

based on strategic financial targets, and the other half based on relative total shareholder return. A

number of new-hire one-time compensation elements were also provided, largely intended to cover

compensation that Mr. Komasinski would forfeit in leaving his previous employer. A summary table is

provided below.

The primary challenge in setting Mr. Komasinski's starting compensation at Criteo involved

shifting him from a significantly different pay mix which was heavily cash-focused in his previous agency

role, where he was a well-established and recognized top executive.

In order to respect the Company's policies and market practice, upon joining the Company, Mr.

Komasinski was asked to make a significant trade-off between fixed and total cash income and the upside

potential but increased risk of long-term equity-based compensation. Such a change could only be

attractive and reasonable if certain assumptions around the equity compensation plan were satisfied.

When it became apparent early in Mr. Komasinski's tenure as CEO that the initial assumptions around his

equity compensation package were impaired, the Board of Directors initiated discussions about possible

one-time measures that could be implemented to meet the parties' initial expectations about Mr.

Komasinski's initial compensation opportunity, but still maintain strong longer-term accountability for

Company performance and investor alignment.

---

| | | |
|:---|:---|:---|
| **2025 CEO Compensation** | **2025 CEO Compensation** | **2025 CEO Compensation** |
| **Component** | **Amount** | **Comments** |
| *Annual Base Salary* | $750000 | Pro-rated for 2025, this was set in line with <br>market of the Company's peer group but still <br>significantly below Mr. Komasinski's base <br>salary with his previous employer.<br>|
| *Target Annual Cash* <br>*Bonus*<br>| 100% of base, maximum 200% | Cash bonus comprised of 80% on financial <br>metrics and 20% on individual strategic <br>objectives. This bonus added to base salary <br>resulted in a total target cash compensation <br>near the midpoint of CEOs in the Company's <br>peer group.<br>|
| *Annual Equity Award* <br>*2025*<br>| $5,000,000<sup>(1)</sup> at target (30% <br>RSUs, 35% Financial PSUs and <br>35% Relative TSR-based PSUs)<br>| RSUs with 4 year vesting & PSUs with 3 year <br>vesting.<br>|

---

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---

| | | |
|:---|:---|:---|
| **One-time New Hire Items** | **One-time New Hire Items** | **One-time New Hire Items** |
| *Sign-on Bonus* | $1000000 | Sign-on bonus included a repayment obligation <br>of the full amount in the event of resignation or <br>termination for cause in first 12 months. Most of <br>this bonus was intended to replace $900,000 in <br>estimated forfeited value of annual cash <br>incentive from Mr. Komasinski's previous <br>employer.<br>|
| *One-Time Sign-on* <br>*Addition*<br>| $100000 | This additional one-time cash bonus was to <br>cover unforeseen out-of-pocket expenses to <br>Mr. Komasinski that resulted from changing <br>from his previous employer's benefits plans. <br>These added costs were only confirmed after <br>he had joined Criteo.<br>|
| *Sign-on Equity Award* | $2,000,000<sup>(1)</sup> (divided as 2025 <br>award above)<br>| Vesting as 2025 award above. This was also <br>intended to replace the estimated value of <br>outstanding long-term incentives that Mr. <br>Komasinski forfeited when he left his prior <br>employer.<br>|
| **Exceptional in-year Retention** | **Exceptional in-year Retention** | **Exceptional in-year Retention** |
| *One-Time Additional* <br>*Equity Award*<br>| $2,500,000<sup>(1)</sup> all RSUs | A one-time corrective action. See below for <br>additional details. <br>|

---

(1) Represents the intended value of the grant at the time of the decision by the Board of Directors. Actual grant date

fair value may differ slightly.

As described above, Mr. Komasinski's initial equity award upon joining the Company was heavily

performance-based (the "Performance-Based New Hire Award," collectively with the time-based new hire

award, the "New Hire Awards"), and a significant part of this equity compensation was intended to

compensate a decrease in cash compensation from his previous employment. Early in Mr. Komasinski's

time as CEO, a precipitous decline in the Company's share price (from a peak of $45.50 on February 7,

2025 the week before he started, dropping to $38.81 by the end of February 2025, and to $23.83 by the

end of Q2 2025) caused a substantial portion of his new hire package to lose value in a very short period

of time. If Mr. Komasinski had joined just a few months later, the situation would have been very different.

The Board of Directors, following extensive consideration and analysis, determined that, due to

changes in market, including a general decline in the AdTech sector, and Company conditions, such as

the decrease in scope with two specific Retail Media clients, as communicated soon after Mr. Komasinski

joined in Q1 2025, all unrelated to his performance as CEO and occurring well before his actions could

have any impact, the incentive value of the New Hire Awards had fallen substantially below the level

originally intended to ensure a market competitive total direct compensation opportunity for a newly hired

CEO assuming the role and responsibilities of a global corporation, and accordingly no longer served our

motivational and retention objectives, presenting the Board of Directors with significant enterprise risk.

The Board of Directors therefore decided on December 19, 2025 to take two highly exceptional,

one-time measures to address these concerns while maintaining reasonable market alignment and

appropriate focus on go-forward, longer term business priorities, effective alignment of his target total

direct compensation and our business performance and satisfy our retention objectives:

• Grant a one-time award valued at $2,500,000 in time-vesting RSUs to cover a portion of the loss

in value of Mr. Komasinski's target new hire award, with 3 year vesting. Note that with this

addition, the majority of the grant date value of all of Mr. Komasinski's equity awards in 2025 will

still be tied to performance (see pay mix graphic in section below) to maintain strong pay-for-

performance alignment; and

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• Strengthen focus on future company financial performance by converting his 2025 relative TSR-

based PSUs to financial PSUs with half based on 2026 plan metrics, and half on 2027 plan

metrics, preserving the same original total vesting schedule. These metrics for 2026 are focused

on top-line growth, as a strategic priority for the Company.

In order to maintain consistency with shareholders' experience, these cumulative changes were

intended to restore Mr. Komasinski's compensation to an adequate level, but not to compensate the full

loss in value at the current share price.

Note that the Board of Directors is committed to maintaining a strong link between CEO and

executive compensation and total shareholder return performance, and that the CEO's equity grant for

2026 will again include a significant relative TSR component.

**Executive Pay Mix**

The charts below show the target total pay mix for each of Mr. Komasinski, our Chief Executive

Officer, Ms. Clarken, our former Chief Executive Officer, Ms. Glickman, our Chief Financial Officer, Mr.

Damon, our Chief Legal and Transformation Officer and Mr. Gleason, our former Chief Revenue Officer

and President, Retail Media. The long-term compensation presented below is based on grant date fair

values, and there is no assurance that these amounts will reflect their actual economic value or that such

amounts will ever be realized.

The charts illustrate the overall predominance of performance-based compensation and variable

(as opposed to fixed) long-term incentive compensation through performance-based annual incentives

and equity awards in our executive compensation program. We believe that this weighting of components

allows us to reward our executives for achieving or exceeding our financial, operational and strategic

performance goals, and align our executives' long-term interests with those of our shareholders.

![CEO Pay Ratio 2025.jpg](crto-20260508_g19.jpg)

Chief Executive Officer Michael Komasinski's sign-on equity grant consisted of 70% PSUs. The above

pay mix chart, however, also includes the one-time, additional RSUs granted to Mr. Komasinski in

December 2025 (for more information, please see "Compensation Discussion and Analysis—New

Hire Package and Year One Compensation for New CEO") which decreased the overall percentage of

PSUs reflected in the above chart but maintained a majority of the equity grant value tied to

performance.

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![Former CEO Pay Mix 2025.jpg](crto-20260508_g20.jpg)

The retirement of former Chief Executive Officer, Megan Clarken, was announced and the terms of

her separation as reflected in her Transition Agreement (for more information, please see

"Compensation Discussion and Analysis - Executive Employment Agreements"), were determined

before the 2025 equity grant cycle. Accordingly, Ms. Clarken only received cash compensation and

benefits during fiscal year 2025.

![CFO Pay Ratio 2025.jpg](crto-20260508_g21.jpg)

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![CLTO Pay Mix 2025.jpg](crto-20260508_g22.jpg)

![Former CRO Pay Mix 2025.jpg](crto-20260508_g23.jpg)

For more information on the pay mix for our named executive officers, please see "Compensation

Tables—Summary Compensation Table."

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**Compensation Philosophy and Objectives** 

***Pay for Performance***

Our philosophy in setting compensation policies for our executive officers has four fundamental

objectives:

✔ to attract and retain a highly skilled team of executives in competitive markets;

✔ to reward our executives for achieving or exceeding our financial, operational and strategic

performance goals;

✔ to align our executives' long-term interests with those of our shareholders; and

✔ to provide compensation packages that are both competitive and reasonable relative to our

peers and the broader competitive market.

The compensation committee and the Board of Directors believe that executive compensation

should be directly linked both to annual achievements in corporate performance and to accomplishments

that are expected to increase shareholder value over time. Historically, the Board of Directors has

compensated our executive officers through three direct compensation components: base salary, an

annual incentive bonus opportunity and long-term equity-based incentive compensation. The

compensation committee and the Board of Directors believe that cash compensation in the form of base

salary and an annual incentive bonus opportunity provides our executive officers with short-term rewards

for success in operations, and that long-term incentive compensation in the form of equity awards

increases retention and aligns the objectives of our executive officers with those of our shareholders with

respect to long-term performance. Since 2021, long-term equity compensation for our executive officers

has consisted of RSU and PSU awards, though a stock option plan remains available for future equity

award consideration. For more information, please see "—Long-Term Incentives."

***Participants in the Compensation Process***

*Role of the Compensation Committee and the Board of Directors* 

In accordance with French law, committees of our Board of Directors have an advisory role for

matters falling into the competence of the Board of Directors under French law and can only make

recommendations to our Board of Directors in this respect. As a result, while our compensation committee

is primarily responsible for our executive compensation program, including establishing our executive

compensation philosophy and practices, as well as determining specific compensation arrangements for

the named executive officers, final approval by our Board of Directors is required on such matters. The

Board of Directors' decisions and actions regarding executive compensation referred to throughout this

Compensation Discussion and Analysis are made following the compensation committee's

comprehensive in-depth review, analysis and recommendation.

The Board of Directors approves the performance goals recommended by the compensation

committee under the Company's annual and long-term incentive plans and the level of achievement by

our executive officers of these goals. While the compensation committee draws on a number of

resources, including, input from our Chief Executive Officer (other than with respect to the Chief Executive

Officer's own compensation), and Compensia, the compensation committee's independent compensation

consultant, to make decisions regarding our executive compensation program, the compensation

committee is responsible for making the ultimate recommendation to be approved by the Board of

Directors. The compensation committee relies upon the judgment of its members in making

recommendations to the Board of Directors after considering several factors, including recommendations

of the chairperson of the Board of Directors and the Chief Executive Officer with respect to the

compensation of executive officers (other than with respect to the Chief Executive Officer's own

compensation), Company and individual performance, perceived criticality, retention objectives, internal

fairness, current compensation opportunities as compared to similarly situated executives at peer

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companies (based on a review of competitive market analyses prepared by Compensia) and other factors

as it may deem relevant.

*Role of Compensation Consultant* 

The compensation committee retains the services of Compensia as its independent

compensation consultant. The mandate of the compensation consultant includes assisting the

compensation committee in its review of executive and director compensation practices, including

analysis of competitive market data and practices and the competitiveness of our executive officer pay

levels, design of the Company's annual and long-term incentive compensation plans, and executive

compensation design. The compensation committee is responsible for oversight of the work of

Compensia and annually evaluates the performance of Compensia. The compensation committee has

discretion to engage and terminate the services provided by Compensia.

At its meeting in October 2025, the compensation committee assessed the independence of

Compensia pursuant to SEC and Nasdaq rules and concluded that no conflict of interest exists that would

prevent Compensia from serving as an independent consultant to the compensation committee.

*Role of Chief Executive Officer* 

In 2025, Mr. Komasinski, who has served as our Chief Executive Officer since February 15, 2025,

attended compensation committee meetings and worked with the chair of the compensation committee

and Compensia to develop compensation recommendations for the executive officers (excluding Mr.

Komasinski), based upon individual experience and breadth of knowledge, individual performance during

the year and other relevant factors listed above. The compensation committee works directly with

Compensia to recommend to the Board of Directors compensation actions for individuals holding the

position of Chief Executive Officer. In accordance with Nasdaq rules, the charter of the compensation

committee provides that individuals holding the position of Chief Executive Officer are not present during

deliberations or voting concerning their own compensation.

*Use of Competitive Market Data*

The compensation committee draws on a number of resources to assist in the evaluation of the

various components of the Company's executive compensation program, including an evaluation of the

compensation practices at peer companies. The compensation committee uses an analysis of market

data drawn from this evaluation to ensure that our compensation practices are competitive in the

marketplace and to assess the reasonableness of compensation.

Our peer companies in 2025 were recommended to the compensation committee by Compensia,

then selected by the compensation committee and subsequently approved by the Board of Directors.

Each year, the compensation committee reviews and updates our peer group, as appropriate, with the

assistance of Compensia. The companies comprising the peer group for 2025 were selected on the basis

of their comparability to Criteo in terms of industry (with a focus on public internet software and services

companies focused on advertising/media-related business in the United States, geographic location,

market capitalization, financial attributes (including revenue, revenue growth, comparable gross profit and

operating/net income), number of employees and other relevant factors.

Based on this evaluation, the compensation committee selected the companies in the following

table for the 2025 peer group, which were subsequently approved by the Board of Directors. The peer

companies generally had revenues up to two times the Company's revenue, and market capitalization

between a quarter to four times the Company's market capitalization.

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---

| | | |
|:---|:---|:---|
| Blackbaud | Etsy  | Thryv Holdings |
| Box | Integral Ad Science Holding | Tripadvisor |
| CarGurus | LiveRamp Holdings | Verint Systems |
| Cars.com | Magnite | Yelp |
| Commvault Systems | MicroStrategy | Zeta Global Holdings |
| Digital Turbine | QuinStreet | Ziff Davis |
| DoubleVerify Holdings | Stagwell | ZoomInfo Technologies |

---

Changes to the U.S. peer group from 2024 to 2025 include the addition of Stagwell, Etsy and

ZoomInfo Technologies and the removal of Nutanix. These changes result in a peer group that the

compensation committee believed was more closely aligned with Criteo's financial and value criteria.

Please note that the Company no longer updates a separate European peer group as of 2025 given that

European peers were becoming less relevant with all Company executive officers based in the U.S., and

were therefore no longer being used for benchmarking.

In addition to reviewing an analysis of market data drawn from its approved peer group, the

compensation committee also reviews competitive compensation data from broader Radford Global

Compensation survey cuts and proprietary Compensia databases. To assist the Company in making its

executive compensation decisions for 2025, Compensia evaluated competitive market practices,

considering base salary, target annual incentives as a percentage of base salary, annual incentive plan

structures, target total cash compensation, target annual long-term incentive grant date fair values, equity

award mixes and structures, and target total direct compensation.

In general, our Board of Directors seeks to set our executives' target total cash compensation

(base salary plus target annual incentive bonus) and long-term incentive compensation at levels that are

competitive with our peers (based on its review of the compensation data for executives with similar roles

at the companies in the approved peer group) and, in the case of long-term incentive compensation, at a

level competitive with our peers and significant enough to ensure strong alignment of our executive

officers' interests with those of our shareholders.

However, the compensation committee does not formally "benchmark" our executive officers'

compensation to a specific percentile of our peer group. Instead, it considers competitive market data as

one factor among many in its deliberations. The compensation committee exercises independent

judgment in determining appropriate levels and types of compensation to be paid based on its

assessment of several factors, including recommendations of the Chief Executive Officer with respect to

the compensation of executive officers (other than their own compensation), Company and individual

performance, perceived criticality, retention objectives, internal fairness, current compensation

opportunities as compared with similarly situated executives at peer companies (based on review of

competitive market analyses prepared by Compensia) and other factors as it may deem relevant.

**Prior Year Say-On-Pay Results**

At the 2022 Annual General Meeting, our shareholders expressed a preference for holding

advisory votes to approve the compensation of the named executive officers on an annual basis. In light

of this vote, the Company's Board of Directors determined that the Company will continue to hold an

advisory vote to approve named executive officer compensation on an annual basis until the next required

say-on-frequency vote, which will be held at the 2028 Annual General Meeting.

Our executive compensation program received the support of our shareholders and was

approved, on a non-binding advisory basis, by approximately 97.98% of the votes cast at the 2025 Annual

General Meeting. We greatly value feedback from our shareholders on our executive compensation

program and corporate governance policies and welcome input, as it impacts our decision-making. As a

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result of our engagement with our shareholders, detailed below, our compensation committee made a

number of changes to the structure of the long-term incentive compensation program for our executive

officers, commencing in 2024. We believe that ongoing engagement builds mutual trust with our

shareholders, and we will continue to monitor feedback from our shareholders and will continue to solicit

shareholder views on our executive compensation program in the future, as appropriate.

In 2025, our management team continued to frequently engage with the investment community,

hosting and participating in 182 investor events, including during roadshows and conferences as well as

phone calls and meetings with approximately 193 firms. Shareholders we spoke to jointly represented

about 81% of floating shares as of December 31, 2025. In 2025, we engaged with shareholders to

discuss corporate governance, board composition, executive compensation, business strategy, capital

allocation and other governance-related topics. In such engagements, investors' feedback and

suggestions on our executive compensation program were regularly heard and taken into consideration.

Based on future engagement with our shareholders, our compensation committee and Board of Directors

will continue to consider potential shareholders' feedback and take them into account in future

determinations concerning our executive compensation program.

**Elements of Executive Compensation Program**

In 2025, as in prior years, our executive compensation program consisted of three principal elements:

• Base salary

• Annual incentive

• Long-term incentives

***Base Salary*** 

Base salary is the principal fixed element of an executive officer's annual cash compensation

during employment. The level of base salary reflects the executive officer's skills and experience and is

intended to be on par with other job opportunities available to such executive officer. Given the industry in

which we operate and our compensation philosophy and objectives, we believe it is important to set base

salaries at a level that is both market competitive in order to retain our current executives and reasonable,

and to hire new executives when and as required. However, our review of competitive market data is only

one factor in formulating recommendations for base salary levels. In addition, the compensation

committee also considers the following factors:

• individual performance of the executive officer, as well as overall performance of the Company,

during the prior year;

• level of responsibility, including breadth, scope and complexity of the position;

• years and level of experience and expertise and location of the executive officer;

• internal review of the executive officer's compensation relative to other executives to contemplate

internal fairness considerations; and

• in the case of executive officers other than the Chief Executive Officer, the recommendations of

the Chief Executive Officer.

Base salaries for our executive officers are determined on an individual basis at the time of hire.

Adjustments to base salary are considered annually based on the factors described above.

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*2024 — 2025 Base Salaries*

The base salaries of the named executive officers for 2024 and 2025 and related explanatory

notes are set forth below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Position** | **2025 Base** <br>**Salary** <br>**(USD)**<br>| **2024 Base** <br>**Salary**<br>**(USD)**<br>| **Explanatory Notes** |
| Michael <br>Komasinski <br>| Chief Executive <br>Officer<br>| $750000 | Not <br>Applicable <br>| The amount shown with respect to 2025 reflects <br>the full annual target base salary Mr. <br>Komasinski was eligible to receive. The <br>prorated amount corresponding to his start date <br>in February 2025 was $657,534. <br>Mr. Komasinski's remuneration is solely for his <br>role as Chief Executive Officer of Criteo Corp.<br>|
| Megan Clarken | Former Chief <br>Executive <br>Officer<br>| $725000 | $711325 | The amount shown with respect to 2025 reflects <br>the full annual target base salary Ms. Clarken <br>was eligible to receive. The prorated amount <br>corresponding to her date of retirement as Chief <br>Executive Officer in February 2025 was <br>$146,986.<br>|
| Sarah Glickman | Chief Financial <br>Officer<br>| $529000 | $516817 | The amount shown with respect to 2024 reflects <br>the compensation Ms. Glickman received due to <br>proration of the effective date in April 2024 <br>based on an annual base salary of $529,000.<br>|
| Ryan Damon | Chief Legal and <br>Transformation <br>Officer<br>| $490000 | $482541 | The amount shown with respect to 2024 <br>reflects the compensation Mr. Damon received <br>due to proration of the effective date in April <br>2024 based on an annual base salary of <br>$490,000.<br>|
| Brian Gleason | Former Chief <br>Revenue <br>Officer and <br>President, <br>Retail Media<br>| $575000 | $550137 | The amount shown with respect to 2025 reflects <br>the full annual target base salary Mr. Gleason <br>was eligible to receive. The prorated amount <br>corresponding to his date of resignation in July <br>2025 was $330,822.<br>The amount shown with respect to 2024 reflects <br>the compensation Mr. Gleason received due to <br>proration of the effective date July 2024, based <br>on an annual base salary of $575,000.<br>|

---

***Annual Incentive Bonus***

The Company provides our executive officers with the opportunity to earn annual cash bonus

awards pursuant to the Executive Bonus Plan ("EBP"), which are specifically designed to motivate our

executive officers to achieve pre-established Company-wide goals set by the Board of Directors and, to a

lesser degree, reward them for individual results and achievements in a given year.

The EBP is intended to provide structure and predictability regarding the determination of

performance-based cash bonuses. Specifically, the EBP seeks to:

(i)help attract and retain a high quality executive management team;

![](crto-20260508_g24.gif)

<sup>4</sup> Contribution ex-TAC is a non-GAAP financial measure of profitability akin to gross profit. It is calculated by deducting traffic

acquisition costs from revenue and reconciled to gross profit through the exclusion of other costs of revenue.

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(ii)increase management focus on challenging yet realistic goals intended to create value for

shareholders;

(iii)encourage management to work as a team to achieve the Company's goals; and

(iv)provide incentives for participants to achieve results that exceed Company goals.

Pursuant to the EBP, the annual cash bonus opportunities for our executive officers are approved

on an annual basis by the Board of Directors. The Company goals, their relative weighting, and the

relative weighting for each of the individual performance goals of the executive officers, if applicable, are

also established by the Board of Directors at the beginning of the year, upon recommendation of the

compensation committee, shortly after the Board of Directors has approved our annual operating plan.

Under the EBP, the Board of Directors has the discretion to determine the extent to which a bonus

award will be adjusted based on an executive officer's individual performance or such other factors as it

may, in its discretion, deem relevant. An executive officer's bonus award may be adjusted downward to

zero by the Board of Directors based on a review of factors including individual performance. The Board

of Directors is not required to set individual qualitative performance goals for a given year.

*2025 Annual Bonus Performance Goals* 

The performance measures and related target levels for the 2025 EBP, which reflected

performance requirements set at the start of the year in the Company's annual operating plan, were

developed by the compensation committee and approved by the Board of Directors at meetings held in

February 2025. In the first quarter of 2025, the Board of Directors, on the recommendation of the

compensation committee, set two shared quantitative goals applicable to all of the named executive

officers (weighted 80%, collectively) and individual qualitative goals for each of our named executive

officers (weighted 20%). All of our named executive officers participated in the 2025 EBP.

*Quantitative Goals*

The quantitative measures selected for the 2025 EBP were the 2025 achievement of financial

targets in (i) Contribution ex-TAC,<sup>4</sup> measured at constant currency and (ii) Adjusted EBITDA, measured at

constant currency at 2025 plan rates. These measures were approved by the Board of Directors because

Contribution ex-TAC and Adjusted EBITDA are the key measures it uses to monitor the Company's

financial performance. In particular, our strategy focuses on maximizing the growth of our Contribution ex-

TAC on an absolute basis over maximizing our near-term gross margin, as we believe this focus builds

sustainable long-term value for our business by fortifying a number of our competitive strengths, including

access to advertising inventory, breadth and depth of data and continuous improvement of the Criteo AI

Engine's performance, allowing it to deliver more relevant advertisements at scale. In 2025 (as in the

previous three years), the Contribution ex-TAC measure and Adjusted EBITDA measure were given equal

weight of 40% and 40%, respectively (collectively 80% for the 2025 quantitative goals). In setting the

payout scale for both the Contribution ex-TAC portion and the Adjusted EBITDA portion of the quantitative

goals, payout levels were set to be challenging, yet achievable, taking the business context into

consideration. Finally, when determining quantitative performance, the Company's reported Contribution

ex-TAC for 2025 was to be adjusted for EBP purposes by using the same exchange rate as was used to

establish the Contribution ex-TAC targets in February 2025.

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The payout scale on the **Contribution ex-TAC** portion of the 2025 quantitative goals approved in

early 2025 was as follows, with Contribution ex-TAC growth measured, in each case, on a constant-

currency basis:

• If 2025 Contribution ex-TAC was below $1,117 million, the payout on the Contribution ex-

TAC portion of the quantitative goals would have been zero;

• If 2025 Contribution ex-TAC growth was between $1,117 million and the $1,201 million

target, the payout on the Contribution ex-TAC portion of the quantitative goals would be between

50% and 100% of target;

• If 2025 Contribution ex-TAC growth was between the $1,201 million target and the $1,321

million stretch target, the payout on the Contribution ex-TAC portion of the quantitative goals

would be between 100% and 150% of target;

• If 2025 Contribution ex-TAC growth was between the $1,321 million stretch target and the

$1,381 million maximum target, the payout on the Contribution ex-TAC portion of the quantitative

goals would be between 150% and 200% of target; and

• If 2025 Contribution ex-TAC growth was $1,381 million or greater, our executives could

achieve the maximum payout on the Contribution ex-TAC portion of the quantitative goals, which

was 200%.

Viewed in terms of required year-over-year growth, the Contribution ex-TAC portion of the 2025

quantitative goals would be based on 7.2% growth for a target level payout and 23.3% growth for a

maximum level payout.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2024** <br>**Contribution** <br>**ex-TAC\***<br>($ millions) | **2025 Contribution ex-TAC Targets\*** | **2025 Contribution ex-TAC Targets\*** | **2025 Contribution ex-TAC Targets\*** | **2025 Contribution ex-TAC Targets\*** | **2025 Contribution ex-TAC Targets\*** | **2025 Contribution ex-TAC Targets\*** | **2025 Contribution ex-TAC Targets\*** | **2025 Contribution ex-TAC Targets\*** |
| **2024** <br>**Contribution** <br>**ex-TAC\***<br>($ millions) | **Threshold** | **Threshold** | **Target** | **Target** | **Stretch** | **Stretch** | **Max** | **Max** |
| **2024** <br>**Contribution** <br>**ex-TAC\***<br>($ millions) | Amount<br>($ millions)<br>| Required <br>Growth<br>| Amount<br>($ millions)<br>| Required <br>Growth<br>| Amount<br>($ millions)<br>| Required <br>Growth<br>| Amount<br>($ millions)<br>| Required <br>Growth<br>|
| 1120 | 1117 | (0.3)% | 1201 | 7.2% | 1321 | 18.0% | 1381 | 23.3% |

---

\*Presented in constant currency at 2025 plan rates. 2024 reported Contribution ex-TAC was $1,121.5 million.

The payout scale on the **Adjusted EBITDA** portion of the 2025 quantitative goals approved in

early 2025 was as follows, in each case calculated on an absolute basis and excluding currency impacts:

• If 2025 Adjusted EBITDA was less than $333 million, the payout on the Adjusted EBITDA

portion of the quantitative goals would have been zero;

• If 2025 Adjusted EBITDA was between $333 million and the $392 million target, the

payout on the Adjusted EBITDA portion of the quantitative goals would be between 50% and

100% of target;

• If 2025 Adjusted EBITDA was between the $392 million target and the $461 million

stretch target, the payout on the Adjusted EBITDA portion of the quantitative goals would be

between 100% and 150% of target;

• If 2025 Adjusted EBITDA was between the $461 million stretch target and the $490

million maximum target, the payout on the Adjusted EBITDA portion of the quantitative goals

would be between 150% and 200% of target; and

• If 2025 Adjusted EBITDA was $490 million or greater, our executives could achieve the

maximum payout on the Adjusted EBITDA portion of the quantitative goals, which was 200%.

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **2024** <br>**Adjusted** <br>**EBITDA\*** <br>($ millions) | **2025 Adjusted EBITDA Targets** | **2025 Adjusted EBITDA Targets** | **2025 Adjusted EBITDA Targets** | **2025 Adjusted EBITDA Targets** |
| **2024** <br>**Adjusted** <br>**EBITDA\*** <br>($ millions) | **Threshold** | **Target** | **Stretch** | **Max** |
| **2024** <br>**Adjusted** <br>**EBITDA\*** <br>($ millions) | Amount<br>($ millions) | Amount<br>($ millions) | Amount<br>($ millions) | Amount<br>($ millions) |
| 390 | 333 | 392 | 461 | 490 |

---

\*Presented in constant currency at 2025 plan rates. 2024 reported Adjusted EBITDA was $390.1 million.

The quantitative goals determined in early 2025 and the achievement levels for such goals were

designed to ensure proper alignment between the 2025 EBP and the internal 2025 financial plan

supporting the guidance that we published at the beginning of 2025.

The chart below sets forth the 2025 quantitative goal performance levels and the achievement

levels for such goals, as well as actual Company performance for 2025 against which executive

performance was measured.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Payout Scale** | **Payout Scale** | **Payout Scale** | **Payout Scale** | | | |
| <br>**Performance** <br>**Measure**<br>| <br>**Weight** | **50%** | **100%** | **150%** | **200%** | <br>**Actual** | <br>**Achievement** <br>**as Percent of** <br>**Target**<br>| <br>**Payout of** <br>**Bonus** <br>**Opportunity**<br>|
| 2025 <br>Contribution <br>ex-TAC\* | 40% | $1,117 <br>million | $1,201 <br>million | $1,321 <br>million | ≥$1,381 <br>million | $1,160 <br>million<br>| 96.6% | 76% |
| 2025 Adjusted <br>EBITDA\* | 40% | $333 <br>million | $392 <br>million | $461 <br>million | ≥$490 <br>million | $412 <br>million<br>| 105.1% | 115% |

---

\*Calculated on a constant currency basis and using the same exchange rate as was used to set the target performance

levels in February 2025. The Company's as reported constant currency Contribution ex-TAC was $1,160.7 million.

As shown above, year-over-year Contribution ex-TAC growth was 4% at constant currency, which

resulted in a 96.6% payout for the Contribution ex-TAC portion of the quantitative goals, and Adjusted

EBITDA was $412 million, which resulted in a payout of 105.1% on the Adjusted EBITDA portion of the

quantitative goals, averaging 100.9% for the financial metric performance. This resulted in a total of 96%

of the target bonus amounts to the 2025 EBP participants with 100% achievement of the qualitative goals

discussed below.

*Qualitative Goals*

Pursuant to the EBP, the Board of Directors approved individual qualitative goals for each of the

2025 EBP participants that were aligned to strategic performance objectives for those individuals. The

qualitative goals were weighted 20% of the target bonus opportunity, and this component was evaluated

at the discretion of the Board of Directors. The qualitative goals for 2025 were selected for Mr.

Komasinski, Ms. Glickman, and Mr. Damon in the first half of 2025 by the compensation committee with

the intent to be rigorous and difficult to achieve. The qualitative goals for 2025 included: (i) for Mr.

Komasinski, to refine and begin to deliver on a compelling three year strategy (including capital allocation

strategy), deliver on 2025 financial commitments, increase Criteo customer satisfaction and brand value,

inspire, develop and retain talent towards long term success and effective organizational leadership; (ii)

for Ms. Glickman, to deliver against our numbers, enable Criteo's strategy and execution, strengthen our

finance processes, share a compelling and measurable equity story and team leadership; and (iii) for Mr.

Damon, to execute on various initiatives in legal and corporate affairs, prioritize key transformation

initiatives, deliver against our numbers for AdTech services and team leadership.

The compensation committee determined that the 2025 EBP participants generally exceeded the

achievement of their respective qualitative objectives. The EBP, with Board of Directors approval, allows

for over-achievement of qualitative objectives, provided that the total bonus cap of 200% of target is not

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exceeded, so individual payout results may vary based on individual performance outcomes. For the

qualitative portion of the 2025 EBP (weighted 20% of the total EBP), the compensation committee

recommended, and the Board of Directors approved, a 100% payout with respect to Mr. Komasinski, a

100% payout with respect to Ms. Clarken (as provided for in her Transition Agreement), a 125% payout

with respect to Ms. Glickman, and a 125% payout with respect to Mr. Damon. No individual performance

was assessed and no annual bonus payable with respect to Mr. Gleason, as he left the Company

effective July 29, 2025.

*2025 Annual Cash Bonus Payouts*

The Board of Directors approved annual incentive bonus awards for each of the named

executive officers as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Bonus** <br>**Target as %** <br>**of Base** <br>**Salary**<br>| **Bonus** <br>**Target ($)**<br>| **Quantitative** <br>**Goals** <br>**Achievement**<br>**(80%)** <br>| **Qualitative** <br>**Goals** <br>**Achievement**<br>**(20%)**<br>| **Funding** <br>**Multiplier as** <br>**% of Target**<br>| **Actual** <br>**Payout** <br>**Amount**<br>|
| Michael <br>Komasinski<br>| 100% | $687500 | 95% | 100% | 96% | $660000 |
| Megan Clarken | 100% | $146986 | 95% | 100%<sup>(1)</sup> | 96% | $141107 |
| Sarah Glickman | 85%<sup>(2)</sup> | $436606 | 95% | 125% | 101% | $440972 |
| Ryan Damon | 70% | $343000 | 95% | 125% | 101% | $346430 |
| Brian Gleason | 100% | $330822 | 95% | —% | —% | 0<sup>(3)</sup> |
| (1) The individual performance for Ms. Clarken was agreed to in the Transition Agreement dated August 26, 2024 between the <br>Company and Megan Clarken. | (1) The individual performance for Ms. Clarken was agreed to in the Transition Agreement dated August 26, 2024 between the <br>Company and Megan Clarken. | (1) The individual performance for Ms. Clarken was agreed to in the Transition Agreement dated August 26, 2024 between the <br>Company and Megan Clarken. | (1) The individual performance for Ms. Clarken was agreed to in the Transition Agreement dated August 26, 2024 between the <br>Company and Megan Clarken. | (1) The individual performance for Ms. Clarken was agreed to in the Transition Agreement dated August 26, 2024 between the <br>Company and Megan Clarken. | (1) The individual performance for Ms. Clarken was agreed to in the Transition Agreement dated August 26, 2024 between the <br>Company and Megan Clarken. | (1) The individual performance for Ms. Clarken was agreed to in the Transition Agreement dated August 26, 2024 between the <br>Company and Megan Clarken. |
| (2) Ms. Glickman's target bonus as a percentage of base salary was increased from 75% to 85% in 2025 to maintain market <br>competitiveness.  | (2) Ms. Glickman's target bonus as a percentage of base salary was increased from 75% to 85% in 2025 to maintain market <br>competitiveness.  | (2) Ms. Glickman's target bonus as a percentage of base salary was increased from 75% to 85% in 2025 to maintain market <br>competitiveness.  | (2) Ms. Glickman's target bonus as a percentage of base salary was increased from 75% to 85% in 2025 to maintain market <br>competitiveness.  | (2) Ms. Glickman's target bonus as a percentage of base salary was increased from 75% to 85% in 2025 to maintain market <br>competitiveness.  | (2) Ms. Glickman's target bonus as a percentage of base salary was increased from 75% to 85% in 2025 to maintain market <br>competitiveness.  | (2) Ms. Glickman's target bonus as a percentage of base salary was increased from 75% to 85% in 2025 to maintain market <br>competitiveness.  |
| (3) Mr. Gleason resigned as Chief Revenue Officer and President, Retail Media, effective July 29, 2025.  | (3) Mr. Gleason resigned as Chief Revenue Officer and President, Retail Media, effective July 29, 2025.  | (3) Mr. Gleason resigned as Chief Revenue Officer and President, Retail Media, effective July 29, 2025.  | (3) Mr. Gleason resigned as Chief Revenue Officer and President, Retail Media, effective July 29, 2025.  | (3) Mr. Gleason resigned as Chief Revenue Officer and President, Retail Media, effective July 29, 2025.  | (3) Mr. Gleason resigned as Chief Revenue Officer and President, Retail Media, effective July 29, 2025.  | (3) Mr. Gleason resigned as Chief Revenue Officer and President, Retail Media, effective July 29, 2025.  |

---

***Long-Term Incentives***

Long-term incentives ("LTIs") in the form of equity awards represent an important tool for the

Company to attract industry leaders of the highest caliber in the technology industry and to retain them for

the long term. The majority of the total target direct compensation opportunity for our named executive

officers is provided in the form of long-term equity awards. We use equity awards to align our executive

officers' financial interests with those of our shareholders by motivating them to drive the achievement of

both near-term and long-term corporate objectives.

We use a mix of RSUs and PSUs to provide LTIs to our executive officers pursuant to the

Company's 2015 Time-Based Restricted Stock Unit Plan and 2015 Performance-Based RSU Plan. The

combination of Time-Based Restricted Stock Units ("RSUs") and Performance-Based Restricted Stock

Units ("PSUs") provide an appropriate balance between addressing retention objectives and driving

corporate performance, and is also consistent with the practice in a strong majority of our peer

companies. The Board of Directors generally grants our executive officers equity awards each year as

part of our annual review of our executive compensation program. The eligibility for, size of, and mix of

any additional equity awards to each of our executive officers are determined after taking into account the

following factors:

• the individual performance assessment of each executive officer, the results and contributions

delivered during the year, as well as his or her anticipated potential future impact;

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• the competitive positioning of the target value of each equity award when compared to the equity

values delivered to executives in comparable roles at the companies in our peer group and the

broader market for our industry sector;

• the mix of RSUs and PSUs needed to stay at the forefront of our peer and broader market

practices, as well as key investor and investor advisor guidelines;

• the size and vesting schedule of existing equity awards in order to maximize the long-term

retentive power of additional awards;

• the size of each executive officer's total cash compensation opportunity;

• the Company's overall performance relative to corporate objectives; and

• the Company's projected overall equity pool for the year and impact on available share reserves.

*2025 Annual Equity Awards* 

After considering the factors set forth above, the Board of Directors, upon recommendation of the

compensation committee, determined that the 2025 LTI compensation to be granted to Mr. Komasinski,

Ms. Glickman, Mr. Damon and Mr. Gleason should be (i) 30% RSUs and 70% PSUs (35% financial PSUs

and 35% TSR-based PSUs) for Mr. Komasinski; and (ii) 40% RSUs and 60% PSUs (30% financial PSUs

and 30% TSR-based PSUs) for Ms. Glickman and Mr. Damon. Ms. Clarken was not considered for an

equity award in view of her retirement on February 15, 2025 and Mr. Gleason's equity award was forfeited

in connection with his resignation as Chief Revenue Officer and President, Retail Media, effective July 29,

2025. The table below sets forth the equity awards granted by the Board of Directors to our named

executive officers in 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Shares Issuable Upon** <br>**Vesting of PSUs Granted** <br>**in 2025 (At Target)**<sup>(1)</sup><br>| **Shares Issuable Upon** <br>**Vesting of RSUs Granted** <br>**in 2025**<br>| **Total Value of Equity** <br>**Awards in 2025 (in** <br>**thousands)**<sup>(2)</sup><br>|
| Michael Komasinski  | 120482 | 176635<sup>(3)</sup> | $9591 |
| Megan Clarken | 0 | 0 | $0 |
| Sarah Glickman | 48685 | 32456 | $3300 |
| Ryan Damon | 36882 | 24588 | $2500 |
| Brian Gleason<sup>(4)</sup> | 91960 | 28522 | $4900 |
| (1) The number of PSUs set forth in this column show the PSU awards at target (100%). The number of PSU awards that may <br>be earned by our named executive officers assuming the maximum possible achievement of 200% of target (which would <br>represent 240,964 PSUs for Mr. Komasinski, 97,370 PSUs for Ms. Glickman, 73,764 PSUs for Mr. Damon and 183,920 <br>PSUs for Mr. Gleason), with 50% of the amount granted in the form of financial PSUs and 50% granted in the form of TSR-<br>based PSUs. As set forth in the section below, 71% of the target of Mr. Komasinski's, Ms. Glickman's, Mr. Damon's and Mr. <br>Gleason's 2025 financial PSU awards were earned based on the respective level of performance achieved. | (1) The number of PSUs set forth in this column show the PSU awards at target (100%). The number of PSU awards that may <br>be earned by our named executive officers assuming the maximum possible achievement of 200% of target (which would <br>represent 240,964 PSUs for Mr. Komasinski, 97,370 PSUs for Ms. Glickman, 73,764 PSUs for Mr. Damon and 183,920 <br>PSUs for Mr. Gleason), with 50% of the amount granted in the form of financial PSUs and 50% granted in the form of TSR-<br>based PSUs. As set forth in the section below, 71% of the target of Mr. Komasinski's, Ms. Glickman's, Mr. Damon's and Mr. <br>Gleason's 2025 financial PSU awards were earned based on the respective level of performance achieved. | (1) The number of PSUs set forth in this column show the PSU awards at target (100%). The number of PSU awards that may <br>be earned by our named executive officers assuming the maximum possible achievement of 200% of target (which would <br>represent 240,964 PSUs for Mr. Komasinski, 97,370 PSUs for Ms. Glickman, 73,764 PSUs for Mr. Damon and 183,920 <br>PSUs for Mr. Gleason), with 50% of the amount granted in the form of financial PSUs and 50% granted in the form of TSR-<br>based PSUs. As set forth in the section below, 71% of the target of Mr. Komasinski's, Ms. Glickman's, Mr. Damon's and Mr. <br>Gleason's 2025 financial PSU awards were earned based on the respective level of performance achieved. | (1) The number of PSUs set forth in this column show the PSU awards at target (100%). The number of PSU awards that may <br>be earned by our named executive officers assuming the maximum possible achievement of 200% of target (which would <br>represent 240,964 PSUs for Mr. Komasinski, 97,370 PSUs for Ms. Glickman, 73,764 PSUs for Mr. Damon and 183,920 <br>PSUs for Mr. Gleason), with 50% of the amount granted in the form of financial PSUs and 50% granted in the form of TSR-<br>based PSUs. As set forth in the section below, 71% of the target of Mr. Komasinski's, Ms. Glickman's, Mr. Damon's and Mr. <br>Gleason's 2025 financial PSU awards were earned based on the respective level of performance achieved. |
| (2) Under our Board of Directors approved equity award grant policy, the number of shares subject to each equity award is <br>based on the target value of the award divided by the average of the 45-trading-day closing price calculated on the date of <br>determination. For this purpose, the "date of determination" is the date five (5) trading days prior to the date on which the <br>Board of Directors grants the equity award, provided that the fair market value of our shares is not more or less than 10% of <br>the closing market price of our shares on the date of determination. The values disclosed in this table may differ from the <br>grant date fair value of the 2025 stock awards as reported in the Summary Compensation Table, which is computed in <br>accordance with the FASB ASC Topic 718. | (2) Under our Board of Directors approved equity award grant policy, the number of shares subject to each equity award is <br>based on the target value of the award divided by the average of the 45-trading-day closing price calculated on the date of <br>determination. For this purpose, the "date of determination" is the date five (5) trading days prior to the date on which the <br>Board of Directors grants the equity award, provided that the fair market value of our shares is not more or less than 10% of <br>the closing market price of our shares on the date of determination. The values disclosed in this table may differ from the <br>grant date fair value of the 2025 stock awards as reported in the Summary Compensation Table, which is computed in <br>accordance with the FASB ASC Topic 718. | (2) Under our Board of Directors approved equity award grant policy, the number of shares subject to each equity award is <br>based on the target value of the award divided by the average of the 45-trading-day closing price calculated on the date of <br>determination. For this purpose, the "date of determination" is the date five (5) trading days prior to the date on which the <br>Board of Directors grants the equity award, provided that the fair market value of our shares is not more or less than 10% of <br>the closing market price of our shares on the date of determination. The values disclosed in this table may differ from the <br>grant date fair value of the 2025 stock awards as reported in the Summary Compensation Table, which is computed in <br>accordance with the FASB ASC Topic 718. | (2) Under our Board of Directors approved equity award grant policy, the number of shares subject to each equity award is <br>based on the target value of the award divided by the average of the 45-trading-day closing price calculated on the date of <br>determination. For this purpose, the "date of determination" is the date five (5) trading days prior to the date on which the <br>Board of Directors grants the equity award, provided that the fair market value of our shares is not more or less than 10% of <br>the closing market price of our shares on the date of determination. The values disclosed in this table may differ from the <br>grant date fair value of the 2025 stock awards as reported in the Summary Compensation Table, which is computed in <br>accordance with the FASB ASC Topic 718. |
| (3) The number of RSUs consists of 125,000 RSUs awarded to Mr. Komasinski in a supplemental grant of RSUs approved by <br>the Board of Directors in December 2025 in connection with a one-time CEO retention action, and 51,635 RSUs awarded to <br>Mr. Komasinski in his initial grant in February 2025. | (3) The number of RSUs consists of 125,000 RSUs awarded to Mr. Komasinski in a supplemental grant of RSUs approved by <br>the Board of Directors in December 2025 in connection with a one-time CEO retention action, and 51,635 RSUs awarded to <br>Mr. Komasinski in his initial grant in February 2025. | (3) The number of RSUs consists of 125,000 RSUs awarded to Mr. Komasinski in a supplemental grant of RSUs approved by <br>the Board of Directors in December 2025 in connection with a one-time CEO retention action, and 51,635 RSUs awarded to <br>Mr. Komasinski in his initial grant in February 2025. | (3) The number of RSUs consists of 125,000 RSUs awarded to Mr. Komasinski in a supplemental grant of RSUs approved by <br>the Board of Directors in December 2025 in connection with a one-time CEO retention action, and 51,635 RSUs awarded to <br>Mr. Komasinski in his initial grant in February 2025. |
| (4) As Mr. Gleason resigned as Chief Revenue Officer and President, Retail Media, effective July 29, 2025, these PSUs and <br>RSUs were forfeited in connection with his resignation. | (4) As Mr. Gleason resigned as Chief Revenue Officer and President, Retail Media, effective July 29, 2025, these PSUs and <br>RSUs were forfeited in connection with his resignation. | (4) As Mr. Gleason resigned as Chief Revenue Officer and President, Retail Media, effective July 29, 2025, these PSUs and <br>RSUs were forfeited in connection with his resignation. | (4) As Mr. Gleason resigned as Chief Revenue Officer and President, Retail Media, effective July 29, 2025, these PSUs and <br>RSUs were forfeited in connection with his resignation. |

---

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*2025 PSU Awards*

Our Ordinary Shares subject to the PSUs granted to the named executive officers are to be

earned contingent upon the attainment of performance goals set by the Board of Directors, with the

earned shares (if any) subject to an additional time-based vesting requirement. In the first quarter of 2025,

Mr. Komasinski (including both his New Hire Awards and 2025 PSU award), Ms. Glickman, Mr. Damon

and Mr. Gleason were granted, assuming achievement of the goals at the target level (100%), 120,482,

48,685, 36,882 and 91,960 PSUs, respectively. 50% of each named executive officer's PSUs were

granted in the form of financial PSUs (the "Financial PSUs") and the other 50% were granted in the form

of TSR-based PSUs (the "TSR-Based PSUs"), provided that, as described above, Mr. Komasinski's TSR-

based PSUs were converted to Financial PSUs in December 2025 (see "Compensation Discussion and

Analysis—New Hire Package and Year One Compensation for New CEO"). The Board of Directors set a

combination of 2025 Retail Media Contribution ex-TAC, Contribution ex-TAC and Adjusted EBITDA as the

goal for the Financial PSUs and relative total shareholder return versus the Nasdaq Composite Index as

the goal for the TSR-Based PSUs, provided that with respect to Mr. Komasinski's TSR-based PSUs that

were modified in December 2025, the financial targets will be based on the 2026 and 2027 financial plan.

Financial PSUs have a one-year performance measurement period and vest over three years.

Because French law prohibits vesting of restricted stock before the second anniversary of the grant date,

two-thirds of the earned PSUs will vest on the second anniversary of the grant date; the remaining one-

third will vest on the third anniversary of the grant date.

TSR-based PSUs are subject to an extended performance measurement period, such that 50%

will vest based on the Company's TSR performance relative to that of the Nasdaq Composite Index

through the second anniversary of the grant date, and the remaining 50% will vest based on the

Company's TSR performance relative to that of the Nasdaq Composite Index through the third

anniversary of the grant date.

Following a review of prevailing market practice with the advice of Compensia, our Board of

Directors granted these awards with a maximum payout opportunity tied to maximum defined

performance levels at 200% of target to create a long-term incentive opportunity to incentivize and reward

over-performance. Any excess (unearned) portion of the grant will be recaptured (and returned to the

equity pool), which for the financial PSUs, will occur in the year following the grant date, well in advance

of the financial PSUs' vesting date. Below we have described the application of the 2025 financial goals

that apply to Mr. Komasinski's, Ms. Glickman's, Mr. Damon's and Mr. Gleason's 2025 PSU grants.

*Financial PSUs*

Given its critical importance to our shareholders, and the impact on future growth, the

compensation committee and Board of Directors determined it was appropriate to maintain Retail Media

Contribution ex-TAC as the primary performance metric for the Financial PSUs in 2025, weighted at 60%,

but then balanced with the broader financial metrics of Adjusted EBITDA and Contribution ex-TAC, each

with a 20% weighting. Furthermore, our compensation committee and Board of Directors determined that

it was appropriate to maintain a one-year performance period for the Financial PSUs for 2025, while

maintaining a longer, multi-year performance period for the TSR-Based PSUs.

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The following table sets forth the 2025 achievement and related payout levels for the **Retail** 

**Media Contribution ex-TAC, Contribution ex-TAC and Adjusted EBITDA** metrics for the Financial

PSUs, as well as the actual Company performance for 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Payout Scale** | **Payout Scale** | **Payout Scale** | **Payout Scale** | | | |
| <br>**Performance** <br>**Measure**<br>| <br>**Weight** | **50%** | **100%** | **150%** | **200%** | <br>**Actual** | <br>**Bonus** <br>**Factor** <br>**Achievement**<br>| <br>**Plan** <br>**Payout** <br>**(Percent of** <br>**Target)**<br>|
| 2025 Retail <br>Media <br>Contribution <br>ex-TAC<sup>(1)</sup><br>| 60% | $252 <br>million<sup>(2)</sup> | $308 <br>million | $331 <br>million | $354 <br>million<br>| $257 <br>million<br>| 54% | 83.4% |
| 2025 <br>Contribution <br>ex-TAC<sup>(1)</sup> | 20% | $1,117 <br>million | $1,201 <br>million | $1,321 <br>million | $1,381 <br>million | $1,160 <br>million\*<br>| 76% | 96.6% |
| 2025 Adjusted <br>EBITDA<sup>(1)</sup> | 20% | $333 <br>million | $392 <br>million | $461 <br>million | $490 <br>million | $412 <br>million<br>| 115% | 105.1% |
| (1) Calculated on a constant currency basis and using the same exchange rate as was used to set the targets in <br>February 2025.  | (1) Calculated on a constant currency basis and using the same exchange rate as was used to set the targets in <br>February 2025.  | (1) Calculated on a constant currency basis and using the same exchange rate as was used to set the targets in <br>February 2025.  | (1) Calculated on a constant currency basis and using the same exchange rate as was used to set the targets in <br>February 2025.  | (1) Calculated on a constant currency basis and using the same exchange rate as was used to set the targets in <br>February 2025.  | (1) Calculated on a constant currency basis and using the same exchange rate as was used to set the targets in <br>February 2025.  | (1) Calculated on a constant currency basis and using the same exchange rate as was used to set the targets in <br>February 2025.  | (1) Calculated on a constant currency basis and using the same exchange rate as was used to set the targets in <br>February 2025.  | (1) Calculated on a constant currency basis and using the same exchange rate as was used to set the targets in <br>February 2025.  |
| (2) Reflects a reduction of the Retail Media Contribution ex-TAC threshold target achievement level from $277 <br>million to $252 million, as approved by the Board of Directors in December 2025. For more information on this <br>revision, please see the discussion below. | (2) Reflects a reduction of the Retail Media Contribution ex-TAC threshold target achievement level from $277 <br>million to $252 million, as approved by the Board of Directors in December 2025. For more information on this <br>revision, please see the discussion below. | (2) Reflects a reduction of the Retail Media Contribution ex-TAC threshold target achievement level from $277 <br>million to $252 million, as approved by the Board of Directors in December 2025. For more information on this <br>revision, please see the discussion below. | (2) Reflects a reduction of the Retail Media Contribution ex-TAC threshold target achievement level from $277 <br>million to $252 million, as approved by the Board of Directors in December 2025. For more information on this <br>revision, please see the discussion below. | (2) Reflects a reduction of the Retail Media Contribution ex-TAC threshold target achievement level from $277 <br>million to $252 million, as approved by the Board of Directors in December 2025. For more information on this <br>revision, please see the discussion below. | (2) Reflects a reduction of the Retail Media Contribution ex-TAC threshold target achievement level from $277 <br>million to $252 million, as approved by the Board of Directors in December 2025. For more information on this <br>revision, please see the discussion below. | (2) Reflects a reduction of the Retail Media Contribution ex-TAC threshold target achievement level from $277 <br>million to $252 million, as approved by the Board of Directors in December 2025. For more information on this <br>revision, please see the discussion below. | (2) Reflects a reduction of the Retail Media Contribution ex-TAC threshold target achievement level from $277 <br>million to $252 million, as approved by the Board of Directors in December 2025. For more information on this <br>revision, please see the discussion below. | (2) Reflects a reduction of the Retail Media Contribution ex-TAC threshold target achievement level from $277 <br>million to $252 million, as approved by the Board of Directors in December 2025. For more information on this <br>revision, please see the discussion below. |

---

Upon review of the projected achievement level of 2025 Financial PSUs, the Board of Directors

determined that the impact of the reduced scope for two specific Retail Media clients, as disclosed on

May 2, 2025, would have disproportionate impact on the overall result of our Retail Media Contribution ex-

TAC metric, which represented 60% of the total plan. The Board of Directors therefore decided in

December 2025 to reduce the minimum threshold achievement level for this particular performance

condition from $277 million to $252 million, representing flat year-on-year growth, in order to allow for

potential limited payout on this component if positive growth were still achieved, while keeping the original

target for Retail Media Contribution ex-TAC and related achievement levels unchanged. The Board of

Directors determined that this would still allow for a partial payout with respect to this metric, which would

still be well below target achievement level, and believed that this would result in a more balanced

representation of the Company's overall financial performance.

Actual Retail Media Contribution ex-TAC for 2025 was $257 million, actual Contribution ex-TAC

for 2025 was $1,160 million, and actual Adjusted EBITDA for 2025 was $412 million, each as calculated

on a constant currency basis using the same exchange rate as was used to set the targets, resulting in a

71% of target payout with respect to the Financial PSUs.

---

| | | | |
|:---|:---|:---|:---|
| **Named Executive** <br>**Officer** <br>| **Title**  | **2025 Financial** <br>**PSU Target**<br>| **Payout** |
| Michael Komasinski | CEO | 60,241 | 42,771 |
| Sarah Glickman | CFO | 24,343 | 17,284 |
| Ryan Damon | CLTO | 18,441 | 13,093 |

---

Our compensation committee and Board of Directors believe that a time-based vesting

requirement for any earned PSUs is important to satisfy our retention objectives and longer-term

alignment with our shareholders' interests. The Financial PSUs earned with respect to 2025 are subject to

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an overall three-year vesting schedule, which vesting is subject to the named executive officer's

continued employment with the Company as of the applicable vesting date.

*TSR-Based PSUs*

With regard to the TSR-based PSUs, the compensation committee and the Board of Directors

believe that the use of a TSR metric promotes longer-term alignment with shareholders and a relative

metric establishes a direct link between the compensation of our named executive officers and long-term

enterprise value creation as payouts under the PSUs are determined by the Company's long-term TSR

performance relative to that of the Nasdaq Composite Index. The compensation committee and the Board

of Directors, determined that the use of the Nasdaq Composite Index was an appropriate benchmark

given the broad-market nature of the index, its use among other software/media companies, its

administrative simplicity and its transparency.

In setting the performance goals for the 2025 TSR-based PSUs, after considering market best

practices, the Board of Directors determined that payouts under the TSR-based PSUs would range from

0% to 200% of the target PSUs, with relative TSR performance at the 55th percentile resulting in 100%

payout, and relative performance at the 80th percentile or better resulting in a 200% payout; provided,

however, that if the Company's absolute TSR is negative, then payout for the TSR-based PSUs cannot

exceed 100% regardless of the Company's relative percentile performance. In this way, the payouts under

the TSR-based PSUs are intended to be aligned with performance levels that are considered challenging.

To facilitate the transition to the use of multi-year performance measurement periods, the Board

of Directors determined that it was appropriate to measure relative TSR compared to the Nasdaq

Composite Index over a two-year performance period for 50% of the TSR-based PSUs and over a three-

year performance period for the other 50% of the PSUs, in each case with the PSUs subject to the

awards to be earned and vest through the second and third anniversaries, respectively of the awards'

grant date, which vesting is subject to the named executive officer's continued employment with the

Company as of the applicable vesting date.

The following table sets forth the 2024 **Total Shareholder Return** goal for the 2024 TSR-Based

PSU awards.

---

| | |
|:---|:---|
| **Criteo's TSR Percentile vs. Nasdaq Composite** <br>**Index**<sup>(1)</sup><br>| **Potential Percentage of TSR-Based PSUs** <br>**Earned**<sup>(2)(3)</sup><br>|
| 0 - 30th | 0% |
| 55th | 100% (Target) |
| 80th - 100th | 200% (Max) |
| (1) TSR is measured as the percentage change in the 30-trading-day average adjusted closing price of a <br>share of Criteo and the Nasdaq Composite Index as measured on the first and last day of the applicable <br>two-year and three-year performance periods beginning on March 1, 2024, the grant date of the TSR-<br>based PSUs.<br>(2) Achievement is linear for relative TSR between tranches and paid to one decimal point.<br>(3) Earned PSUs are capped at target (100%) if the Company's absolute TSR is negative. | (1) TSR is measured as the percentage change in the 30-trading-day average adjusted closing price of a <br>share of Criteo and the Nasdaq Composite Index as measured on the first and last day of the applicable <br>two-year and three-year performance periods beginning on March 1, 2024, the grant date of the TSR-<br>based PSUs.<br>(2) Achievement is linear for relative TSR between tranches and paid to one decimal point.<br>(3) Earned PSUs are capped at target (100%) if the Company's absolute TSR is negative. |

---

![TSR Payout.jpg](crto-20260508_g25.jpg)

As well as meeting the relative TSR performance goals, the executive officers must remain

employed through the second and third anniversaries of the TSR-based PSU grant date in order to vest in

the PSUs.

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The first 50% tranche of the TSR-based PSUs, with a performance period measured from March

1, 2024 to March 1, 2026, resulted in the Company's TSR percentile at (38.34%) and therefore a payout

at 33%.

The second 50% tranche of the TSR-based PSUs granted to Ms. Glickman and Mr. Damon in

2024 will not vest (if earned) until March 2027.

---

| | | | |
|:---|:---|:---|:---|
| **Applicable Named** <br>**Executive Officers**<br>| **Title**  | **2024 TSR PSU** <br>**Tranche 1 at Target** <br>| **Payout**  |
| Sarah Glickman | CFO | 14,894 | 4,915 |
| Ryan Damon | CLTO | 12,622 | 4,165 |

---

*2025 RSU Awards*

Our 2025 RSU awards have a four-year vesting schedule. Because French law prohibits vesting

of restricted stock before the second anniversary of the grant date, 50% of the award vests on the second

anniversary of the date of grant, and the remainder vests in equal quarterly installments thereafter over

the subsequent two-year period, which vesting is subject to the named executive officer's continued

employment with the Company as of the applicable vesting date.

**Share Ownership and Equity Awards**

As discussed above, long-term incentive compensation in the form of equity awards is an

important tool for the Company to attract industry leaders of the highest caliber in the global technology

industry and to retain them for the long term. The majority of our named executive officers' target total

direct compensation opportunity is provided in the form of long-term equity awards. We use equity awards

to align our executive officers' financial interests with those of our shareholders by motivating them to

assist with the achievement of both short-term and long-term corporate objectives.

As a result, each of our named executive officers accumulates substantial exposure to our stock

price, which, when coupled with time-based and performance-based vesting, we believe results in strong

alignment of our executives' interests with those of our shareholders. Furthermore, our Insider Trading

Policy prohibits short sales, trading in derivative instruments and other inherently speculative transactions

in our equity securities by our employees and related persons.

*Share Ownership Requirements*

We maintain share ownership guidelines for our Section 16 executive officers. In October 2025,

the Board of Directors, upon the recommendation of the Compensation Committee, amended the share

ownership guidelines to more closely align with market practices. Under the amended guidelines (i) our

Chief Executive Officer is required to acquire and own securities in an amount equal to the lesser of (a)

200,000 shares or (b) five times the Chief Executive Officer's annual base salary and (ii) all other Section

16 executive officers are required to acquire and own securities in an amount equal to the lesser of (a)

45,000 shares or (b) two times their annual base salary. For purposes of this requirement under the

amended guidelines, the after-tax value of all unvested RSUs and earned unvested PSUs is included and

"in-the-money" value of vested but unexercised stock options is not included. The Section 16 officers are

required to meet their applicable ownership requirements within five years of becoming subject to them. If

required share ownership is not satisfied within five years, the individual must retain 50% of any shares

resulting from vested RSUs or PSUs until the guidelines are met.

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We also maintain share ownership guidelines for our non-employee directors (including the

chairperson of our Board of Directors). For more details on the non-employee director share ownership

guidelines, see "Director Compensation—Non-Employee Director Share Ownership Guidelines."

In addition to these share ownership guidelines, our Board of Directors require that one percent of

the shares resulting from the exercise of stock options or received upon the vesting of RSUs or PSUs by

our chairperson (if applicable), Chief Executive Officer and Deputy Chief Executive Officers ("*directeurs* 

*généraux délégués*"), if any, be held by such persons until the termination of their respective offices. For

2025, (i) Ms. Picard was the chairperson of our Board of Directors until April 9, 2025, (ii) Mr. van der Kooi

was the chairperson of our Board of Directors as from April 9, 2025, (iii) Ms. Clarken was our Chief

Executive Officer until February 15, 2025 and (iv) Mr. Komasinski was our Chief Executive Officer as from

February 15, 2025.

The table below shows the total exposure that each of our named executive officers had to

Criteo's stock as of March 31, 2026, including both vested and unvested equity awards. Ms. Clarken

retired from her role as Chief Executive Officer on February 15, 2025 and Mr. Gleason resigned as Chief

Revenue Officer and President, Retail Media, effective July 29, 2025, and they are therefore no longer

subject to the Company's share ownership guidelines.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Ordinary Shares and** <br>**ADSs (1)**<br>| **Securities underlying** <br>**option awards (2)**<br>| **Securities underlying RSU** <br>**and PSU awards (3)**<br>| **Total** |
| Michael Komasinski |  |  | 1109399 | 1109399 |
| Sarah Glickman | 213063 |  | 410031 | 623094 |
| Ryan Damon | 3850 |  | 316294 | 320144 |
|  |  | Total for all named executive officers: | Total for all named executive officers: | 2052637 |
| (1) The amounts shown in this column reflect Ordinary Shares and ADSs owned by each of our named executive officers. | (1) The amounts shown in this column reflect Ordinary Shares and ADSs owned by each of our named executive officers. | (1) The amounts shown in this column reflect Ordinary Shares and ADSs owned by each of our named executive officers. | (1) The amounts shown in this column reflect Ordinary Shares and ADSs owned by each of our named executive officers. | (1) The amounts shown in this column reflect Ordinary Shares and ADSs owned by each of our named executive officers. |
| (2) The amounts shown in this column reflect stock options that have vested and are exercisable, as well as those that have not yet vested. For <br>more information on grant dates, vesting schedules, exercise prices and expiration dates of option awards held by our named executive officers <br>as of December 31, 2025, please see "Compensation Tables—Outstanding Equity Awards at 2025 Fiscal Year End."  | (2) The amounts shown in this column reflect stock options that have vested and are exercisable, as well as those that have not yet vested. For <br>more information on grant dates, vesting schedules, exercise prices and expiration dates of option awards held by our named executive officers <br>as of December 31, 2025, please see "Compensation Tables—Outstanding Equity Awards at 2025 Fiscal Year End."  | (2) The amounts shown in this column reflect stock options that have vested and are exercisable, as well as those that have not yet vested. For <br>more information on grant dates, vesting schedules, exercise prices and expiration dates of option awards held by our named executive officers <br>as of December 31, 2025, please see "Compensation Tables—Outstanding Equity Awards at 2025 Fiscal Year End."  | (2) The amounts shown in this column reflect stock options that have vested and are exercisable, as well as those that have not yet vested. For <br>more information on grant dates, vesting schedules, exercise prices and expiration dates of option awards held by our named executive officers <br>as of December 31, 2025, please see "Compensation Tables—Outstanding Equity Awards at 2025 Fiscal Year End."  | (2) The amounts shown in this column reflect stock options that have vested and are exercisable, as well as those that have not yet vested. For <br>more information on grant dates, vesting schedules, exercise prices and expiration dates of option awards held by our named executive officers <br>as of December 31, 2025, please see "Compensation Tables—Outstanding Equity Awards at 2025 Fiscal Year End."  |
| (3) The amounts shown in this column reflect outstanding RSUs and PSUs, whether or not vested or determined earned by the Board of <br>Directors. For more information on the RSUs and PSUs held by each of our named executive officers as of December 31, 2025, please see <br>"Compensation Tables—Outstanding Equity Awards at 2025 Fiscal Year End." For more information applicable to PSU awards, please see "—<br>Long-Term Incentives." | (3) The amounts shown in this column reflect outstanding RSUs and PSUs, whether or not vested or determined earned by the Board of <br>Directors. For more information on the RSUs and PSUs held by each of our named executive officers as of December 31, 2025, please see <br>"Compensation Tables—Outstanding Equity Awards at 2025 Fiscal Year End." For more information applicable to PSU awards, please see "—<br>Long-Term Incentives." | (3) The amounts shown in this column reflect outstanding RSUs and PSUs, whether or not vested or determined earned by the Board of <br>Directors. For more information on the RSUs and PSUs held by each of our named executive officers as of December 31, 2025, please see <br>"Compensation Tables—Outstanding Equity Awards at 2025 Fiscal Year End." For more information applicable to PSU awards, please see "—<br>Long-Term Incentives." | (3) The amounts shown in this column reflect outstanding RSUs and PSUs, whether or not vested or determined earned by the Board of <br>Directors. For more information on the RSUs and PSUs held by each of our named executive officers as of December 31, 2025, please see <br>"Compensation Tables—Outstanding Equity Awards at 2025 Fiscal Year End." For more information applicable to PSU awards, please see "—<br>Long-Term Incentives." | (3) The amounts shown in this column reflect outstanding RSUs and PSUs, whether or not vested or determined earned by the Board of <br>Directors. For more information on the RSUs and PSUs held by each of our named executive officers as of December 31, 2025, please see <br>"Compensation Tables—Outstanding Equity Awards at 2025 Fiscal Year End." For more information applicable to PSU awards, please see "—<br>Long-Term Incentives." |

---

**Other Compensation Information**

***Employee Benefit Programs*** 

Each of our executive officers is eligible to participate in the employee benefit plans available to

our employees in the country in which they are employed, including medical, dental, group life and

disability insurance, in each case on the same basis as other employees in such country, subject to

applicable law. We also provide vacation and other paid holidays to all employees, including executive

officers, all of which we believe to be comparable to those provided at peer companies. These benefit

programs are designed to enable us to attract and retain our workforce in a competitive marketplace.

Health, welfare and vacation benefits ensure that we have a productive and focused workforce through

reliable and competitive health and other benefits.

Our retirement savings plan for U.S. employees is a tax-qualified 401(k) retirement savings plan

(the "401(k) Plan"), pursuant to which all employees, including any named executive officer employed by

our U.S. subsidiary (Criteo Corp.), are able to contribute certain amounts of their annual compensation,

subject to limits prescribed by the Internal Revenue Code. In 2025, we provided a 100% matching

contribution on employee contributions up to the first 3% of eligible compensation and a 50% matching

contribution for the next 2% of eligible compensation. Each of Mr. Komasinski, Ms. Glickman, and Mr.

Damon participate, and Ms. Clarken and Mr. Gleason participated until they departed the Company, on

the same basis as our other eligible employees.

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***Perquisites and Other Personal Benefits***

We provide limited perquisites to our named executive officers. For more information on the

perquisites and other personal benefits provided to our named executive officers, please refer to footnote

(7) to the 2025 Summary Compensation Table in "Executive Compensation – Compensation Tables"

included elsewhere in this proxy statement.

***Timing of Compensation Actions*** 

Compensation, including base salary adjustments, for our named executive officers is reviewed

annually, usually in the first quarter of the fiscal year, and upon promotion or other changes in job

responsibilities.

***Equity Grant Policy***

In fiscal year 2025, we did not grant any stock options, stock appreciation rights or similar awards

under the Criteo Amended 2016 Stock Option Plan and we have not granted stock options to our named

executive officers since December 2019. There are no current plans to grant stock options, stock

appreciation rights or other similar appreciation-based awards as incentive compensation. The timing of

our equity grants to the named executive officers is set without regard to anticipated earnings or other

major announcements by the Company.

***Short Sale and Derivatives Trading Policy***

As noted in more detail above under the caption "Insider Trading and Anti-Hedging/Pledging

Policies," our Insider Trading Policy prohibits short sales, trading in derivative instruments and other

inherently speculative transactions in our equity securities by our employees and related persons.

***Executive Compensation Recovery ("Clawback") Policy***

We maintain a "clawback" policy, adopted by our Board of Directors in October 2023, which

incorporates the requirements of Rule 10D-1 under the Exchange Act, and the applicable Nasdaq listing

standards. The clawback policy requires us to recoup erroneously awarded incentive-based

compensation from current and former executive officers (as such term is defined in Rule 10D-1, for

purposes of this section, a "Section 16 officer") in the event that the Company is required to prepare an

accounting restatement due to material noncompliance with any financial reporting requirement under

securities laws. The clawback policy became effective with respect to incentive-based compensation

received by such Section 16 officers on or after October 2, 2023. A copy of the clawback policy is filed as

Exhibit 97.1 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with

the SEC on February 26, 2026.

**Risks Related to Compensation Policies and Practices** 

As part of the Board of Directors' risk oversight role, our compensation committee at least

annually reviews and evaluates the risks associated with our compensation programs. The compensation

committee has reviewed our compensation practices as generally applicable to our employees and

believes that our policies do not encourage excessive and unnecessary risk-taking, and that the level of

risk that they do encourage is not reasonably likely to have a material adverse effect on the Company. In

making this determination, the compensation committee considered the following:

• the Company's use of different types of compensation vehicles to provide a balance of short-term

and long-term incentives with fixed and variable components;

• the granting of equity-based awards that are earned based on performance (in the case of

executive officers) and subject to time-based vesting, which aligns employee compensation with

Company performance, encouraging participants to generate long-term appreciation in equity

values;

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• the Company's annual bonus determinations for each employee being tied to achievement of

Company goals, which goals seek to promote retention on behalf of the Company and to create

long-term value for our shareholders; and

• the Company's system of internal control over financial reporting and code of business conduct

and ethics, which among other things, reduce the likelihood of manipulation of the Company's

financial performance to enhance payments under any of its incentive plans.

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**COMPENSATION COMMITTEE REPORT**

The compensation committee has reviewed and discussed the Compensation Discussion and

Analysis required by Item 402(b) of Regulation S-K with management. Based on such review and

discussions, the compensation committee recommended to the Board of Directors that the Compensation

Discussion and Analysis be included in this proxy statement.

THE COMPENSATION COMMITTEE

Nathalie Balla (Chair)

Edmond Mesrobian

Ernst Teunissen

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**COMPENSATION TABLES**

**Summary Compensation Table**

The following Summary Compensation Table sets forth, for the three years ended December 31, 2025, 2024 and

2023, respectively, the compensation earned by (i) our principal executive officer, (ii), our former principal executive officer

who served during a portion of the fiscal year, (iii) our principal financial officer, (iv) our other executive officer, other than

the principal executive officer and the principal financial officer, who was serving as of the end of the fiscal year, and (v)

our former executive officer who served during a portion of the fiscal year. (collectively, our named executive officers).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary**<br>**($)(1)**<br>| **Bonus**<br>**($)(2)**<br>| **Stock** <br>**Awards**<br>**($)(3)(4)(5)**<br>| **Option** <br>**Awards**<br>**($)(3)**<br>| **Non-Equity** <br>**Incentive** <br>**Plan** <br>**Compensation**<br>**($)(6)**<br>| **All Other** <br>**Compensation**<br>**($)(7)**<br>| Total<br>($)<br>|
| Michael Komasinski | 2025 | 657534 | 1100000 | 10043994 |  | 660000 | 16032 | 12477560 |
| Chief Executive Officer |  |  |  |  |  |  |  |  |
| Megan Clarken (8) | 2025 | 146986 |  |  |  | 141107 | 151951 | 440044 |
| Former Chief Executive Officer | 2024 | 711325 |  | 8818593 |  | 1001546 | 124206 | 10655670 |
|  | 2023 | 665000 |  | 7729000 |  | 768819 | 50844 | 9213663 |
| Sarah Glickman | 2025 | 529000 |  | 3593941 |  | 440972 | 16322 | 4580235 |
| Chief Financial Officer | 2024 | 516817 | 100000 | 3251846 |  | 514750 | 16122 | 4399535 |
|  | 2023 | 476000 |  | 3138000 |  | 412953 | 14132 | 4041085 |
| Ryan Damon | 2025 | 490000 |  | 2722660 |  | 346430 | 9830 | 3568920 |
| Chief Legal and Transformation  | 2024 | 482541 | 100000 | 2755814 |  | 414411 | 8713 | 3761479 |
| Officer | 2023 | 455000 |  | 2092000 |  | 371519 | 6349 | 2924868 |
| Brian Gleason (9) | 2025 | 330822 |  | 5516191 |  |  | 15039 | 5862052 |
| Former Chief Revenue Officer | 2024 | 550137 | 200000 | 3196564 |  | 774593 | 15042 | 4736336 |
| and President, Retail Media |  |  |  |  |  |  |  |  |

---

(1)All amounts presented in the Summary Compensation Table, and in the supporting tables that follow, are expressed in U.S.

dollars. In 2023, 2024 and 2025, all compensation calculations were in U.S. dollars.

(2)The amounts reported in the "Bonus" column include an integration bonus related to the August 2022 acquisition of Iponweb,

which was granted to members of the leadership team. For Michael Komasinski, this includes (i) a sign-on bonus pursuant to

his management agreement and (ii) a discretionary cash payment of $100,000 approved by the Board of Directors as an

extension of Mr. Komasinski's sign-on bonus, which discretionary amount was paid in cash and is taxable as ordinary income

(for more information, see "Compensation Discussion and Analysis—New Hire Package and Year One Compensation for New

CEO"). For Brian Gleason, this amount also includes the last installment of his retention bonus in 2024.

(3)The amounts reported in the "Stock Awards" and "Option Awards" columns reflect the aggregate grant date fair value of each

award computed in accordance with FASB ASC Topic 718. For information regarding the assumptions used in determining the

fair value of awards granted in 2025, 2024 and 2023 please refer to Note 15, Note 16 and Note 16 (Share-based

Compensation), respectively, of our Annual Reports on Form 10-K, each as filed with the SEC on February 26, 2026, February

26, 2025 and February 23, 2024, respectively.

(4)The amounts reported in the "Stock Awards" column reflect the grant date fair value of the PSU awards measured at target

(100%) for financial PSUs, and using a Monte-Carlo valuation model of market conditions for TSR-based PSUs, for all years

shown, computed in accordance with FASB ASC Topic 718. The grant date face value for the relative TSR-based PSUs, as

considered in establishing the target equity compensation, was $2,337,953 for Mr. Komasinski, $944,732 for Ms. Glickman,

$715,695 for Mr. Damon and $1,784,484 for Mr. Gleason. Note, however, that the maximum PSU payout possible for year

2023 is 150% of target and 200% of target for 2024 and 2025. The grant date fair value assuming the highest level of

performance conditions will be achieved for the financial PSUs granted in 2025, calculated as the maximum PSU payout

possible for year 2025 (200% of target) multiplied by the per-share grant date fair value, would be $4,675,906 for Mr.

Komasinski, $1,889,465 for Ms. Glickman, $1,431,390 for Mr. Damon and $3,568,968 for Mr. Gleason. The modification of Mr.

Komasinski's 2025 financial PSUs resulted in no incremental compensation expense and thus did not affect the grant date fair

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value as computed in accordance with FASB ASC Topic 718. For a description of the Board of Director's rationale for the

modification of Mr. Komasinski's 2025 financial PSUs, see "Compensation Discussion and Analysis—New Hire Package and

Year One Compensation for New CEO."

(5)The amount reported for Mr. Komasinski includes (i) a supplemental grant of 125,000 RSUs with a grant date value of

$2,437,500 approved by the Board of Directors in December 2025 in connection with a one-time CEO retention action; and (ii)

the incremental fair value of $362,356 related to the conversion of his relative TSR PSUs to financial PSUs, in each case,

computed in accordance with FASB ASC Topic 718. For a description of the Board of Director's rationale for these actions, see

"Compensation Discussion and Analysis—New Hire Package and Year One Compensation for New CEO."

(6)The amounts reported in the "Non-Equity Incentive Plan Compensation" column represent the amount of the cash incentive

bonus earned by our named executive officers for performance for the three years ended December 31, 2025, 2024 and 2023

under the EBP. See "Executive Compensation–Compensation Discussion and Analysis–Elements of Executive Compensation

Program—Annual Incentive Bonus" for the discussion and analysis of the annual cash incentives earned by each named

executive officer in respect of 2025.

(7)The amounts reported in the "All Other Compensation" column for 2025 include the benefits set forth in the table below. The

incremental cost to the Company is based on premiums paid and amounts reimbursed by the Company to the named

executive officer.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Named Executive** <br>**Officer**<br>| **Life Insurance** <br>**and Disability** <br>**Benefit Plan** <br>**Contributions**<br>**($)(a)**<br>| **Defined** <br>**Contribution Plan** <br>**Contributions**<br>**($)(b)**<br>| **Tax** <br>**Reimbursements**<br>**($)(c)**<br>| **Tax Assistance**<br>**($)(d)**<br>| **Advisor Fees**<br>**($)(e)**<br>|
| Michael <br>Komasinski<br>| 2032 | 14000 |  |  |  |
| Megan Clarken | 1137 | 14000 | 21022 | 32,402(f) | 83390 |
| Sarah Glickman | 2322 | 14000 |  |  |  |
| Ryan Damon | 1242 |  | 4208 | 4380 |  |
| Brian Gleason | 725 | 14000 | 315 |  |  |

---

(a)Represents the cost of any life insurance and disability plan premium.

(b)Represents the cost of our employer contributions to the 401(k) plan accounts of Mr. Komasinski, Ms. Clarken, Ms.

Glickman, Mr. Damon and Mr. Gleason, for those who elected to participate in our 401(k) plan.

(c)Represents Company-paid taxes for items such as tax filing assistance. For Ms. Clarken, certain tax assistance

benefits were agreed to pursuant to her Transition Agreement.

(d) Represents tax assistance to support filings related to trailing income from past international mobility or requirements

triggered by working time spent in different countries.

(e) Represents the cost to the Company of Ms. Clarken's compensation as a senior advisor to the Company.

(f)Represents the aggregate amount of various invoices processed and reported through payroll as imputed income,

which reflects the actual incremental costs paid by the Company to provide this tax assistance for Ms. Clarken.

(8)Ms. Clarken retired from her role as Chief Executive Officer on February 15, 2025.

(9)Mr. Gleason resigned as Chief Revenue Officer and President, Retail Media, effective July 29, 2025.

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**2025 Grants of Plan-Based Awards Table** 

The following table sets forth the grants of plan-based awards to the named executive officers during the year

ended December 31, 2025.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | | **Estimated Future Payouts Under** <br>**Non-Equity Incentive Plan Awards** <br>**(1)** | **Estimated Future Payouts Under** <br>**Non-Equity Incentive Plan Awards** <br>**(1)** | **Estimated Future Payouts Under** <br>**Non-Equity Incentive Plan Awards** <br>**(1)** | **Estimated Future Payouts Under** <br>**Equity Incentive Plan Awards**<br>**(2)** | **Estimated Future Payouts Under** <br>**Equity Incentive Plan Awards**<br>**(2)** | **Estimated Future Payouts Under** <br>**Equity Incentive Plan Awards**<br>**(2)** | **All Other** <br>**Stock** <br>**Awards:** <br>**Number** <br>**of** <br>**Shares of** <br>**Stock or** <br>**Units** <br>**(#)(3)** | **All Other** <br>**Option** <br>**Awards:** <br>**Number of** <br>**Securities** <br>**Underlying** <br>**Options**<br>**(#)** | **Exercise or** <br>**Base Price** <br>**of Option** <br>**Awards**<br>**($/Sh)** | **Grant** <br>**Date Fair** <br>**Value of** <br>**Stock and** <br>**Option** <br>**Awards** <br>**($)(4)** |
| **Name** | **Grant** <br>**Date**<br>| **Threshold**<br>**($)**<br>| **Target**<br>**($)**<br>| **Maximum**<br>**($)**<br>| **Threshold**<br>**(#)**<br>| **Target**<br>**(#)**<br>| **Maximum**<br>**(#)**<br>| **All Other** <br>**Stock** <br>**Awards:** <br>**Number** <br>**of** <br>**Shares of** <br>**Stock or** <br>**Units** <br>**(#)(3)** | **All Other** <br>**Option** <br>**Awards:** <br>**Number of** <br>**Securities** <br>**Underlying** <br>**Options**<br>**(#)** | **Exercise or** <br>**Base Price** <br>**of Option** <br>**Awards**<br>**($/Sh)** | **Grant** <br>**Date Fair** <br>**Value of** <br>**Stock and** <br>**Option** <br>**Awards** <br>**($)(4)** |
| Michael <br>Komasinski<sup>(5)</sup><br>|  | 343750 | 687500 | 1375000 |  |  |  |  |  |  |  |
|  | 2/28/2025 |  |  |  | 30121 | 60241 | 120482 |  |  |  | 3506930 |
|  | 2/28/2025 |  |  |  | 30121 | 60241 | 120482 |  |  |  | 1713254 |
|  | 2/28/2025 |  |  |  |  |  |  | 51635 |  |  | 2003954 |
|  | 12/22/2025 |  |  |  |  |  |  | 125000<sup>(6)</sup> |  |  | 2457500 |
|  | 12/22/2025 |  |  |  | 30121 | 60241 | 120482 |  |  |  | 362356 |
| Megan Clarken<sup>(7)</sup> |  | 73493 | 146986 | 293972 |  |  |  |  |  |  |  |
|  | 2/28/2025 |  |  |  | 0 | 0 | 0 |  |  |  | 0 |
|  | 2/28/2025 |  |  |  | 0 | 0 | 0 |  |  |  | 0 |
|  | 2/28/2025 |  |  |  |  |  |  | 0 |  |  | 0 |
| Sarah Glickman |  | 218303 | 436606 | 873212 |  |  |  |  |  |  |  |
|  | 2/28/2025 |  |  |  | 12171 | 24343 | 48685 |  |  |  | 944732 |
|  | 2/28/2025 |  |  |  | 12171 | 24342 | 48685 |  |  |  | 1389592 |
|  | 2/28/2025 |  |  |  |  |  |  | 32456 |  |  | 1259617 |
| Ryan Damon |  | 171500 | 343000 | 686000 |  |  |  |  |  |  |  |
|  | 2/28/2025 |  |  |  | 9221 | 18441 | 48685 |  |  |  | 715695 |
|  | 2/28/2025 |  |  |  | 9221 | 18441 | 48685 |  |  |  | 1052704 |
|  | 2/28/2025 |  |  |  |  |  |  | 24588 |  |  | 954260 |
| Brian Gleason<sup>(8)</sup> |  | 0 | 0 | 0 |  |  |  |  |  |  |  |
|  | 2/28/2025 |  |  |  | 10696 | 21392 | 42784 |  |  |  | 830224 |
|  | 2/28/2025 |  |  |  | 10696 | 21392 | 42784 |  |  |  | 1221162 |
|  | 2/28/2025 |  |  |  |  |  |  | 28522 |  |  | 1106939 |

---

(1)The amounts reported in the "Estimated Future Payouts Under Non-Equity Incentive Plan Awards" column represent each

named executive officer's annual cash bonus opportunity that could have been earned in respect of the annual cash incentive

established in 2025 under the EBP. See "Executive Compensation–Compensation Discussion and Analysis–Elements of

Executive Compensation Program—Annual Incentive Bonus" for a discussion of the annual cash incentives earned by each

named executive officer for 2025. The threshold achievement level for a particular performance condition affecting a portion of

the annual cash incentive opportunity was adjusted. For more information see "Compensation Discussion and Analysis—

Annual Incentive Bonus."

(2)All PSUs were granted under our Amended and Restated 2015 PSU Plan. The number of these PSUs that were actually

earned and received by each named executive officer (if any) was determined in the following fiscal year. Of those PSUs

actually earned and received, for the financial PSUs, two-thirds will vest on the two-year anniversary of the grant date, and the

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remainder will vest on the three-year anniversary of the grant date. For the TSR-based PSUs, 50% will be earned and vest on

the two-year anniversary of the grant and the remainder will vest on the three-year anniversary of the grant date.

(3)All RSUs were granted under our Amended and Restated 2015 Time-Based RSU Plan.

(4)Represents the grant date fair value, measured in accordance with FASB ASC Topic 718, of PSU awards and RSU awards

made in 2025. Grant date fair values are calculated pursuant to assumptions set forth in Note 15 of our 2025 Annual Report on

Form 10-K as filed with the SEC on February 26, 2026. The grant date face value for the relative TSR-based PSUs comprising

the PSU awards, as considered in establishing the target equity compensation, was $2,337,953 for Mr. Komasinski, $944,732

for Ms. Glickman, $715,695 for Mr. Damon and $1,784,484 for Mr. Gleason.

(5)On December 22, 2025, the Board of Directors approved the conversion of Mr. Komasinski's 2025 TSR-based PSUs into

financial PSUs, with performance measured half based on 2026 plan metrics and half based on 2027 plan metrics, while

preserving the original overall vesting schedule. This action was approved as part of a one-time CEO retention action. For

more information, please see "Compensation Discussion and Analysis—New Hire Package and Year One Compensation for

New CEO." The grant date for this modified award represents the modification date with respect to such award in accordance

with FASB ASC 718. The grant date fair value of this award represents the incremental fair value of the award as of the

modification date computed in accordance with FASB ASC Topic 718.

(6)This RSU award represents a one-time grant of a time-vesting equity award to Mr. Komasinski, approved by the Board of

Directors in December 2025. For more information, please see "Compensation Discussion and Analysis—New Hire Package

and Year One Compensation for New CEO."

(7)Ms. Clarken retired from her role as Chief Executive Officer on February 15, 2025. Due to Ms. Clarken's retirement, she was

not eligible to participate in the full year bonus program, so the threshold, target and maximum amounts are pro-rated for 2025.

(8)Mr. Gleason resigned as Chief Revenue Officer and President, Retail Media, effective July 29, 2025.

**Executive Employment Agreements**

We have entered into an employment agreement with each of the named executive officers and, in connection

with her retirement, a transition agreement with Ms. Clarken, the material terms of which are described below. Each of the

agreements with our named executive officers is for an indefinite term. The provisions of these arrangements relating to

termination of employment are described under "Potential Payments Upon Termination or Change of Control" below. See

"Executive Compensation–Compensation Discussion and Analysis–Elements of Executive Compensation Program" for a

discussion of the elements of compensation of each of the named executive officers for the year ended December 31,

2025. ***Mr. Komasinski***

Criteo Corp. entered into a management agreement with Mr. Komasinski, dated as of December 18, 2024, in

connection with his employment by Criteo Corp. The management agreement, provided that Mr. Komasinski was entitled

to receive an annual base salary of $750,000 and will be eligible to receive a target annual bonus opportunity equal to

100% of his annual base salary and a maximum annual bonus opportunity equal to 200% of his annual base salary. The

annual bonus opportunity pursuant to the Company's Executive Bonus Plan is based on the Company's financial

performance and the assessment by the Board of individual performance. Mr. Komasinski's remuneration is in respect of

his role as Chief Executive Officer of our wholly-owned subsidiary, Criteo Corp.

The management agreement also provided that Mr. Komasinski would receive a sign-on bonus equal to

$1,000,000 on the first regularly scheduled payroll date following his start date of February 15, 2025. In addition, Mr.

Komasinski's incentive-based compensation is subject to recoupment pursuant to the Company's clawback policy

adopted by the Board of Directors and in effect from time to time.

The management agreement provided that Mr. Komasinski would receive (i) a sign-on equity grant with an

aggregate grant date fair market value equal to $2,000,000 in the following mix of RSUs and PSUs: 30% RSUs and 70%

PSUs (comprised of 35% Financial PSUs and 35% TSR-based PSUs (each as defined below)), and (ii) a 2025 annual

equity grant with a grant date fair market value of $5,000,000 in the same mix of RSUs and PSUs as the sign-on equity

grant.

Pursuant to the management agreement, Mr. Komasinski is subject to customary restrictive covenants provided

by the Company's protective covenants agreement, including a requirement not to compete with the Company and its

affiliates anywhere in the world for a period of 12 months after termination of employment. As an employee of Criteo

Corp., Mr. Komasinski will not receive any additional compensation for his service on the Board of Directors.

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***Ms. Clarken***

On August 26, 2024, we announced that Ms. Clarken would retire from the Company after completion of a search

process for her successor and a transition period. To ensure a smooth transition, on August 26, 2024, Criteo Corp. and

Ms. Clarken entered into a Transition Agreement (the "Transition Agreement"), which set forth the terms of Ms. Clarken's

phased transition.

Pursuant to the terms of the Transition Agreement, Ms. Clarken served in a full-time capacity as Chief Executive

Officer and a member of the Board of Directors until her successor Chief Executive Officer was appointed by the Board of

Directors and commenced services (the "Transition Date"), which occurred with the appointment of Michael Komasinski

with the effective date of February 15, 2025. Ms. Clarken stepped down from her roles on the Transition Date and

remained employed as a senior advisor to the Board of Directors and the Chief Executive Officer through November 15,

2025, under the terms of the Transition Agreement. Ms. Clarken received a monthly salary equal to ten thousand dollars

($10,000) for her services as a senior advisor.

Ms. Clarken did not receive any severance benefits in connection with her separation from the Company on

November 15, 2025.

***Ms. Glickman***

We entered into an amended and restated executive employment agreement effective as of November 1, 2024

with Ms. Glickman, our Chief Financial Officer. Under the terms of her employment agreement, Ms. Glickman was entitled

to receive an annual base salary of $529,000 and a target annual bonus opportunity equal to 75% of her annual base

salary.

Our Board of Directors determined that for year ended December 31, 2025, Ms. Glickman would receive an

annual base salary of $529,000, and an increased target annual bonus opportunity equal to 85% of her annual base

salary.

***Mr. Damon***

We entered into an amended and restated executive employment agreement effective as of November 1, 2024

with Mr. Damon, our Chief Legal and Transformation Officer. Under the terms of his employment agreement, Mr. Damon

was entitled to receive an annual base salary of $490,000, and a target annual bonus opportunity equal to 70% of his

annual base salary.

Our Board of Directors determined that for year ended December 31, 2025, Mr. Damon would receive an annual

base salary of $490,000, with no change to his target annual bonus opportunity.

***Mr. Gleason***

We entered into an amended and restated executive employment agreement effective as of July 1, 2024 with Mr.

Gleason, our Chief Revenue Officer and President, Retail Media. Under the terms of his employment agreement, Mr.

Gleason was entitled to receive an annual base salary of $575,000, and a target annual bonus opportunity equal to 100%

of his annual base salary. Mr. Gleason resigned as Chief Revenue Officer and President, Retail Media, effective July 29,

2025. Mr. Gleason did not receive any severance benefits in connection with his resignation.

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**Outstanding Equity Awards at 2025 Fiscal Year End Table**

The following table sets forth the number of securities underlying outstanding equity awards held by the named

executive officers as of December 31, 2025. Ms. Clarken retired from her role as Chief Executive Officer on February 15,

2025 and Mr. Gleason resigned as Chief Revenue Officer and President, Retail Media, effective July 29, 2025. Neither

Ms. Clarken nor Mr. Gleason held outstanding equity awards subject to continued vesting or exercise as of December 31,

2025. ---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Stock Awards** | **Stock Awards** | **Stock Awards** | **Stock Awards** |
| **Name** | **Grant Date** | **Number of** <br>**Securities** <br>**Underlying** <br>**Unexercised** <br>**Options** <br>**Exercisable**<br>**(#)** <br>| **Number of** <br>**Securities** <br>**Underlying** <br>**Unexercised** <br>**Options** <br>**Unexercisable**<br>**(#)(1)**<br>| **Option** <br>**Exercise** <br>**Price** <br>**($)(2)**<br>| **Option** <br>**Expiration** <br>**Date**<br>| **Number** <br>**of Shares** <br>**or Units** <br>**of Stock** <br>**That Have** <br>**Not Vested** <br>**(#)(1)(4)**<br>| **Market** <br>**Value of** <br>**Shares or** <br>**Units of** <br>**Stock That** <br>**Have Not** <br>**Vested** <br>**($)(5)**<br>| **Equity** <br>**Incentive** <br>**Plan Awards:** <br>**Number of** <br>**Unearned** <br>**Shares, Units** <br>**or Other** <br>**Rights** <br>**That Have** <br>**Not Vested** <br>**(#)(1)(3)**<br>| **Equity** <br>**Incentive** <br>**Plan Awards:** <br>**Market or** <br>**Payout Value** <br>**of Unearned** <br>**Shares, Units** <br>**or Other** <br>**Rights That** <br>**Have Not** <br>**Vested** <br>**($)(5)**<br>|
| Michael <br>Komasinski<br>| 02/28/2025 |  |  |  |  | 51635 | 1064197 | 240964 | 4966268 |
|  | 12/22/2025 |  |  |  |  | 125000 | 2576250 |  |  |
| Megan Clarken | 12/11/19 | 86715 |  | 16.61 | 12/11/29 |  |  |  |  |
|  | 03/01/2024 |  |  |  |  | 57522 | 1185528 |  |  |
| Sarah Glickman | 02/24/22 |  |  |  |  | 3833 | 78998 |  |  |
|  | 02/23/23 |  |  |  |  | 31163 | 642269 |  |  |
|  | 03/01/2024 |  |  |  |  | 78441 | 1616669 | 59576 | 1227861 |
|  | 02/28/2025 |  |  |  |  | 32456 | 668918 | 97370 | 2006796 |
| Ryan Damon | 02/24/22 |  |  |  |  | 2449 | 50474 |  |  |
|  | 02/23/23 |  |  |  |  | 20773 | 428132 |  |  |
|  | 03/01/2024 |  |  |  |  | 66476 | 1370070 | 50488 | 1040558 |
|  | 02/28/2025 |  |  |  |  | 24588 | 506759 | 73764 | 1520276 |
| Brian Gleason | 03/01/2024 |  |  |  |  | 16067 | 331141 |  |  |

---

(1)Refer to "Potential Payments upon Termination or Change of Control" below for circumstances under which the terms of the

vesting of equity awards would be accelerated.

(2)The applicable exchange rate for the exercise price of the stock option awards shown in the Outstanding Equity Awards at

Fiscal Year End table are as follows:

---

| | |
|:---|:---|
| **Date** | **Euro to U.S. Dollar Conversion Rate** |
| 12/11/19 | 1.1077 |

---

(3)The PSUs prior to 2024 will generally vest as to 50% of the earned amount on the second anniversary of the date of grant and

in eight equal quarterly installments thereafter, based on continued employment. The PSUs for grant dates in 2024 and 2025

are provided at the maximum possible payout at 200% of target. Starting in 2024, the PSU vesting period was changed to 3

years, such that 2/3 of the earned amount will vest on the second anniversary date for financial PSUs and 50% for TSR-based

PSUs, and on the third anniversary, the remaining 1/3 will vest for financial PSUs and remaining 50% for TSR-based PSUs. In

December 2025, the Board of Directors approved the conversion of Mr. Komasinski's 2025 TSR-based PSUs into financial

PSUs, with performance measured half based on 2026 plan metrics and half based on 2027 plan metrics, while preserving the

original overall vesting schedule. This action was approved as part of a one-time CEO retention action. For more information,

please see "Compensation Discussion and Analysis—New Hire Package and Year One Compensation for New CEO."

(4)The RSUs will generally vest as to 50% on the two-year anniversary of the grant date, and the remainder will vest in eight

equal quarterly installments thereafter. Mr. Komasinski received a supplemental grant of 125,000 RSUs with a grant date value

of $2,437,500 approved by the Board of Directors in December 2025 in connection with a one-time CEO retention action. The

shares comprising this supplemental grant are subject to time-based vesting as follows: 2/3rd of the shares will vest on the

two-year anniversary of the grant date, and the remaining 1/3rd will vest on the three-year anniversary of the grant date;

however, if the conversion of the Company into a Luxembourg company is completed before the first anniversary of the grant

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date, then 1/3rd of the shares will vest on the anniversary of the grant date, 1/3rd of the shares will vest on the two-year

anniversary of the grant date and the remaining 1/3rd will vest on the three-year anniversary of the grant date. For a

description of the Board of Director's rationale for this action, see "Compensation Discussion and Analysis—New Hire Package

and Year One Compensation for New CEO."

(5)Determined with reference to $20.61, the closing price of an ADS on December 31, 2025.

**Option Exercises and Stock Vested in 2025 Table**

The following table summarizes for each named executive officer the stock option exercises and shares vested

from outstanding stock awards during the year ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Option Awards** | **Option Awards** | **Stock Awards** | **Stock Awards** |
| <br>**Name** | **Number of Shares** <br>**Acquired on** <br>**Exercise** <br>**(#)**<br>| **Value Realized** <br>**on** <br>**Exercise**<br>**($)(1)**<br>| **Number of** <br>**Shares** <br>**Acquired on** <br>**Vesting** <br>**(#)**<br>| **Value Realized** <br>**on** <br>**Vesting** <br>**($)(2)**<br>|
| Michael Komasinski |  |  |  |  |
| Megan Clarken | 108656 | 3947363 | 131082 | 4741836 |
| Sarah Glickman |  |  | 54102 | 1858472 |
| Ryan Damon |  |  | 32652 | 1144669 |
| Brian Gleason |  |  | 29106 | 1066527 |

---

(1)Determined with reference to $37.70 for the exercise done on March 6, 2025; $36.66 for the exercise done on March 7, 2025;

$34.92 for the exercise done on March 11, 2025; $35.80 for the exercise done on March 12, 2025; $36.23 for the exercise

done on March 14, 2025.

(2)Determined by (a) multiplying the number of units that vested on a given vesting date by the closing price of an ADS on such

vesting date and (b) aggregating the value realized upon vesting for units that vested during fiscal year 2025.

**Potential Payments upon Termination or a Change in Control**

***Individual Agreements***

We have entered into employment arrangements and Protective Covenants Agreement, as described below,

which require us to provide specified payments and benefits to certain of our named executive officers as a result of

certain terminations of employment, including following a change of control. Each of the employment arrangements with

our named executive officers, discussed above in "Executive Compensation—Compensation Tables—Executive

Employment Agreements," provide for severance, restrictive covenants or change of control payments. Ms. Clarken

retired from her role as Chief Executive Officer on February 15, 2025 and Mr. Gleason resigned as Chief Revenue Officer

and President, Retail Media, effective July 29, 2025. Other than as described above in "—Executive Employment

Agreements," neither Ms. Clarken nor Mr. Gleason remain subject to other agreements with the Company involving

payments as a result of such events.

***Mr. Komasinski***

Mr. Komasinski's management agreement, provides for a potential severance payment in the event of certain

terminations of employment with Criteo Corp. If Mr. Komasinski's office as Chief Executive Officer of the Company is

terminated by Criteo Corp. other than for cause and other than due to his death or disability, or by Mr. Komasinski for good

reason (as such terms are defined in the management agreement) (each, an "Involuntary Termination"), subject to Mr.

Komasinski's execution of a general release of claims and continued compliance with the restrictive covenants set forth in

his Protective Covenants Agreement, Mr. Komasinski will be entitled to receive (i) cash severance equal to 12 months of

his then-current monthly base salary, (ii) an amount equal to his target annual bonus opportunity, with such amounts in (i)

and (ii) payable in a lump sum on the 60th day following the date of such termination, (iii) bonus amounts earned for

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completed performance periods that remain unpaid as of the termination date, payable when such bonus amounts are

paid to other senior officers, (iv) the cost of COBRA premiums under the Company's group health and welfare plans for

the 12-month period following the termination date, and (v) continued vesting of all outstanding, unvested RSUs and

PSUs as if Mr. Komasinski remained employed for 12 months following such termination (with the PSUs vesting based on

actual performance at the end of the applicable performance year, as determined by the Board of Directors).

Under the management agreement, if Mr. Komasinski's office as Chief Executive Officer of the Company is

terminated due to an Involuntary Termination within one year following a Change in Control (as defined in the

management agreement), subject to Mr. Komasinski's execution of a general release of claims and continued compliance

with the restrictive covenants set forth in his Protective Covenants Agreement, Mr. Komasinski will be entitled to receive

the severance payments and benefits described above, with immediate vesting of all outstanding unvested RSUs and

PSUs based on achievement of the target level of performance, provided that no RSU or PSU granted within the one-year

period prior to the date of Mr. Komasinski's termination will vest (but, in such event, any unvested RSUs or PSUs will

continue to vest as if Mr. Komasinski remained in service for up to 12 months following the termination date.

Any RSUs or PSUs that become vested pursuant to the terms of his management agreement will be subject to a

holding period until the second anniversary of the date of grant of the award, and the shares relating to such vested RSUs

and PSUs will be definitively acquired by (delivered to) Mr. Komasinski no earlier than the expiration of the required

holding period.

***Ms. Glickman and Mr. Damon***

The employment agreements with Ms. Glickman and Mr. Damon (each an "executive" and collectively, the

"executives") provide for a potential severance payment in the event the executive is terminated by us without Cause or

resigns with Good Reason (as such terms are defined in the employment agreements). In such an event, the executive

will be entitled to receive, on the 60th day following the Termination Date (as defined in the employment agreement), a

lump sum cash amount (less applicable withholdings) equal to the sum of (i) the product of (x) 12 (or in the event of a

change of control (as defined in the employment agreement) and a subsequent involuntary termination within 12 months

following the date of such change of control, also 12), and (y) the executive's monthly base salary rate as then in effect

(without giving effect to any reduction in base salary amounting to Good Reason), (ii) an amount equal to the product of

(x) 100% (or in the event of a change of control (as defined in the employment agreement) and a subsequent involuntary

termination within 12 months following the date of such change of control, also 100%) and (y) the executive's annual

bonus for the calendar year during which the termination occurs, calculated based on the bonus that would have been

paid to the executive if the executive's employment had not terminated and if all performance-based milestones were

achieved at the 100% level by both the Company and the executive, such bonus to be, solely for the purpose of defining

severance benefits, (iii) all bonus amounts earned for completed performance periods prior to the termination date but

which otherwise remain unpaid as of the termination date, (iv) the cost of COBRA premiums under Criteo Corp.'s group

health insurance plans in the United States for the 12-month period following the termination date and (v) continued

vesting of outstanding unvested RSUs and PSUs as if the executive remained employed for six months following the

termination date (and in the case of PSUs, based on actual performance at the end of the applicable performance year, as

determined by the Board of Directors in its reasonable discretion).

In addition, in the event that the executive is terminated by us without Cause or resigns with Good Reason, in

each case, upon or within 12 months following a change in control of the Company (as defined in the 2016 Stock Option

Plan), all of the executive's equity awards will accelerate and become exercisable as of their termination date, provided

that the PSUs will vest in the amount that would become vested assuming achievement of the target level of performance,

and provided further that in all instances the provisions of the Amended and Restated 2015 RSU Plan and the Amended

and Restated 2015 PSU Plan which prohibit the acceleration or shortening of the minimum vesting period of one year will

continue to apply, such that no RSUs or PSUs granted within the one-year period prior to the date of the executive's

termination will vest (but, in such event, any unvested RSUs or PSUs will continue to vest as if the executive remained in

service for up to 12 months following the termination date to enable those unvested shares to also ultimately accelerate

and vest as stated above).

Any RSUs or PSUs that become vested pursuant to the terms of the executive's employment agreement will be

subject to a holding period until the second anniversary of the date of grant of the award and the shares relating to such

<u>[**Table of Contents**](#i0a082b1cae7543198d8e88d109bed8fd_16)</u>

vested RSUs and PSUs will be definitively acquired by (delivered to) the executive no earlier than the expiration of the

required holding period.

***Treatment Under Equity Plans***

*Stock Option Plans* 

Each of our 2014 Stock Option Plan and 2016 Stock Option Plan, as amended, provides that in the event of a

change of control of the Company (as defined in the plans), a successor corporation shall assume all outstanding options

or substitute outstanding options with equivalent options or rights. Pursuant to the stock option plans, in the event that the

successor corporation does not agree to assume or substitute outstanding options, the options will accelerate and

become fully vested and exercisable upon the change of control.

Upon termination of an option holder's employment with us, unless a longer period is specified in the notice of

award or otherwise determined by the Board of Directors, a vested option will generally remain exercisable for 90 days

following the option holder's termination.

If, at the date of termination, the option holder is not entitled to exercise all of his options, the shares covered by

the unexercisable portion will be forfeited and revert back to the applicable stock option plan.

*Performance-Based Free Share (PSU) Plan*

Pursuant to the terms of our Amended and Restated 2015 Performance-Based RSU Plan, in the event of a

change of control of the Company, if a successor corporation does not agree to assume an unvested PSU award or

substitute for the PSU award with an equivalent right, and the grant date of the PSU is at least one year prior to the date

of the change of control, the restrictions and forfeiture conditions applicable to the PSU will lapse, and the PSU award will

become vested prior to the consummation of the change of control, with any performance conditions being deemed to be

achieved at target levels. If the grant date of the PSU award is less than one year prior to the date of the change of control

of the Company and no such successor corporation agrees to assume or substitute an unvested PSU, the PSU will lapse.

In the event of a recipient's death or disability (as defined in the Amended and Restated 2015 Performance-Based

RSU Plan), an unvested PSU will vest automatically. In the event of a recipient's retirement (as defined in the Amended

and Restated 2015 Performance-Based RSU Plan), our Board of Directors has the discretion to determine whether some

or all of the unvested PSUs will vest, subject to the limitations of the plan.

If an employee with outstanding PSUs terminates his employment, or we terminate the employee's service with

the Company or any of our affiliates, the employee's right to vest in the PSUs under the Amended and Restated 2015

Performance-Based RSU Plan, if any, will terminate effective as of the date that such employee is no longer actively

employed.

*Time-Based Free Share (RSU) Plan*

Pursuant to the terms of our Amended and Restated 2015 Time-Based RSU Plan, in the event of a change in

control (as defined in the 2015 Time-Based RSU Plan), if a successor corporation or a parent or subsidiary of the

successor corporation does not agree to assume or substitute outstanding RSUs, and only if the RSUs were granted at

least one year prior to the date of the change in control, the restrictions and forfeiture conditions applicable to the RSUs

will lapse and the RSUs will be deemed fully vested prior to the consummation of a change in control.

In the event of a recipient's death or disability (as defined in the Amended and Restated 2015 Time-Based RSU

Plan), any unvested RSUs will vest automatically. In the event of a recipient's retirement (as defined in the Amended and

Restated 2015 Time-Based RSU Plan), our Board of Directors has the discretion to determine whether some or all of the

unvested RSUs will vest, subject to the limitations of the plan.

If an employee with outstanding RSUs terminates his employment, or we terminate the employee's service with

the Company or any of our affiliates, the employee's right to vest in the RSUs under the Amended and Restated 2015

Time-Based RSU Plan, if any, will terminate effective as of the date that such employee is no longer actively employed.

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***Estimated Potential Payments and Benefits***

The following table estimates the potential amounts payable to our named executive officers in connection with

certain terminations of their employment or a change of control of the Company, under the circumstances described in

more detail above. The table reflects estimated amounts assuming that the termination of employment or other

circumstance, as applicable, occurred on December 31, 2025. The actual amounts that would be paid upon a named

executive officer's termination of employment or a change of control can be determined only at the time of such event. Ms.

Clarken retired from her role as Chief Executive Officer as of February 15, 2025 and Mr. Gleason resigned as Chief

Revenue Officer and President, Retail Media, effective July 29, 2025. Other than as described above in "—Executive

Employment Agreements," no severance or other payments would be paid to either Ms. Clarken or Mr. Gleason in

connection with a termination of employment or change of control of the Company.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **POTENTIAL PAYMENTS UPON TERMINATION OR FOLLOWING A CHANGE OF CONTROL** | **POTENTIAL PAYMENTS UPON TERMINATION OR FOLLOWING A CHANGE OF CONTROL** | **POTENTIAL PAYMENTS UPON TERMINATION OR FOLLOWING A CHANGE OF CONTROL** | **POTENTIAL PAYMENTS UPON TERMINATION OR FOLLOWING A CHANGE OF CONTROL** | **POTENTIAL PAYMENTS UPON TERMINATION OR FOLLOWING A CHANGE OF CONTROL** | **POTENTIAL PAYMENTS UPON TERMINATION OR FOLLOWING A CHANGE OF CONTROL** | **POTENTIAL PAYMENTS UPON TERMINATION OR FOLLOWING A CHANGE OF CONTROL** | **POTENTIAL PAYMENTS UPON TERMINATION OR FOLLOWING A CHANGE OF CONTROL** | **POTENTIAL PAYMENTS UPON TERMINATION OR FOLLOWING A CHANGE OF CONTROL** |
| | <br>**Termination Without Cause** | <br>**Termination Without Cause** | <br>**Termination Without Cause** | <br>**Termination Without Cause** | <br>**Termination Without Cause or Resignation by the Executive** <br>**With Change of Control** | <br>**Termination Without Cause or Resignation by the Executive** <br>**With Change of Control** | <br>**Termination Without Cause or Resignation by the Executive** <br>**With Change of Control** | <br>**Termination Without Cause or Resignation by the Executive** <br>**With Change of Control** |
| <br>**Name** | **Severance** <br>**Pay** <br>**($)**<br>| **Continued** <br>**Vesting of** <br>**Equity** <br>**Awards ($)**<br>| **Continued** <br>**Insurance Coverage**<br>**($)**<sup>(1)</sup><br>| **Total**<br>**($)**<br>| **Severance** <br>**Pay**<br>**($)**<br>| **Accelerated** <br>**Vesting of** <br>**Equity** <br>**Awards** <br>**($)**<sup>(2)</sup><br>| **Continued** <br>**Insurance Coverage**<br>**($)**<sup>(1)</sup><br>| **Total**<br>**($)**<br>|
| Michael <br>Komasinski<br>| $1500000  | $1886533 | $42542 | 3429075 | $1500000  | $6123581 | $42542 | 7666123 |
| Sarah Glickman | $978650  | $2600650  | $42542 | 3621842 | $978650  | $5998821 | $42542 | 7020013 |
| Ryan Damon | $833000  | $2015060  | $42542 | 2890602 | $833000  | $4606554  | $42542 | 5482096 |

---

(1) The amount shown is based on full COBRA benefits continuation costs in the United States based on the current enrollment

status of each executive.

(2) The amount shown represents the value of the equity awards that would vest upon a change of control under the additional

assumption that outstanding equity awards are not assumed or substituted in the change of control transaction, as described

above in the "Potential Payments Upon Termination or Change of Control—Treatment Under Equity Plans" narrative.

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**PAY RATIO DISCLOSURE**

Pursuant to the Exchange Act, we are required to disclose in this proxy statement the ratio of the

total annual compensation of our Chief Executive Officer to the median of the total annual compensation

of all of our employees (excluding our Chief Executive Officer). Based on SEC rules for this disclosure

and applying the methodology described below, we have determined that total annualized compensation

for Mr. Komasinski, our current Chief Executive Officer, for 2025 was $12,630,026, and the median of the

total compensation of all of our employees (excluding Mr. Komasinski) for 2025 was approximately

$104,354. Accordingly, we estimate the ratio of Mr. Komasinski's total compensation for 2025 to the

median of the total compensation of all of our employees (excluding Mr. Komasinski) for 2025 to be

approximately 121 to 1.

Mr. Komasinski became the Chief Executive Officer of the Company on February 15, 2025. As

permitted by SEC rules, in calculating this pay ratio we annualized Mr. Komasinski's fiscal 2025

compensation by utilizing his annual base salary and annual bonus. No other adjustments were made to

Mr. Komasinski's fiscal 2025 compensation as reported in the Summary Compensation Table.

We selected December 31, 2025, which is a date within the last three months of fiscal year 2025,

as the determination date to identify our median employee. To find the median of the annual total

compensation of all our employees (excluding Mr. Komasinski), we used the amount of salary, wages,

overtime and bonus from our payroll records as our consistently applied compensation metric. In making

this determination, we annualized the compensation for those employees who were hired during fiscal

2025 as permitted under SEC rules. We did not make any cost-of-living adjustments in identifying the

median employee. After identifying the median employee, we calculated the annual total compensation for

such employee using the same methodology we used for Mr. Komasinski's annual total compensation in

the Summary Compensation table for fiscal year 2025.

In accordance with SEC rules, we excluded all employees in certain non-U.S. jurisdictions that, in

each case, constituted less than 1.83% of our total headcount. The excluded employees were located in

Australia (18 employees), China (19 employees), Israel (17 employees), Italy (19 employees), the

Netherlands (16 employees), Russia (1 employee), Sweden (3 employees), South Korea (66 employees)

and Dubai (9 employees). The 168 excluded employees constituted 4.66% of our total number of 3,606

U.S. and non-U.S. employees as of December 31, 2025.

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 **PAY VERSUS PERFORMANCE**

Under rules adopted pursuant to the Dodd-Frank Act, we are required to disclose certain information about the relationship between the

compensation actually paid to our named executive officers and certain measures of company performance. The material that follows is provided

in compliance with these rules however additional information regarding our compensation philosophy, the structure of our performance-based

compensation programs, and compensation decisions made this year is described above in our "Compensation Discussion and Analysis".

The following table provides information regarding compensation actually paid to our principal executive officer, or PEO, and other NEOs

for each year from 2021 to 2025, compared to our total shareholder return ("TSR") from December 31, 2020 through the end of each such year,

and our net income and Adjusted EBITDA for each such year.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | **Value of Initial Fixed $100** <br>**Investment Based On:**  | **Value of Initial Fixed $100** <br>**Investment Based On:**  |  |  |
|  | **Summary** |  | **Summary**  |  | **Average Summary** | **Average** |  | **Peer Group** | **Net Income** <br>**($ millions)** |  |
|  | **Compensation** | **Compensation** | **Compensation** | **Compensation**  | **Compensation** | **Compensation** | **Total** | **Total** | **Net Income** <br>**($ millions)** |  |
| **Fiscal** | **Table Total** | **Actually Paid** | **Table Total** | **Actually Paid**  | **Table Total** | **Actually Paid** | **Shareholder** | **Shareholder** | **Net Income** <br>**($ millions)** | **Adjusted** |
| **Year** | **for PEO (Clarken)** | **to PEO (Clarken)** | **for PEO** <br>**(Komasinski)**<br>| **to PEO** <br>**(Komasinski)**<br>| **for non-PEO NEOs** | **to non-PEO NEOs** | **Return** | **Return** | **Net Income** <br>**($ millions)** | **EBITDA ($** <br>**millions)**<br>|
| **(a)** | **(b)** | **(c)** | **(b)** | **(c)** | **(d)** | **(e)** | **(f)** | **(g)** | **(h)** | **(i)** |
| 2025 | $440044 | $(10871266) | $12477560 | $7894728 | $4670402 | $(1486790) | $100.49 | $120.18 | $149 | $407 |
| 2024 | $10655670 | $22606625 | N/A | N/A | $4299117 | $8199560 | $192.88 | $103.66 | $115 | $390 |
| 2023 | $9213663 | $8037540 | N/A | N/A | $3482977 | $2911501 | $123.45 | $80.02 | $55 | $302 |
| 2022 | $7063702 | $109157 | N/A | N/A | $2573107 | $(84334) | $127.06 | $49.66 | $11 | $267 |
| 2021 | $9573644 | $17678710 | N/A | N/A | $1879611 | $5097357 | $189.52 | $94.84 | $138 | $323 |

---

(a) Megan Clarken was our PEO from November 25, 2019 through February 15, 2025. Michael Komasinski has been our PEO since February 15, 2025.

(b) Represents the total compensation paid to our PEO in each listed year, as shown in our Summary Compensation Table for such listed year.

(c) Compensation actually paid does not mean that our PEO was actually paid those amounts in the listed year, but this is a dollar amount derived from the starting

point of summary compensation table total compensation under the methodology prescribed under the relevant rules as shown in the adjustment tables below.

---

| | |
|:---|:---|
| **PEO (Clarken)**  | **PEO (Clarken)**  |
| **Prior FYE** | 12/31/2024 |
| **Current FYE** | 12/31/2025 |
| **Fiscal Year** | 2025 |
| Summary Compensation Table Totals | $440044 |
| - Change in Pension Value and Above Market Non-Qualified Deferred Compensation | $— |
| - Grant Date Fair Value of Option Awards and Stock Awards Granted in Fiscal Year | $— |
| + Fair Value at Fiscal Year-End of Outstanding and Unvested Option Awards and Stock <br>Awards Granted in Fiscal Year<br>| $— |

---

<u>[**Table of Contents**](#i0a082b1cae7543198d8e88d109bed8fd_16)</u>

---

| | |
|:---|:---|
| + Change in Fair Value of Outstanding and Unvested Option Awards and Stock Awards <br>Granted in Prior Fiscal Years<br>| $(10389364) |
| + Fair Value at Vesting of Option Awards and Stock Awards Granted in Fiscal Year That <br>Vested During Fiscal Year<br>| $— |
| + Change in Fair Value as of Vesting Date of Option Awards and Stock Awards Granted in <br>Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal <br>Year<br>| $(921946) |
| - Fair Value as of Prior Fiscal Year-End of Option Awards and Stock Awards Granted in <br>Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year<br>| $— |
| '+ Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise <br>Reflected in Fair Value or Total Compensation<br>| $— |
| Compensation Actually Paid | **$(10871266)** |

---

---

| | |
|:---|:---|
| **PEO (Komasinski)** | **PEO (Komasinski)** |
| **Prior FYE** | 12/31/2024 |
| **Current FYE** | 12/31/2025 |
| **Fiscal Year** | 2025 |
| Summary Compensation Table Totals | $12477560 |
| - Change in Pension Value and Above Market Non-Qualified Deferred Compensation | $— |
| - Grant Date Fair Value of Option Awards and Stock Awards Granted in Fiscal Year | $(10043994) |
| + Fair Value at Fiscal Year-End of Outstanding and Unvested Option Awards and Stock <br>Awards Granted in Fiscal Year<br>| $5461162 |
| + Change in Fair Value of Outstanding and Unvested Option Awards and Stock Awards <br>Granted in Prior Fiscal Years<br>| $— |
| + Fair Value at Vesting of Option Awards and Stock Awards Granted in Fiscal Year That <br>Vested During Fiscal Year<br>| $— |
| + Change in Fair Value as of Vesting Date of Option Awards and Stock Awards Granted in <br>Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal <br>Year<br>| $— |
| - Fair Value as of Prior Fiscal Year-End of Option Awards and Stock Awards Granted in <br>Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year<br>| $— |
| '+ Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise <br>Reflected in Fair Value or Total Compensation<br>| $— |
| Compensation Actually Paid | **$7894728** |

---

\*The assumptions used for determining the fair values shown in these tables are materially consistent with those used to determine the fair values disclosed as of the grant date of

such awards.

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(d) These amounts are the average of the total compensation paid to our NEOs other than our PEO in each listed year, as shown in our Summary Compensation

Table for such listed year. The names of the non-PEO NEOs in each year are listed in the table below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Position**  | **Fiscal Year Position**  | **Fiscal Year Position**  | **Fiscal Year Position**  | **Fiscal Year Position**  |
| **Officer Name**  | **2021** | **2022** | **2023** | **2024** | **2025** |
| Sarah Glickman | NEO | NEO | NEO | NEO | NEO |
| Ryan Damon | NEO | NEO | NEO | NEO | NEO  |
| Brian Gleason | N/A | N/A | N/A | NEO | NEO  |

---

(e) These amounts are the average of compensation actually paid for our NEOs other than our PEO in each listed year. Compensation actually paid does not

mean that these NEOs were actually paid those amounts in the listed year, but this is a dollar amount derived from the starting point of Summary Compensation

Table total compensation under the methodology prescribed under the SEC's rules as shown in the table below, with the indicated figures showing an average of

such figure for all NEOs other than our PEO in each listed year.

---

| | |
|:---|:---|
| **Average NEO** |  |
| **Prior FYE** | 12/31/2024 |
| **Current FYE** | 12/31/2025 |
| **Fiscal Year** | 2025 |
| Summary Compensation Table Total | $4670402 |
| - Change in Pension Value and Above Market Non-Qualified Deferred Compensation | $— |
| - Grant Date Fair Value of Option Awards and Stock Awards Granted in Fiscal Year | $(3944264) |
| + Fair Value at Fiscal Year-End of Outstanding and Unvested Option Awards and Stock <br>Awards Granted in Fiscal Year<br>| $1482090 |
| + Change in Fair Value of Outstanding and Unvested Option Awards and Stock Awards <br>Granted in Prior Fiscal Years<br>| $(3362963) |
| + Fair Value at Vesting of Option Awards and Stock Awards Granted in Fiscal Year That <br>Vested During Fiscal Year<br>| $— |
| + Change in Fair Value as of Vesting Date of Option Awards and Stock Awards Granted in <br>Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal <br>Year<br>| $(332056) |
| - Fair Value as of Prior Fiscal Year-End of Option Awards and Stock Awards Granted in Prior <br>Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year<br>| $— |
| '+ Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise <br>Reflected in Fair Value or Total Compensation<br>| $— |
| **Compensation Actually Paid** | **$(1486790)** |

---

\*Note that the fair value assumptions shown with respect to footnote (c) apply to the figures in this table as well.

(f) Total shareholder return is calculated by assuming that a $100 investment was made on the day prior to the first fiscal year reported below and reinvesting all

dividends until the last day of each reported fiscal year.

(g) The peer group used is the Nasdaq Internet Index, as used in the Company's performance graph in our annual report. Total shareholder return is calculated by

assuming that a $100 investment was made on the day prior to the first fiscal year reported below and reinvesting all dividends until the last day of each reported

fiscal year.

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(h) The dollar amounts reported are the Company's net income reflected in the Company's audited financial statements.

(i) In the Company's assessment Adjusted EBITDA is the financial performance measure that is the most important financial performance measure (other than total

shareholder return and net income) used by the company in 2025 to link compensation actually paid to performance. Adjusted EBITDA can be determined from

net income by adding back financial income (expense), income taxes, depreciation and amortization, and adjusting to eliminate the impact of equity awards

compensation expense, pension service costs, certain restructuring, integration and transformation costs, certain acquisition costs and a loss contingency

related to a regulatory matter.

*Description of Relationships Between Compensation Actually Paid and Performance*

We believe the Company's pay-for-performance philosophy is well reflected in the table above because the Compensation Actually Paid

tracks well to the performance measures disclosed in such tables. The graphs below describe, in a manner compliant with the relevant rules, the

relationship between Compensation Actually Paid and the individual performance measure shown.

![Criteo CAP vs Adjusted EBITDA - PvP.jpg](crto-20260508_g26.jpg)

<u>[**Table of Contents**](#i0a082b1cae7543198d8e88d109bed8fd_16)</u>

![Criteo CAP vs TSR - PvP.jpg](crto-20260508_g27.jpg)

<u>[**Table of Contents**](#i0a082b1cae7543198d8e88d109bed8fd_16)</u>

![Criteo CAP vs Net Income - PvP.jpg](crto-20260508_g28.jpg)

*Tabular List of Financial Performance Measures*

As described in greater detail in "Compensation Discussion and Analysis," the objectives of our executive compensation program are to

ensure that we are able to attract and retain highly skilled executives and to provide a compensation program that incentivizes management to

optimize business performance, deploy capital productively, and increase long-term shareholder value. The most important financial performance

measures used by the Board of Directors for the most recently completed fiscal year to link compensation actually paid to our named executive

officers to the Company's performance are as follows (unranked):

---

| |
|:---|
| **Most Important Financial Performance Measures** |
| Contribution ex-TAC |
| Adjusted EBITDA |
| Retail Media Contribution ex-TAC |

---

<u>[**Table of Contents**](#i0a082b1cae7543198d8e88d109bed8fd_16)</u>

**COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION**

The compensation committee currently consists of Ms. Balla and Messrs. Mesrobian and

Teunissen. During fiscal year 2025, no member of the compensation committee was an employee, officer

or former officer of the Company or any of its subsidiaries. During fiscal year 2025, no member of the

compensation committee had a relationship that must be described under the SEC rules relating to

disclosure of related person transactions. During fiscal year 2025, none of our executive officers served

on the board of directors or compensation committee of any entity that had one or more of its executive

officers serving on the Company's Board of Directors or compensation committee.

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**RESOLUTION 5:** 

**ADVISORY VOTE TO APPROVE THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS**

In accordance with the requirements of Section 14A of the Exchange Act, we are including in this

proxy statement a Resolution, subject to shareholder vote, to approve, on a non-binding advisory basis,

the compensation of our named executive officers (as disclosed under "Executive Compensation—

Compensation Discussion and Analysis" and the tables that follow).

Our primary compensation goals for our named executive officers are (1) to attract and retain a

highly skilled team of executives in competitive markets; (2) to reward our executives for achieving or

exceeding our financial, operational, and strategic performance goals; (3) to align our executives' interests

with those of our shareholders; and (4) to provide compensation packages that are competitive and

reasonable relative to our peers and the broader competitive market. Our compensation programs are

designed to reward our named executive officers for the achievement of annual and long-term strategic

and operational goals that are expected to increase shareholder value, while at the same time avoiding

the encouragement of unnecessary or excessive risk-taking. Prior to voting, we encourage shareholders

to review the Compensation Discussion and Analysis and executive compensation tables in "Executive

Compensation" in this proxy statement for complete details of how our compensation policies and

procedures for our named executive officers operate and are designed to achieve our compensation

objectives in 2025.

We believe that our compensation programs for our named executive officers have been effective

at promoting the achievement of positive results, appropriately aligning pay and performance and

enabling us to attract and retain very talented executives within our industry, while at the same time

avoiding the encouragement of unnecessary or excessive risk-taking.

We are asking our shareholders to indicate their support for the compensation of our named

executive officers as described in this proxy statement. This Resolution, commonly known as a

"say-on-pay" proposal, gives you as a shareholder the opportunity to express your views on our 2025

compensation for our named executive officers. This vote is not intended to address any specific item of

compensation; rather, the vote relates to the overall compensation of our named executive officers as

described in this proxy statement in accordance with the compensation disclosure rules of the SEC. At the

2022 Annual General Meeting, our shareholders recommended that our Board of Directors hold a say-on-

pay vote on an annual basis. At the 2025 Annual General Meeting, approximately 97.98% of the votes

cast were in favor of the advisory vote to approve our executive compensation. We engaged in outreach

to a significant number of our shareholders, covering a large percentage of our outstanding shares. We

continuously engage with our largest investors and regularly solicit their feedback on a variety of

corporate governance topics, including executive compensation, as part of the compensation committee's

review of our compensation strategy.

Although this is an advisory vote which will not be binding on our compensation committee or

Board of Directors, our compensation committee and Board of Directors will carefully review the results of

the shareholder vote. Our compensation committee and Board of Directors will consider potential

shareholders' concerns and take them into account in future determinations concerning compensation of

our named executive officers. Our Board of Directors therefore recommends that you indicate your

support for the compensation of our named executive officers in 2025 as outlined in this proxy statement,

by voting "FOR" Resolution 5.

For the full text of Resolution 5, please see Annex A.

***RECOMMENDATION***

***THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE "FOR"*** 

***RESOLUTION 5.***

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**RESOLUTIONS 6 TO 8:** 

**VOTE ON THE 2025 FINANCIAL STATEMENTS AND ALLOCATION OF RESULTS**

In accordance with French corporate law, our statutory financial statements, prepared in

accordance with French GAAP, and our consolidated financial statements prepared in accordance with

IFRS as adopted by the European Union, must each be approved by our shareholders within six months

following the close of the year. At the Annual General Meeting, the Statutory Auditors will present their

reports on our 2025 French GAAP statutory financial statements and our 2025 IFRS consolidated

financial statements.

Resolution 6 approves our statutory financial statements for the fiscal year ended December 31,

2025 (also referred to as individual or corporate financial statements) and the transactions disclosed

therein. For reference, an English translation of our statutory financial statements for the fiscal year ended

December 31, 2025, prepared in accordance with French GAAP is set forth in Annex B.

Resolution 7 approves our consolidated financial statements for the fiscal year ended December

31, 2025, and the transactions disclosed therein. For reference, an English translation of our consolidated

financial statements for the fiscal year ended December 31, 2025, prepared in accordance with IFRS as

adopted by the European Union is set forth in Annex C.

Resolution 8 allocates the loss for the Company's statutory financial statements of €14,676,214

for the fiscal year ended December 31, 2025, to retained earnings.

For the full text of Resolutions 6 to 8, please see Annex A.

***RECOMMENDATION***

***THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE "FOR"***

***RESOLUTIONS 6 TO 8.***

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**RESOLUTION 9:**

**VOTE ON AGREEMENT REFERRED TO IN ARTICLES L. 225-38 ET SEQ. OF THE FRENCH** 

**COMMERCIAL CODE**

Pursuant to French law, each of our Board of Directors and our Statutory Auditors must report

annually to our shareholders regarding any related person transactions within the meaning of Articles L.

225-38 et seq. of the French Commercial Code in advance of our Annual General Meeting, and such

transactions generally must be approved, prior to their execution, by the Board of Directors, and then

submitted to our shareholders for approval at our Annual General Meeting. As a result, each year we ask

our shareholders to approve any related person agreements referred to in Articles L. 225-38 et seq. of the

French Commercial Code. Only new agreements authorized over the course of 2025 are subject to a vote

at the Annual General Meeting, and agreements entered into between the Company and its wholly-owned

subsidiaries are not subject to the procedure of regulated agreements. Pursuant to French law, interested

persons may not participate in the Board of Directors' prior approval or the shareholder vote on such

agreement and, in each case, their vote or votes will not be taken into account in calculating the quorum

or majority for such resolution. Any such agreement not approved in advance by the Board of Directors

and which has a harmful effect on the Company can be annulled during a three-year period starting on

the date of the execution of such agreement, unless it is subsequently ratified by the shareholders.

The only agreement entered into in 2025 which is a related person transaction within the meaning

of Articles L. 225-38 et seq. of the French Commercial Code subject to shareholders' approval pursuant to

Resolution 9 (and not otherwise already approved by shareholders), is the agreement to subscribe liability

insurance and provide indemnification with Ms. Stefanie Jay.

The indemnification agreement entered into with Ms. Jay was approved by the Board of Directors

during its meeting held on April 9, 2025 and is submitted for shareholder approval pursuant to Resolution

9. Ms. Jay did not participate in the discussions and did not vote to approve her indemnification

agreement, as she was not a director at the time the decision was made by the Board of Directors. The

indemnification agreement is substantially in the form of the indemnification agreement filed as an exhibit

to the Company's 2025 Annual Report on Form 10-K, filed with the SEC on February 26, 2026, and is

substantially consistent with indemnification agreements entered into in the past with other directors and

officers.

Resolution 9 relates to shareholder approval of offers to subscribe liability insurance and provide

indemnification that we have entered into with certain of our executive officers and each of our directors.

Under French law, provisions of by-laws that limit the liability of directors are prohibited. However, French

law allows *sociétés anonymes* to contract for and maintain liability insurance against civil liabilities

incurred by any of their directors and officers involved in a third-party action, provided that they acted in

good faith and within their capacities as directors or officers of the company. Criminal liability cannot be

indemnified under French law, whether directly by a company or through liability insurance.

We have entered into agreements with our directors and certain officers to provide liability

insurance to cover damages and expenses related to judgments, fines and settlements in any action

arising out of their actions as directors and officers. The agreements do not provide coverage for willful or

gross misconduct, actions by Criteo or derivative actions by shareholders on Criteo's behalf, insider

trading, or actions in bad faith or contrary to Criteo's best interest, or criminal or fraudulent proceedings.

Under French law, a director or officer may not be held liable to third parties for recklessness or gross

negligence not involving intentional misconduct, but rather only to the Company itself. Claims made by

Criteo or by any shareholder or other person on Criteo's behalf are not indemnifiable. Director and officer

indemnification agreements and insurance are customary among listed companies in the United States,

including our peer companies. We believe these agreements are very limited and are intended to provide

the same or smaller scope of coverage as would be provided by companies in the United States, with

which we compete for talent, but within the confines of French law. As a result, we believe that these

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arrangements are consistent with market practice in our main competitive markets for director and

executive talent and are therefore necessary to attract qualified directors and executive officers.

A special report of the Statutory Auditors on the related person transactions entered into in 2025

and submitted to the shareholders for approval will be made available to the shareholders in accordance

with Articles L. 225-40 and L. 225-40-1 of the French Commercial Code.

For the full text of Resolution 9, please see Annex A.

***RECOMMENDATION***

***THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE "FOR"***

***RESOLUTION 9.***

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**AUDIT COMMITTEE REPORT**

As the audit committee of the Board of Directors, we are composed of independent directors as

required by, and in compliance with, the listing standards of Nasdaq and applicable SEC rules. We

operate pursuant to a written audit committee charter adopted by the Board of Directors. Following is the

report of the audit committee with respect to the Company's audited 2025 consolidated financial

statements, which include its consolidated statements of financial position as of December 31, 2025 and

2024, and the related consolidated statements of income, comprehensive income, changes in equity and

cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes

thereto.

*Responsibilities.* As described above under the heading "Board of Directors—Board Committees

—Audit Committee," the audit committee is responsible for, among other things, the evaluation and

assessment of the independence and qualification of the independent registered public accounting firm to

the extent permitted under French law. It is not the duty of the audit committee to plan or conduct audits

or to prepare the Company's financial statements. Management is responsible for preparing the financial

statements and maintaining effective internal control over financial reporting pursuant to Section 404 of

the Sarbanes-Oxley Act ("Section 404") and has the primary responsibility for assuring their accuracy,

effectiveness and completeness. The independent registered public accounting firm is responsible for

auditing those financial statements and the effectiveness of internal control over financial reporting and

expressing its opinion as to whether the financial statements present fairly, in accordance with U.S.

GAAP, the Company's financial position, results of operations and cash flows and whether the Company's

internal control over financial reporting is effective. However, the audit committee does review, upon

completion of the audit, the consolidated financial statements proposed to be included in the Company's

reports with the SEC and recommends whether such financial statements should be included. The audit

committee also reviews any analyses prepared by management or the independent registered public

accounting firm setting forth significant financial reporting issues and judgments made in connection with

the preparation of the financial statements and reviews with management and the independent registered

public accounting firm, as appropriate, significant issues that arise regarding accounting principles and

financial statement presentation. The audit committee also reviews and discusses with the independent

registered public accounting firm the critical audit matters arising from the audit of the Company's

financial statements. In addition, the audit committee reviews, upon completion of the audit, the

consolidated financial statements prepared in accordance with IFRS as adopted by the European Union

for the purpose of our statutory reporting requirements.

In the absence of their possession of a reason to believe that such reliance is unwarranted, the

members of the audit committee necessarily rely on the information or documentation provided to them

by, and on the representations made by, management or other employees of the Company, the

independent registered public accounting firm, and/or any consultant or professional retained by the audit

committee, the Board of Directors, management or by any board committee. Accordingly, the audit

committee's oversight does not provide an independent basis to determine that management has applied

U.S. GAAP appropriately or maintained appropriate internal controls and disclosure controls and

procedures designed to assure compliance with accounting standards and applicable laws and

regulations. Furthermore, the audit committee's authority and oversight responsibilities do not

independently assure that the audits of the financial statements have been carried out in accordance with

the standards of the Public Company Accounting Oversight Board (United States) (the "PCAOB") or that

the financial statements are presented in accordance with U.S. GAAP.

*Review with Management and Independent Registered Public Accounting Firm*. The audit

committee reviewed and discussed the audited consolidated financial statements for 2025, including the

quality of the Company's accounting principles, with management and the Company's independent

registered public accounting firm for 2025, Deloitte & Associés. The audit committee also discussed with

Deloitte & Associés the matters required to be discussed by the applicable requirements of the PCAOB

and the SEC, including, among other items, matters related to the conduct of the audit of the consolidated

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financial statements by the independent registered public accounting firm and its audit of the

effectiveness of internal control over financial reporting pursuant to Section 404. Deloitte & Associés

provided to the audit committee the written disclosures and the letter required by the applicable

requirements of the PCAOB regarding the independent accountant's communications with the audit

committee concerning independence, and the audit committee discussed with Deloitte & Associés the

latter's independence, including whether its provision of non-audit services compromised such

independence.

*Conclusion of the Audit Committee*. Based upon the reviews and discussions referred to above,

the audit committee recommended that the Board of Directors include the audited consolidated financial

statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, as

filed with the SEC on February 26, 2026.

Submitted by the audit committee of the Board of Directors:

---

| |
|:---|
| Ernst Teunissen (Chair) |
| Nathalie Balla |
| Stefanie Jay |

---

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**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Our independent registered public accounting firm, Deloitte & Associés, was renewed by

shareholders at the 2023 Annual General Meeting to serve as the independent registered public

accounting firm for the Company until the annual meeting of the Company's shareholders approving the

financial statements for the fiscal year 2028. Deloitte & Associés has audited the accounts and records of

the Company and its subsidiaries since 2011. A representative of Deloitte & Associés is expected to be

present at the Annual General Meeting and will have the opportunity to make a statement and will be

available to respond to appropriate questions.

The fees for professional services rendered by Deloitte & Associés in each of 2024 and 2025

were:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  | (in thousands) | (in thousands) |
| Audit Fees<sup>(1)(2)</sup> | $2698 | $2773 |
| Audit-Related Fees<sup>(3)</sup> | $182 | $182 |
| Tax Fees<sup>(4)</sup> | $466 | $393 |
| All Other Fees<sup>(5)</sup> | $4 | $4 |
| Total | $3350 | $3352 |

---

______________________

(1)As Criteo is a company incorporated in France, a substantial portion of the audit fees are denominated in euros

and have been translated into U.S. dollars using the average exchange rate for the period.

(2)"Audit Fees" are the aggregate fees for the audit of our consolidated financial statements (including statutory

financial statements for Criteo S.A. and other consolidated entities, both French and foreign). This category also

includes services relating to (i) procedures performed on internal controls in accordance with Section 404 of the

Sarbanes-Oxley Act and (ii) other services that are generally provided by the independent accountant, such as

consents and assistance with and review of documents filed with the SEC.

(3)"Audit-Related Fees" are the aggregate fees for assurance and related services reasonably related to the

performance of the audit and not reported under Audit Fees. This includes fees related to assurance services on

corporate social responsibility reporting requirement, as required under the French Commercial Code, and

assurance services for the issuance of a report on compliance with bank covenants.

(4)"Tax Fees" are the aggregate fees for professional services rendered by the principal accountant for tax

compliance, tax advice and tax planning related services. This fee category primarily includes tax advice services

related to French jurisdiction tax matters.

(5)"All Other Fees" are any additional amounts for products and services provided by the principal accountant.

Our audit committee approved all audit and non-audit services provided by our independent

accountant.

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**DELINQUENT SECTION 16(A) REPORTS**

Section 16(a) of the Exchange Act requires our directors and executive officers, and persons who

own more than 10% of our Ordinary Shares, to file with the SEC initial reports of ownership and reports of

changes in ownership of our Ordinary Shares. Based solely upon a review of the copies of such reports

furnished to us, we believe that during the fiscal year 2025, all persons subject to the reporting

requirements of Section 16(a) of the Exchange Act filed the required reports on a timely basis with the

exception of a Form 4 for Ms. Jay involving a single transaction of 4,444 Ordinary Shares (filed with the

SEC on November 12, 2025).

![](crto-20260508_g7.gif)

<sup>5</sup> The number of shares outstanding reflects the total number of shares that can be voted at the Annual General Meeting. The

number of shares that can be voted at the Annual General Meeting does not include any Company-owned treasury shares.

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**OWNERSHIP OF SECURITIES**

The following table sets forth information with respect to the beneficial ownership of our Ordinary

Shares as of March 31, 2026 (unless otherwise indicated) for:

• each beneficial owner of more than 5% of our outstanding Ordinary Shares;

• each of our named executive officers, directors and director nominees; and

• all of our executive officers, directors and director nominees as a group.

Beneficial ownership is determined in accordance with the rules of the SEC. These rules

generally attribute beneficial ownership of securities to persons who possess sole or shared voting power

or investment power with respect to those securities and include Ordinary Shares issuable upon the

exercise of share options and warrants that are immediately exercisable or exercisable within 60 days

after March 31, 2026, and Ordinary Shares issuable upon the vesting of RSUs within 60 days after March

31, 2026. Such Ordinary Shares are also deemed outstanding for purposes of computing the percentage

ownership of the person holding the option, warrant or free share, but not the percentage ownership of

any other person. The percentage ownership information shown in the table is based upon 50,098,139<sup>5</sup>

Ordinary Shares outstanding as of March 31, 2026.

Except as otherwise indicated, to our knowledge, all persons listed below have sole voting and

investment power with respect to the Ordinary Shares beneficially owned by them, subject to applicable

community property laws. The information is not necessarily indicative of beneficial ownership for any

other purpose.

Except as otherwise indicated in the table below, addresses of our named executive officers,

directors, director nominees, and named beneficial owners are in care of Criteo S.A., 32 Rue Blanche,

75009 Paris, France.

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| | | |
|:---|:---|:---|
| | **Shares Beneficially Owned** | **Shares Beneficially Owned** |
| <br>**Name of Beneficial Owner**<br>**5% Shareholders:**<br>| **Number** | **%** |
| Neuberger Berman Group LLC (2) | 7953728 | 15.88% |
| DNB Asset Management AS (3) | 5486161 | 10.95% |
| Morgan Stanley (4) | 4474503 | 8.93% |
| Senvest Management LLC (5) | 4071880 | 8.13% |
| Barclays PLC (6) | 3035479 | 6.06% |
| **Named Executive Officers, Directors and Director Nominees:** |  |  |
| Michael Komasinski  |  | \* |
| Megan Clarken (7) | 196412 | \* |
| Sarah Glickman (8) | 249641 | \* |
| Ryan Damon (9) | 35987 | \* |
| Brian Gleason (10) |  | \* |
| Nathalie Balla | 41063 | \* |
| Stefanie Jay | 4444 | \* |
| Frederik van der Kooi | 26600 | \* |
| Marie Lalleman | 42736 | \* |
| Edmond Mesrobian | 94432 | \* |
| Rachel Picard | 59363 | \* |
| Ernst Teunissen | 12468 | \* |
| All executive officers, directors and director nominees as a group <br>(12 persons)<br>| 763146 | 1.52% |
| \* Represents beneficial ownership of less than 1%. | \* Represents beneficial ownership of less than 1%. | \* Represents beneficial ownership of less than 1%. |

---

(1)Includes Ordinary Shares represented by ADSs.

(2)Based on a Schedule 13G/A filed by Neuberger Berman Group LLC and Neuberger Berman Investment Advisers

LLC on March 3, 2026 and includes 7,953,728 shares held by individual advisory clients and various registered

mutual funds that may be deemed beneficially owned by Neuberger Berman Group LLC and Neuberger Berman

Investment Advisors LLC. Neuberger Berman Group LLC has shared voting power of 5,867,080 shares and

shared dispositive power of 7,953,728 shares. Neuberger Berman Investment Advisers LLC has shared voting

power of 5,731,390 shares and shared dispositive power of 7,818,038 shares. The principal business address of

Neuberger Berman Group LLC and Neuberger Berman Investment Advisors LLC is 1290 Avenue of the

Americas, New York, NY 10104.

(3)Based on a Schedule 13G/A filed by DNB Asset Management AS ("DNB") on February 4, 2026 and includes

5,486,161 shares held by a number of funds and managed accounts for which DNB is the investment manager

and of which DNB may be deemed to be the beneficial owner in its capacity as investment manager to such

clients. The principal address of DNB is Dronning Eufemias Gate 30, 0191 Oslo, Norway.

(4)Based on a Schedule 13G/A filed by Morgan Stanley and Morgan Stanley & Co. International plc on February 11,

2026 and includes 4,474,503 shares. Morgan Stanley has shared voting power of 4,456,486 shares and shared

dispositive power of 4,474,503 shares. Morgan Stanley & Co. International plc has shared voting power of

3,036,144 shares and shared dispositive power of 3,036,144 shares. The principal business address of Morgan

Stanley is 1585 Broadway, New York, NY 10036. The principal business address of Morgan Stanley & Co.

International plc is 25 Cabot Square Canary Wharf, London, E14 4QA, United Kingdom.

(5)Based on a Schedule 13G/A filed by Senvest Management, LLC and Richard Mashaal on August 11, 2025 and

includes shares in the account of Senvest Master Fund, LP and Senvest Technology Partners Master Fund, LP

(collectively, the "Investment Vehicles"). Senvest Management, LLC may be deemed to beneficially own the

securities held by the Investment Vehicles by virtue of Senvest Management, LLC's position as investment

manager of the Investment Vehicles. Mr. Mashaal may be deemed to beneficially own the securities held by the

Investment Vehicles by virtue of Mr. Mashaal's status as the managing member of Senvest Management, LLC.

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Senvest Management, LLC and Richard Mashaal have shared voting power of 4,071,880 shares and shared

dispositive power of 4,071,880 shares. The principal business address of Senvest Management, LLC and

Richard Mashaal is 540 Madison Avenue, 32nd Floor, New York, NY 10022.

(6)Based on a Schedule 13G filed by Barclays PLC on August 12, 2025. Barclays PLC has sole voting power of

775,479 shares, shared voting power of 2,260,000 shares, sole dispositive power of 775,479 shares and shared

dispositive power of 2,260,000 shares. The principal place of business of Barclays PLC is 1 Churchill Place,

London—E14 5HP.

(7)Ms. Clarken retired from the Board of Directors and her position as our Chief Executive Officer, effective

February 15, 2025, and her beneficial ownership is based on information available to the Company as of March

31, 2026.

(8)Includes 6,233 Ordinary Shares issuable within 60 days after March 31, 2026 upon vesting of RSUs.

(9)Includes 4,156 Ordinary Shares issuable within 60 days after March 31, 2026 upon vesting of RSUs.

(10)Mr. Gleason resigned from his position as Chief Revenue Officer and President, Retail Media, effective July 29,

2025, and his beneficial ownership is based on information available to the Company as of March 31, 2026.

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**CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS**

**Review and Approval of Related Person Transactions**

We have adopted written procedures concerning the review, approval or ratification of

transactions with our directors, executive officers and holders of more than 5% of our outstanding voting

securities and their affiliates, which we refer to as our related persons. Under SEC rules, a related person

is a director, executive officer, nominee for director, a holder of more than 5% of our outstanding voting

securities, an immediate family member (as defined under applicable SEC rules) of any of the foregoing,

or any person who was in such role at any time since the beginning of the last fiscal year. A related

person transaction is any transaction, arrangement or relationship (or any series of similar transactions,

arrangements or relationships) in which the Company or a subsidiary is a participant, where the amount

involved exceeds $120,000 and a related person had, has or will have a direct or indirect material

interest.

Directors, executive officers and nominees must complete an annual questionnaire and disclose

all potential related person transactions involving themselves and their immediate family members that

are known to them. Throughout the year, directors and executive officers must notify our Chief Legal and

Transformation Officer of any potential related person transactions as soon as they become aware of any

such transaction. Our Chief Legal and Transformation Officer informs the audit committee and the Board

of Directors of any related person transaction of which they are aware. The Board of Directors must

approve or ratify any related person transactions. The audit committee or the Board of Directors may, in

its discretion, engage outside counsel to review certain related person transactions.

During 2025, we have engaged in, or continued to be party to, the following related person

transactions.

*Agreements with Our Directors and Executive Officers: Indemnification Arrangements* 

Under French law, provisions of by-laws that limit the liability of directors are prohibited. However,

French law allows *sociétés anonymes* to contract for and maintain liability insurance against civil liabilities

incurred by any of their directors and officers involved in a third-party action, provided that they acted in

good faith and within their capacities as directors or officers of the Company. Criminal liability cannot be

indemnified under French law, whether directly by a company or through liability insurance.

We have entered into agreements with our directors and certain officers to provide liability

insurance to cover damages and expenses related to judgments, fines and settlements in any action

arising out of their actions as directors and officers. The agreements do not provide coverage for willful or

gross misconduct, actions by Criteo or derivative actions by shareholders on Criteo's behalf, insider

trading, or actions in bad faith or contrary to Criteo's best interest, or criminal or fraudulent proceedings.

Under French law, a director or officer may not be held liable to third parties for recklessness or gross

negligence not involving intentional misconduct, but rather only to the Company itself. Claims made by

Criteo or by any shareholder or other person on Criteo's behalf are not indemnifiable. Director and officer

indemnification agreements and insurance are customary among listed companies in the United States,

including our peer companies. As a result, we believe that these arrangements are consistent with market

practice in our main competitive markets for director and executive talent and are therefore necessary to

attract qualified directors and executive officers.

Shareholders are asked to approve this arrangement with Ms. Jay at the Annual General Meeting

pursuant to Resolution 9. For more information, see "Resolution 9 —Vote on the Agreements Referred to

in Articles L. 225-38 et seq. of the French Commercial Code."

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**Other Relationships**

In connection with our business, we enter into contracts and other commercial arrangements with

customers for digital advertising and other services in the ordinary course, some of which customers may

be affiliated with members of our Board of Directors. We review these and all other such transactions for

independence assessments for our Board of Directors and pursuant to our Conflicts of Interest and

Related Person Transaction Policy. For more information, see "Board of Directors and Corporate

Governance—Director Independence."

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**RESOLUTION 10:** 

**VOTE ON THE DELEGATION OF AUTHORITY TO THE BOARD OF DIRECTORS TO EXECUTE A** 

**BUYBACK OF COMPANY STOCK**

Pursuant to the following Resolution, shareholders are asked to approve a delegation of authority

to buy back the Company's shares, under the conditions set forth in Article L. 225-209-2 of the French

Commercial Code, to use as acquisition consideration and/or to underlay incentive instruments granted to

the employees and executive officers of the Company and its subsidiaries.

External growth and, in particular, acquisitions, whether tuck-in, bolt-on or mid-sized, that would

enable us to strengthen our technology platform, product portfolio or team of key employees, particularly

in Product and Research & Development, are important areas of development for us. Potential targets of

strategic importance are mainly located in the highly competitive technology industry in the United States.

While the Board of Directors is mindful of the importance of maximizing its financial liquidity, particularly in

the context of the intense competition in the advertising technology industry, in order to take advantage of

potential opportunities, we must be able to act swiftly and with the greatest financial flexibility possible,

both in terms of our access to financial resources and our ability to structure consideration in a manner

that is attractive to U.S. targets.

Since equity-based incentives are a key component in the economics of the technology industry,

the Board of Directors wishes to enable us to use Company stock, among other means, as a potential

component of acquisition consideration. Because we are not listed in the European Union and are

therefore deemed a private company for French law purposes, our shareholders may not delegate their

authority to the Board of Directors to issue new shares as consideration for potential acquisitions without

first holding a special shareholders' meeting. However, our shareholders may delegate authority to our

Board of Directors to repurchase outstanding shares in order to be able to use such shares as

consideration for potential acquisitions, rather than issuing new shares. Unlike most companies

incorporated under U.S. state law, which are generally able to repurchase their own shares without

shareholder approval, as a French company, subject to limited exceptions only, our Board of Directors

must have a specific delegation of authority in order to buy back our shares for limited pre-specified

purposes, including to be used as consideration for potential future acquisitions. You are therefore being

asked pursuant to Resolution 10 to renew our Board of Directors' existing delegation of authority to buy

back our shares to use as consideration for potential acquisitions, which otherwise would expire on June

13, 2026.

In addition, equity-based compensation is an important tool for us to attract industry leaders of the

highest caliber in the technology industry and to retain them for the long term, as well as to ensure

employees' interests are aligned with those of our shareholders. As a result, the scope of the

authorization being requested pursuant to Resolution 10 also allows us to use repurchased shares to

grant equity to our employees in a manner that would not be dilutive to our shareholders.

Furthermore, in order to give the Board of Directors the necessary flexibility to respond rapidly to

any change in market conditions, the shareholders are asked to approve that the authorization being

requested pursuant to Resolution 10 may be used to allocate the repurchased shares to shareholders of

the Company who, within five years of their repurchase, notify the Company of their intention to acquire

them in connection with an offering for sale organized by the Company in accordance with the conditions

set out in Article L.225-209-2 of the French Commercial Code.

The shareholders are also asked to approve the use of this authorization for any other purpose

that would be permitted by law on the date of such use, in the event that the permitted purposes for share

buyback programs are amended by law to bring them in line with the provisions of Article L. 22-10-62 of

the French Commercial Code applicable to companies listed on a European market.

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Share repurchases pursuant to this Resolution cannot exceed 10% of our share capital, and

share repurchases for potential future use as merger and acquisition consideration cannot exceed 5% of

our share capital. Any share repurchases pursuant to this Resolution must be carried out within the price

range $10.40 to $46.31 determined by an independent expert (as required by Article L. 225-209-2 of the

French Commercial Code) and approved by the shareholders pursuant to Resolution 10. The aggregate

cap on repurchases pursuant to this Resolution 10 is $257,760,950.59.

This delegation of authority would be effective for 12 months (valid through June 29, 2027) and

implemented under the conditions of Article L. 225-209-2 of the French Commercial Code. It would

supersede the corresponding delegation granted by the shareholders at last year's Annual General

Meeting.

Our Board of Directors approved a share buy-back program in its meeting dated February 5,

2021 for an initial amount of USD $100 million, and extended it consecutively (i) to USD $175 million

during its meeting dated October 28, 2021, (ii) to USD $280 million during its meeting dated February 3,

2022, (iii) to USD $480 million during its meeting dated December 7, 2022, (v) to USD $630 million during

its meeting dated February 1, 2024, (vi) to USD $805 million during its meeting dated January 31, 2025

and (vii) to USD $1,005 million during its meeting dated February 6, 2026. Such share buy-back program

is designed to satisfy employee equity plan vesting, in lieu of issuing new shares, and potentially in

connection with M&A transactions.

Under no circumstances can the Board of Directors use this delegation of authority during an

unsolicited public tender offer by a third party on our shares.

The following documents will be made available to the shareholders entitled to vote at the Annual

General Meeting in accordance with Articles L. 225-115, R. 225-83 and R. 225-89 of the French

Commercial Code: (i) the report prepared by an independent expert appointed pursuant to the provisions

of Article L. 225-209-2 of the French Commercial Code and (ii) the Statutory Auditors' report.

For the full text of Resolution 10, please see Annex A.

***RECOMMENDATION*** 

***THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE "FOR"*** 

***RESOLUTION 10.***

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**RESOLUTION 11:**

**VOTE ON THE DELEGATION OF AUTHORITY TO THE BOARD OF DIRECTORS TO REDUCE THE** 

**COMPANY'S SHARE CAPITAL BY CANCELING SHARES AS PART OF THE AUTHORIZATION TO** 

**BUY BACK SHARES**

The shareholders are asked to grant all powers to the Board of Directors for the purpose of

canceling, on one or more occasions, all or part of the Company shares acquired as a result of the share

repurchases authorized by the shareholders pursuant to Resolution 10. The shares to be canceled

pursuant to this authorization shall not exceed 10% of our share capital in any 24-month period.

This authorization would be granted for a 12-month period (valid through June 29, 2027) and

supersedes the authorization for the same purpose granted by Resolution 15 of the Shareholders'

Meeting of June 13, 2025.

The authorizations with the same scope granted respectively by the Shareholders' Meeting held

on June 25, 2024 and by the Shareholders' Meeting held on June 13, 2025 were used by the Board of

Directors, for the first authorization above-mentioned, on December 5, 2024, effective as of December 9,

2024, a total of 1,440,000 shares being thus canceled, and the second authorization above-mentioned,

on December 4, 2025, effective as of December 8, 2025, a total of 2,195,000 shares being thus canceled.

For the full text of Resolution 11, please see Annex A.

***RECOMMENDATION***

***THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE "FOR"*** 

***RESOLUTION 11.***

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**RESOLUTION 12:** 

**VOTE ON THE AUTHORIZATION TO BE GIVEN TO THE BOARD OF DIRECTORS TO REDUCE** 

**SHARE CAPITAL BY CANCELING SHARES ACQUIRED PURSUANT TO PROVISIONS OF ARTICLE** 

**L. 225-208 OF THE FRENCH COMMERCIAL CODE**

The shareholders are asked to grant all powers to the Board of Directors for the purpose of

carrying out a share capital reduction not motivated by losses, on one or more occasions, up to a

maximum amount of €139,149.725 which represents 10% of our share capital as of December 31, 2025,

by way of cancellation of a maximum of 5,565,989 of the Company's shares with a par value €0.025 per

share, acquired by the Company in accordance with Article L. 225-208 of the French Commercial Code.

This authorization would allow the Company to comply with the provisions of Article L. 225-214 of

the French Commercial Code, which imposes the cancellation of shares purchased by the Company on

the grounds of Article L.225-208 that have not been allocated within one year of their repurchase.

This authorization would be granted for a 12-month period (valid through June 29, 2027) and

supersedes the authorization for the same purpose granted by Resolution 16 of the Shareholders'

Meeting of June 13, 2025.

This authorization shall not be used during a public tender offer by a third party.

For the full text of Resolution 12, please see Annex A.

***RECOMMENDATION***

***THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE "FOR"*** 

***RESOLUTION 12.***

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**RESOLUTION 13:** 

**VOTE ON THE DELEGATION OF AUTHORITY TO THE BOARD OF DIRECTORS TO REDUCE** 

**SHARE CAPITAL BY WAY OF A BUYBACK OF COMPANY STOCK FOLLOWING THE** 

**CANCELLATION OF REPURCHASED STOCK**

The shareholders are asked to grant all powers to the Board of Directors for the purpose of

carrying out, in one or more times, one or more repurchases of shares (or ADSs) within the limit of a

maximum number of 11,131,979 shares (representing approximately 20% of the share capital of the

Company as of December 31, 2025) of a nominal value of €0.025 per share for the purposes of canceling

them and resulting in the Company's share capital reduction not arising from losses, of a maximum

nominal amount of €278,299.475, in accordance with the provisions of Articles L.225-204 and L. 225-207

of the French Commercial Code.

Should the shareholders vote in favor of this Resolution, the Board of Directors would be

authorized to implement a share capital reduction by way of a share buyback offer to all Company

shareholders and cancellation of the shares tendered by the shareholders, and to determine its final

amount. The cancellation of the shares so repurchased would have an accretive effect on shareholders.

The per share repurchase price will be determined by the Board of Directors within the limit of a

maximum price of $46.31 per share (or the equivalent in euros on the date of implementation of this

delegation), i.e., a maximum aggregate amount of $515,521,947.490 based upon the above maximum

number of 11,131,979 shares.

The Company's creditors may object to the share capital reduction during a period of 20 days

following the filing at the Commercial Court registry of the minutes of the shareholders' meeting and of the

minutes of the deliberations of the Board of Directors implementing the delegation.

This authorization would be granted for an 18-month period (valid through December 29, 2027).

This authorization could not be implemented in the event of a public tender offer on the Company

by a third party.

For the full text of Resolution 13, please see Annex A.

***RECOMMENDATION***

***THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE "FOR"*** 

***RESOLUTION 13.***

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**EQUITY RESOLUTIONS**

**Introduction**

The following is an overview of the equity plan-related proposal being submitted for the approval

of our shareholders, which is described in more detail below.

Our shareholders previously authorized us, pursuant to Resolution 18 at the 2025 Annual General

Meeting of June 13, 2025, to deliver up to 7,000,000 Ordinary Shares under our equity compensation

plans (the "Existing Equity Pool"). As of March 31, 2026, approximately 1,419,693 Ordinary Shares (or

904,263 full-value awards under our Fungible Share Ratio of 1.57, as discussed further below) remained

available for future delivery under the Existing Equity Pool. In the past year, the Company used only

treasury shares to settle vesting of equity awards and thus no incremental shareholder dilution resulted

from the settlement of such awards. The Board of Directors believes that, given our organic and external

growth strategy for 2026 and 2027, the Existing Equity Pool may be insufficient to meet our anticipated

needs prior to the 2027 Annual General Meeting.

Additionally, pursuant to Resolution 16 at the 2023 Annual General Meeting of June 13, 2023, our

shareholders authorized the Board of Directors to grant stock options to subscribe for or purchase

Ordinary Shares ("Options") under the Amended 2016 Stock Option Plan (the "2016 Stock Option Plan").

Further, pursuant to Resolutions 15 and 16 at the 2024 Annual General Meeting of June 25, 2024, our

shareholders authorized the Board of Directors to grant, respectively, (i) time-based restricted stock units

("Time-Based RSUs" or "RSUs") under the Amended and Restated 2015 Time-Based RSU Plan (the

"2015 Time-Based RSU Plan") and (ii) performance-based RSUs ("PSUs") under the Amended and

Restated 2015 Performance-Based Restricted Stock Unit Plan (the "2015 Performance-Based RSU

Plan"). The 2016 Stock Option Plan, the 2015 Time-Based RSU Plan, and the 2015 Performance-Based

RSU plan are herein referred to as the "Equity Plans."

Pursuant to such Resolutions, the Board of Directors is authorized to grant Options until August

13, 2026 and is authorized to grant Time-Based RSUs and PSUs until August 25, 2027. We are asking

our shareholders to renew the authorization to grant Options pursuant to Resolution 14 at the Annual

General Meeting.

Additionally, pursuant to Resolution 15 below, we are requesting that shareholders authorize a

share reserve of 7,000,000 new Ordinary Shares, which will cover potential future grants under all three

Equity Plans from the date of the 2026 Annual General Meeting (the "New Equity Pool"). **Once the** 

**authorization for the New Equity Pool is approved by shareholders, we will no longer be able to** 

**grant any equity awards from the Existing Equity Pool. We commit to reduce the New Equity Pool** 

**by the number of shares that we grant under our Existing Equity Pool between March 31, 2026 and** 

**June 29, 2026 (the 2026 Annual General Meeting date), unless the authorization for the New** 

**Equity Pool is not approved by shareholders.** All awards, whether settled through newly issued shares

or through the repurchase plan pursuant to Resolution 10, will be deducted from the New Equity Pool.

As of March 31, 2026, we held 5,561,756 treasury shares that could be used for equity incentive

instruments for our employees. These treasury shares were repurchased as part of our past share

repurchase programs and therefore can be used, within the appropriate time limits, for future RSU or PSU

grants, or delivered upon vesting of outstanding RSUs and PSUs, without any shareholder dilution. Our

intention is to prioritize the use of treasury shares upon the vesting of outstanding RSUs and PSUs (as

opposed to newly issued Ordinary Shares) in order to limit shareholder dilution.

Additionally, pursuant to the 2015 Time-Based RSU Plan and the 2015 Performance-Based RSU

Plan, any RSU or PSU granted would be counted against the New Equity Pool limit as 1.57 shares for

every one RSU or PSU granted (the "Fungible Share Ratio"). The Board of Directors considered this

Fungible Share Ratio in connection with its determination of the size of the New Equity Pool for

submission to our shareholders. With the Fungible Share Ratio, if we were to grant only RSUs and PSUs,

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the New Equity Pool would permit the delivery of a maximum of approximately 4,458,599 Ordinary Shares

under our equity compensation plans.

**Historical Overhang and Annual Share Usage**

While the use of equity is an important part of our compensation program, we are mindful of our

responsibility to our shareholders to exercise judgment in the granting of equity awards. As a result, we

evaluated both our "overhang percentage" and annual share usage, or "burn rate," in considering the

advisability of the New Equity Pool and its potential impact on our shareholders.

• ***Overhang***. The minimum and maximum overhang percentage before and after the New Equity

Pool, based on March 31, 2026 figures, are presented below:

---

| | | |
|:---|:---|:---|
|  | **Minimum** <br>**Overhang**<br>| **Maximum** <br>**Overhang**<br>|
| A: Stock Options and Warrants Outstanding Subject to Overhang<sup>(1)</sup> | 159897 | 159897 |
| B: RSUs and PSUs<sup>(2)</sup> Outstanding Subject to Overhang | 5967539 | 5967539 |
| C: Ordinary Shares Subject to Outstanding Awards Subject to <br>Overhang (A+B) | 6127436 | 6127436 |
| D: Ordinary Shares Available for Awards under the Existing Equity Pool <br>Creating Overhang <sup>(3)</sup> |  |  |
| E: Total (C+D) | 6127436 | 6127436 |
| F: Ordinary Shares Outstanding as of March 31, 2026 | 50098139 | 50098139 |
| G: Actual Overhang before the New Equity Pool (E / F) | 12.23% | 12.23% |
| H: Ordinary Shares in New Equity Pool Subject to Overhang |  | 7000000 |
| I: Actual Overhang after the New Equity Pool ((C-D+H) / F) | 12.23% | 26.20% |
| (1) The weighted average exercise price is $17.97 and the weighted average remaining contractual term is 3.1 years. | (1) The weighted average exercise price is $17.97 and the weighted average remaining contractual term is 3.1 years. | (1) The weighted average exercise price is $17.97 and the weighted average remaining contractual term is 3.1 years. |
| (2) Reflects PSUs granted in February 2026 at target. The maximum payout potential is 200% of target. For additional information on this, <br>see the Compensation Discussion & Analysis section. | (2) Reflects PSUs granted in February 2026 at target. The maximum payout potential is 200% of target. For additional information on this, <br>see the Compensation Discussion & Analysis section. | (2) Reflects PSUs granted in February 2026 at target. The maximum payout potential is 200% of target. For additional information on this, <br>see the Compensation Discussion & Analysis section. |
| (3) Reflects that the Company used only treasury shares to settle vesting of awards from the Existing Equity Pool and assumes <br>continued use of treasury shares under such pool. Any shares awarded under existing pool after March 31, 2026, will be deducted <br>from the new pool. | (3) Reflects that the Company used only treasury shares to settle vesting of awards from the Existing Equity Pool and assumes <br>continued use of treasury shares under such pool. Any shares awarded under existing pool after March 31, 2026, will be deducted <br>from the new pool. | (3) Reflects that the Company used only treasury shares to settle vesting of awards from the Existing Equity Pool and assumes <br>continued use of treasury shares under such pool. Any shares awarded under existing pool after March 31, 2026, will be deducted <br>from the new pool. |

---

Because we have used and intend to use only treasury shares to settle vested equity awards

from the Existing Equity Pool, the 12.23% minimum overhang represents the number of outstanding

equity awards divided by 50,098,139 Ordinary Shares outstanding as of March 31, 2026 (the "overhang

percentage").

Once the authorization for the New Equity Pool is approved by shareholders, we will no longer be

able to grant any equity awards from the Existing Equity Pool. Taking into account the 7,000,000 shares

(option/SAR equivalent) we will have available for future awards under the New Equity Pool, based on

March 31, 2026 figures, our effective overhang percentage would be a minimum of 12.23% or a maximum

of 26.20%, depending on our utilization of treasury shares in the future upon the vesting of outstanding

RSUs and PSUs.

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***•Annual Share Usage***. The annual share usage, or burn rate, under our equity compensation

program for the last three fiscal years was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fiscal Year** <br>**2025**<br>| **Fiscal Year** <br>**2024**<br>| **Fiscal Year** <br>**2023**<br>| **Three-Year** <br>**Average**<br>|
| A: Stock Options and Warrants Granted | 0 | 0 | 0 |  |
| B: RSUs Granted | 2459692 | 1613009 | 1894491 | 1989064 |
| C: PSUs Granted<sup>(1)</sup> | 868948 | 1104534 | 534605 | 836029 |
| D: PSUs Earned | 143997 | 366880 | 406298 | 305725 |
| E: Total Options, Stock Options and <br>Warrants and RSUs Granted and Total <br>PSUs Earned (A+B+D) | 2603689 | 1979889 | 2300789 | 2294789 |
| F: Basic Weighted Average Ordinary <br>Shares Outstanding | 52934526 | 54817136 | 56170658 | 54640773 |
| G: Burn Rate (E/F) | 4.92% | 3.61% | 4.10% | 4.21% |
| (1) Note that PSUs granted are shown at maximum rather than target. The increase in PSUs for 2024 reflects the change of <br>the maximum from 150% to 200%, and the increase in performance-based LTI for executives as a percentage of total LTI <br>(50% to 70% for the CEO and 50% to 60% for other named executive officers). The earned number includes the results of <br>the first tranche of TSR PSUs for 2024, as well as the financial PSUs for 2025. | (1) Note that PSUs granted are shown at maximum rather than target. The increase in PSUs for 2024 reflects the change of <br>the maximum from 150% to 200%, and the increase in performance-based LTI for executives as a percentage of total LTI <br>(50% to 70% for the CEO and 50% to 60% for other named executive officers). The earned number includes the results of <br>the first tranche of TSR PSUs for 2024, as well as the financial PSUs for 2025. | (1) Note that PSUs granted are shown at maximum rather than target. The increase in PSUs for 2024 reflects the change of <br>the maximum from 150% to 200%, and the increase in performance-based LTI for executives as a percentage of total LTI <br>(50% to 70% for the CEO and 50% to 60% for other named executive officers). The earned number includes the results of <br>the first tranche of TSR PSUs for 2024, as well as the financial PSUs for 2025. | (1) Note that PSUs granted are shown at maximum rather than target. The increase in PSUs for 2024 reflects the change of <br>the maximum from 150% to 200%, and the increase in performance-based LTI for executives as a percentage of total LTI <br>(50% to 70% for the CEO and 50% to 60% for other named executive officers). The earned number includes the results of <br>the first tranche of TSR PSUs for 2024, as well as the financial PSUs for 2025. | (1) Note that PSUs granted are shown at maximum rather than target. The increase in PSUs for 2024 reflects the change of <br>the maximum from 150% to 200%, and the increase in performance-based LTI for executives as a percentage of total LTI <br>(50% to 70% for the CEO and 50% to 60% for other named executive officers). The earned number includes the results of <br>the first tranche of TSR PSUs for 2024, as well as the financial PSUs for 2025. |

---

Although our future annual share usage will depend upon and be influenced by a number of

factors, such as the number of plan participants and the price per share of our Ordinary Shares, the

maximum of 7,000,000 Ordinary Shares reserved for delivery under the New Equity Pool

(or approximately 4,458,599 full-value awards under our Fungible Share Ratio of 1.57) will enable us to

continue to utilize equity awards as an important component of our compensation program and help meet

our objectives to attract, retain and incentivize talented personnel. The calculation of the New Equity Pool

took into account, among other things, our share price and volatility, our share burn rate and overhang,

the existing terms of our outstanding awards and the Fungible Share Ratio with respect to the grant of

RSUs and PSUs. The Company also considered the guidelines of proxy advisory firms in connection with

the features of our equity compensation plans. The results of this analysis were presented to the

compensation committee and the Board of Directors for their approval. Upon approval of Resolution 15,

based on the factors described above, we estimate that the pool of available shares would last for

approximately one (1) year.

**Background of Criteo Equity Compensation Plans**

We currently maintain the following equity compensation plans and arrangements: (i) the 2015

Time-Based RSU Plan, pursuant to which we grant RSUs to our employees and may grant RSUs to our

corporate officers listed in Article L. 225-197-1 II of the French Commercial Code, (ii) the 2015

Performance-Based RSU Plan, pursuant to which we grant PSUs to our corporate officers listed in Article

L. 225-197-1 II of the French Commercial Code, and certain employees, including Named Executive

Officers, members of executive management and other employees, and (iii) the 2016 Stock Option Plan,

pursuant to which we grant stock options to the corporate officers listed in Article L. 225-185 of the French

Commercial Code and employees (same persons as for (ii)).

The 2015 Time-Based RSU Plan and 2015 Performance-Based RSU Plan were each adopted by

our Board of Directors on July 30, 2015, and initially approved by our shareholders at the Combined

Shareholders' Meeting on October 23, 2015. Our shareholders approved an amendment to each of the

2015 Time-Based RSU Plan and the 2015 Performance-Based RSU Plan to change the Fungible Share

Ratio from 2.5 to 1.57 at the 2016 Annual General Meeting on June 29, 2016. The 2016 Stock Option

Plan was adopted by our Board of Directors on April 7, 2016, and initially approved by our shareholders at

the 2016 Annual General Meeting on June 29, 2016. At the 2025 Annual General Meeting held on June

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13, 2025, our shareholders approved an amendment to the 2016 Stock Option Plan, to extend its 10 year

term through to June 13, 2035.

The purposes of our equity compensation plans and arrangements are to: (i) attract and retain the

best available personnel, in particular for positions of substantial responsibility; (ii) provide long-term

incentives to grantees; (iii) align interests of grantees with the long-term interests of our shareholders; and

(iv) promote the success of the Company's business.

All equity and option awards to our named executive officers and certain other executives under

the 2016 Stock Option Plan, the 2015 Time-Based RSU Plan and the 2015 Performance-Based RSU

Plan are subject to our clawback policy, which was adopted by our Board of Directors in October 2023

and which incorporates the requirements of Rule 10D-1 under the Exchange Act, and the applicable

Nasdaq listing standards. The clawback policy requires us to recoup erroneously awarded incentive-

based compensation from current and former executive officers (as such term is defined in Rule 10D-1,

for purposes of this section, a "Section 16 officer") in the event that the Company is required to prepare

an accounting restatement due to material noncompliance with any financial reporting requirement under

securities laws. The clawback policy became effective with respect to incentive-based compensation

received by such Section 16 officers on or after October 2, 2023. A copy of the clawback policy is filed as

Exhibit 97.1 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with

the SEC on February 26, 2026.

***Equity Compensation for Employees***

Long-term incentive compensation in the form of equity awards is an important tool for us to

attract industry leaders of the highest caliber in the technology industry and to retain them for the long

term. We currently grant RSUs, subject only to time-based vesting, and PSUs, subject to the achievement

of performance goals and time-based vesting, to our executive officers and certain other members of

management and employees, as determined by the Board of Directors. The mix of equity incentives that

we grant to our employees and executives, as appropriate, has been designed to ensure retention,

shareholder alignment and, in the case of our executives, a pay-for-performance executive compensation

program.

See "Executive Compensation—Compensation Discussion and Analysis—Elements of Executive

Compensation Program—Long-Term Incentive Compensation" for a detailed description of the equity

compensation provided to our named executive officers.

At the 2023 Annual General Meeting, we sought and received the approval of renewed

authorization from our shareholders to grant stock options (Resolution 16 adopted at the 2023 Annual

General Meeting). At the 2024 Annual General Meeting, we sought and received the approval or renewed

authorization from our shareholders to grant RSUs (Resolution 15 adopted at the 2024 Annual General

Meeting) and PSUs (Resolution 16 adopted at the 2024 Annual General Meeting) and at the 2025 Annual

General Meeting, we received shareholder approval of an overall share reserve of 7,000,000 Ordinary

Shares (the Existing Equity Pool, as defined above) to cover all issuances under the foregoing equity

compensation plans from the date of the 2025 Annual General Meeting (Resolution 18 adopted at the

2025 Annual General Meeting) that may be issued or delivered pursuant to stock options as set forth by

Resolution 16 of the 2023 Annual General Meeting of June 13, 2023 and RSUs and PSUs as set forth by

Resolutions 15 and 16 of the 2024 Annual General Meeting of June 25, 2024, as from the date of the

2025 Annual General Meeting. Once the authorization for the New Equity Pool (as defined above) is

approved by our shareholders, we will no longer be able to grant any equity awards from the Existing

Equity Pool.

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***Equity Compensation for Directors***

We believe that a combination of cash and equity is the best way to attract and retain directors

with the background, experience and skills necessary for a company such as ours, and is in line with the

global technology industry's practice. We further believe that a substantial portion of the remuneration that

we pay to directors should facilitate their investment in Company securities, considering that, under

French law, non-employee directors may not be granted stock options or restricted stock awards (non-

employee directors may only be compensated in cash via their attendance fees). Equity ownership and

shareholder alignment are essential components of our corporate governance and compensation

philosophy. For more information on the compensation provided to our independent directors, see

"Director Compensation—Independent Director Compensation."

**Description of Principal Features of our Equity Compensation Plans and Amendments to Plans**

Pursuant to SEC requirements, we are providing the following descriptions of the material terms

of the equity compensation plans and arrangements that will collectively be subject to the requested New

Equity Pool, including the 2016 Stock Option Plan, as amended by our Board of Directors on April 9,

2025, the 2015 Time-Based RSU Plan, as amended by our Board of Directors on April 28, 2026 and the

2015 Performance-Based RSU Plan, as amended by our Board of Directors on April 28, 2026. The

following description of the material terms of our equity compensation plans and arrangements is qualified

in its entirety by the complete text of the plans, which are attached as Appendix A, Appendix B and

Appendix C, respectively, to this proxy statement as filed with the SEC.

***Description of Amendments to Plans***

There are no amendments to the 2016 Stock Option Plan, as last amended by our Board of

Directors on April 9, 2025 and approved by shareholders on June 13, 2025, and no material amendments

to the 2015 Time-Based RSU Plan or 2015 Performance-Based RSU Plan. The amendments to the 2015

Time-Based RSU Plan and the 2015 Performance-Based RSU Plan adopted by our Board of Directors on

April 28, 2026 were to clarify that the Board of Directors has the sole discretion to determine whether

dividend equivalents will be accumulated with respect to RSUs granted under the 2015 Time-Based RSU

Plan or PSUs granted under the 2015 Performance-Based RSU Plan, and set out the methods through

which any such dividend equivalents may be credited or paid, including in the form of cash, Ordinary

Shares or through reinvestment in additional RSUs and/or PSUs or in such other manner as the Board of

Directors may determine in its sole discretion. However, consistent with the prior 2015 Time-Based RSU

Plan and 2015 Performance-Based RSU Plan, in no event may any such dividend equivalents

accumulated prior to vesting of RSUs or PSUs be paid to the RSU or PSU holder if the corresponding

RSUs or PSUs do not vest.

***Description of Principal Features of the Amended 2016 Stock Option Plan***

*Types of Awards; Eligibility*. The 2016 Stock Option Plan provides for the discretionary grant of

options to purchase our Ordinary Shares to our employees and generally to employees of any company

in which we hold, directly or indirectly, 10% or more of the share capital and voting rights as of the date of

the grant. Approximately 3,591 employees, including approximately 10 corporate officers, whether listed

in the 2016 Stock Option Plan as eligible beneficiaries or employed by the Company or by any affiliated

company under the terms and conditions of an employment contract, are eligible to be selected to

participate in the 2016 Stock Option Plan. Participants in the 2016 Stock Option Plan will be determined

at the discretion of the Board of Directors. Options granted under the 2016 Stock Option Plan may be

intended to qualify as incentive stock options within the meaning of Section 422 of the U.S. Internal

Revenue Code of 1986, as amended (the "Code" and such awards, "ISOs"), or may be options that do not

qualify as ISOs ("NSOs").

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*Shares Available; Certain Limitations*. The maximum number of shares that may be issued or

delivered upon the exercise of options granted pursuant to Resolution 17 of the 2024 Annual General

Meeting of June 25, 2024 will not exceed the overall number of shares remaining available for delivery in

the New Equity Pool which is subject to shareholder approval (Resolution 15). Subject to the foregoing,

the maximum number of Ordinary Shares that may be granted as ISOs is 4,600,000. Securities resulting

from option exercises under the 2016 Stock Option Plan may consist of authorized but unissued Ordinary

Shares or existing shares of Criteo (treasury shares). If an option expires for any reason without having

been exercised in full, the Ordinary Shares subject to the unexercised portion of the option will be

available for future grants under the 2016 Stock Option Plan. However, any shares delivered by an option

holder or withheld by Criteo in payment of the subscription or exercise price and/or any tax withholding

obligations or purchased on the open market with cash proceeds received from the exercise of options

will be deemed delivered and will not be available for future grant.

*Individual Award Limitation.* The maximum number of Ordinary Shares that may be granted

under options in any fiscal year of Criteo to any individual employee is 2,200,000 Ordinary Shares.

*Administration*. The 2016 Stock Option Plan is administered by the Board of Directors. Subject to

the provisions of the 2016 Stock Option Plan, the Board of Directors will have the authority, in its

discretion, to: (i) determine the fair market value of our Ordinary Shares; (ii) determine individuals to

whom options may be granted; (iii) select the individuals and determine whether and to what extent

options may be granted; (iv) approve or amend forms of option agreement; (v) determine the terms and

conditions of options, consistent with the plan terms; (vi) construe and interpret the terms of the 2016

Stock Option Plan and options granted thereunder; (vii) prescribe, amend and rescind rules and

regulations relating to the 2016 Stock Option Plan, including rules and regulations relating to sub-plans

established for the purpose of qualifying for preferred tax treatment under foreign tax laws; (viii) modify or

amend each option, including the discretionary authority to accelerate the vesting of options, to allow for

options to continue to vest after an optionee's termination, or to extend the post-termination exercise

period of options after the termination of the employment agreement or the end of the term of office,

longer than is otherwise provided for in the 2016 Stock Option Plan, but in no event beyond the original

term of the option; (ix) authorize any person to execute on behalf of Criteo any instrument required to

effect the grant of an option previously granted by the Board of Directors (x) determine the terms and

restrictions applicable to options; and (xi) make all other such determinations deemed necessary or

appropriate to administer the 2016 Stock Option Plan. The Board of Directors' decisions, determinations

and interpretations will be final and binding on all option holders and other concerned parties.

*Exercisability and Vesting: Minimum One-Year Vesting Period*. The exercise price of an option

granted pursuant to the 2016 Stock Option Plan must be equal to the fair market value of the underlying

share, which, consistent with French market practice, is set by Criteo at the higher of (i) the closing price

on the day prior to the grant date and (ii) 95% of the average closing price during the 20 trading days prior

to the grant date. The 2016 Stock Option Plan, as amended by our Board of Directors on April 9, 2025

provides that, in addition to the minimum price specified above, the exercise price of an option to acquire

treasury shares may not be less than 80% of the average price paid by Criteo for the purchase of the

treasury shares. At the time an option is granted, the Board of Directors will fix the vesting period. Any

options granted under the 2016 Stock Option Plan will be subject to a vesting period of at least one year,

provided that options representing a maximum of 5% of the New Equity Pool may be granted without any

minimum vesting period. Criteo may nonetheless grant options that contain rights to accelerated vesting

upon termination of employment (including on death, as required by French law), or otherwise exercise

discretion to accelerate vesting under the 2016 Stock Option Plan.

Options, once vested, may be exercised during their term, which will be no more than nine years

and six months from the date of grant of the option except in the case of an option holder's death or

disability during such term. To exercise an option, the option holder may pay the exercise price in cash or

by such other methods as permitted by the Board of Directors, such as by the Company's withholding in

Ordinary Shares with a value sufficient to cover the aggregate exercise price.

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*No Repricing:* The Board of Directors may not reduce the exercise price of an option without

shareholder approval or cancel an option in exchange for a replacement option with a lower exercise

price or for cash, other than in the case of a capitalization adjustment or a change in control, as provided

in the 2016 Stock Option Plan.

*Equitable Adjustments*. In the event of the carrying out by Criteo of any of the financial operations

pursuant to Article L. 225-181 of the French Commercial Code as follows: (i) amortization or reduction of

share capital, (ii) a change to the allocation of profits, (iii) a distribution of free shares, (iv) capitalization of

reserves, profits or issuance premiums or (v) an issuance of shares or securities giving right to shares to

be subscribed for in cash or by set-off of existing indebtedness offered exclusively to shareholders, the

Board of Directors will take the required measures to protect the interest of the option holders in the

conditions set forth in Article L. 228-99 of the French Commercial Code.

Additionally, in the event of a change in corporate capitalization, such as a stock split, or a

corporate transaction, such as any merger, consolidation, separation, including a spin off/split-up, or other

distribution of stock or property of Criteo, any reorganization or any partial or complete liquidation of

Criteo, the Board of Directors may make such adjustment in the number and class of Ordinary Shares

which may be delivered under the 2016 Stock Option Plan, in the exercise or purchase price per share

under any outstanding option, and in the individual and ISO option limits as it determines to be

appropriate and equitable, in its sole discretion, to prevent dilution or enlargement of rights. No such

adjustment will cause any option which is or becomes subject to Section 409A of the Code ("Section

409A") to fail to comply with the requirements of such section.

*Award Treatment Upon a Change in Control*. Unless otherwise provided by the Board of

Directors, in an agreement between Criteo or its affiliates and the option holder or in the applicable award

agreement, in the event of a change in control (as defined in the 2016 Stock Option Plan), each

outstanding option will be assumed or an equivalent option or right substituted by the successor

corporation or a parent or subsidiary of the successor corporation. In the event that the successor

corporation or parent or subsidiary of the successor corporation does not agree to assume or substitute

for the outstanding options, each option that is not assumed or substituted for, will accelerate and become

fully vested and exercisable prior to the consummation of the change in control at such time and on such

conditions as the Board of Directors determines. In addition, if an option becomes fully vested and

exercisable in lieu of assumption or substitution in the event of a change in control, the Board of Directors

will notify the relevant option holder in writing or electronically that his or her option will be fully vested and

exercisable for a period of time, which will not be less than 10 days, determined by the Board of Directors

in its sole discretion, and the option will terminate upon the expiration of such period.

An option will be considered assumed if: (i) following the change in control, the option confers the

right to purchase or receive, for each share subject to the option immediately prior to the change in

control, the consideration (whether stock, cash or other securities or property) or the fair market value of

the consideration received in the change in control by holders of shares for each such share held on the

effective date of the transaction (and if holders were offered a choice of consideration, the type of

consideration chosen by the holders of a majority of the outstanding shares), provided that the

consideration received in the change in control is not solely common stock of the successor corporation

or its parent, the Board of Directors may, with the consent of the successor corporation, provide for the

consideration to be received upon the exercise of an option for each share subject to such option to be

solely common stock of the successor corporation or its parent equal in fair market value to the per share

consideration received by holders of common stock of Criteo in the change in control; (ii) any securities of

the successor corporation or its parent forming part of the substitute option following the change in control

are freely tradable on a major stock exchange; and (iii) the option otherwise remains subject to the same

terms and conditions that were applicable to the option immediately prior to the change in control.

Notwithstanding any provision of the 2016 Stock Option Plan to the contrary, in the event that

each outstanding option is not assumed or substituted in connection with a change in control, the Board

of Directors may, in its discretion, provide that each option shall, immediately upon the occurrence of a

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change in control, be canceled in exchange for a payment in cash or securities in an amount equal to (x)

the excess (if any) of the consideration paid per share in the change in control over the exercise or

purchase price per share subject to the option multiplied by (y) the number of shares granted under the

option. Without limiting the generality of the foregoing, in the event that the exercise or purchase price per

share subject to the option is greater than or equal to the consideration paid per share in the change in

control, then the Board of Directors, in its discretion, cancel such option without any consideration upon

the occurrence of a change in control.

*Clawback*. In October 2023, we adopted a clawback policy, which incorporates the requirements

of Rule 10D-1 under the Exchange Act, and the applicable Nasdaq listing standards. The clawback policy

requires us to recoup erroneously awarded incentive-based compensation from current and former

executive officers (as such term is defined in Rule 10D-1, for purposes of this section, a "Section 16

officer") in the event that the Company is required to prepare an accounting restatement due to material

noncompliance with any financial reporting requirement under securities laws. The clawback policy

became effective with respect to incentive-based compensation received by such Section 16 officers on

or after October 2, 2023. Under the 2016 Stock Option Plan, all options will also be subject to any

clawback required by applicable laws, regulations or trading rules of any exchange on which the

Company's shares are listed at such time.

*Share Ownership Guidelines*. The 2016 Stock Option Plan reflects that Ordinary Shares acquired

pursuant to options may need to be held by the option holder to comply with Criteo's Share Ownership

Guidelines.

*Amendment and Termination of the Plan*. The Board of Directors will have the authority to amend,

alter, suspend or terminate the 2016 Stock Option Plan at any time. Criteo will obtain shareholder

approval of any amendment to the extent necessary and desirable to comply with applicable laws

(including the requirements of any exchange or quotation system on which Criteo's ADSs or Ordinary

Shares may then be listed or quoted). Such shareholder approval, if required, will be obtained in such a

manner and to such a degree as is required by the applicable law, rule or regulation. If not terminated

earlier by the Board of Directors, the 2016 Stock Option Plan, as amended and restated on April 9, 2025,

will remain in effect until June 13, 2035.

*Dividends and Dividend Equivalents.* Option holders do not have any right to receive any

dividends paid prior to the date of exercise of such Option and in no event are dividend equivalents

payable with respect to Options under the 2016 Stock Option Plan.

*Governing Law*. The 2016 Stock Option Plan is governed by the laws of the French Republic.

***Description of Principal Features of the 2015 Time-Based RSU Plan***

*Types of Awards; Eligibility*. The 2015 Time-Based RSU Plan provides for the grant of RSUs to

our employees and employees of any company or group in which we hold, directly or indirectly, 10% or

more of the share capital and voting rights as of the date of the grant, as well as to our corporate officers

under Article L. 225-197-1 II of the French Commercial Code (i.e., currently including the chairperson of

the Board of Directors, the Chief Executive Officer and certain of our other executive officers).

Approximately 3,591 employees (not including any new hires in 2026), including approximately 10

corporate officers, are eligible to be selected to participate in the 2015 Time-Based RSU Plan.

Participants in the 2015 Time-Based RSU Plan are determined at the discretion of the Board of Directors.

*Shares Available; Certain Limitations*. The maximum number of shares that may be granted or

vested free of charge pursuant to Resolution 15 of the 2024 Annual General Meeting of June 25, 2024 will

not exceed the overall number of shares remaining available for delivery in the New Equity Pool, which is

subject to shareholder approval (Resolution 15). Any RSUs granted under the 2015 Time-Based RSU

Plan are counted against the New Equity Pool limit as 1.57 shares for every one RSU granted, including

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any RSUs or Ordinary Shares relating to dividend equivalents on RSUs. RSUs subject to the 2015 Time-

Based RSU Plan may consist of authorized but unissued or existing Ordinary Shares of Criteo.

In the event that an RSU is terminated or canceled without having vested, the Ordinary Shares

subject to the unvested and forfeited portion of the RSUs will, provided the 2015 Time-Based RSU Plan is

still in effect, again be available for future awards to the 2015 Time-Based RSU Plan or the 2015

Performance-Based RSU Plan.

Notwithstanding any provision of the 2015 Time-Based RSU Plan to the contrary, shares withheld

or reacquired by Criteo in satisfaction of tax withholding obligations with respect to a grantee will not

again be available for delivery under the 2015 Time-Based RSU Plan.

*Administration*. The 2015 Time-Based RSU Plan is administered by the Board of Directors.

Subject to the provisions of the 2015 Time-Based RSU Plan, the Board of Directors has the authority, in

its discretion, to determine (i) the terms, conditions and restrictions applicable to RSUs (which need not

be identical) granted to any grantee and any shares acquired pursuant to such grant and (ii) whether, to

what extent, and under what circumstances RSUs may be settled, canceled, forfeited, exchanged or

surrendered.

*Vesting and Minimum Vesting Period*. RSUs will vest at the times and upon the conditions that

the Board of Directors may determine, as reflected in an applicable award agreement. RSUs granted

under the 2015 Time-Based RSU Plan vest solely on the basis of continued employment through the end

of the vesting period, provided that (unless otherwise determined by the Board of Directors at the time of

grant and except for grantees who are subject to taxation in certain enumerated countries) if a grantee

leaves the Company more than one year after the grant date of the RSUs but before the first vesting date,

they will receive a pro-rata portion of the grant on the first vesting date and the rest of the award will be

automatically forfeited. RSUs have a minimum vesting period of one year. Additionally, RSUs are subject

to a holding period of one year, provided the Board of Directors may reduce or remove the holding period

entirely so long as the vesting period and any holding period, taken together, last at least two years after

the grant date.

*Equitable Adjustments*. In the event certain changes occur to Criteo's capitalization such as (i) an

amortization or reduction of its share capital, (ii) a change to the allocation of its profits, (iii) a distribution

of its free shares, (iv) the capitalization of reserves, profits, issuance premiums or (v) an issuance of

shares or securities giving right to shares to be subscribed for in cash or by set-off of existing

indebtedness offered exclusively to the shareholders, the Board of Directors may adjust the maximum

number of Ordinary Shares underlying RSUs or take other such action as may be provided in Article L.

225-181 and Article L. 228-99 of the French Commercial Code.

*Award Treatment Upon a Change in Control*. In the event of a change in control (as defined in the

2015 Time-Based RSU Plan), if a successor corporation or a parent or subsidiary of the successor

corporation does not agree to assume or substitute outstanding RSUs, and only if the RSUs were granted

at least one year prior to the date of the change in control, the restrictions and forfeiture conditions

applicable to the RSUs will lapse and the RSUs will be deemed fully vested prior to the consummation of

a change in control. RSUs granted within one year prior to the consummation of the change in control will

either be assumed, substituted or canceled, as set forth below.

A successor corporation or a parent or subsidiary of a successor corporation will be considered to

have assumed or substituted for outstanding RSUs where: (i) following the change in control, the terms of

the RSU provide the right to receive, for each ordinary share of Criteo subject to the RSU immediately

prior to the change in control, the consideration (whether stock, cash or other securities or property) or the

fair market value of the consideration that the shareholders of Criteo received for their ordinary share on

the effective date of the change in control (if the consideration received by the shareholders does not

consist solely of common stock of the successor corporation or its parent, the Board of Directors may,

with the consent of the successor corporation, provide for the consideration to be received for each RSU

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to consist of common stock of the successor corporation or its parent, which is equal in fair market value

to the per share consideration received by the shareholders of the Company in the change in control); (ii)

any securities of the successor corporation or its parent forming part of the RSUs following the change in

control are freely tradable on a major stock exchange; and (iii) the RSUs otherwise remain subject to the

same terms and conditions that were applicable immediately prior to the change in control.

Except as would otherwise result in adverse tax consequences under Section 409A, the Board of

Directors may, in its discretion, provide that each RSU will, immediately upon the occurrence of a change

in control, be canceled in exchange for a payment in cash or securities in an amount equal to (i) the

consideration paid per ordinary share of Criteo in the change in control multiplied by (ii) the number of

shares subject to each RSU. The Board of Directors will not be required to treat each outstanding grant of

RSUs similarly. The 2015 Time-Based RSU Plan provides the Board of Directors discretion to determine

how such cancellation payments are made, including subjecting such payments to vesting conditions

comparable to the RSUs surrendered, subjecting such payments to escrow or holdback provisions

comparable to those imposed upon Criteo's shareholders in connection with the change in control, or

calculating and paying the present value of payments that would otherwise be subject to escrow or

holdback terms.

*Clawback*. In October 2023, we adopted a clawback policy, which incorporates the requirements

of Rule 10D-1 under the Exchange Act, and the applicable Nasdaq listing standards. The clawback policy

requires us to recoup erroneously awarded incentive-based compensation from current and former

executive officers (as such term is defined in Rule 10D-1, for purposes of this section, a "Section 16

officer") in the event that the Company is required to prepare an accounting restatement due to material

noncompliance with any financial reporting requirement under securities laws. The clawback policy

became effective with respect to incentive-based compensation received by such Section 16 officers on

or after October 2, 2023. Under the 2015 Time-Based RSU Plan, all RSUs are also subject to any

clawback required by applicable laws, regulations or trading rules of any exchange on which the

Company's shares are listed at such time.

*Share Ownership Guidelines*. The 2015 Time-Based RSU Plan reflects that Ordinary Shares

acquired pursuant to RSUs may need to be held by the grantee to comply with Criteo's Share Ownership

Guidelines.

*Amendment and Termination of the Plan*. The Board of Directors has the authority to amend,

alter, suspend or terminate the 2015 Time-Based RSU Plan at any time. Criteo will obtain shareholder

approval of any amendment to the extent necessary and desirable to comply with applicable laws

(including the requirements of any exchange or quotation system on which Criteo's ADSs or Ordinary

Shares may then be listed or quoted). Such shareholder approval, if required, will be obtained in such a

manner and to such a degree as is required by the applicable law, rule or regulation.

*Prohibition on Payment of Dividends Prior to Vesting*. Since April 23, 2020, the 2015 Time-Based

RSU Plan has expressly prohibited any payment of dividends or dividend equivalents accumulated prior

to the vesting of RSU awards if such RSU awards do not become vested. On April 28, 2026, we amended

the 2015 Time-Based RSU Plan to clarify the Board of Directors' discretion regarding the accumulation of

dividend equivalents prior to the vesting of RSUs awards and the manner in which such dividend

equivalents may be accumulated, whether in cash or Ordinary Shares or through the reinvestment in

additional RSUs or in such other manner as the Board of Directors may determine. However, in all cases,

such dividend equivalents will be subject to the same conditions and restrictions (including without

limitation, any forfeiture conditions) as the RSUs to which they are attributable. RSUs that do not vest do

not give a right to any dividend paid or dividend equivalent accumulated prior to the applicable vesting

date.

*Governing Law*. The 2015 Time-Based RSU Plan is governed by the laws of the French Republic.

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***Description of Principal Features of the 2015 Performance-Based RSU Plan***

*Types of Awards; Eligibility*. The 2015 Performance-Based RSU Plan provides for the

discretionary grant of PSUs to our named executive officers, as well as to certain members of executive

management and other employees and employees of any company or group in which Criteo holds,

directly or indirectly, 10% or more of the share capital and voting rights as of the date of the grant. A total

of approximately 3,591 employees (not including any new hires in 2026), including the Chief Executive

Officer and the other two executive officers, are eligible to be selected to participate in the 2015

Performance-Based RSU Plan; however, based on past practice of the compensation committee and the

Board of Directors, only members of our leadership team are generally selected to participate in the 2015

Performance-Based RSU Plan). Participants in the 2015 Performance-Based RSU Plan are determined

at the discretion of the Board of Directors. For the number of employees employed by us and our

subsidiaries, please refer to our Annual Report on Form 10-K for the fiscal year ended December 31,

2025 filed with the SEC on February 26, 2026.

*Shares Available; Certain Limitations*. The maximum number of shares that may be granted or

that may vest free of charge pursuant to PSUs issued under Resolution 16 of the 2024 Annual General

Meeting of June 25, 2024 (or any renewal of such authorization) will not exceed the overall number of

shares remaining available for delivery in the New Equity Pool, which is subject to shareholder approval

(Resolution 15). In the event that a PSU is terminated or canceled without having vested, the Ordinary

Shares relating to the unvested and forfeited portion of the PSU will, provided the 2015 Performance-

Based RSU Plan is still in effect, again be available for future awards to the 2015 Performance-Based

RSU Plan or the 2015 Time-Based RSU Plan. Notwithstanding any provision of the 2015 Performance-

Based RSU Plan to the contrary, shares withheld or reacquired by Criteo in satisfaction of tax withholding

obligations with respect to a grantee will not again be available for issuance or transfer under the 2015

Performance-Based RSU Plan. Any PSUs granted under the 2015 Performance-Based RSU Plan are

counted against the New Equity Pool limit as 1.57 shares for every one PSU granted, including any PSUs

or Ordinary Shares relating to dividend equivalents or PSUs. PSUs subject to the 2015 Performance-

Based RSU Plan may consist of authorized but unissued or existing Ordinary Shares of Criteo.

*Individual Award Limitation.* With respect to any PSU granted under the 2015 Performance-Based

RSU Plan, unless otherwise determined by the Board of Directors, no single individual will be granted

PSUs in respect of more than 1,000,000 Ordinary Shares for any single fiscal year.

*Administration*. The 2015 Performance-Based RSU Plan is administered by the Board of

Directors. Subject to the provisions of the 2015 Performance-Based RSU Plan, the Board of Directors has

the authority, in its discretion, to determine (i) the terms, conditions and restrictions applicable to PSUs

(which need not be identical) to any participant and any shares acquired pursuant to such grant and (ii)

whether, to what extent, and under what circumstances PSUs may be settled, canceled, forfeited,

exchanged or surrendered.

*Vesting and Minimum Vesting Period*. PSUs will vest at the times and upon the conditions that

the Board of Directors may determine, as reflected in an applicable award agreement. PSUs granted

under the 2015 Performance-Based RSU Plan will vest (i) on the basis of time, provided that the

participant remains employed with us through the end of the vesting period (subject to the following

sentence), and (ii) on the basis of an attainment of one or more performance targets determined by the

Board of Directors at the time of grant. Unless otherwise determined by the Board of Directors at the time

of grant, if a grantee leaves the Company more than one year after the grant date of the PSUs but before

the first vesting date and any of the performance targets related to the grant have been met at 100%

attainment or higher, the grantee will receive the portion of their grant relating to those performance

targets that have been fully met on the first vesting date, and the rest of the award will be automatically

forfeited. In accordance with French law, PSUs have a minimum vesting period of one year. Additionally,

PSUs are subject to a holding period of one year, provided the Board of Directors may reduce or remove

the holding period entirely so long as the vesting period and any holding period, taken together, last at

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least two years after the grant date. However, in the event of termination of a grantee's employment due

to the grantee's disability or death, the time-based vesting conditions will be deemed met and the PSUs

will vest to the extent that the performance targets have been attained, as determined by the Board of

Directors as of the grantee's disability or death.

The ultimate acquisition by the recipients of PSU grants of any shares subject to the PSUs is

subject to or conditioned upon, in whole or in part, the achievement of certain performance criteria. At the

time of grant, the Board of Directors will establish in writing the applicable performance period,

performance award formula and one or more performance targets which, when measured at the end of

the performance period, will determine, on the basis of the performance award formula, the final number

of shares to be acquired by the participant. The Board of Directors will have full power and final authority,

in its discretion, to alter or cancel the performance targets or performance award formula applicable to a

grantee, including, without limitation, in the event that the participant changes roles or functions within

Criteo or any of our affiliates during the performance period.

*Performance Targets*. Performance will be evaluated by the Board of Directors on the basis of

targets to be attained with respect to one or more measures of business or financial performance

("Performance Criteria"). Except as otherwise determined by the Board of Directors and, in each case, to

the extent applicable, Performance Criteria will have the same meanings as used in our financial

statements, or, if such terms are not used in our financial statements, they will have the meaning applied

pursuant to generally accepted accounting principles or as used generally in the Company's industry.

Except as otherwise determined by the Board of Directors, the Performance Criteria applicable to the

acquisition of shares subject to a PSU will be calculated in accordance with generally accepted

accounting principles and will exclude the effect (whether positive or negative) of any change in

accounting standards or any extraordinary, unusual or nonrecurring item, as determined by the Board of

Directors, occurring after the establishment of the performance targets applicable to the acquisition of the

shares. Each such adjustment, if any, will be made solely for the purpose of providing a consistent basis

from period to period for the calculation of Performance Criteria in order to prevent the dilution or

enlargement of the participant's rights with respect to the acquisition of the shares subject to the PSUs.

Performance Criteria may be one or more of the following or such other measures, as determined

by the Board of Directors: (i) Contribution ex-TAC; (ii) Adjusted EBITDA, as defined by the Company in its

financial statements as filed with the SEC; (iii) Retail Media Contribution ex-TAC, (iv) cash flow from

operating activities; (v) stock price; (vi) completion of identified special project(s); or (vii) any combination

of the foregoing. Notwithstanding the foregoing, the Board of Directors may provide that one or more

objectively determinable adjustments will be made to the Performance Criteria, which may include

adjustments that would cause the measures to be considered "non-GAAP financial measures" under rules

promulgated by the SEC.

Where applicable, performance targets may be expressed in terms of attaining a specified level of

the Performance Criteria or the attainment of a percentage increase or decrease in the particular

Performance Criteria, and may be applied to one or more of the Company, any subsidiary or affiliate of

the Company, or a division or strategic business unit of the Company or any subsidiary or affiliate thereof,

or may be applied to the performance of the Company or any subsidiary or affiliate thereof relative to a

market index, a group of other companies or a combination thereof, all as determined by the Board of

Directors. The performance targets may be subject to a threshold level of performance below which no

shares will be acquired, levels of performance at which specified numbers of shares will be acquired, and

a maximum level of performance above which no additional number of shares will be acquired (or at

which full vesting will occur).

*Equitable Adjustments*. In the event certain changes occur to Criteo's capitalization such as (i) an

amortization or reduction of its share capital, (ii) a change to the allocation of its profits, (iii) a distribution

of its free shares, (iv) the capitalization of reserves, profits, issuance premiums or (v) an issuance of

shares or securities giving right to shares to be subscribed for in cash or by set-off of existing

indebtedness offered exclusively to the shareholders, the Board of Directors may adjust the maximum

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number Ordinary Shares underlying grants of PSUs or take other such action as may be provided in

Article L. 225-181 and Article L. 228-99 of the French Commercial Code.

*Award Treatment Upon a Change in Control*. In the event of a change in control (as described in

the 2015 Performance-Based RSU Plan), if a successor corporation or a parent or subsidiary of the

successor corporation does not agree to assume or substitute outstanding PSUs, and the PSUs were

granted at least one year prior to the date of the change in control, the restrictions and forfeiture

conditions applicable to the PSUs will lapse and the PSUs will be deemed fully vested at the target level

of performance prior to the consummation of a change in control. PSUs granted within one year prior to

the consummation of the change in control will either be assumed, substituted or canceled, as set forth

below.

A successor corporation or a parent or subsidiary of a successor corporation will be considered to

have assumed or substituted for outstanding PSUs where: (i) following the change in control, the terms of

the PSU provide the right to receive, for each ordinary share of Criteo subject to the PSU immediately

prior to the change in control, the consideration (whether stock, cash, or other securities or property) or

the fair market value of the consideration that the shareholders of Criteo received for their Ordinary

Shares on the effective date of the change in control (if the consideration received by the shareholders

does not consist solely of common stock of the successor corporation or its parent, the Board of Directors

may, with the consent of the successor corporation, provide for the consideration to be received for each

PSU to consist of common stock of the successor corporation or its parent, which is equal in fair market

value to the per share consideration received by the shareholders of the Company in the change in

control); (ii) any securities of the successor corporation or its parent forming part of the PSUs following

the change in control are freely tradable on a major stock exchange; and (iii) the PSUs otherwise remain

subject to the same terms and conditions that were applicable immediately prior to the change in control.

Except as would otherwise result in adverse tax consequences under Section 409A, the Board of

Directors may, in its discretion, provide that each PSU will, immediately upon the occurrence of a change

in control, be canceled in exchange for a payment in cash or securities in an amount equal to (i) the

consideration paid per ordinary share of Criteo in the change in control multiplied by (ii) the number of

shares subject to each PSU. The Board of Directors will not be required to treat each outstanding grant of

PSUs similarly. The 2015 Performance-Based RSU Plan provides the Board of Directors discretion to

determine how such cancellation payments are made, including subjecting such payments to vesting

conditions comparable to the PSUs surrendered, subjecting such payments to escrow or holdback

provisions comparable to those imposed upon Criteo's shareholders in connection with the change in

control, or calculating and paying the present value of payments that would otherwise be subject to

escrow or holdback terms.

*Clawback*. In October 2023, we adopted a clawback policy, which incorporates the requirements

of Rule 10D-1 under the Exchange Act, and the applicable Nasdaq listing standards. The clawback policy

requires us to recoup erroneously awarded incentive-based compensation from current and former

executive officers (as such term is defined in Rule 10D-1, for purposes of this section, a "Section 16

officer") in the event that the Company is required to prepare an accounting restatement due to material

noncompliance with any financial reporting requirement under securities laws. The clawback policy

became effective with respect to incentive-based compensation received by such Section 16 officers on

or after October 2, 2023. Under the 2015 Performance-Based RSU Plan, all PSUs shall also be subject to

any clawback required by applicable laws, regulations or trading rules of any exchange on which the

Company's shares are listed at such time.

*Share Ownership Guidelines*. The 2015 Performance-Based RSU Plan reflects that Ordinary

Shares acquired pursuant to PSUs may need to be held by the grantee to comply with Criteo's Share

Ownership Guidelines.

*Amendment and Termination of the Plan*. The Board of Directors has the authority to amend,

alter, suspend or terminate the 2015 Performance-Based RSU Plan at any time. Criteo will obtain

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shareholder approval of any amendment to the extent necessary and desirable to comply with applicable

laws (including the requirements of any exchange or quotation system on which Criteo's ADSs or

Ordinary Shares may then be listed or quoted). Such shareholder approval, if required, will be obtained in

such a manner and to such a degree as is required by the applicable law, rule or regulation.

*Prohibition on Payment of Dividends Prior to Vesting*. Since April 23, 2020, the 2015

Performance-Based RSU Plan has expressly prohibited any payment of dividends or dividend equivalents

accumulated prior to the vesting of PSU awards if such PSU awards do not become vested. On April 28,

2026, we amended the 2015 Performance-Based RSU Plan to clarify the Board of Directors' discretion

regarding the accumulation of dividend equivalents prior to the vesting of PSUs awards and the manner in

which such dividend equivalents may be accumulated, whether in cash or Ordinary Shares or through the

reinvestment in additional PSUs or in such other manner as the Board of Directors may determine.

However, in all cases, such dividend equivalents will be subject to the same conditions and restrictions

(including without limitation, any forfeiture conditions) as the PSUs to which they are attributable. PSUs

that do not vest do not give a right to any dividend paid or dividend equivalent accumulated prior to the

applicable vesting date.

*Governing Law*. The 2015 Performance-Based RSU Plan is governed by the laws of the French

Republic.

**Certain Federal Income Tax Consequences Under Equity Plans and Arrangements**

The following is a summary of certain U.S. federal income tax consequences of awards under our

equity compensation plans and arrangements, the material terms of which are discussed above. It does

not purport to be a complete description of all applicable rules, and those rules (including those

summarized here) are subject to change. The summary discusses only federal income tax laws and does

not discuss any state or local or non-U.S. tax laws that may be applicable.

*Incentive Stock Options ("ISOs")*. In general, no taxable income is realized by a participant upon

the grant of an ISO. If Ordinary Shares are delivered to a participant pursuant to the exercise of an ISO,

then, generally (i) the participant will not realize ordinary income with respect to the exercise of the option,

(ii) upon sale of the underlying shares acquired upon the exercise of an ISO, any amount realized in

excess of the exercise price paid for the shares will be taxed to the participant as capital gain and (iii)

Criteo will not be entitled to a deduction. The amount by which the fair market value of the stock on the

exercise date of an ISO exceeds the purchase price generally will, however, constitute an item which

increases the participant's income for purposes of the alternative minimum tax. However, if the participant

disposes of the shares acquired on exercise before the later of the second anniversary of the date of

grant or one year after the receipt of the shares by the participant (a "disqualifying disposition"), the

participant generally would include in ordinary income in the year of the disqualifying disposition an

amount equal to the excess of the fair market value of the shares at the time of exercise (or, if less, the

amount realized on the disposition of the shares), over the exercise price paid for the shares. If ordinary

income is recognized due to a disqualifying disposition, Criteo would generally be entitled to a deduction

in the same amount. Subject to certain exceptions, an ISO generally will not be treated as an ISO if it is

exercised more than three months following termination of employment. If an ISO is exercised at a time

when it no longer qualifies as an ISO, it will be treated for tax purposes as an NSO as discussed below.

*Nonqualified Stock Options ("NSOs")*. In general, no taxable income is realized by a participant

upon the grant of an NSO. Rather, at the time of exercise of the NSO, the participant will recognize

ordinary income for income tax purposes in an amount equal to the excess, if any, of the fair market value

of the Ordinary Shares purchased over the exercise price. Criteo generally will be entitled to a tax

deduction at such time and in the same amount, if any, that the option holder recognizes as ordinary

income. The participant's tax basis in any Ordinary Shares received upon exercise of an NSO will be the

fair market value of the Ordinary Shares on the date of exercise, and if the shares are later sold or

exchanged, then the difference between the amount received upon such sale or exchange and the fair

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market value of such shares on the date of exercise will generally be taxable as long-term or short-term

capital gain or loss (if the shares are a capital asset of the participant) depending upon the length of time

such shares were held by the participant.

*Restricted Stock Units*. In general, the grant of RSUs will not result in taxable income for the

participant or in a tax deduction for Criteo. Upon the settlement of the grant in shares, the participant will

recognize ordinary income equal to the aggregate value of the payment received, and Criteo generally will

be entitled to a tax deduction at the same time and in the same amount.

**Recent Share Price**

On March 31, 2026, the closing sale price of an American Depositary Share representing one

ordinary share of the Company on the Nasdaq Stock Market was $17.93 per share.

**New Plan Benefits**

Awards under the 2016 Stock Option Plan, the 2015 Time-Based RSU Plan and the 2015

Performance-Based RSU Plan are within the discretion of the Board of Directors. As a result, the benefits

or amounts that will be awarded or allocated under our equity compensation plans are not determinable at

this time. The discretion of the Board of Directors to make grants under our equity compensation plans is

subject to the overall limit on the number of shares to be delivered under the New Equity Pool being

approved pursuant to Resolution 15. For a summary of the aggregate awards made under the Company's

equity compensation plans in fiscal year 2025 (as well the two prior fiscal years), see the Annual Share

Usage table on page 104. For information on the equity granted to our named executive officers in fiscal

year 2025, see Grants of Plan-Based Awards Table under "Compensation Tables."

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**Prior Grants under the Plans**

The following table shows, for each of the individuals and groups indicated, the aggregate

number of shares subject to awards that have been granted (without regard to awards that were forfeited

or canceled) to the individuals and groups indicated below under the 2016 Stock Option Plan, the 2015

Time-Based RSU Plan and the 2015 Performance-Based RSU Plan since each plan's inception through

December 31, 2025. No awards have been granted under any of the equity plans to any associate of any

of our directors (including nominees) or executive officers, or to any nominee for election as a director

who is not a current director, and no person has received 5% or more of the awards granted under any of

the plans. Accordingly, these categories have not been included in the following table.

---

| | | |
|:---|:---|:---|
| **Name of Individual or Group** | **Number of** <br>**Options** <br>**Granted**<br>| **Number of RSUs and** <br>**PSUs**<sup>(1)</sup> **Granted**<br>|
| **Named Executive Officers:** | **Named Executive Officers:** | **Named Executive Officers:** |
| Megan Clarken | 375467 | 1247888 |
| Sarah Glickman |  | 692996 |
| Ryan Damon | 65500 | 511397 |
| Brian Gleason |  | 566529 |
| Michael Komasinski |  | 1917659 |
| **Non-Employee Directors:** | **Non-Employee Directors:** | **Non-Employee Directors:** |
| Nathalie Balla |  |  |
| Frederik van der Kooi |  |  |
| Marie Lalleman |  |  |
| Edmond Mesrobian |  |  |
| Hubert de Pesquidoux |  |  |
| Rachel Picard |  |  |
| Ernst Teunissen |  |  |
| Current Executive Officers as a group: | 440967 | 4936469 |
| Current Non-Employee Directors as a group: |  |  |
| All Employees who are not Executive Officers, as a group: | 11586840 | 21082357 |

---

(1) For PSUs, this column reflects the actual earned PSUs through 2024, and the PSUs granted for 2025, at the maximum 200% of

target.

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**Equity Compensation Plan Information** 

The following table summarizes our equity compensation plan information as of December 31, 2025.

Information is included for equity compensation plans approved by our stockholders.

---

| | | | |
|:---|:---|:---|:---|
| **Plan category** | **(a) Number of securities** <br>**to be issued upon** <br>**exercise of outstanding** <br>**options, warrants and** <br>**rights**<br>| **(b) Weighted-average** <br>**exercise price of** <br>**outstanding options,** <br>**warrants and rights**<br>| **(c) Number of securities** <br>**remaining available for** <br>**future issuance under** <br>**equity compensation** <br>**plans (excluding** <br>**securities reflected in** <br>**column (a))**<br>|
| Equity <br>compensation <br>plans approved by <br>security holders<br>| 6013124<sup>(1)</sup> | 17.97<sup>(2)</sup> | 1150556 |
| Equity <br>compensation <br>plans not approved <br>by security holders<br>|  |  |  |
| **Total** | 6013124<sup>(1)</sup> | 17.97<sup>(2)</sup> | 1150556 |

---

(1) Includes 4,499,027 shares granted under the Criteo Amended and Restated 2015 Time-Based Restricted Stock Units plan,

1,267,485 shares granted under the Criteo Amended and Restated 2015 Performance-Based Restricted Stock Units Plan that are

issuable upon settlement of outstanding awards (for PSUs, this reflects actual earned PSUs through 2024, except 2025 which is the

PSUs granted at the maximum 200% of target), 86,715 stock option awards outstanding under the Criteo Amended 2016 Stock

Option Plan and 159,897 warrants outstanding. The remaining balance consists of warrants to purchase shares.

(2) The weighted average exercise price does not take into account the shares issuable upon settlement of outstanding RSUs or

PSUs, which have no exercise price.

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**RESOLUTION 14:** 

**AUTHORIZATION TO BE GIVEN TO THE BOARD OF DIRECTORS TO GRANT OSAS (OPTIONS TO** 

**SUBSCRIBE FOR NEW ORDINARY SHARES) OR OAAS (OPTIONS TO PURCHASE ORDINARY** 

**SHARES) OF THE COMPANY TO EMPLOYEES AND CORPORATE OFFICERS OF THE COMPANY** 

**AND EMPLOYEES OF ITS SUBSIDIARIES PURSUANT TO THE PROVISIONS OF ARTICLES L.** 

**225-177 ET SEQ. OF THE FRENCH COMMERCIAL CODE WITHOUT SHAREHOLDERS'** 

**PREFERENTIAL SUBSCRIPTION RIGHTS**

Under French law, our Board of Directors must have a specific delegation of authority from

shareholders to increase the Company's share capital by issuing Ordinary Shares in the form of stock

options, even if granted pursuant to a previously shareholder-approved plan. For a detailed discussion of

the terms of the 2016 Stock Option Plan, as amended, the plan under which stock options will be granted,

see "Equity Resolutions–Description of Principal Features of the 2016 Stock Option Plan."

The Board of Directors believes that, given our organic and external growth strategy for 2026 and

2027, the Existing Equity Pool may be insufficient to meet our anticipated needs for the next year. If

approved, the new authorization to grant stock options will supersede the authorization to grant stock

options from the Existing Equity Pool and we will no longer be permitted to grant stock options from the

Existing Equity Pool from and after the Annual General Meeting.

As a result, the shareholders are asked to grant the Board of Directors the authority to issue and

grant stock options, each representing a right to receive one Ordinary Share. Any options granted

pursuant to this authorization would be deducted from the New Equity Pool set forth in Resolution 15.

The renewal of this authority is intended to promote the interests of Criteo and its shareholders by

giving us the ability to grant stock options to officers and other key employees, as needed for recruitment,

retention and incentivization purposes. Although we do not currently grant stock options, we have not

granted stock options since April 2020 and we do not have any immediate plans to grant stock options,

we believe it is important for our business to retain the flexibility to grant stock options in case of future

changes in our compensation strategy or in market conditions or competitive best practices. For a

detailed discussion of our executive compensation policy and objectives, see "Executive Compensation"

elsewhere in this proxy statement.

Because we are a Nasdaq-listed company and considered a U.S. domestic registrant under SEC

rules, our shareholders continue to benefit from the protections afforded to them under the rules and

regulations of the Nasdaq and SEC, including those rules that limit our ability to issue shares in specified

circumstances. In addition, we follow U.S. capital markets and governance standards to the extent

permitted by French law and emphasize that this authorization is required as a matter of French law and

is not otherwise required for other U.S. companies listed on the Nasdaq with which we compete.

This shareholder authorization would be valid for 38 months (until August 29, 2029), and would

supersede the corresponding delegation granted at the 2023 Annual General Meeting of Shareholders.

For the full text of Resolution 14, please see Annex A.

***RECOMMENDATION***

***THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE "FOR"***

***RESOLUTION 14.***

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**RESOLUTION 15:** 

**APPROVAL OF THE MAXIMUM NUMBER OF SHARES THAT MAY BE ISSUED OR ACQUIRED** 

**PURSUANT TO THE AUTHORIZATIONS GIVEN TO THE BOARD OF DIRECTORS BY THE 2024** 

**ANNUAL GENERAL MEETING (TO GRANT TIME-BASED RESTRICTED STOCK UNITS AND** 

**PERFORMANCE-BASED RESTRICTED STOCK UNITS) AND PURSUANT TO RESOLUTION 14** 

**HEREIN (TO GRANT OPTIONS TO PURCHASE OR TO SUBSCRIBE SHARES TO EMPLOYEES AND** 

**CORPORATE OFFICERS OF THE COMPANY AND EMPLOYEES OF ITS SUBSIDIARIES)**

Our shareholders previously authorized our Board of Directors, pursuant to Resolution 17 at the

2024 Annual General Meeting of June 25, 2024, to issue up to 7,000,000 Ordinary Shares under our

equity compensation plans, which we refer to herein as the Existing Equity Pool. As of March 31, 2026,

approximately 1,419,693 Ordinary Shares remained available for future issuance under the Existing

Equity Pool. The Board of Directors believes that, given our organic and external growth strategy for 2026

and 2027, the Existing Equity Pool may be insufficient to meet our anticipated needs prior to the 2027

Annual General Meeting.

As a result, we are requesting that shareholders authorize a share reserve of 7,000,000 Ordinary

Shares with a nominal value of €0.025 per share, which we refer to herein as the New Equity Pool. The

New Equity Pool will cover all issuances under all of our equity compensation plans from the date of the

Annual General Meeting, including: (i) RSUs to be issued pursuant to Resolution 15 adopted at the 2024

Annual General Meeting; (ii) PSUs to be issued pursuant to Resolution 16 adopted at the 2024 Annual

General Meeting; and (iii) options to purchase or to subscribe shares to employees and corporate officers

of the Company and employees of its subsidiaries pursuant to Resolution 14 above.

**Once the authorization for the New Equity Pool is approved by shareholders, we will no** 

**longer be able to grant any equity awards from the Existing Equity Pool. We commit to reduce the** 

**New Equity Pool by the number of shares that we grant under our Existing Equity Pool between** 

**March 31, 2026 and June 29, 2026 (the 2026 Annual General Meeting date), unless the** 

**authorization for the New Equity Pool is not approved by shareholders.**

Moreover, pursuant to the 2015 RSU Plan and the 2015 PSU Plan, any RSU or PSU granted

thereunder would be counted against the New Equity Pool limit as 1.57 shares for every one RSU or PSU

granted. With this Fungible Share Ratio, if we were to issue only RSUs and PSUs, the New Equity Pool

would result in the issuance of only approximately 4,458,599 Ordinary Shares.

Upon approval of Resolution 15, we estimate that the pool of available shares would last for

approximately one year.

The Board of Directors believes that in order to successfully attract and retain the best possible

candidates while aligning the interests of our executives, employees, directors and shareholders, it is

essential that we continue to offer competitive equity incentive programs.

For the full text of Resolution 15, please see Annex A.

***RECOMMENDATION***

***THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE "FOR"***

***RESOLUTION 15.***

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**RESOLUTIONS 16 TO 21:** 

**FINANCIAL AUTHORIZATIONS**

Resolutions 16 to 21 seek the delegation of financial authorizations. The goal of these

Resolutions is to allow us to swiftly raise the funds and have the financial flexibility necessary to enable us

to execute our strategic objectives, including, but not limited to, with respect to external growth.

Unlike most companies incorporated under U.S. state law, which traditionally have a specified

amount of authorized shares available for issuance with limited restrictions on the purpose of such

issuance, in accordance with French law, in order for our Board of Directors to increase our share capital,

it must have a specific delegation of authority authorizing it to increase the share capital for each specific

purpose. At the 2025 Annual General Meeting on June 13, 2025, the shareholders approved certain

financial authorizations. However, certain of our Board of Directors' important current financial

authorizations will expire in 2026. As a result, we are seeking re-approval at the Annual General Meeting

of the following financial Resolutions:

**•**Delegation of authority to the Board of Directors to increase the Company's share capital

by issuing ordinary shares, or any securities giving access to the Company's share

capital, for the benefit of a category of persons meeting predetermined criteria

(underwriters), without shareholders' preferential subscription rights (Resolution 16);

• Delegation of authority to the Board of Directors to increase the Company's share capital

by issuing ordinary shares or any securities giving access to the Company's share

capital, while preserving the shareholders' preferential subscription rights (Resolution 17);

**•**Delegation of authority to the Board of Directors to increase the Company's share capital

by issuing ordinary shares or any securities giving access to the Company's share

capital, through a public offering (excluding offers covered by paragraph 1° of article L.

411-2 of the French Monetary and Financial Code), without shareholders' preferential

subscription rights, (Resolution 18);

**•**Delegation of authority to the Board of Directors to increase the number of securities to

be issued as a result of a share capital increase with or without shareholders' preferential

subscription rights pursuant to Resolutions 16, 17 and 18 above, (Resolution 19);

• Delegation of authority to the Board of Directors to increase the Company's share capital

by way of issuing shares and securities giving access to the Company's share capital for

the benefit of members of a Company savings plan (*plan d'épargne d'entreprise*), without

shareholders' preferential subscription rights,(Resolution 20); and

• approval of the overall limits pursuant to Resolutions 16 to 20 above, (Resolution 21).

In addition, at the Annual General Meeting, shareholders are being asked to approve the

maximum global nominal amount of the share capital increases that may be completed, in each case,

pursuant to Resolutions 16 to 21, as well as the maximum global nominal amount of the debt securities

that may be issued, in each case, which may be completed pursuant to Resolutions 16 to 21.

Re-approving our Board of Directors' financial authorizations will allow the Company to maintain

equal footing with our U.S. competitors and to increase our financial flexibility by quickly raising capital

and taking advantage of potential business opportunities, including, but not limited to, potential

acquisitions. Although always important, we believe this flexibility is particularly necessary in light of the

current worldwide economic challenges.

While we believe the Company's current liquidity position already provides ample financial

flexibility, the proposed financial authorizations would provide our Board of Directors with additional

flexibility to respond quickly to changes in market conditions and thereby be able to obtain financing under

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the best possible conditions. As one of the potential purposes of our use of liquidity, our external growth

strategy is focused on acquisitions that complement our technology platform and product portfolio, as well

as Research & Development talent. Should we decide to engage in M&A transactions, we are committed

to pursuing external growth opportunities in a manner that will preserve the quality of our offering, while

improving its performance and delivering long-term value for our shareholders.

The financial delegations of authority presented for your approval at the Annual General Meeting

are subject to the following important limitations:

• the aggregate amount of share capital increases pursuant to Resolution 16 and 18

cannot exceed €139,149.725 which represents 10% of our share capital as of December

31, 2025;

• the aggregate amount of share capital increases pursuant to Resolution 20 cannot

exceed €41,744.9, which represents approximately 3% of our share capital as of

December 31, 2025;

**•**any share capital increase pursuant to Resolution 19, which grants a customary over-

allotment option for any issuance pursuant to Resolutions 16 and 18, would be at the

same price as, and limited to a maximum of 15% of, the initial issuance; and

**•**the maximum global nominal amount of the share capital increases which may be

completed pursuant to Resolutions 16, 18, 19 and 20 taken together cannot exceed

€139,149.725 which represents 10% of our share capital as of December 31, 2025;

**•**the aggregate nominal amount of debt securities that may be issued pursuant to each of

Resolutions 16, 18 and 20, or any of Resolutions 16, 18 and 20 taken together, cannot

exceed $500,000,000, or the corresponding value of this amount for an issuance in a

foreign currency;

Our Board of Directors will continue to use these authorizations in accordance with our corporate

and strategic needs, and, in any case, shall not use these authorizations in the context of an unsolicited

tender offer by a third party for Criteo shares. None of the corresponding authorizations granted at last

year's Annual General Meeting of Shareholders on June 13, 2025, have been used to date, as well as

prior financial authorizations granted at all prior Annual General Meetings since the completion of the

Company's follow-on offering after its initial public offering.

Under French law, in the case of issuance of additional shares or other securities for cash or set-

off against cash debts, our existing shareholders have preferential subscription rights to these securities

on a *pro-rata* basis, unless such rights are waived by a two-thirds majority of the votes held by the

shareholders present at the extraordinary meeting deciding or authorizing the capital increase,

represented by proxy or voting by mail. In case such rights are not waived at the extraordinary general

meeting, each shareholder may individually either exercise, assign or not exercise its preferential rights.

Such rights would be waived pursuant to all of Resolutions 16, 18, 19 and 20 if approved. Accordingly, the

issuance of additional Ordinary Shares or other securities pursuant to such Resolutions might, under

certain circumstances, dilute the ownership and voting rights of shareholders.

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**RESOLUTION 16:** 

**VOTE ON SHARE CAPITAL INCREASE THROUGH AN UNDERWRITTEN OFFERING, WITHOUT** 

**SHAREHOLDERS' PREFERENTIAL SUBSCRIPTION RIGHTS**

Pursuant to Resolution 16, the Board of Directors is also requesting the necessary authority to

issue through an underwritten offering Ordinary Shares or any type of securities giving access, by any

means, immediately and/or in the future, to our share capital (including, without limitation, any bonds

redeemable or convertible for Ordinary Shares and any warrants attached to Ordinary Shares or other

types of securities). The type of offering contemplated by this authorization is similar to the offering carried

out concurrently with our initial public offering in October 2013 on the Nasdaq Global Market.

The shareholders are asked to waive shareholders' preferential subscription rights to the Ordinary

Shares and securities that would be issued by virtue of this delegation, and to reserve this subscription for

the following category of persons:

**•**any bank, investment services provider, or other member of a banking syndicate

(underwriters) undertaking to ensure the completion of the share capital increase or of

any issuance that could in the future lead to a share capital increase in accordance with

this delegation of authority.

The Board of Directors will set the issue price of Ordinary Shares to be issued by virtue of this

delegation, subject to the requirement that the price of the shares will be at least equal to the volume-

weighted average price of the ADSs for the five trading days preceding the determination of such price,

subject to a maximum discount of 10% (as determined by the Board of Directors). We believe this is an

important safeguard for shareholders.

We intend to use this delegation of authority to raise funds for general corporate purposes and

have the financial flexibility necessary to enable us to execute our strategic objectives, including, but not

limited to, with respect to financing potential external growth. We shall not use this delegation in the

context of an unsolicited tender offer for Criteo shares by a third party. As a result, we believe that a share

capital increase in an amount not to exceed €139,149.725, which represents 10% of our share capital as

of December 31, 2025, will provide us with sufficient flexibility in pursuing our strategic objectives. In

particular, the implementation of this authorization could provide us quick access to sources of financing

in significant amounts, in a similar manner to our U.S. competitors, and allow us to respond quickly to

changes in market conditions. In the case of issuances of debt securities, the nominal amount of any

issuances will be limited to $500,000,000 (or the corresponding value of this amount for an issuance in a

foreign currency).

The amount of any share capital increase will be subject to (and deducted from) the global limit of

€139,149.725, and the amount of any debt securities issued will be subject to (and deducted from) the

global limit of $500,000,000 (or the corresponding value of this amount for an issuance in a foreign

currency), in each case as submitted for approval pursuant to Resolution 21.

The terms of the securities to be authorized, including dividend or interest rates, conversion

prices, voting rights, redemption prices, maturity dates and similar matters would be determined by the

Board of Directors. We currently have no immediate plans to issue securities pursuant to this Resolution.

Any transaction where we sell such securities will be reviewed and approved by the Board of Directors at

the time of issuance.

No amount was used pursuant to this same authorization granted at the 2025 Annual General

Meeting of Shareholders on June 13, 2025, nor pursuant to any prior similar authorizations granted since

the completion of the Company's follow-on offering after its initial public offering.

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This delegation of authority would be granted for an 18-month period (valid through) and would

supersede the corresponding delegation granted by the shareholders at last year's Annual General

Meeting of Shareholders on June 13, 2025. In the absence of a favorable vote, this delegation of authority

will expire on December 29, 2027, which could impair our ability to obtain appropriate financing to execute

on our strategic objectives. If this Resolution is approved, no further authorization from the shareholders

will be solicited prior to any such sale in accordance with the terms of this Resolution.

For the full text of Resolution 16, please see Annex A.

***RECOMMENDATION***

***THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE "FOR"*** 

***RESOLUTION 16.***

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**RESOLUTION 17:** 

**VOTE ON SHARE CAPITAL INCREASE, WHILE PRESERVING SHAREHOLDERS' PREFERENTIAL** 

**SUBSCRIPTION RIGHTS**

The purpose of this delegation of authority is to enable the Company to obtain financing any time

through the issuance of Ordinary Shares and any type of securities giving, by any means, immediately

and/or in the future, access to Ordinary Shares, by calling on the Company's shareholders. The

Company's shareholders will be awarded, under the applicable legal provisions and in proportion to their

ownership interest in the Company's share capital, a preferential right to subscribe for new shares or

securities. This detachable and negotiable right will make it possible, if the holder does not wish to

subscribe to the capital increase, to financially offset the dilution resulting from the non-subscription to the

capital increase.

The Company intends to use this delegation of authority to raise the funds and have the financial

flexibility necessary to enable it to execute its strategic objectives, including, but not limited to, with

respect to financing potential external growth. As a result of maintaining shareholders' preferential rights,

we believe that a share capital increase in an amount not to exceed 50% of the Company's share capital

will provide us with sufficient flexibility in pursuing our strategic objectives. In particular, the

implementation of this authorization could provide us quick access to a source of financing and allow us

to respond quickly to changes in market conditions.

The share capital increases carried out pursuant to this authorization cannot exceed

€695,748.675, which represents 50% of the Company's share capital as of December 31, 2025. In the

case of issuances of debt securities, the nominal amount of any issuances will be limited to $500,000,000

(or the corresponding value of this amount for an issuance in a foreign currency). The amount of any debt

securities issued will be subject to (and deducted from) the global limit of $500,000,000 (or the

corresponding value of this amount for an issuance in a foreign currency) as approved pursuant to

Resolution 21.

The terms of the securities to be authorized, including dividend or interest rates, conversion

prices, voting rights, redemption prices, maturity dates and similar matters would be determined by the

Board of Directors. The Company has no immediate plans to issue securities pursuant to this Resolution.

Any transaction where the Company sells such securities will be reviewed and approved by the Board of

Directors at the time of issuance.

No amount was used pursuant to this same authorization granted at the 2024 Annual General

Meeting of Shareholders on June 25, 2024, nor pursuant to any prior similar authorizations granted in the

past.

This delegation of authority would be granted for a 26-month period (valid through August 29,

2028) and would supersede the corresponding delegation granted by the shareholders at the 2024

Annual General Meeting of Shareholders on June 25, 2024. In the absence of a favorable vote, this

delegation of authority will expire on August 25, 2026, which could impair our ability to obtain appropriate

financing to execute on our strategic objectives. If this Resolution is approved, no further authorization

from the shareholders will be solicited prior to any such sale in accordance with the terms of this

Resolution.

For the full text of Resolution 17, please see Annex A.

**RECOMMENDATION**

**THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE "FOR"**

**RESOLUTION 17.**

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**RESOLUTION 18:** 

**VOTE ON SHARE CAPITAL INCREASE THROUGH A PUBLIC OFFERING, WITHOUT** 

**SHAREHOLDERS' PREFERENTIAL SUBSCRIPTION RIGHTS**

The Board of Directors is requesting the necessary authority to issue through a public offering

Ordinary Shares and/or any type of securities giving access, by any means, immediately or in the future,

to Ordinary Shares. Resolution 18 is intended:

• To comply with the approach currently promoted by French regulatory authorities, pursuant to

which, irrespective of whether a public offering is underwritten, this Resolution 18 should be used

to complete any such public offering because it is grounded on provisions of the French

Commercial Code meant precisely for public offerings. In particular, if the end result of the

planned transaction is a public offering of securities in France, Resolution 18 should be approved

in order to ensure that the French regulatory authorities would view the financial delegations

being granted at the Annual General Meeting as sufficient for all potential market participants;

• To allow for a direct public offering, without the involvement of underwriters; and

• To allow for the Ordinary Shares to be listed on a regulated market within the meaning of the

French Commercial Code, namely, if applicable, on the Euronext stock market.

Any issuance pursuant to this delegation would be carried out without shareholders' preferential

subscription rights. However, if, at the time the delegation is used, the Ordinary Shares are admitted on a

regulated market within the meaning of the French Commercial Code (for which the Nasdaq Global

Market does not qualify), shareholders could be granted a priority subscription period in accordance with

applicable French law.

The Company intends to use this delegation of authority to raise the funds and have the financial

flexibility necessary to enable it to execute its strategic objectives, including, but not limited to, with

respect to financing potential external growth. We do not intend to use it in the context of an unsolicited

tender offer by a third party for Criteo shares. As a result, we believe that a share capital increase in an

amount not to exceed €139,149.725, which represents 10% of the Company's share capital as of

December 31, 2025, will provide us with sufficient flexibility in pursuing our strategic objectives. In

particular, the implementation of this authorization could provide us quick access to sources of financing,

in a similar manner to our U.S. competitors, and allow us to respond quickly to changes in market

conditions. In the case of issuances of debt securities, the nominal amount of any issuances will be

limited to $500,000,000 (or the corresponding value of this amount for an issuance in a foreign currency).

The amount of any share capital increase will be subject to (and deducted from) the global limit of

€139,149.725, and the amount of any debt securities issued will be subject to (and deducted from) the

global limit of $500,000,000 (or the corresponding value of this amount for an issuance in a foreign

currency), in each case as submitted for approval pursuant to Resolution 21.

The price of the shares to be issued by virtue of this delegation would be set by the Board of

Directors and shall be at least equal to the volume-weighted average price of the ADSs over the course of

the five trading days preceding the fixing of the issue price, subject to a maximum discount of 10%, as

determined by the Board of Directors.

The terms of the securities to be authorized, including dividend or interest rates, conversion

prices, voting rights, redemption prices, maturity dates and similar matters would be determined by the

Board of Directors. The Company has no immediate plans to issue securities pursuant to this Resolution.

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Any transaction where the Company sells such securities will be reviewed and approved by the

Board of Directors at the time of issuance.

No amount was used pursuant to this same authorization granted at the 2024 Annual General

Meeting of Shareholders held on June 25, 2024, nor pursuant to any prior similar authorizations granted

in the past.

This delegation of authority would be granted for a 26-month period (valid through August 29,

2028) and would supersede the corresponding delegation granted by the shareholders at the 2024

Annual General Meeting of Shareholders dated June 25, 2024. In the absence of a favorable vote, this

delegation of authority will expire on August 25, 2026, which could impair our ability to obtain appropriate

financing to execute on our strategic objectives. If this Resolution is approved, no further authorization

from the shareholders will be solicited prior to any such sale in accordance with the terms of this

Resolution.

For the full text of Resolution 18, please see Annex A.

***RECOMMENDATION***

***THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE "FOR"***

 ***RESOLUTION 18.***

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**RESOLUTION 19:** 

**VOTE ON OVER-ALLOTMENT OPTION, AS PART OF A SHARE CAPITAL INCREASE PURSUANT** 

**TO THE DELEGATIONS IN RESOLUTIONS 16 AND 18 ('*GREEN SHOE')***

The purpose of this Resolution 19 is to allow the Board of Directors to grant a customary over-

allotment option for any issuance pursuant to Resolutions 16 and 18 above. Any share capital increase

pursuant to this delegation would be at the same price as, and limited to a maximum of 15% of, the initial

issuance, which is a standard level for over-allotment options, as per market practice.

For the full text of Resolution 19, please see Annex A.

***RECOMMENDATION***

***THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE "FOR"***

***RESOLUTION 19.***

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**RESOLUTION 20:** 

**VOTE ON SHARE CAPITAL INCREASE IN CONNECTION WITH A COMPANY SAVINGS PLAN** 

**(*PLAN D'ÉPARGNE D'ENTREPRISE*), WITHOUT SHAREHOLDERS' PREFERENTIAL** 

**SUBSCRIPTION RIGHTS**

Under the provisions of Articles L. 225-129 *et seq.* and L. 225-138-1 of the French Commercial

Code and the provisions of Articles L. 3332-1 *et seq.* of the French Labor Code, the Board of Directors is

required to submit for approval by the shareholders a resolution to authorize the Board of Directors to

increase the share capital through the issuance of shares and securities for the benefit of employees who

are members of a Company savings plan (*plan d'épargne d'entreprise*).

The aggregate nominal amount of share capital increases that would be carried out pursuant to

this delegation of authority would not exceed €41,744.9 which represents 3% of the share capital as of

December 31, 2025. In addition, the nominal amount of any debt securities giving access to the

Company's share capital that may be issued pursuant to this Resolution 20 is limited to $500,000,000 (or

the corresponding value of this amount for an issuance in a foreign currency).

The amount of any share capital increase will be subject to (and deducted from) the global limit of

€139,149.725, and the amount of any debt securities issued will be subject to (and deducted from) the

global limit of $500,000,000 (or the corresponding value of this amount for an issuance in a foreign

currency), in each case as submitted for approval pursuant to Resolution 21**.**

Under the conditions set forth in Articles L. 3332-18 to L. 3332-23 of the French Labor Code, the

Board of Directors would determine the issue price of the newly created shares or securities granting

access to the share capital. For the benefit of the members of a company savings plan (*plan d'épargne* 

*entreprise*), the shareholders' preferential subscription right to the shares or securities would be

eliminated.

To date, we have not implemented any company savings plans involving equity of the Company

and thus employees have not received any shares thereunder. However, approving this Resolution will

enable our Board of Directors to adopt such a company savings plan if it determines in the future that

such a plan is appropriate to strengthen employee retention and further align employee and shareholder

interests.

This delegation of authority would be granted for an 18-month period (valid through

December 29, 2027).

For the full text of Resolution 20, please see Annex A.

***RECOMMENDATION***

***THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE "FOR"*** 

***RESOLUTION 20.***

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**RESOLUTION 21:** 

**VOTE ON THE OVERALL LIMITS PURSUANT TO RESOLUTIONS 16 TO 20**

The Board of Directors hereby proposes to set the maximum global nominal amount of the share

capital increases which may be completed pursuant to Resolutions 16, 18, 19 and 20 at €139,149.725,

which corresponds to 10% of the share capital as of December 31, 2025. This limit is set without taking

into account the par value of Ordinary Shares to be issued, if applicable, in relation to adjustments to be

carried out in order to protect the rights of holders of securities or other rights giving access to shares of

the Company, in accordance with legal and regulatory requirements as well as applicable contractual

provisions.

The global nominal amount of the debt securities that may be issued pursuant to the delegations

granted in Resolutions 16, 18 and 20 shall not exceed $500,000,000 (or the corresponding value of this

amount for an issuance in a foreign currency).

We believe that this amount strikes the correct balance between protecting our existing

shareholders and providing the Company with the financial flexibility necessary to accomplish its strategic

goals, including, but not limited to, with respect to potential external growth, and in line with the flexibility

available to comparable U.S. companies. The Board of Directors intends, whenever possible, to grant its

shareholders a priority subscription period for issuances carried out pursuant to these delegations.

For the full text of Resolution 21, please see Annex A.

***RECOMMENDATION***

***THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE "FOR"*** 

***RESOLUTION 21.***

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**RESOLUTION 22:**

**VOTE ON THE AMENDMENT OF ARTICLE 19 OF THE COMPANY'S BY-LAWS (*STATUS*) RELATED** 

**TO SHAREHOLDERS MEETINGS IN ORDER TO COMPLY WITH NEW PROVISIONS OF THE** 

**FRENCH COMMERCIAL CODE**

Our Board of Directors is asking our shareholders to amend the fifth paragraph of Article 19 of our

by-laws to comply with revised provisions of the French Commercial Code. Decree No. 2026-94 dated as

of February 13, 2026, relating to the modernization of a company's methods of communication with its

shareholders, amended Article R. 225-86 of the French Commercial Code, to extend the record date to

midnight, Paris time five business days preceding a shareholders meeting (compared to two business

days under the previous law).

Consequently, Resolution 22 would amend the fifth paragraph of Article 19 of the by-laws in order

to reflect that the record date would be on the fifth business day preceding the date of the shareholders'

meeting, rather than on the second business day preceding the date of the shareholders' meeting.

For the full text of Resolution 22, please see Annex A.

***RECOMMENDATION***

***THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE "FOR"***

***RESOLUTION 22.***

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**SHAREHOLDER RESOLUTIONS FOR** 

**THE 2027 ANNUAL GENERAL MEETING OF SHAREHOLDERS**

Any shareholder desiring to present a resolution for inclusion in Criteo's proxy statement for the

2027 Annual General Meeting of Shareholders pursuant to Rule 14a-8 under the Exchange Act must

deliver such resolution to the Board of Directors at the address below no later than January 8, 2027. Only

those resolutions that comply with the requirements of Rule 14a-8 under the Exchange Act will be

included in the Company's proxy statement for the 2027 Annual General Meeting of Shareholders.

Under French law, shareholders are permitted to submit a resolution for consideration so long as

such matter is received by the Board of Directors at the address below (by registered mail, not via

electronic notice) no later than 25 days prior to the date of the meeting. Shareholders wishing to present

resolutions at the 2027 Annual General Meeting of Shareholders made outside of Rule 14a-8 under the

Exchange Act must comply with the procedures specified under French law. A shareholder who meets the

requirements set forth in Articles L. 225-105 and R. 225-71 of the French Commercial Code may submit a

resolution by sending such resolution to the address below by registered letter with acknowledgment of

receipt. The resolution must include the text of the proposed resolution, a brief explanation of the reason

for such resolution and an affidavit to evidence the shareholder's holdings. A shareholder who meets the

requirements set forth in Articles L. 225-105 and R. 225-71 of the French Commercial Code also may

submit a director nomination to be considered by the nomination and corporate governance committee for

nomination by following the same process outlined above and including the information regarding the

director as set forth in Article R. 225-83 5<sup>o</sup> of the French Commercial Code in their submission.

In addition to satisfying the foregoing requirements, to comply with the Universal Proxy Rules,

shareholders who intend to solicit proxies in support of director nominees other than the Company's

nominees in accordance with Rule 14a-19 under the Exchange Act must provide notice to the Company

at the address below no later than 60 calendar days prior to the anniversary of the previous year's annual

meeting (no later than April 30, 2027 for the 2027 Annual General Meeting) or 60 calendar days prior to

the date of the 2027 Annual General Meeting if the meeting date has changed more than 30 days from

the date of this year's Annual General Meeting. Any such notice of intent to solicit proxies must also

comply with all other requirements of Rule 14a-19 under the Exchange Act.

All submissions to the Board of Directors should be made to:

Criteo S.A.

32 Rue Blanche

75009 Paris, France

Or, if pursuant to U.S. law and not otherwise indicated herein, by electronic notice to: AGM@criteo.com

Attention: Board of Directors

**INCORPORATION BY REFERENCE**

In accordance with SEC rules, notwithstanding anything to the contrary set forth in any of our

previous or future filings under the Securities Act of 1933, as amended, or the Exchange Act that might

incorporate this proxy statement or future filings made by the Company under those statutes, the

information included under the caption "Report of the Compensation Committee" and those portions of the

information included under the caption "Audit Committee Report" required by the SEC's rules to be

included therein shall not be deemed to be "soliciting material" or "filed" with the SEC and shall not be

deemed incorporated by reference into any of those prior filings or into any future filings made by the

Company under those statutes, except to the extent we specifically incorporate these items by reference.

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**OTHER MATTERS**

The Board of Directors knows of no matters that may be submitted for consideration at the Annual

General Meeting other than those referred to in this proxy statement and the possible submission of

shareholder resolutions as permitted under French law, which may be presented by a shareholder

proponent at the Annual General Meeting if submitted by the deadline for such submissions. No person

provided notice to the Company of the names of director nominees for which it intends to solicit proxies as

required under Rule 14a-19 of the Exchange Act by the deadline set forth in rule 14a-19 (which was April

14, 2026). Holders of Ordinary Shares who choose to vote by mail may use their proxy card to (i) grant a

proxy to the chairperson of the Annual General Meeting to vote on any new matters that are proposed

during the meeting, (ii) abstain from voting on such matters (which will not be counted as a vote "FOR" or

"AGAINST"), or (iii) grant a proxy to another shareholder, a spouse or a partner with whom the holder of

Ordinary Shares is in a civil union to vote on such matters. If a holder of Ordinary Shares chooses to

grant a proxy to the chairperson of the Annual General Meeting, with respect to either all matters or only

any additional matters not disclosed in this proxy statement, the chairperson of the Annual General

Meeting shall have discretionary authority pursuant to Rule 14a-4(c) under the Exchange Act and shall

issue a vote in favor of adopting such undisclosed resolutions submitted or approved by the Board of

Directors and a vote against adopting any other such undisclosed resolutions not submitted or approved

by the Board of Directors. Ordinary Shares underlying ADSs will not be voted on any matter not disclosed

in the proxy statement, except that if requested by the Company subject to the terms of the deposit

agreement, if the holder of an ADS does not provide voting instructions, the Depositary for the ADSs will

give a discretionary proxy to a person designated by the Company to vote the Ordinary Shares underlying

an ADS, including an ADS held through a broker, bank or other nominee, (i) on each resolution included in

this proxy statement that is not subject to substantial opposition and (ii) against any new matter that is

submitted or existing matter that is amended following the date of this proxy statement (including during

the Annual General Meeting). If such discretionary proxy under the aforementioned clause (i) is granted to

the Company to vote on the resolutions included in this proxy statement, the Company intends to vote in

accordance with the Board of Directors' recommendation on each resolution.

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**IMPORTANT NOTICE REGARDING DELIVERY** 

**OF SHAREHOLDER DOCUMENTS**

We have either mailed to you with this proxy statement a copy of our Annual Report on Form 10-

K for the fiscal year ended December 31, 2025 (the "Annual Report"), including audited financial

statements, or sent you a Notice of Internet Availability of Proxy Materials with the web address for

accessing the Annual Report online. Copies of these materials are also available online through the SEC

at www.sec.gov. We may satisfy SEC rules regarding delivery of proxy materials, including this proxy

statement and the 2025 Annual Report, or the Notice of Internet Availability, as applicable, by delivering a

single set of proxy materials to an address shared by two or more holders of Ordinary Shares or ADSs,

unless contrary instructions are received prior to the mailing date. This delivery method can result in

meaningful cost savings for us. We undertake to deliver promptly upon written or oral request at the

address or phone number below a separate copy of the proxy materials to a shareholder at a shared

address to which a single copy of the proxy materials was delivered. Similarly, if you share an address

with another shareholder and have received multiple copies of our proxy materials, you may write or call

us at the address or phone number below to request delivery of a single copy of the proxy materials in the

future. If you hold Ordinary Shares and prefer to receive separate copies of the proxy materials either now

or in the future, please contact the Company's Investor Relations department at Criteo S.A., 32 Rue

Blanche, 75009 Paris, France, or by email at InvestorRelations@criteo.com. If you hold ADSs and you

prefer to receive separate copies of proxy materials either now or in the future, please contact the

Depositary or your brokerage firm, as applicable.

Annex A-1

***<u>Translation for Informational Purposes</u>***

**ANNEX A**

**ENGLISH TRANSLATION OF FULL TEXT OF RESOLUTIONS TO BE**

**VOTED ON AT THE ANNUAL GENERAL MEETING** 

***Please note that because we are a French company, the full text of the resolutions***

***included in this Annex A has been translated from French. In the case of any discrepancy***

***between this version and the French version, the French version will prevail.***

***RESOLUTIONS SUBMITTED TO THE COMBINED SHAREHOLDERS' MEETING OF JUNE 29, 2026***

**<u>AGENDA</u>**

**Agenda for the Ordinary Shareholders' Meeting**

1. renewal of the term of office of Mr. Michael Komasinski as Director,

2. renewal of the term of office of Ms. Marie Lalleman as Director,

3. renewal of the term of office of Mr. Ernst Teunissen as Director,

4. renewal of the term of office of Mr. Edmond Mesrobian as Director,

5. non-binding advisory vote to approve the compensation for the named executive officers of the

Company,

6. approval of the statutory financial statements for the fiscal year ended December 31, 2025,

7. approval of the consolidated financial statements for the fiscal year ended December 31, 2025,

8. approval of the allocation of results for the fiscal year ended December 31, 2025,

9. approval of an agreement referred to in Article L.225-38 of the French Commercial Code (related

party transactions) (Indemnification Agreement entered into between the Company and Ms.

Stefanie Jay),

10. authorization to be given to the Board of Directors to execute a buyback of Company stock in

accordance with the provisions of Article L. 225-209-2 of the French Commercial Code,

**Agenda for the Extraordinary Shareholders' Meeting**

11. authorization to be given to the Board of Directors to reduce the Company's share capital by

canceling shares as part of the authorization to the Board of Directors allowing the Company to

buy back its own shares in accordance with the provisions of Article L. 225-209-2 of the French

Commercial Code,

12. authorization to be given to the Board of Directors to reduce the Company's share capital by

canceling shares acquired by the Company in accordance with the provisions of Article L.

225-208 of the French Commercial Code,

13. delegation of authority to the Board of Directors to reduce the share capital by way of a buyback

of Company stock followed by the cancellation of the repurchased stock,

14. authorization to be given to the Board of Directors to grant OSAs (options to subscribe for new

ordinary shares) or OAAs (options to purchase ordinary shares) of the Company to employees

Annex A-2

and corporate officers of the Company and employees of its subsidiaries pursuant to the

provisions of Articles L. 225-177 et seq. of the French Commercial Code without shareholders'

preferential subscription rights,

15. approval of the maximum number of shares that may be issued or acquired pursuant to

Resolution 15 of the Shareholders' Meeting dated June 25, 2024 (authorization to grant Time-

Based RSUs to employees and corporate officers of the Company and employees of its

subsidiaries), Resolution 16 of the Shareholders' Meeting dated June 25, 2024 (authorization to

grant Performance-Based RSUs to employees and corporate officers of the Company and

employees of its subsidiaries), and Resolution 14 herein (authorization to grant options to

purchase or to subscribe shares to employees and corporate officers of the Company and

employees of its subsidiaries),

16. delegation of authority to the Board of Directors to increase the Company's share capital by

issuing ordinary shares, or any securities giving access to the Company's share capital, for the

benefit of a category of persons meeting predetermined criteria (underwriters), without

shareholders' preferential subscription rights,

17. delegation of authority to the Board of Directors to increase the Company's share capital by

issuing ordinary shares or any securities giving access to the Company's share capital, while

preserving the shareholders' preferential subscription rights,

18. delegation of authority to the Board of Directors to increase the Company's share capital by

issuing ordinary shares, or any securities giving access to the Company's share capital, through a

public offering (excluding offers covered by paragraph 1° of article L. 411-2 of the French

Monetary and Financial Code), without shareholders' preferential subscription rights,

19. delegation of authority to the Board of Directors to increase the number of securities to be issued

as a result of a share capital increase with or without preserving shareholders' preferential

subscription rights pursuant to Resolutions 16, 17, and 18 above ("green shoe"),

20. delegation of authority to the Board of Directors to increase the Company's share capital by way

of issuing shares and securities giving access to the Company's share capital for the benefit of

members of a Company savings plan (*plan d'épargne d'entreprise*), without shareholders'

preferential subscription rights, and

21. approval of the overall limits pursuant to Resolutions 16 to 20 above, and

22. amendment of the fifth paragraph of Article 19 of the by-laws of the Company related to general

meetings in order to comply with the new provisions of Article R. 225-86 of the French

Commercial Code.

Annex A-3

**<u>TEXT OF THE RESOLUTIONS</u>**

**<u>RESOLUTIONS WITHIN THE AUTHORITY OF THE ORDINARY SHAREHOLDERS' MEETING</u>**

**<u>First resolution</u>**

***Renewal of the term of office of Mr. Michael Komasinski as Director***

The Shareholders' Meeting, acting under the conditions of quorum and majority required for a meeting of

ordinary shareholders,

having reviewed the Board of Directors' report,

noting that the term of office of Mr. Michael Komasinski expires at the end of this Shareholders' Meeting,

**renews** the term of office of Mr. Michael Komasinski as Director for a two-year period, expiring at the end

of the Ordinary Shareholders' Meeting convened to approve the financial statements for the fiscal year

ended December 31, 2027.

**<u>Second resolution</u>** 

***Renewal of the term of office of Ms. Marie Lalleman as Director***

The Shareholders' Meeting, acting under the conditions of quorum and majority required for a meeting of

ordinary shareholders,

having reviewed the Board of Directors' report,

noting that the term of office of Ms. Marie Lalleman expires at the end of this Shareholders' Meeting,

**renews** the term of office of Ms. Marie Lalleman as Director for a two-year period, expiring at the end of

the Ordinary Shareholders' Meeting convened to approve the financial statements for the fiscal year

ended December 31, 2027.

**<u>Third resolution</u>** 

***Renewal of the term of office of Mr. Ernst Teunissen as Director***

The Shareholders' Meeting, acting under the conditions of quorum and majority required for a meeting of

ordinary shareholders,

having reviewed the Board of Directors' report,

noting that the term of office of Mr. Ernst Teunissen expires at the end of this Shareholders' Meeting,

**renews** the term of office of Mr. Ernst Teunissen as Director for a two-year period, expiring at the end of

the Ordinary Shareholders' Meeting convened to approve the financial statements for the fiscal year

ended December 31, 2027.

**<u>Fourth resolution</u>** 

***Renewal of the term of office of Mr. Edmond Mesrobian as Director***

The Shareholders' Meeting, acting under the conditions of quorum and majority required for a meeting of

ordinary shareholders,

having reviewed the Board of Directors' report,

Annex A-4

noting that the term of office of Mr. Edmond Mesrobian expires at the end of this Shareholders' Meeting,

**renews** the term of office of Mr. Edmond Mesrobian as Director for a two-year period, expiring at the end

of the Ordinary Shareholders' Meeting convened to approve the financial statements for the fiscal year

ended December 31, 2027.

**<u>Fifth resolution</u>** 

***Non-binding advisory vote to approve the compensation for the named executive officers of the*** 

***Company***

The Shareholders' Meeting, acting under the conditions of quorum and majority required for a meeting of

ordinary shareholders,

having reviewed the Board of Directors' report,

**approves**, on a non-binding advisory basis, the compensation paid to the Company's named executive

officers, as disclosed in the Company's Proxy Statement for the 2026 Annual Meeting of Shareholders

pursuant to the compensation disclosure rules of the U.S. Securities and Exchange Commission,

including the Compensation Discussion and Analysis, the compensation tables and the narrative

discussion, said Compensation Discussion and Analysis being attached as an annex to the Board of

Directors' report.

**<u>Sixth resolution</u>** 

***Approval of the statutory financial statements for the fiscal year ended December 31, 2025***

The Shareholders' Meeting, acting under the conditions of quorum and majority required for a meeting of

ordinary shareholders,

having reviewed the management report on the Company's activities and accounts for the fiscal year

ended December 31, 2025 and the report of the statutory auditors on the performance of their duties for

this fiscal year,

**approves** the statutory financial statements of the Company for the fiscal year ended December 31,

2025, which show a loss amounting to €14,676,214 as well as the transactions reflected therein and

summarized in these reports, and

**notes** that the annual financial statements show neither excess depreciation and other non-deductible

amortization, nor any sumptuary expenses referred to in Article 39-4 of the General Tax Code*.***

**<u>Seventh resolution</u>**

***Approval of the consolidated financial statements for the fiscal year ended December 31, 2025***

The Shareholders' Meeting, acting under the conditions of quorum and majority required for a meeting of

ordinary shareholders,

having reviewed the management report for the Company and its subsidiaries for the fiscal year ended

December 31, 2025 and the consolidated financial statements for that year, as well as the report of the

statutory auditors thereon,

**approves** the consolidated financial statements of the Company (prepared in accordance with IFRS) for

the fiscal year ended December 31, 2025, as presented, as well as the transactions reflected therein and

summarized in these reports.

Annex A-5

**<u>Eighth resolution</u>** 

***Approval of the allocation of results for the fiscal year ended December 31, 2025***

The Shareholders' Meeting, acting under the conditions of quorum and majority required for a meeting of

ordinary shareholders,

having reviewed the Board of Directors' report,

having acknowledged that the loss for the fiscal year ended December 31, 2025 amount to €14,676,214

and that the legal reserve is fully allocated,

**decides** to allocate the total loss to retained earnings.

It is **noted** that no dividends have been distributed for the last three fiscal years.

**<u>Ninth resolution</u>** 

***Approval of an agreement referred to in Articles L.225-38 of the French Commercial Code (related*** 

***party transactions) (Indemnification Agreement entered into between the Company and Ms.*** 

***Stefanie Jay),***

The Shareholders' Meeting, acting under the conditions of quorum and majority required for a meeting of

ordinary shareholders,

having reviewed the special report of the statutory auditors concerning the agreements referred to in

Article L.225-38 of the French Commercial Code,

**approves**, in compliance with the provisions of Article L. 225-40 of the French Commercial Code, the

Indemnification Agreement entered into with Ms. Stefanie Jay, director, on June 13, 2025, the conclusion

of which has been authorized by the Board of Directors during its meeting on April 9, 2025.

**<u>Tenth resolution</u>** 

***Authorization to be given to the Board of Directors to execute a buyback of Company stock in*** 

***accordance with Article L. 225-209-2 of the French Commercial Code*** 

The Shareholders' Meeting, acting under the conditions of quorum and majority required for a meeting of

ordinary shareholders,

having reviewed the Board of Directors' report, the report of the independent expert designated in

accordance with Articles R. 225-160-1 *et seq.* of the French Commercial Code and the statutory auditors'

special report,

in accordance with Article L. 225-209-2 of the French Commercial Code,

**authorizes** the Board of Directors to purchase shares of the Company under the conditions set forth in

Article L. 225-209-2 of the French Commercial Code**, decides** that the purchase of these shares may be effected on one or more occasions, on the market or

off market, including without limitation through an accelerated bookbuilding procedure (BB) or block trade,

but this authorization shall however not be used by the Board of Directors during a public tender offer by a

third-party,

**decides** that the authorization may be used and the shares so purchased may be allocated:

–within two (2) years from their purchase date, as payment or in exchange for assets acquired by

the Company in connection with a potential acquisition, merger, demerger or contribution-in-kind

transaction, or,

Annex A-6

–within one (1) year from their purchase date, to serve stock option plans, free share plans, profit

sharing plans and other allocations to employees and officers of the Company and of its affiliates;

or,

–within five (5) years of their purchase, to shareholders who notify the Company of their intention

to acquire them at an offer to sell organized by the Company itself within three (3) months of each

annual ordinary shareholders' meeting, or

–to any further purpose as may be authorized by the law when this delegation shall be used by the

Board of Directors,

**acknowledges** that the maximum number of shares that may be purchased pursuant to this resolution for

the purposes stated in this resolution shall at no time exceed 10% of the total number of shares of the

Company outstanding, provided that if the shares are allocated as payment or in exchange for assets

acquired by the Company in connection with a potential acquisition, merger, demerger or contribution-in-

kind transaction, the maximum number of shares that may be purchased for that purpose shall at no time

exceed 5% of the total number of shares of the Company outstanding,

**decides** that all or part of the purchased shares, subject to the adoption of the eleventh resolution below,

can be canceled under the terms and conditions set forth in the said resolution,

**acknowledges** that any shares not used for the above-mentioned purposes within the relevant time

period will be automatically canceled, it being specified that the Board of Directors shall be authorized to

use the repurchased shares for any other purpose set forth above (within the relevant time period set

forth above),

**decides** to set the minimum purchase price per share (excluding fees and commissions) at $10.40, or the

then euro equivalent on the date on which this authorization is used, and the maximum purchase price

per share (excluding fees and commissions) at $46.31, or the then euro equivalent on the date on which

this authorization is used, in accordance with the report by the independent expert pursuant to Article L.

225-209-2 of the French Commercial Code, with an overall cap of $257,760,950.59; subject to

adjustments as necessary to reflect any relevant capital transactions (e.g. incorporation of reserves,

allocation of free shares, stock splits or reverse stock splits) that might occur during the term of this

authorization,

**decides** that the purchase price per share under this authorization shall be set by the Board of Directors,

**grants** full powers to the Board of Directors, with the option to sub-delegate powers to the Chief

Executive Officer or, with the agreement of the latter, to one or more Deputy Chief Executive Officers

(*directeurs généraux délégués*), if any, to implement this authorization, place stock market orders, enter

into all types of agreements as permitted by law, carry out any formalities, procedures and filings with the

French *Autorité des Marchés Financiers* and other competent bodies, and, in general, do whatever is

necessary.

This authorization is granted to the Board of Directors for a period of **twelve (12) months** from the date of

this Shareholders' Meeting, and supersedes the authorization for the same purpose granted by the

Shareholders' Meeting of June 13, 2025, provided that, if during the effective time of this authorization,

the Company's shares are admitted to trading on a regulated market or a multilateral trading facility within

the meaning of the French Commercial Code, such authorization would automatically lapse.

**<u>RESOLUTIONS WITHIN THE AUTHORITY OF THE EXTRAORDINARY SHAREHOLDERS' MEETING</u>**

**<u>Eleventh resolution</u>**

***Authorization to be given to the Board of Directors to reduce the Company's share capital by*** 

***canceling shares as part of the authorization to the Board of Directors allowing the Company to*** 

Annex A-7

***buy back its own shares in accordance with the provisions of Article L. 225-209-2 of the French*** 

***Commercial Code*** 

The Shareholders' Meeting, acting under the conditions of quorum and majority required for an

extraordinary meeting of shareholders,

having reviewed the Board of Directors' report,

**authorizes** the Board of Directors, in accordance with Article L. 225-209-2 of the French Commercial

Code, to cancel, on one or more occasions, all or part of the shares repurchased by the Company and to

reduce the share capital accordingly, such cancellations not to exceed 10% of the share capital of the

Company in the aggregate per twenty-four month period,

**decides** that any potential excess of the purchase price of the shares over their par value will be charged

on any available reserve account, including the legal reserves, provided that such legal reserve is not less

than 10% of the share capital of Company after the completion of the capital reduction,

**grants** full powers to the Board of Directors, with the option to sub-delegate as provided by law, to carry

out all acts, formalities or declarations necessary to finalize the capital reductions that could be achieved

pursuant to this authorization and for the purposes of amending the Company's by-laws as a result.

This authorization is granted for a period of **twelve (12) months** from the date of this Shareholders'

Meeting and supersedes the authorization for the same purpose granted by the Shareholders' Meeting of

June 13, 2025.

**<u>Twelfth resolution</u>** 

***Authorization to be given to the Board of Directors to reduce the Company's share capital by*** 

***canceling the shares acquired by the Company pursuant to the provisions of Article L. 225-208 of*** 

***the French Commercial Code***

The Shareholders' Meeting, acting under the conditions of quorum and majority required for an

extraordinary meeting of shareholders,

having reviewed the Board of Directors' report and the auditor's report,

acting in accordance with Articles L. 225-204 to L. 225-205 of the French Commercial Code,

**authorizes** the Board of Directors to carry out a share capital reduction not motivated by losses, on one

or more occasions, up to a maximum amount of €139,149.725 by way of cancellation of a maximum of

5,565,989 Company's shares with a par value €0.025 per share, acquired by the Company in accordance

with Article L. 225-208 of the French Commercial Code, linked to purchase of options or free shares

granted by the Company and became lapsed,

**decides** that the Board of Directors is granted all powers, with the right of sub-delegation under the

conditions provided by the law and under the conditions specified below, notably:

–in the event of the opposition of one or more creditors of the Company within the deadline for

opposition from creditors, which will start to run from the filing of the minutes of the current

shareholders' meeting and of the minutes of the Board of Directors implementing the current

authorization, take any appropriate measure, set up any security or execute any court decision

ordering the lodging of guarantees or the reimbursement of debts,

–amend the Company's by-laws accordingly and, more generally, do whatever is useful or

necessary for the implementation of the current resolution,

**decides** that this authorization is granted to the Board of Directors for a period of twelve (12) months from

the date of this Shareholders' Meeting and supersedes the authorization for the same purpose granted by

the Shareholders' Meeting of June 13, 2025 and shall not be used during a public tender offer by a third

party.

Annex A-8

**<u>Thirteenth resolution</u>** 

***Delegation of authority to the Board of Directors to reduce the share capital by way of a buyback***

***of Company stock followed by the cancellation of the repurchased stock***

The Shareholders' Meeting, acting under the conditions of quorum and majority required for an

extraordinary meeting of shareholders,

having reviewed the Board of Directors' report and the statutory auditors' report, in accordance with

Articles L. 225-204 and L. 225-207 of the French Commercial Code,

**authorizes** the Board of Directors to decide, as appropriate, at its own discretion, to carry-out, in one or

more times, one or more repurchases of shares (or American Depositary Shares) within the limit of a

maximum number of 11,131,979 shares of a nominal value of 0.025 euro for the purposes of canceling

them and resulting in the Company's share capital reduction not arising from losses, of a maximum

nominal amount of €278,299.475, in accordance with the provisions of Article L. 225-207 of the French

Commercial Code;

**decides** that the Board of Directors shall have all powers, with the right to sub-delegate, under the

conditions laid down by the law, to implement this delegation in accordance with applicable law and the

by-laws of the Company, and in particular to:

–set the final terms and conditions of the transaction, including in particular the number of shares

to be repurchased and canceled within the aforementioned limit and maximum repurchase price

at $46.31 per share (or the equivalent in euros of this amount on the date of use of this

delegation), i.e., a maximum aggregate amount of $515,521,947.490;

–in the event of opposition by one or more of the Company's creditors within the period of

opposition by the creditors, which shall begin to run as from the filing at the Commercial Court

registry of the present decision's minutes and of the Board of Directors' minutes implementing this

delegation, take any appropriate measure, create any financial security or comply with any court

decision ordering the creation of guarantees or the repayment of debts;

–make to all shareholders a buyback offer by the Company;

–in view of the results of the buyback offer, determine the final amount of the capital reduction and

acknowledge the completion of the capital reduction;

–if applicable, decide to deduct the difference between the repurchase value of the shares

acquired and the nominal of the canceled shares from any available reserves and premium

accounts, or from a retained earnings account;

–make any corresponding amendment to the Company's by-laws, and, in general, take any action

and perform all formalities required to carry out this resolution;

**decides** that this authorization is granted to the Board of Directors for a period of **eighteen (18) months** 

from the date of this Shareholders' Meeting and supersedes the authorization for the same purpose

granted by the Shareholders' Meeting of June 13, 2025 and may not be implemented in the event of a

public tender offer by a third party.

**<u>Fourteenth resolution</u>** 

***Authorization to be given to the Board of Directors to grant OSAs (options to subscribe for new*** 

***ordinary shares) or OAAs (options to purchase ordinary shares) of the Company to employees*** 

***and corporate officers of the Company and employees of its subsidiaries pursuant to the*** 

Annex A-9

***provisions of Articles L. 225-177 et seq. of the French Commercial Code without shareholders'*** 

***preferential subscription rights***

The Shareholders' Meeting, acting under the conditions of quorum and majority required for an

extraordinary meeting of shareholders,

having reviewed the Board of Directors' report and the statutory auditors' report,

**authorizes** the Board of Directors, pursuant to Articles L.225-177 to L.225-185 of the French Commercial

Code, to grant, during periods authorized by the law, in one or several times, in favor of the corporate

officers listed in Article L. 225-185 of the French Commercial Code and employees (or some of them) of

the Company and companies and economic interest groups ("*groupements d'intérêt économique*") related

to the Company under the conditions referred to in Article L. 225-180-I of the French Commercial Code,

options giving the right to subscribe or to purchase ordinary shares of the Company, provided that:

–the number of shares that may be issued or acquired upon the exercise of options granted

pursuant to this authorization shall be deducted from the overall limit set forth in the fifteenth

resolution below, and

– the total number of shares to be issued upon exercise of granted but unexercised OSAs may

never exceed one third of the share capital,

**decides** that this authorization is granted to the Board of Directors for a period of **thirty-eight (38)** 

**months** from the date of this Shareholders' Meeting and supersedes the authorization having the same

purpose granted pursuant to the sixteenth resolution of the shareholders' meeting dated June 13, 2023.

**decides** this authorization includes, in favor of the holders of OSAs, express waiver by shareholders of

their preferential subscription right with respect to shares that may be granted as OSAs are exercised,

and shall be implemented in accordance with the terms and conditions provided by applicable laws and

regulations in force on the day the OSAs are granted,

**decides** that the purchase or subscription price per share shall be fixed by the Board of Directors on the

day the option is granted, by reference to the closing sale price of an American Depositary Share

representing an ordinary share of the Company on the Nasdaq Stock Market on the day preceding the

date of the Board of Directors' decision to grant the options. However, the purchase or subscription price

per share shall not, in any case, be less than ninety-five percent (95%) of the average of the closing sale

price of an American Depositary Share representing one ordinary share of the Company on the Nasdaq

Stock Market during the twenty days of trading preceding the day of the Board of Directors' decision to

grant options;

provided that, when an option allows its holder to purchase shares which have been previously purchased

by the Company, its exercise price, without prejudice to the provisions above and in accordance with legal

provisions in force, may not, in addition, be less than 80% of the average price paid by the Company for

the purchase of the treasury shares by the Company;

**decides** the subscription or purchase price for the shares to which the options relate cannot be modified

during the term of the options, provided that, if the Company were to carry out one of the transactions

referred to in Article L.225-181 of the French Commercial Code, it shall take the necessary steps to

protect the interests of the holders of the options under the conditions provided in Article L.228-99 of the

French Commercial Code,

**decides** that, in the event the adjustment referred to in Article L.228-99 3° of the French Commercial

Code is necessary, the adjustment would be realized by applying the method provided in Article R.228-91

of the French Commercial Code, provided that the value of the preferential subscription rights, as well as

the value of the shares before detachment of subscription rights would, if necessary, be determined by

the Board of Directors based on the subscription, exchange or sale price per share used for the last

transaction with respect to the share capital of the Company (capital increase, contributions-in kind of

securities, sale of shares, etc.) during the six (6) months preceding such meeting of the Board of

Directors, or, if no such transaction occurred, based on other financial parameters deemed appropriate by

the Board of Directors,

Annex A-10

**decides** that in the event of the issue of new shares or new securities giving access to the Company's

share capital or in the event of a merger or split-up of the Company, the Board of Directors may suspend,

if necessary, the exercise of options, during a maximum of three months,

**sets** the maximum the term of the options at nine years and six months from the date of the grant, or up

to ten years in the event of the death or disability of the option holder within such nine year and six month

term, and

**grants** all powers to the Board of Directors, within the limits set out above, to:

–determine the categories of option holders and the identity of holders of OSAs or OAAs, as well

as the number of options to grant to each holder;

–set, and as the case amend, the purchase and/or subscription price of the shares underlying the

OSAs or OAAs, within the limits set forth above, provided that the subscription price per share

shall be at least equal to the par value of the share;

–ensure that the number of OSAs granted by the Board of Directors is set such that the total

number of OSAs granted but not exercised does not give right to subscribe to a number of shares

exceeding a third of the share capital;

–determine the modalities of a OSA or OAA plan and set the conditions in which the options will be

granted, including, in particular, the schedule of exercise of options granted, which may vary

according to the holders; provided that these conditions may include clauses prohibiting

immediate resale of all or part of the shares delivered upon exercise of the options, within the

limits set by applicable law;

–acquire shares of the Company, if any, as necessary for the allocation of any shares to which

OAAs give right;

–proceed with the adjustments referred to in article R.228-91 of the French Commercial Code,

when applicable;

–complete, with power to subdelegate, all acts and formalities in order to finalize the capital

increases that may be effected pursuant to the authorization subject to this resolution and

proceed with the subsequent amendment of the by-laws of the Company;

–charge, if it deems necessary, fees of capital increases from the amount of premiums related to

these increases and deduct from this amount the necessary sums to bring the legal reserve to a

tenth of the new share capital following any increase;

–and, generally, in accordance with applicable law, either itself or through a representative, take

any action and execute any agreement that is necessary for the implementation of this

authorization;

The Board of Directors will inform the Shareholders' Meeting each year of the operations carried out

within the framework of this resolution.

**<u>Fifteenth resolution</u>** 

***Approval of the maximum number of shares that may be issued or acquired pursuant to*** 

***Resolution 15 of the Shareholders' Meeting dated June 25, 2024 (authorization to grant Time-***

***Based RSUs to employees and corporate officers of the Company and employees of its*** 

***subsidiaries), Resolution 16 of the Shareholders' Meeting dated June 25, 2024 (authorization to*** 

***grant Performance-Based RSUs to employees and corporate officers of the Company and*** 

***employees of its subsidiaries), and the Resolution 14 herein (authorization to grant options to*** 

***purchase or to subscribe shares to employees and corporate officers of the Company and*** 

***employees of its subsidiaries)***

The Shareholders' Meeting, acting under the conditions of quorum and majority required for an

extraordinary meeting of shareholders,

Annex A-11

having reviewed the Board of Directors' report,

**decides** to set at 7,000,000 ordinary shares with a nominal value of €0.025 each, the maximum number

of shares

(i)which may be issued or acquired following grant of time-based restricted stock units ("**Time-**

**Based-RSUs**") issued or acquired following grant of time-based restricted stock units ("**Time-**

**Based-RSUs**") under the 2015 time-based restricted stock units plan, adopted by the Board on

July 30, 2015 and approved by the annual shareholders' meeting held on October 23, 2015, as

amended from time to time (the "***Amended and Restated 2015 Time-Based Restricted Stock*** 

***Units Plan***"), decided after this Shareholders' Meeting pursuant to the fifteenth resolution of the

Shareholders' Meeting dated June 25, 2024 (authorization to grant Time-Based RSUs to

employees and corporate officers of the Company and employees of its subsidiaries),

(ii)which may be issued or acquired following grant of performance-based restricted stock units

("**Performance-Based RSUs**") under the 2015 performance-based restricted stock units plan,

adopted by the Board on July 30, 2015 and approved by the annual shareholders' meeting held

on October 23, 2015, as amended from time to time (the "***Amended and Restated 2015*** 

***Performance-Based Restricted Stock Units Plan***"), decided after this Shareholders' Meeting

pursuant to the sixteenth resolution of the Shareholders' Meeting dated June 25, 2024

(authorization to grant Performance-Based RSUs to employees and corporate officers of the

Company and employees of its subsidiaries), and

(iii)which may be issued or acquired upon the exercise of options under the 2016 stock option plan

adopted by the Board on April 7, 2016 and approved by the annual shareholders' meeting held on

June 29, 2016, as amended from time to time (the "***Amended 2016 Stock Option Plan***"),

granted after this Shareholders' Meeting pursuant to the fourteenth resolution above

(authorization to grant options to purchase or to subscribe shares to employees and corporate

officers of the Company and employees of its subsidiaries),

it being specified that this global limit does not include any additional shares issued to preserve, in

accordance with applicable legal and contractual provisions, the rights of any holder of securities or other

rights giving access to shares of the Company.

**<u>Sixteenth resolution</u>** 

***Delegation of authority to the Board of Directors to increase the Company's share capital by*** 

***issuing ordinary shares, or any securities giving access to the Company's share capital, for the*** 

***benefit of a category of persons meeting predetermined criteria (underwriters), without*** 

***shareholders' preferential subscription rights*** 

The Shareholders' Meeting, acting under the conditions of quorum and majority required for an

extraordinary meeting of shareholders,

having reviewed the Board of Directors' report and the statutory auditors' report,

acting in accordance with Articles L. 225-129, L. 225-129-2, L. 225-138 and L. 228-91 *et seq*. of the

French Commercial Code,

**grants** to the Board of Directors the authority to decide, on one or more occasions, in the proportions and

at the times it deems appropriate, both in France and abroad, to increase the number of authorized

ordinary shares of the Company or any type of securities giving access, by any means, immediately and/

or in the future, to the Company's share capital (including without limitation, any bonds redeemable or

convertible for ordinary shares and any warrants attached or not to ordinary shares or other types of

securities), which securities may be issued in euros, a foreign currency or in any monetary units

established by reference to several currencies at the option of the Board of Directors, to be paid in cash,

including by way of set-off against receivables,

**decides** that this authorization shall not be used during a public tender offer by a third party,

Annex A-12

**decides** that the maximum nominal amount of the share capital increase, immediately or in the future, by

virtue of the powers granted by the Annual General Shareholders' Meeting to the Board of Directors

pursuant to this resolution, may not exceed the global amount of €139,149.725. This limit is set without

taking into account the par value of the Company's ordinary shares to be issued, if applicable, in relation

to the adjustments to be carried out in order to protect the rights of holders of securities and other rights

giving access to capital, in accordance with legal and regulatory requirements as well as applicable

contractual provisions,

**decides** that the nominal amount of any share capital increase that may be carried out in application of

this resolution will be deducted from the overall limit set forth in the twenty-first resolution below,

**decides** that the nominal amount of all debt securities giving access to the Company's share capital to be

issued pursuant to this authorization will not exceed $500,000,000 (or the corresponding value of this

amount for an issuance in a foreign currency),

–this amount will be increased, if applicable, for any redemption premium above the nominal value,

–this amount will be deducted from the overall limit set forth in the twenty-first resolution below,

–this limit does not apply to securities the issuance of which is decided or authorized by the Board

of Directors in accordance with Article L. 228-40 of the French Commercial Code,

**decides** to waive the shareholders' preferential subscription rights attached to the shares and securities

which will be issued and to restrict the persons eligible to subscribe for those shares and securities to

which this resolution pertains to the following category of persons:

–any bank, investment services provider or member of a banking syndicate (underwriters)

undertaking to ensure the completion of the share capital increase or of any issuance that could

in the future lead to a share capital increase in accordance with the present delegation of

authority;

**take notes,** as necessary, that the present delegation of authority automatically includes, for the benefit of

the holders of the securities giving access to the Company's share capital to be issued pursuant to this

delegation, as applicable, express waiver by the shareholders of their preferential subscription right with

respect to the ordinary shares to which such securities give right,

**decides** that the issue price of the ordinary shares to be issued by virtue of the present delegation will be

at least equal to the weighted average price of the American Depositary Shares representing the

Company's ordinary shares on the Nasdaq Global Market for the five trading days preceding the

determination of the issue price, subject to a maximum discount of 10%, taking into account, if applicable,

the difference in the dividend entitlement date of the shares, provided that (i) in the case of an issuance of

securities giving access to the Company's share capital, the issue price of the ordinary shares to be

issued upon the exercise, conversion or exchange of such securities, may, as applicable, be set, at the

discretion of the Board of Directors, by reference to a formula set by it and applicable after the issuance of

the securities (for example, upon exercise, conversion or exchange) in which case the aforementioned

maximum discount may be determined, if the Board of Directors deems appropriate, on the date of the

application of the formula (and not on the date of the setting of the issue price), and (ii) the issue price of

the securities giving access to the Company's share capital issued by virtue of the present resolution, if

any, will be such that the amount immediately received by the Company plus the amount likely to be

received by it at the time of exercise or conversion of said securities, shall be, for each ordinary share

issued as a consequence of the issue of said securities, at least equal to the minimum amount set forth

above,

**specifies** that this delegation is granted to the Board of Directors for a period of **eighteen (18) months** 

as from the date of the present Shareholders' Meeting and supersedes all previous delegations for the

same purpose,

**decides** that the Board of Directors is granted all powers to implement, in accordance with provisions set

forth in the law and the by-laws of the Company, the present delegation in order to, notably:

Annex A-13

–determine the amount of the share capital increase, the issue price (provided that such price will

be determined in accordance with the conditions set forth above), and the premium that may, if

appropriate, be requested at the issuance;

–set the dates, terms and conditions of any issuance, as well as the form and the characteristics of

the shares or securities giving access to the Company's share capital to be issued;

–determine the dividend eligibility date, which may be retroactive, for shares or securities giving

access to the Company's share capital to be issued and the method of payment;

–set the list of the beneficiaries within the above mentioned category of persons and the number of

securities to be granted to each of them;

–in its sole discretion and whenever it deems it appropriate, charge the expenses and fees

generated by the share capital increases performed by virtue of the delegation mentioned in this

resolution to the amount of the premium related to such increases and deduct therefrom the

necessary amounts in order to bring the legal reserve to one-tenth of the new share capital

amount after each share capital increase;

–acknowledge completion of each share capital increase and make the corresponding

amendments to the Company's by-laws;

–in general, enter into any agreement, particularly to ensure the successful completion of the

proposed issuances, take all measures and accomplish all formalities required for the issuance,

for the listing and for any financial services relating to the securities issued by virtue of the

present delegation, as well as pursuant to the exercise of the rights attached thereto;

–make any decisions relating to the admission of the shares or securities issued for trading on the

Nasdaq Global Market.

**<u>Seventeenth resolution</u>** 

***Delegate authority to the Board of Directors to increase the Company's share capital by way*** 

***issuing ordinary shares or any securities giving access to the Company's share capital, while*** 

***preserving the shareholders' preferential subscription rights***

The Shareholders' Meeting, acting under the conditions of quorum and majority required for an

extraordinary meeting of shareholders,

after having reviewed the Board of Directors' report and the statutory auditors' report,

acting in accordance with the provisions of Articles L. 225-129 *et seq.* of the French Commercial Code,

notably, Articles L. 225-129 to L. 225-129-6, L. 225-132, L. 225-133, L. 225-134, L. 228-91 and L. 228-92,

**grants** to the Board of Directors the authority to decide, on one or more occasions, in the proportions and

at the times it considers appropriate, both in France and abroad, in euros, foreign currencies or any

monetary unit calculated by reference to multiple currencies, for free or against consideration, to issue

ordinary shares of the Company and any type of securities giving, by any means, immediately and/or in

the future, access to the Company's share capital, said shares conferring the same rights as existing

shares, except for their dividend entitlement date,

**decides** that the securities issued pursuant to this delegation may consist of debt securities or be related

to the issue of such debt securities or permit the issue as intermediate securities,

**decides** that the shareholders have, in proportion to the amount of their shares, a preferential right of

subscription to the ordinary shares or securities to be issued, as the case may be, pursuant to this

delegation,

**grants** to the Board of Directors the power to grant to the shareholders the right to subscribe, subject to

*pro rata* reduction (*à titre réductible*), to a greater number of shares than the number of shares to which

Annex A-14

they would be entitled to subscribe by irrevocable entitlement (*à titre irréductible*), proportional to the

amount of shares they hold, and, in any event, within the limit of the number they request,

**decides** that the maximum nominal amount of share capital increases to be completed, immediately or in

the future, may not exceed the global amount €695,748.675. This limit is set without taking into account

the par value of the ordinary shares to be issued, if applicable, in relation to adjustments carried out in

order to protect the rights of holders of securities and other rights giving access to capital, in accordance

with legal and regulatory requirements as well as applicable contractual provisions,

**decides** that the nominal amount of all issuances of debt securities giving access to the Company's share

capital to be completed will not exceed $500,000,000 (or the corresponding value of this amount for an

issuance in a foreign currency), it being specified that:

–this amount will be increased, if applicable, for any redemption premium above nominal value,

–this amount will be deducted from the overall limit set forth in twenty-first resolution below,

–this limit does not apply to securities the issuance of which is decided or authorized by the

Board of Directors in accordance with Article L. 228-40 of the French Commercial Code,

**decides** that if the statutory and optional (if any) subscriptions do not result in the issuance being

subscribed for in full, the Board of Directors, in accordance with the provisions set forth in the law and in

the order of its choice, may use any or all of the rights referred to in Article L. 225-134 of the French

Commercial Code, in particular it may:

–limit the issuance to the number of subscriptions, provided that the subscriptions reach at least

three quarters of the issuance initially decided,

–freely allocate, at its own discretion to persons of its choice, all or part of the securities not

subscribed for, and

–publicly trade all or part of the issued, but not subscribed securities, in France or abroad,

**decides** that the issuance of warrants (*bons de souscription d'actions*, or warrants) of the Company may

be performed by way of an offer to subscribe, but also by way of free allocation to the holders of existing

shares,

**decides**, in the case of free allocation of warrants (*bons de souscription d'actions*, or warrants), that the

Board of Directors would have the possibility to decide that the allocation rights on fractional shares will

not be tradeable and that the corresponding shares will be sold,

**takes note**, as necessary, that the present delegation unconditionally and expressly waives, in favor of

the holders of the securities to be issued giving access to the Company's share capital, if any, pursuant to

the present delegation, express renunciation by the shareholders to their preferential subscription right to

the ordinary shares to which those securities give right,

**specifies** that the delegation is granted to the Board of Directors for a period of **twenty-six (26) months** 

as from the date of this Shareholders' Meeting, and supersedes all previous delegation established for the

same purpose,

**decides** that the Board of Directors is granted all powers, with the right of sub-delegation under the

conditions established by applicable laws and regulations, to implement, in accordance with applicable

law and the Company's by-laws, the present delegation in order to, notably:

–set the dates, conditions and modalities of any issuance, as well as the form and the

characteristics of the shares or securities giving access to the Company's share capital to

be issued, with or without premium,

Annex A-15

–determine the amounts to be issued, the dividend entitlement date, which may be

retroactive, of the shares or securities giving access to the Company's share capital to

be issued, the method of payment, and as the case may be, the terms of exercise of the

right to exchange, conversion, reimbursement or allocation in any other manner of shares

or securities giving access to the Company's share capital,

–make any adjustment required in order to protect the interests of the holders of rights

attached to the securities that shall be issued giving access to the Company's share

capital, in accordance with legal and regulatory requirements as well as applicable

contractual provisions, and

–suspend, as necessary, the exercise of the rights attached to the securities for a

maximum period of three months,

**decides** that the Board of Directors may:

–in its sole discretion and whenever it deems it appropriate, charge the expenses, rights

and fees generated by the share capital increases performed by virtue of the present

delegation, to the total amount of the premium related to those transactions and

withdraw, from the amount of such premium, the necessary amounts in order to bring the

legal reserve to one-tenth of the new amount of the share capital after each increase,

–take any decision in relation to the admission of the securities issued hereby to trading on

the Nasdaq Global Market, and,

–more generally, enter into any agreement, notably to successfully complete the

proposed issuance of shares or securities, take all measures and carry out all

formalities for the purpose finalizing the share capital increases that may be made

pursuant to this delegation, as well as to carry out the corresponding amendment of the

Company's by-laws.

**<u>Eighteenth resolution</u>** 

***Delegate authority to the Board of Directors to increase the Company's share capital by issuing*** 

***ordinary shares, or any securities giving access to the Company's share capital, through a public*** 

***offering (excluding offers covered by paragraph 1° of article L. 411-2 of the French Monetary and*** 

***Financial Code), without shareholders' preferential subscription rights*** 

The Shareholders' Meeting, acting under the conditions of quorum and majority required for an

extraordinary meeting of shareholders,

having reviewed the Board of Directors' report and the statutory auditors' report,

acting in accordance with Articles L. 225-129 *et seq*. of the French Commercial Code, and notably,

Articles L. 225-129 to L. 225-129-6, L. 225-135, L. 225-135-1, L. 225-136, L. 228-91 and L. 228-92,

**grants** to the Board of Directors the authority to decide to issue, by way of public offering (excluding

offers covered by paragraph 1° of article L. 411-2 of the French Monetary and Financial Code), on one or

more occasions, in the proportions and at the times it deems appropriate, both in France and abroad, in

euros, foreign currencies or any monetary unit calculated by reference to multiple currencies, for free or

against consideration, ordinary shares of the Company and/or any type of securities giving access, by any

means, immediately and/or in the future, to ordinary shares of the Company, such shares conferring the

same rights as existing shares, except for their dividend entitlement date,

Annex A-16

**decides** that this authorization shall not be used by the Board of Directors during a public tender offer by

a third-party,

**decides** that the securities issued pursuant to this delegation may consist of debt securities or be related

to the issue of such debt securities or permit the issue as intermediate securities,

**decides** to waive the shareholders' preferential subscription right attached to the ordinary shares or

securities issued by virtue of the present delegation,

**decides** to allow the Board of Directors to grant, at its own discretion, to shareholders a priority

subscription right on all or some of the issuances pursuant to this authorization under the terms and

conditions set forth pursuant to Article L. 225-135 of the French Commercial Code, if, when the present

delegation is used, the Company's shares are admitted to trading on a regulated market (*marché* 

*réglementé)* within the meaning of the French Commercial Code. This priority subscription right will not

give rise to the creation of negotiable rights, but may be exercised by irrevocable entitlement (*à titre* 

*irréductible*) or subject to *pro* rata reduction (*à titre réductible*), if the Board of Directors decides that it is

appropriate,

**notes**, as necessary, that the present delegation includes, in favor of the holders of the securities to be

issued giving access to the Company's share capital, express waiver by the shareholders of their

preferential subscription right with respect to the ordinary shares to which such securities give right,

**decides** that the maximum nominal amount of the share capital increase that may be completed,

immediately or in the future, by virtue of this resolution, may not exceed the global amount of

€139,149.725. This limit is set without taking into account the par value of the ordinary shares to be

issued, if applicable, in relation to adjustments carried out in order to protect the rights of holders of

securities and other rights giving access to capital, in accordance with legal and regulatory requirements

as well as applicable contractual provisions,

**decides**, in addition, that the nominal amount of any share capital increase that may be completed by

virtue of the powers granted to the Board of Directors pursuant to this resolution will be deducted from the

overall limit set forth in the twenty-first resolution below,

**decides** that the nominal amount of all issuances of debt securities giving access to the Company's share

capital that may be completed by virtue of this resolution will not exceed $500,000,000 (or the

corresponding value of this amount for an issuance in a foreign currency), it being specified that: this

amount will be increased, if applicable, for any redemption premium above nominal value, this amount will

be deducted from the overall limit set forth in the twenty-first resolution below, this limit does not apply to

securities the issuance of which is decided or authorized by the Board of Directors in accordance with

Article L. 228-40 of the French Commercial Code,

**decides** that if the issuance of shares or securities referred to above is not subscribed for in full, the

Board of Directors, in accordance with the provisions set forth in the law and in the order of its choice,

may use any or all of the rights referred to in Article L. 225-134 of the French Commercial Code, in

particular it may: limit the issuance to the number of subscriptions, provided that the subscriptions reach

at least three quarters of the issuance initially decided, freely allocate, at its own discretion to persons of

its choice, all or part of the securities not subscribed for, and publicly trade all or part of the issued but not

subscribed-for securities, in France or abroad,

**decides** that the issue price of the shares that may be issued by virtue of the present delegation will be

determined by the Board of Directors and will be at least equal to the average of the weighted average

price by volume of a share of the Company on the Nasdaq Global Market for the five trading days

preceding the determination of the issue price, subject to a maximum discount of 10% (provided that, if,

when the present delegation is used, the Company's shares are admitted to trading on a regulated market

recognized as such by the French *Autorité des Marchés Financiers*, the price will be determined in

accordance with the provisions of Article L. 225-136-1 of the French Commercial Code), taking into

account, if applicable, the difference in the dividend entitlement date of the shares and it being specified

that the issue price of the securities giving access to capital to the Company's share capital issued by

virtue of the present delegation, if any, will be such that the amount immediately received by the Company

plus the amount likely to be received by it at the time of exercise or conversion of said securities, shall be,

Annex A-17

for each ordinary share issued as a consequence of the issue of said securities, at least equal to the

minimum amount set forth above,

**decides** that this delegation is granted to the Board of Directors for a period of **twenty-six (26) months** 

as from the date of this Shareholders' Meeting, and supersedes all previous delegation established for the

same purpose,

**decides** that the Board of Directors is granted all powers, with the right to sub-delegate in accordance

with applicable law and regulations, to implement, in accordance with provisions set forth in the law and

the Company's by-laws, the present delegation in order to, notably: set the dates, terms and conditions of

any issuance, as well as the form and the characteristics of the shares or securities giving access to the

Company's share capital to be issued, with or without premium, determine the amounts to be issued, the

dividend entitlement date, which may be retroactive, of the shares or securities giving access to the

Company's share capital to be issued, the method of payment, and where appropriate, the terms of

exercise of the right to exchange, conversion, reimbursement or allocation in any other manner of shares

or securities giving access to the Company's share capital, make any adjustment required in order to

protect the interests of the holders of rights attached to the securities that shall be issued giving access to

the Company's share capital, in accordance with legal and regulatory requirements as well as applicable

contractual provisions, and, suspend, as necessary, the exercise of the rights attached to the securities

for a maximum period of three months,

**decides** that the Board of Directors may: in its sole discretion and whenever it deems it appropriate,

charge the expenses and fees generated by the share capital increases performed by virtue of the

delegation mentioned in this resolution to the amount of the premium related to such increases and

deduct from this amount the necessary amounts in order to bring the legal reserve to one-tenth of the new

amount of the share capital after each increase, make any decision in relation to the admission of the

securities issued to trading on the Nasdaq Global Market in the United States of America, and, more

generally, enter into any agreement, particularly to ensure the successful completion of the proposed

issuances of shares or securities, take all measures and carry out all formalities for the purpose of

finalizing the share capital increases that may be made pursuant to this delegation, as well as to carry out

the corresponding amendment of the Company's by-laws.

**<u>Nineteenth resolution</u>** 

***Delegation of authority to the Board of Directors to increase the number of securities to be issued*** 

***as a result of a share capital increase with or without preserving shareholders' preferential*** 

***subscription rights pursuant to Resolutions 16, 17 and 18 above ("green shoe")*** 

The Shareholders' Meeting, acting under the conditions of quorum and majority required for an

extraordinary meeting of shareholders,

having reviewed the Board of Directors' report and the statutory auditors' report,

acting in accordance with Articles L. 225-129, L. 225-129-2, L. 225-135, L. 225-135-1 *et seq*., L. 228-91

and L. 228-92 of the French Commercial Code,

**grants** to the Board of Directors the authority to increase the number of shares or securities to be issued

in the event of oversubscription, with or without preserving preferential subscription right, in connection

with any increase of the share capital of the Company carried out pursuant to the sixteenth resolution,

seventeenth resolution and eighteenth resolution above, in accordance with the conditions set forth in

Articles L. 225-135-1 and R. 225-118 of the French Commercial Code (which, as of the date hereof,

permits the issuance of shares or securities at the same price as the initial issuance and up to a limit of

15% of the amount of the initial issuance, within thirty days of the closing date of the initial subscription),

such shares conferring the same rights as existing shares, except for their dividend entitlement date,

**decides** that: the nominal amount of any share capital increase carried out pursuant to the seventeenth

resolution above that may be thus increased in application of this resolution may not exceed

€695,748.675, and the nominal amount of any share capital increase carried out pursuant to the sixteenth

Annex A-18

resolution and eighteenth resolution above that may be thus increased in application of this resolution will

be deducted from the overall limit set forth in the twenty-first resolution below,

**decides** that the present delegation is granted to the Board of Directors for a period of **twenty-six (26)** 

**months** as from the date of this Shareholders' Meeting,

**decides** that the Board of Directors is granted all powers, with the right to sub-delegate in accordance

with applicable law and regulations, to implement, in accordance with applicable law and the Company's

by-laws, the present delegation in order to, notably:

–set the dates, terms and conditions of any issuance, as well as the form and the characteristics of

the shares or securities giving access to the Company's share capital to be issued, with or without

premium,

–determine the amounts to be issued, the dividend determination date, which may be retroactive,

of the shares or securities giving access to the Company's share capital to be issued, the method

of payment, and as applicable, the terms of exercise of the right to exchange, conversion,

reimbursement or allocation in any other manner of the securities giving access to the Company's

share capital,

–make any adjustment required in order to protect the interests of the holders of rights attached to

the securities giving access to the Company's share capital that shall be issued, in accordance

with legal and regulatory requirements as well as applicable contractual provisions, and

–suspend, as necessary, the exercise of the rights attached to the securities for a maximum period

of three months,

**decides** that the Board of Directors may:

–in its sole discretion and whenever it deems it appropriate, charge the expenses and fees

generated by the share capital increases performed by virtue of the delegation mentioned in this

resolution, to the amount of the premium related to such increases and deduct there from the

necessary amounts in order to bring the legal reserve to one-tenth of the new share capital

amount after each share capital increase,

–take any decision in relation to the admission of the securities issued to trading on the Nasdaq

Global Market, and

–more generally, enter into any agreement, in particular to ensure the successful completion of the

proposed issuance of shares or securities, take all measures and carry out all formalities for the

purpose of finalizing the share capital increases that may be made pursuant to this delegation, as

well as to make the corresponding amendment of the Company's by-laws.

**<u>Twentieth resolution</u>**

***Delegation of authority to the Board of Directors to increase the Company's share capital by way*** 

***of issuing shares and securities giving access to the Company's share capital for the benefit of*** 

***members of a Company savings plan (plan d'épargne d'entreprise), without shareholders'*** 

***preferential subscription rights,*** 

The Shareholders' Meeting, acting under the conditions of quorum and majority required for an

extraordinary meeting of shareholders,

having reviewed the Board of Directors' report and the statutory auditors' report,

acting in accordance with Articles L. 225-129 *et seq.* and L. 225-138-1 of the French Commercial Code

and Article L. 3332-1 *et seq.* of the French Labor Code,

**grants** to the Board of Directors the authority to issue, on one or more occasions in the proportions and at

the times it deems appropriate, ordinary shares or any type of securities giving access, by any means,

immediately and/or in the future, to the Company's ordinary shares reserved for participants in a savings

Annex A-19

plan of the Company or, as applicable, of French or foreign companies affiliated with the Company

according to Article L. 225-180 of the French Commercial Code and Article L. 3344-1 of the French Labor

Code,

**decides** that the maximum nominal amount of the increase in share capital that may be completed

pursuant to this resolution may not exceed €41,744.9. This limit is set without taking into account the par

value of the Company's ordinary shares to be issued, if applicable, in relation to the adjustments to be

carried out in order to protect the rights of holders of securities or other rights giving access to shares, in

accordance with legal and regulatory requirements as well as applicable contractual provisions,

**decides** that the total nominal amount of debt securities issued giving access to the Company's share

capital that may be issued pursuant to this resolution shall not exceed $500,000,000 (or the

corresponding value of this amount for an issuance in a foreign currency), will be deducted from the

overall limit set forth in the twenty-one resolution below,

**decides** that the nominal amount of any share capital increase that may be carried out in application of

this resolution will be deducted from the overall limit set forth in the twenty-one resolution below,

**specifies** that this delegation is granted to the Board of Directors for a period of **eighteen (18) months** 

as from the date of the present Shareholders' Meeting,

**decides** that the issue price of the new shares or securities giving access to the Company's share capital

will be determined by the Board of Directors in accordance with Articles L. 3332-18 to L. 3332-23 of the

French Labor Code,

**decides** to waive, for the benefit of the participants in a savings plan, the shareholders' preferential

subscription rights to the shares or securities giving access by any means, immediately or in the future, to

ordinary shares to be issued according to this resolution,

**decides** that the Board of Directors is granted full powers to implement the present delegation, with the

right to sub-delegate in accordance with the conditions set forth in applicable laws and regulations,

particularly in order to, without limitation:

–decide that the subscriptions may be completed directly or through employee shareholding funds,

or any other structure or entity permitted by applicable laws or regulations;

–set the dates, terms and conditions of any issuance pursuant to the present resolution, and, set

the opening and closing dates of the subscriptions, the dividend entitlement date, the method of

payment for shares and other securities giving access to the Company's share capital, and to set

the deadline for the payment for shares and, as applicable, other securities giving access to the

Company's share capital;

–to apply for the admission to trading of the securities issued, record the completion of the share

capital increases and to subsequently amend the Company's by-laws, to carry out, directly or

through an assignee, all transactions and formalities related to the share capital increases and, to

charge the expenses of the share capital increases to the amount of the premiums related to

such increases, and deduct therefrom the necessary amounts in order to bring the legal reserve

to one-tenth of the new share capital amount after each increase.

**<u>Twenty-first resolution</u>**

***Approval of the overall limits pursuant to the Resolutions 16 to 20 above*** 

The Shareholders' Meeting, acting under the conditions of quorum and majority required for an

extraordinary meeting of shareholders,

having reviewed the Board of Directors' report and the statutory auditors' report,

**decides** that:

Annex A-20

–the global nominal amount of the share capital increases which may be completed pursuant to

the sixteenth resolution, eighteenth resolution, nineteenth resolution and twentieth resolution

above may not exceed €139,149.725. This limit is set without taking into account the par value of

the Company's ordinary shares to be issued, if applicable, in relation to adjustments to be carried

out in order to protect the rights of holders of securities or other rights giving access to shares of

the Company, in accordance with legal and regulatory requirements as well as applicable

contractual provisions,

–the global nominal amount of the debt securities that may be issued pursuant to the sixteenth

resolution, seventeenth resolution, eighteenth resolution, and twentieth resolution above shall not

exceed $500,000,000 (or the corresponding value of this amount for an issuance in a foreign

currency or in a monetary unit calculated by reference to multiple currencies).

**<u>Twenty-second resolution</u>** 

***Amendment of the fifth paragraph of Article 19 of the by-laws of the Company related to general*** 

***meetings in order to comply with the new provisions of Article R. 225-86 of the French*** 

***Commercial Code*** 

The Shareholders' Meeting,

acting under the conditions of quorum and majority required for extraordinary shareholders' meetings,

having reviewed the Board of Directors' report,

**resolves** 

to amend the fifth paragraph of Article 19 of the by-laws as follows, in order to reflect the amendment of

Article R. 225-86 of the French Commercial Code concerning the right to participate in general meetings:

« […]

The right to participate in shareholders' meetings is evidenced by the registration of the shares in the

name of the shareholder on the fifth (5th) business day preceding the date of the shareholders' meeting at

12:00 a.m., Paris time.

[…] ».

The rest of the article remains unchanged

\*\*\*

Annex B-1

**ANNEX B**

**FRENCH GAAP STATUTORY FINANCIAL STATEMENTS** 

***Please note that because we are a French company, the full text of the statutory financial***

***statements included in this Annex B has been translated from French. In the case of any***

***discrepancy between this version and the French version, the French version will prevail.***

**CRITEO S.A.**

**32 rue Blanche** 

**75009 Paris**

**ANNUAL FINANCIAL STATEMENTS**

**for the fiscal year ending on**

**December 31, 2025**

Annex B-2

**INCOME STATEMENT**<br>

---

| | | |
|:---|:---|:---|
| *In Keuros* | 2025 | 2024 |
| Revenue | 70019 | 55719 |
| **Net sales** | **70019** | **55719** |
| Capitalized production | - | - |
| Grants | - | - |
| Reversals of amortizations, depreciations and provisions | 1029 | 1313 |
| Other products | 290280 | 235254 |
| **Total operating revenues** | **361328** | **292286** |
| Other purchases and external expenses | 231988 | 176634 |
| Taxes and similar payments | 1650 | (119) |
| Wages and salaries | 3002 | 2659 |
| Social charges | 3537 | 3517 |
| Operating allowances | 1069 | 900 |
| Other expenses | 179108 | 171112 |
| **Total operating expenses** | **420354** | **354704** |
| **Net operating expenses** | **(59026)** | **(62419)** |
| Financial income from investments | 124616 | 121613 |
| Other interest and similar income | 26740 | 2178 |
| Reversals of provisions, depreciations and expense transfers | 105127 | 67773 |
| Positive exchange rate differences | 84548 | 86225 |
| Proceeds from Sale of Financial Investments | 668 | 99417 |
| **Total financial income** | **341700** | **377205** |
| Financial amortizations, depreciations and provisions | 123140 | 109710 |
| Interest and similar expenses | 83996 | 149930 |
| Negative exchange rate differences | 90250 | 82724 |
| **Total financial expenses** | **297387** | **342365** |
| **Net financial income** | **44313** | **34841** |
| **Net recurring operating income** | **(14713)** | **(27578)** |
| Non recurring income | - | - |
| **Total Non recurring income** | **-** | **-** |
| Non recurring expenses | - | - |
| **Total Non recurring expenses** | **-** | **-** |
| **Net non recurring income** | **-** | **-** |
| Employee profit-sharing | - | - |
| Income taxes | (37) | (7275) |
| **Profit/Loss** | **(14676)** | **(20303)** |

---

Annex B-3

**BALANCE SHEET – ASSETS**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In Keuros* | 12/31/2025 | 12/31/2025 | 12/31/2025 | 12/31/2024 |
| *In Keuros* | Gross | Amortization & <br>Depreciation<br>| Net | Net |
| Concessions, patents, similar rights | - | - | - | - |
| Goodwill | - | - | - | - |
| Other intangible assets | - | - | - | - |
| **Intangible assets** | **-** | **-** | **-** | **-** |
| Other tangible assets | - | - | - | - |
| Property, plant and equipment in progress | - | - | - | - |
| Advances and deposits | - | - | - | - |
| **Property, plant and equipment** | **-** | **-** | **-** | **-** |
| Long-term equity interests | 609695 | 21696 | 587998 | 606204 |
| Receivables related to equity investments | 13762 | - | 13762 | 176605 |
| Loans | - | - | - | - |
| Other financial assets | 21243 | - | 21243 | 26162 |
| **Financial assets** | **644700** | **21696** | **623004** | **808972** |
| **Non current assets** | **644700** | **21696** | **623004** | **808972** |
| Advances | 136 | - | 136 | 8 |
| Trade receivables | 73820 | - | 73820 | 63461 |
| Other receivables | 40121 | - | 40121 | 75104 |
| Prepaid expenses | 1009 | - | 1009 | 1266 |
| **Receivables** | **114949** | **-** | **114949** | **139831** |
| Marketable securities | 114821 | - | 114821 | 12004 |
| Treasury shares | 105453 | - | 105453 | 100183 |
| Cash | 261261 | - | 261261 | 262406 |
| **Current assets** | **596620** | **-** | **596620** | **514432** |
| Debt issuance costs to be amortized | 798 | - | 798 | 1255 |
| Translation differences - Assets | 1345 | - | 1345 | 7049 |
| **Total Assets** | **1243463** | **21696** | **1221767** | **1331708** |

---

Annex B-4

**BALANCE SHEET – LIABILITIES AND EQUITY**<br>

---

| | | |
|:---|:---|:---|
| *In Keuros* | 12/31/2025 | 12/31/2024 |
| Share capital | 1391 | 1444 |
| Share premium | 5735 | 67904 |
| Legal reserve | 232 | 232 |
| Regulated reserves | 13967 | 13967 |
| Other reserves | - | - |
| Retained earnings | 578396 | 598699 |
| Profit/loss for the period | (14676) | (20303) |
| **Total Shareholders' equity** | **585044** | **661943** |
| Provisions for risks | 106512 | 107121 |
| **Total provisions for risks and charges** | **106512** | **107121** |
| Bank overdrafts | - | 3072 |
| Borrowings and other financial liabilities | 446239 | 482918 |
| Trade payables | 62727 | 58015 |
| Social and tax liabilities | 11022 | 7575 |
| Payables on fixed assets and related accounts | - | - |
| Other current liabilities | 331 | 3335 |
| **Total liabilities** | **520318** | **554914** |
| Translation differences - Liabilities | 9892 | 7730 |
| **Total of shareholders' equity and liabilities** | **1221767** | **1331708** |

---

Annex B-5

**NOTES TO THE ACCOUNTS** 

The information presented hereafter are the notes to the financial statements of the year ending

on December 31, 2025.

These notes relate to the annual accounts of Criteo S.A., a company registered with the Paris

Trade Register under number 484 786 249, and whose registered office is located at 32 rue

Blanche in Paris (75009). This company is the consolidating company of the Criteo Group.

The fiscal year is for a 12 months period, from January 1, 2025 to December 31, 2025.

Annex B-6

**Contents**

---

| | |
|:---|:---|
| **INCOME STATEMENT** | **Annex B-2** |
| **BALANCE SHEET – ASSETS** | **Annex B-3** |
| **BALANCE SHEET – LIABILITIES AND EQUITY** | **Annex B-4** |
| **NOTES TO THE ACCOUNTS** | **Annex B-5** |
| **1 NOTE 1 – DESCRIPTION OF THE COMPANY** | **Annex B-7** |
| **2 NOTE 2 – SIGNIFICANT EVENTS** | **Annex B-8** |
| 2.1New CEO appointment | Annex B-8 |
| 2.2Capital reduction operation | Annex B-8 |
| 2.3Share buyback programs | Annex B-8 |
| 2.4Intention to transfer the Company's legal domicile from France to Luxembourg via a cross-border conversion | Annex B-9 |
| 2.5Formation of a subsidiaries | Annex B-9 |
| 2.6Discontinuation of Doobe In Site Ltd. ("Mabaya") | Annex B-9 |
| **3 NOTE 3 – ACCOUNTING PRINCIPLES AND METHODS** | **Annex B-10** |
| 3.1Basis of preparation | Annex B-10 |
| 3.2Conversion of foreign currency items | Annex B-10 |
| 3.3Derivative Instruments | Annex B-10 |
| 3.4 Change in accounting method | Annex B-10 |
| **4 NOTE 4 – FIXED ASSETS** | **Annex B-13** |
| 4.1Investments and other financial assets | Annex B-13 |
| **5 NOTE 5 – CURRENTS ASSETS** | **Annex B-15** |
| 5.1Statement of receivables maturities | Annex B-15 |
| 5.2Cash and cash equivalents | Annex B-16 |
| **6 NOTE 6 – SHAREHOLDERS'S EQUITY** | **Annex B-17** |
| 6.1Share Plans | Annex B-17 |
| 6.2Stock option and share option plans for Criteo group employees | Annex B-18 |
| 6.3Stock subscription warrants (BSA) not intended for employees | Annex B-19 |
| **7 NOTE 7 – PROVISIONS FOR RISKS AND CHARGES** | **Annex B-21** |
| 7.1Provisions for exchange losses | Annex B-21 |
| 7.2Provisions for share plans | Annex B-21 |
| 7.3Other provisions for risks and charges | Annex B-22 |
| **8 NOTE 8 – LIABILITIES** | **Annex B-23** |
| 8.1Financial debts | Annex B-23 |
| 8.2Maturity schedule of debts | Annex B-23 |
| **9 NOTE 9 – INCOME STATEMENT** | **Annex B-24** |
| 9.1Revenue | Annex B-24 |
| 9.2Breakdown of accruals/reversals of provisions and depreciations | Annex B-24 |
| 9.3Financial income/loss | Annex B-24 |
| 9.4Breakdown of income tax | Annex B-25 |
| **10 NOTE 10 – OTHER INFORMATION** | **Annex B-28** |
| 10.1Off-balance sheet commitments | Annex B-28 |
| 10.2Average number of employees | Annex B-29 |
| 10.3Executives' compensation | Annex B-29 |
| 10.4Auditors' fees | Annex B-29 |
| 10.5List of subsidiaries and affiliates | Annex B-30 |
| 10.6Subsequent events | Annex B-31 |
| **11 NOTE 11 – BALANCE SHEET AND INCOME STATEMENT PUBLISHED IN 2024** | **Annex B-33** |
| 11.1Income statement | Annex B-33 |

---

Annex B-7

---

| | |
|:---|:---|
| 11.2Balance sheet - Assets | Annex B-34 |
| 11.3Balance sheet - Liabilities and equity | Annex B-35 |

---

Annex B-8

**NOTE 1 – DESCRIPTION OF THE COMPANY**<br>

Criteo S.A. is the parent company of the Criteo Group ("Group"), managing the activity of the

financial participations.

It has opted for the tax consolidation regime, which includes the parent company as the head

of the tax consolidation group and its main French subsidiaries.

Criteo S.A. defines the Group's financing and liquidity management policy, implements the

hedging strategy against foreign exchange and interest rate risks to meet its commitments and

investments needs.

Annex B-9

 **2 NOTE 2 – SIGNIFICANT EVENTS**<br>

**2.1New CEO appointment**

Michael Komasinski was appointed as the Company's Chief Executive Officer and a member of

the Board effective as of February 15, 2025. He succeeded Megan Clarken, who retired and

stepped down from her role as Chief Executive Officer and as director. Megan Clarken

continued to serve in a senior advisory role during a transitional period that ended on November

16, 2025.

**2.2Capital reduction operation**

On December 4, 2025, the Board decided to reduce, effective as of December 8, 2025, the

share capital of the Company by means of cancellation of 2,195,000 shares, corresponding to a

share decrease of a nominal value of € 54,875. The excess of the share price over its nominal

value, i.e. € 63,921,265, was allocated to the premiums account.

**2.3Share buyback programs**

On February 5, 2021, Criteo's Board of Directors authorized a share buyback program (the "SBB4")

of up to $100 million worth of the Company's outstanding American Depositary Shares (the "First

SBB4 Tranche"), which was subsequently extended, by a decision of the Board of Directors dated

October 28, 2021, to $175 million of the Company's outstanding American Depositary Shares

(the "Second SBB4 Tranche").

A second extension of the program was authorized by a decision of the Board of Directors on

February 3, 2022, to $280 million worth of the Company's outstanding American Depositary

Shares (the "Third SBB4 Tranche").

On December 7, 2022, the Board of Directors approved a further extension of $200 million in

outstanding American Depositary Shares, bringing the total amount of the program to $480

million, extended to July 31, 2024.

On February 1st, 2024, the Board of Directors extended the SBB4 from € 455.8 million ($480

million) to € 582.6 million ($630 million) of the Company's outstanding American Depositary

Shares.

On January 31, 2025, the Board of Directors authorized an increase of the previously authorized

share repurchase program from up to €582.6 million ($630.0 million) to up to €774.6 million ($

805.0 million) of the Company's share capital underlying its outstanding American Depositary

Shares.

As of December 31, 2025, Criteo holds 4,508,029 of its own shares, of which 3,348,071 were

earmarked to meet the company's obligations under its employees share plans, and 1,159,958

for use in merger and acquisition activities.

Annex B-10

**2.4Intention to transfer the Company's legal domicile from France to Luxembourg via a** 

**cross-border conversion**

On October 29, 2025, the Company announced its intention to pursue a transfer of its legal

domicile from France to Luxembourg via a cross-border conversion (the "**Conversion**") and to

replace its American depositary shares structure with ordinary shares to be directly listed on

Nasdaq.

The redomiciliation to Luxembourg and the direct listing of the Company's ordinary shares on

Nasdaq offer significant benefits, including:

• positioning the Company for potential inclusion in certain U.S. indices, subject to meeting

other eligibility criteria, thereby expanding the Company's access to passive investment

capital, triggering associated benchmarking from actively managed funds and

broadening its shareholder base;

• providing greater capital management flexibility by reducing or eliminating current

restrictions related to share repurchases and holdings of treasury shares; and

• eliminating fees and complexities associated with ADSs, potentially increasing stock

liquidity.

Following the favorable opinion of the works council established at the level of the Company's

Economic and Social Unit (*Unité Economique et Sociale)* on January 5, 2026, the Board

approved the Conversion on January 6, 2026. The Conversion is expected to be completed in

the third quarter of 2026, subject to certain closing conditions, including shareholder approval. A

general meeting of the Company's shareholders will be held on February 27, 2026, at 10:00 a.m.,

Paris time, at the Company's registered office at 32 Rue Blanche, 75009 Paris, France to obtain

approval by the Company's shareholders for the Conversion and certain related proposals.

Following the Conversion, the Company intends to pursue a subsequent transfer of its domicile

from Luxembourg to the United States if the Board determines such action is in the best interests

of the Company and its shareholders, subject to the Company's prior works council consultation

process and to separate shareholder approval.

**2.5Formation of subsidiaries**

In November 2025, the Company incorporated Criteo Holdings, Inc. as a wholly owned

subsidiary in the State of Delaware, United States, and incorporated its permanent establishment

in France.

**2.6Discontinuation of Doobe In Site Ltd. ("Mabaya")** 

During the year 2025, the Company decided to discontinue Mabaya's business acquired on

May 18, 2021 by the Company. The equity securities held by Criteo SA have been written down

in full.

Annex B-11

**NOTE 3 – ACCOUNTING PRINCIPLES AND METHODS**<br>

**3.1Basis of preparation**

The financial statements of Criteo S.A. for the year ended December 31, 2025 have been prepared in

accordance with the accounting rules and principles generally accepted in France, complying with the

requirements of the General Chart of Accounts, and including the ANC Regulation 2022-06 relating to

the modernization of financial statements, which apply as of January 1, 2025.

The accounting policies for establishing and preparing the company's statutory accounts were applied,

in accordance with the principle of conservatism, based on the following assumptions:

• Going concern;

• Continuity of accounting methods;

• Independence of financial years.

The basic principle used to value items recorded in the accounts is the historic cost principle.

Only significant information is provided in these notes.

**3.2 Conversion of foreign currency items**

Income and expenses in foreign currencies are recorded at the exchange rate prevailing at the

transaction date.

Foreign currency receivables and payables are recorded in the balance sheet at their equivalent value

at the closing exchange rate. The difference resulting from the update of foreign currency receivables

and payables at the latter rate is, where appropriate, recorded in the balance sheet under "Translation

differences".

Unrealized exchange losses are covered by a provision for risks as required by French GAAP.

**3.3 Derivative Instruments**

Currency risk is the risk that an unfavourable change in exchange rates could adversely affect a cash

flow denominated in a foreign currency.

Criteo S.A. hedges its own commercial exposure as well as the exposure of its subsidiaries on a net basis

per currency pair. This hedge does not qualify for hedge accounting.

Derivatives that are not part of a hedging relationship are classified as isolated open positions. They are

recorded at fair value in the balance sheet, with a corresponding "Conversion adjustment" account.

Unrealized gains remain on the balance sheet and unrealized losses result in a financial provision for risks.

**3.4Change in accounting method**

Effective January 1, 2025, the Company applies ANC Regulation 2022-06 of November 4, 2022,

amending ANC Regulation 2014-03 relating to the General Chart of Accounts.

This application is part of the modernization of financial statements and results in the following main

changes :

Annex B-12

–elimination of the "transfer of expenses" technique (class 79 account);

–redefinition of "exceptional income and expenses", which no longer groups together certain

items by nature, but includes only:

–income and expenses directly related to a major and unusual event;

–entries arising solely from tax requirements, as well as changes in accounting methods

recognized in profit or loss, and the correction of errors, except when such entries are

recorded directly in equity;

–modification of the chart of accounts (deletion or renumbering of certain accounts,

simplification), and adaptation of the balance sheet, income statement, and notes to the

financial statements' templates.

Comparative information for the previous fiscal year has been reclassified, when necessary, to ensure

comparability. Entries recorded prior to the first-time application have not been restated.

No material impact on net income or on opening equity has been identified as a result of this

application.

The following table presents the main impacts on the income statement (the impacts on the balance

sheet are not material):

Annex B-13

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In Keuros* | **12/31/2024**<br>**Filed**<br>| **RSUs /** <br>**Vestings**<br>| **Liquidation** <br>**of** <br>**subsidiaries**<br>| **Provisions** <br>**for** <br>**litigations**<br>| **Other** | **12/31/2024** <br>**Restated**<br>|
| Revenue | 55719 | – | – | – | – | 55719 |
| **Net sales** | **55719** | **–** | **–** | **–** | **–** | **55719** |
| Reversals of depreciation and provisions, expense <br>transfers<br>| 1313 | – | – | – | – | 1313 |
| Other products | 234011 |  |  | – | 1243 | 235254 |
| **Total operating revenues** | **291043** | **–** | **–** | **–** | **1243** | **292286** |
| Other purchases and external expenses | 176658 |  |  |  | (24) | 176634 |
| Taxes and similar payments | (119) | – | – | – |  | (119) |
| Wages and salaries | 2659 |  |  |  |  | 2659 |
| Social charges | 3494 |  |  |  | 24 | 3517 |
| Operating allowances | 995 | – | – | (95) |  | 900 |
| Other expenses | 170656 | – | – | – | 457 | 171112 |
| **Total operating expenses** | **354343** | **–** | **–** | **(95)** | **457** | **354704** |
| **Net operating expenses** | **(63300)** | **–** | **–** | **95** | **786** | **(62419)** |
| Financial income from investments | 121613 | – | – | – | – | 121613 |
| Other interest and similar income | 2178 | – | – | – |  | 2178 |
| Reversals of provisions and expense transfers | 6197 | 61576 |  | – | – | 67773 |
| Positive foreign exchange differences | 86225 | – | – | – | – | 86225 |
| Proceeds from Sale of Financial Investments | 422 | 25343 | 73652 | – | – | 99417 |
| **Total financial income** | **216635** | **86919** | **73652** | **–** | **–** | **377205** |
| Financial depreciation and provisions | 11632 | 98078 | – | – | – | 109710 |
| Interest and similar expenses | 15577 | 64088 | 70265 | – | – | 149930 |
| Interest and similar expenses | 82724 | – | – | – | – | 82724 |
| **Total financial expenses** | **109933** | **162166** | **70265** | **–** | **–** | **342365** |
| **Net recurring operating income** | **106702** | **(75247)** | **3386** | **–** | **–** | **34841** |
| Non recurring income from management operations | 26586 | (25343) | – | – | (1243) | – |
| Non recurring income from capital operations | 73652 | – | (73652) | – | – | – |
| Reversals of provisions and expenses transfers | 61576 | (61576) | – | – | – | – |
| **Total Non recurring income** | **161813** | **(86919)** | **(73652)** | **–** | **(1243)** | **–** |
| Non recurring expenses on management operations | 64545 | (64088) | – | – | (457) | – |
| Non recurring expenses from capital operations | 70265 | – | (70265) | – | – | – |
| Non recurring depreciation and provision | 97983 | (98078) | – | 95 | – | – |
| **Total Non recurring expenses** | **232793** | **(162166)** | **(70265)** | **95** | **(457)** | **–** |
| **Total Non recurring income** | **(70980)** | **75247** | **(3386)** | **(95)** | **(786)** | **–** |
| Employee profit-sharing | – |  |  |  |  | – |
| Income tax | (7275) |  |  |  |  | (7275) |
| **Profit/Loss** | **(20303)** | **–** | **–** | **–** | **–** | **(20303)** |

---

Annex B-14

**NOTE 4 – FIXED ASSETS**<br>

**4.1 Investments and other financial assets** 

Financial assets comprise shares in subsidiaries and affiliates, related receivables and other non-

current financial assets.

**Investments in subsidiaries and affiliates** 

The gross value of equity investments is recorded at acquisition cost, excluding ancillary

expenses. Acquisition costs are expensed in the income statement.

Investments in subsidiaries and affiliates are tested for impairment at the end of each fiscal year

to ensure that their carrying value does not exceed their fair value.

The value in use is estimated based on several criteria, the main ones are:

• equity value;

• revenue multiples or EBITDA Group applied to long term equity interests;

An impairment loss is recognized whenever the value in use falls below the net carrying amount.

Impairment losses, including the reversal of impairment realized in the context of a disposal of

investment, are recognized in financial result.

**Financial receivables related to investments**

Loans to subsidiaries are recorded as receivables related to equity investments and are valued

at nominal value. All of these items are depreciated if there is a risk of non-recoverability.

**Other financial assets**

Other financial assets mainly comprise treasury shares held by Criteo and not allocated to the

RSU and PSU programs. They are translated into euros at the date of acquisition and kept at this

historical cost.

If the value of the treasury shares translated into euros at the closing price falls below the gross

value of the treasury shares, an impairment is recorded.

**Variation of the financial year**

The variations of financial assets during the financial year 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| In Keuros | 12/31/2024 | Acquisitions/<br>Allowances<br>| Disposals/Reversals | 12/31/2025 |
| Long-term equity interests | 609694 |  |  | 609694 |
| Receivables related to equity investments | 176605 | 446 | (163290) | 13763 |
| Other financial assets | 26904 | 59104 | (64765) | 21243 |
| Gross value | 813203 | 59550 | (228055) | 644700 |
| Long-term equity interests | (3490) | (18206) |  | (21696) |
| Other financial assets | (741) |  | 741 | - |
| Depreciation | (4231) | (18206) | 741 | (21696) |
| Net value | 808972 | 41344 | (227314) | 623004 |

---

The main variations during the year are related to the following items:

Annex B-15

• Investment Aperiam for €0.9 million ($1 million)

• Repayment of loans granted to subsidiaries for a total amount of €163.3 million (mainly

Criteo Technology for €157 million and Criteo UK for €6.1 million)

• Acquisition of 2,674,412 treasury shares non allocated to RSUs for a total of €58.2 million.

• Cancellation of 2,195,000 treasury shares not allocated to RSUs for a total of €63.9 million.

• Annual impairment tests led to impair investments in the following entities :

◦ Iponweb Labs CY (Cyprus) for €12.6 million

◦ Doobe in Site Ltd (Israel) for €4.7 million

◦ Iponweb Labs AM (Armenia) for €0.6 million

◦ Criteo Reklmacilik Hizmetleri ve Ticaret AS (Turkey) for €0.3 million.

Annex B-16

**NOTE 5 – CURRENT ASSETS**<br>

**5.1 Statement of receivables maturities**

---

| | | | |
|:---|:---|:---|:---|
| *In Keuros* | **Trade receivables** | **<1 year** | **>1 year** |
| Receivables related to equity investments | 13762 | 9507 | 4255 |
| Loans | - |  | - |
| Other financial assets | 21243 |  | 21243 |
| Advances | 136 | 136 |  |
| Trade receivables | 73820 | 73820 |  |
| Employee and related receivables | 1 | 1 |  |
| Other social receivables | - | - |  |
| Income taxes | 27575 | 21863 | 5712 |
| Value added tax | 1340 | 1340 |  |
| Other taxes | 3277 | 3277 |  |
| Shareholder current accounts | 5493 | 5493 |  |
| Other debtors | 2436 | 2436 |  |
| Prepaid expenses | 1009 | 1009 |  |
| **Total** | **150091** | **118880** | **31211** |
| **Amount of loans granted during the year** | - |  |  |
| **Refunds obtained during the year** | **163290** |  |  |

---

Trade receivables are valued at their nominal value. They are classified as current assets and

their allocation in the table of maturity receivables (up to one year/more than one year) is

based on their contractual due date.

An impairment is recognized when the fair value is lower than the book value.

Accrued income relating to receivable items is broken down as follows:

---

| | | |
|:---|:---|:---|
| *In Keuros* | 12/31/2025 | 12/31/2024 |
| Customers - invoices to be invoiced | 32873 | 27108 |
| Accrued interest expense | 1285 | 972 |
| State - accrued income | 2916 | 1266 |
| Other accrued income | - | - |
| **Total** | **37075** | **29346** |

---

Annex B-17

**5.2 Cash and cash equivalents**

Cash and cash equivalents is summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In Keuros* | **Gross** | **Depreciation** | **Net as of** <br>**12/31/2025**<br>| **Net as of** <br>**12/31/2024**<br>|
| Marketable securities | 114821 | - | 114821 | 12004 |
| Treasury shares allocated to plans | 105453 | - | 105453 | 100183 |
| Cash | 261261 | - | 261261 | 262406 |
| **Total** | **481534** | **-** | **481534** | **374593** |

---

Treasury shares specifically allocated to plans are recorded under cash equivalents.

They are not depreciated based on their market value, due to the commitment to allocate

them to employees, and to the provision recognized under the conditions described in the

accounting principles for the provisions (in note 7.2).

The variation in the number of treasury shares allocated to plans during the year 2025 is

summarized below:

---

| | | | |
|:---|:---|:---|:---|
| *In Keuros - except number of shares* | Number of shares | Gross value | Net value |
| Outstanding December 31st, 2024 | 2786871 | 100183 | 100183 |
| Shares granted and allocated to plans | 2718590 | 78482 | 78482 |
| Treasury shares delivered to employees | (2157390) | (73212) | (73212) |
| **Outstanding at December 31st, 2025** | **3348071** | **105453** | **105453** |

---

As of December 31, 2025, cash and cash equivalents include 3,348,071 of Criteo shares

allocated to specific plans, for a gross value of $105.5 million.

Annex B-18

**6 NOTE 6 – SHAREHOLDERS'S EQUITY**

Capital increase related cost are offset against paid-in capital according to the preferential method on

a one-time basis, net of taxes.

The share capital consists of 55,659,895 ordinary shares with a par value of € 0.025, representing a

capital $1,391 thousand.

The changes in shareholders' equity for the year is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In Keuros* | Outstanding of <br>shares<br>| Capital | Capital <br>Premium<br>| Other reserves <br>and retained <br>earnings<br>| Income | Shareholders' <br>equity<br>|
| Shareholder's equity at December 31st, 2024 | 57744839 | 1444 | 67904 | 612898 | (20303) | 661943 |
| Allocation of the income of 2024 | - |  |  | (20303) | 20303 | - |
| Capital increase | 110056 | 3 | 1752 |  |  | 1754 |
| Capital decrease | (2195000) | (55) | (63921) |  |  | (63976) |
| Other variations | - |  |  |  |  | - |
| Income/Loss of the year | - |  |  |  | (14676) | (14676) |
| **Shareholder's equity at December 31st, 2025** | **55659895** | **1391** | **5735** | **592595** | **(14676)** | **585044** |

---

**6.1 Share Plans**

The Board of Directors has been authorized by the General Meeting of Shareholders to implement the

following stock option, stock purchase warrant and bonus share plans :

• *Plan 8.* General Shareholders' Meeting of June 18th, 2014, authorizing the grant of a maximum of

9,935,710 OSAs, RSUs and PSUs. For this and subsequent plans, the free shares granted to Criteo

employees are subject only to a condition of presence (RSU). Those granted to members of the

general management, certain senior executives and certain employees are subject to the

achievement of specific internal performance objectives and presence conditions (PSU).

• *Plan 11*. Shareholders' Meeting of June 27th, 2018, authorizing the grant of a maximum of

4,200,000 OSAs, BSAs or free shares, including a maximum of 150,000 BSAs.

• *Plan 12*. Shareholders' Meeting of May 16th, 2019, authorizing the granting of a maximum of

6,200,000 OSAs, BSAs or free shares, including a maximum of 175,000 BSAs

• *Plan 13*. General Meeting of Shareholders of June 25th, 2020, authorizing the granting of a

maximum of 6,463,000 OSAs or free shares.

• *Plan 14*. General Meeting of Shareholders of June 15th, 2021, authorizing the allocation of up to

7,800,000 OSAs or free shares.

• *Plan 15*. General Meeting of Shareholders of June 15th, 2022, authorizing the allocation of up to

9,000,000 OSAs or free shares.

• *Plan 16*. General Meeting of Shareholders of June 13th, 2023, authorizing the allocation of up to

7,000,000 OSAs or free shares.

• *Plan 17*. General Meeting of Shareholders of June 25th, 2024, authorizing the allocation of up to

7,000,000 OSAs or free shares.

Annex B-19

• *Plans 18 and 19*. General Meeting of Shareholders of June 13th, 2025 authorizing the allocation

of up to 7,000,000 OSAs or free shares.

During the exercise of OSAs, the Group delivers newly issued ordinary shares of the Parent Company to

the beneficiaries. On the acquisition of shares, the Group also delivers newly issued ordinary shares of

the Parent Company, except for plans under the share buyback programs (note 5.2).

**6.2 Stock option and share option plans for Criteo group employees**<br>

**Allocation schedule.**

*OSA*. The beneficiaries may exercise their OSAs on the basis of the following vesting schedule for Plan 8

amended to Plan 19:

• up to one quarter (1/4) of the stock options as of the first anniversary of the grant date,

• then, up to one-sixteenth (1/16) at the end of each completed quarter following the first

anniversary of the date of grant, for thirty-six (36) months thereafter and,

• no later than ten (10) years from the date of grant.

When the Parent Company's shares were not listed on a stock exchange at the grant date, the exercise

prices were determined by reference to the last capital increase since the grant date, unless the Board

of Directors decided otherwise. Since the listing of the Parent Company's shares in October 2013, the

exercise prices have been determined by reference to the closing stock market price on the day before

the grant date, with a minimum value equal to 95% of the average of the last 20 stock market prices.

RSU and PSU. Bonus share grants are subject to the following schedule: 50% of the shares will vest at the

end of a two-year period and 6.25% at the end of each quarter following the first two-year period, for a

period of twenty-four (24) months.

Evolution of the number of outstanding OSA

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Instrument/<br>Plans<br>| Grant date | Price | Outstanding <br>1.1.2025<br>| Grants | Exercised | Cancelled | Vested | Expired | Outstanding <br>12.31.2025<br>|
| OSA Plan 8 | July 2014 - June 2016 | €22.95 - €47.47 | 23310 |  | (2500) | (1100) |  | (19710) | - |
| OSA Plan 11 | July 2018 - June 2019 | €15.86 - €17.98 | - | - |  | - | - | - | - |
| OSA Plan 12 | July 2019 - June 2020 | €8.66 - €15.67 | 195371 |  | (108656) |  |  |  | 86715 |
| Total |  |  | 218681 | - | (111156) | (1100) | - | (19710) | 86715 |

---

Annex B-20

Evolution of the number of outstanding shares options

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Instrument/Plans* | Grant date | Average<br>price<br>| Outstanding <br>1.1.2025<br>| Adjust<br>-ments<br>Opening<br>| Grants | Cancelled | vested | Expired | Outstanding <br>12.31.2025<br>|
| **PSU / RSU Plan** <br>**12**<br>| July 2019 - June 2020 | €3.29- €17.44 | - | - |  |  |  |  | - |
| **PSU / RSU Plan** <br>**13**<br>| June 2020 - June 2021 | €10.79- €33.36 | 78937 | - |  | (1396) | (77541) |  | - |
| **PSU / RSU Plan** <br>**14**<br>| June 2021 - June 2022 | €27.92 - €35.64 | 751724 | - |  | (76592) | (529803) |  | 145329 |
| **RSU Plan 15** | July 2022 - April 2023 | €23.94 - €32.07 | 1580366 | 460 |  | (194887) | (1046610) |  | 339329 |
| **PSU / RSU Plan** <br>**16**<br>| July 2023 - April 2024 | €23.18 - €47.42 | 1608472 | 275677 |  | (333788) | (500598) |  | 1049762 |
| **RSU Plan 17** | April 2024 - Dec 2024 | €38.09 - €41.75 | 1238942 | - |  | (138267) |  |  | 1100675 |
| **PSU / RSU Plan** <br>**18**<br>| Feb 2025 - April 2025 | €16.74 - €54.83 | - | (54803) | 1959040 | (190276) |  |  | 1713961 |
| **RSU Plan 19** | July 2025 - Dec 2025 | €16.60 - €20.09 |  |  | 940922 | (15759) |  |  | 925163 |
| **Total** |  |  | **5258441** | **221334** | **2899962** | **(950965)** | **(2154553)** | **-** | **5274219** |

---

**6.3 Stock subscription warrants (BSA) not intended for employees**<br>

In addition to the allocation of RSUs, stock options, the shareholders of the Parent Company have also

authorized the allocation of stock warrants (BSAs) not intended for employees , as indicated below.

The beneficiaries may exercise their warrants based on the following acquisition schedule:

• For Plans E, F, G: up to one-quarter (1/4) of the stock options as of the first anniversary of the

grant date, then up to one-sixteenth (1/16) at the end of each completed quarter following the

first anniversary of the grant date, for a period of thirty-six (36) months from that date, and no

later than ten (10) years from the grant date.

When the Parent Company's shares were not listed on a stock exchange at the grant date, the exercise

prices were determined by reference to the last capital increase since the grant date, unless the Board

of Directors decides otherwise. Since the listing of the Parent Company's shares in October 2013, the

exercise prices have been determined by reference to the closing stock market price on the day before

the grant date, respecting the average of the last 20 stock market prices.

When warrants are exercised, the Group issues ordinary shares of the parent company to the

beneficiaries.

Details of BSA plans not intended for employees

---

| | | | |
|:---|:---|:---|:---|
| | **Plan E** | **Plan F** | **Plan G** |
| **Dates of grant (Boards of** <br>**Directors)**<br>| March 2015 - October 2015 | April 2016 - March 2017 | July 2017 - October 2017 |
| **Vesting period** | 1 - 4 years | 1 - 4 years | 1- 4 years |
| **Contractual life** | 10 years | 10 years | 10 years |
| **Expected warrant life** | 4 - 9 years | 4 - 9 years | 4 - 9 years |
| **Number of warrants granted** | 38070 | 59480 | 46465 |
| **Share entitlement per warrant** | 1 | 1 | 1 |
| **Share warrant price** | €9.98 - €16.82 | €13.89 - €17.44 | €13.88 - €17.55 |
| **Exercise price** | €35.18 - €41.02 | €33.98 - €43.42 | €35.80- €44.37 |

---

Annex B-21

**Evolution of the number of BSA not intended for employees**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Instrument/Plans* | Grant date | Price | Outstanding <br>1.1.2025<br>| Grants | Exercised | Cancelled | Vested | Expired | Outstanding <br>12.31.2025<br>|
| **BSA E** | March 2015 - October 2015 | €35.18 - €41.02 | 7730 | - | - | - | - | - | 7730 |
| **BSA F** | April 2016 - March 2017 | €33.98 - €43.42 | 24010 | - | - | - | - | - | 24010 |
| **BSA G** | July 2017 - October 2017 | €35.80- €44.37 | 128157 | - | - | - | - | - | 128157 |
| **Total** |  |  | **159897** | **-** | **-** | **-** | **-** | **-** | **159897** |

---

Annex B-22

**NOTE 7 – PROVISIONS FOR RISKS AND CHARGES**

Provisions are accrued when an obligation to a third party is likely or certain to result in an

outflow of resources to that third party, without at least equivalent consideration being

expected from the latter. This obligation may be legal, regulatory, contractual or arise from the

company's practices. The estimate of the amount of the provisions corresponds to the outflow of

resources that the company will probably have to bear to meet its obligation.

The change in provisions for risks and charges for the year 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In Keuros* | **12/31/2024** | **Allowances** | **Reversals** | **Reversals** | **12/31/2025** |
|  |  |  | **Used** | **Unused** |  |
| Provisions for litigations | 10 |  |  |  | 10 |
| Provisions for exchange losses | 7049 | 1345 | (1552) | (5498) | 1345 |
| Provisions RSU | 99107 | 104201 | (73212) | (25895) | 104201 |
| Other provisions for risk | 955 |  |  |  | 955 |
| **Provisions for risks** | **107121** | **105547** | **(74764)** | **(31393)** | **106512** |

---

The main variations of the period are related to:

• Net reversal of $5.7 million on provisions for foreign exchange loss.

• Net accrual of $5.1 million on RSU provision.

**7.1 Provisions for foreign exchange losses**<br>

The provision regroups the unrealized FX losses booked as an asset, including those generated

by derivative instruments treated as POI ("positions ouvertes isolées").

**7.2 Provisions for share plans**<br>

Certain employees of the Criteo Group receive equity-based compensation. This compensation

takes the form of Restricted Stock Units ("RSUs") or stock option plans.

**<u>Plans settled by the issuance of new shares</u>**

In accordance with the requirements of article 624-6 of the French General Accounting

Principles, no provision is recorded for these plans. This is particularly true for OSA plans.

**<u>Plans settled by granting existing shares</u>**

At the grant date, these RSUs/PSUs and stock options do not give rise to a personnel charge. This

occurs only on the date of delivery of the RSUs/PSUs or on the exercise of the stock options.

A provision for contingencies and losses is recorded when the Company decides to grant RSUs

or stock options, provided that the obligation to deliver existing shares to employees will

probably or certainly result in an outflow of resources without at least equivalent consideration.

When the vesting of RSUs is explicitly conditional to the employee remaining in the service of

Criteo S.A. for a specified future period ("vesting period"), the provision is recognized on a

straight-line basis over the vesting period.

The Company holds treasury shares allocated to its share plans ("RSU" and "PSU") and recognizes

a provision for contingencies and losses in this regard as follows:

–For the portion attributable to Criteo S.A. employees, as shares vest

Annex B-23

–For the portion attributable to employees of the Group's subsidiaries, at the date of

allocation of these treasury shares to the RSUs/PSUs plans.

Please refer to note 6.2 for more details on the on-going plans as of December 31, 2025.

**7.3 Other provisions for risks and charges**<br>

Other provisions for liabilities and charges include provisions for social and tax risks, provisions for

exchange rate risks and provisions for exceptional risk.

Annex B-24

**NOTE 8 – LIABILITIES**

**8.1 Financial debts**

The costs of arranging financing and opening credit lines are spread over the duration of the

contracts.

**Liquidity reserve**

As of December 31, 2025, the Group had one undrawn syndicated credit line with a pool of

leading banks for an amount of €407.0 million, alongside with short term credits and authorized

bank overdraft representing a maximum amount of €21.5 million, thus allowing a total amount of

€428.5 million.

**8.2 Debt maturity schedule**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In Keuros* | Gross value at <br>12.31.2025<br>| <1 year | Between 1 and 5 <br>years<br>| > 5 years |
| Bank overdrafts | - | - |  |  |
| Borrowings and other financial liabilities | 446239 | 390164 | 56075 |  |
| Trade payables | 62727 | 62727 |  |  |
| Employees and related accounts | 1859 | 1859 |  |  |
| Income taxes | 8749 | 8749 |  |  |
| Value added tax | 147 | 147 |  |  |
| Other taxes | 267 | 267 |  |  |
| Other debts | 331 | 331 |  |  |
| **Total** | **520318** | **464243** | **56075** | **—** |
| **Borrowings during the year** | **—** |  |  |  |
| **Loans repaid during the fiscal year** | **—** |  |  |  |
| **Loans, debts contracted with partners** |  |  |  |  |

---

The main components of debt as of December 31, 2025 are as follows:

• Current accounts in credit with subsidiaries, mainly Criteo Corp (€157.8 million), Criteo

Technology (€33 million) and Criteo UK (€28.8 million)

• Borrowings from subsidiaries: Criteo KK (€54.3 million) and Criteo Ad. Beijing (€1.7million).

Annex B-25

**NOTE 9 – INCOME STATEMENT**

**9.1 Revenue**<br>

In the financial year 2025, Criteo S.A.'s revenue consists mainly of services invoiced to the group's

subsidiaries.

---

| | | | |
|:---|:---|:---|:---|
| *In Keuros* | France | Other | *Total* |
| Sales of services | 56299 | 12343 | 68643 |
| Revenue from other activities |  | 1376 | 1376 |
| **Revenue** |  |  | **70019** |

---

**9.2 Breakdown of accruals/reversals of provisions and depreciations**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | Balance Sheet | P&L | P&L | Balance Sheet | Balance Sheet |
|  |  | 12/31/2024 | Allowances | Reversals | Acquisition & <br>Disposal<br>| 12/31/2025 |
| **<u>Operating</u>** | Intangible & PPE depreciation | - | - | - |  | - |
| **<u>Operating</u>** | Bad debts | - | - | - |  | - |
| **<u>Operating</u>** | Provisions on RSU / PSU | 1029 | 1069 | (1029) |  | 1069 |
| **<u>Operating</u>** | Provisions on risk of operating activities | 965 | - | - |  | 965 |
|  | **Total** | **1994** | **1069** | **(1029)** | **-** | **2034** |
| **<u>Financial</u>** | Provisions on shares | 3490 | 18206 |  |  | 21696 |
| **<u>Financial</u>** | Provisions on own shares (\*) | 741 | - |  | (741) | - |
| **<u>Financial</u>** | Provision for exchange loss | 7049 | 1345 | (7049) |  | 1345 |
| **<u>Financial</u>** | Provisions on RSU / PSU | 98078 | 103133 | (98078) |  | 103133 |
| **<u>Financial</u>** | Deferred expenses (\*) | (1255) | 456 |  |  | (798) |
|  | **Total** | **108104** | **123140** | **(105127)** | **(741)** | **125375** |
| **<u>Non</u>** <br>**<u>recurring</u>** | Exceptional amortization | - |  |  |  | - |
| **<u>Non</u>** <br>**<u>recurring</u>** | Provisions on non recurring risks | - | - | - |  | - |
| **<u>Non</u>** <br>**<u>recurring</u>** | **Total** | **-** | **-** | **-** | **-** | **-** |
| **<u>Non</u>** <br>**<u>recurring</u>** |  |  |  |  |  |  |
|  | **Total** | **110098** | **124209** | **(106156)** | **(741)** | **127409** |

---

(\*) corresponds to provisions / depreciation of assets

**9.3 Financial income/loss**<br>

In addition to financial income from foreign currency transactions, foreign exchange derivatives

and provisions for foreign exchange losses, Criteo S.A. receives dividends and interest payments

from subsidiaries.

Annex B-26

---

| | | |
|:---|:---|:---|
| *In Keuros* | 12/31/2025 | 12/31/2024 |
| Reversals of provisions and expense transfers | 105127 | 67773 |
| Financial income from investments | 124616 | 121613 |
| Positive exchange rate differences | 84548 | 86225 |
| Other interest and similar income | 26740 | 2178 |
| Proceeds from Sale of Financial Investments | 668 | 99417 |
| **Total financial incomes** | **341700** | **377205** |
| Financial depreciation and provisions | 123140 | 109710 |
| Negative exchange rate differences | 90250 | 82724 |
| Interest and similar expenses | 83996 | 149930 |
| **Total financial expenses** | **297387** | **342365** |
| **Net financial income** | **44313** | **34841** |

---

As of December 31, 2025, foreign exchange derivatives recorded as isolated open positions

were mainly forward buying and selling contracts. Their fair value was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| In euros | 12/31/2025 | <1 year | >1 year | 12/31/2024 |
| EURAUD | (814) | (814) |  | 3974 |
| EURBRL | (210) | (210) |  | 6291 |
| EURCAD | (222) | (222) |  | 1191 |
| EURCHF | (443) | (443) |  | 2931 |
| EURCNH | (358) | (358) |  | (7) |
| EURGBP | 7178 | 7178 |  | (38335) |
| EURILS | 23483 | 23483 |  | 10447 |
| EURJPY | (47279) | (47279) |  | (262316) |
| EURKRW | (60055) | (60055) |  | 297321 |
| EURRON | - | - |  | (1570) |
| EURSEK | 5660 | 5660 |  | 10266 |
| EURTRY | 2285 | 2285 |  | 11132 |
| EURUSD | 39548 | 39548 |  | 765478 |
| Hedging for operational items | (31224) | (31224) | - | 806802 |
| EURAUD | (5224) | (5224) |  | (9315) |
| EURCAD | 58976 | 58976 |  | (22542) |
| EURCNH | 15205 | 15205 |  | 576 |
| EURGBP | 149704 | 149704 |  | (67820) |
| EURILS | (123) | (123) |  | - |
| EURJPY | (554299) | (554299) |  | (1657968) |
| EURKRW | - | - |  | 172 |
| EURRON | - | - |  | 2919 |
| EURSEK | 34678 | 34678 |  | 17120 |
| EURUSD | 54727 | 54727 |  | 1740070 |
| Hedging for financial items | (246358) | (246358) | - | 3211 |

---

**9.4 Breakdown of income tax**<br>

Criteo S.A. is the parent company of a tax group consisting, since January 1st, 2011, of Criteo

France SAS, located at 32 rue Blanche 75009 Paris, and since January 1st, 2022 of Criteo

Technology SAS, located at 32 rue Blanche 75009 Paris.

Annex B-27

Criteo S.A. is the parent company of a tax group consisting, since January 1st, 2011, of Criteo

France SAS, located at 32 rue Blanche 75009 Paris, and since January 1st, 2022 of Criteo

Technology SAS, located at 32 rue Blanche 75009 Paris.

For subsidiaries, the tax charge is accounted for as if they were not consolidated, as the Criteo

Group has opted for the neutrality regime. The parent company accounts for the group's tax

and captures any tax savings and expenses generated by the tax group.

Income tax is broken down as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***In Keuros*** | | ***Before Tax*** | ***Tax*** <br>***restatements***<br>| ***Taxable*** <br>***income***<br>| ***Correspondin***<br>***g Income tax***<br>| ***After tax*** |
| Tax rate | 25% |  |  |  |  |  |
| Net operating income |  | (59026) | 4947 | (54079) | (13520) |  |
| Net financial income |  | 44313 | (64860) | (20547) | (5137) |  |
| Non recurring income |  |  |  |  |  |  |
| Employee participation |  |  |  |  |  |  |
|  |  | (14713) | (59913) | (74627) |  | (14713) |
| Impact of tax consolidation |  |  |  |  | 8 | 8 |
| Tax credits |  |  |  |  | 29 | 29 |
| **Net result** |  | **(14713)** |  |  | **37** | **(14676)** |

---

The tax amount mainly results from the effects of the Group tax consolidation in the French

Perimeter:

• €11.7 million income tax benefit pulled by Criteo S.A. from the entities that are part of the

French tax group;

• €(6.8) million of tax expense has been recognized for the tax consolidation group for the

2025 financial year.;

• Finally, other effects include mainly the entry into force of the OECD's Pillar 2 international

tax reform, which resulted in the recognition of a €(3.2) million expense for fiscal years

2024 and 2025, as well as the impact of withholding tax on dividends for €(1.8) million.

Future increases and reductions in the tax liability are detailed as follows:

---

| | | |
|:---|:---|:---|
| ***Increases in future tax liability*** | | |
| **Regulated Provisions :** | **Tax basis**<br>| **Tax impact**<br>|
| Tax depreciations | n/a |  |
| Provisions for price increase | n/a |  |
| Provisions for rate fluctuations | n/a |  |
| **Others :**  |  |  |
| Profit-sharing | n/a |  |
| **Total in Keuros** | **—** | **-** |

---

Annex B-28

---

| | | |
|:---|:---|:---|
| ***Future tax liability relief*** | **Tax basis** | **Tax impact** |
| C3S N | 111 | 28 |
| Construction effort N |  |  |
| CTA | 8547 | 2137 |
| Specific provisions & accruals | 1063 | 266 |
| Auditors' fees | 1502 | 375 |
| **Total in Keuros** | **11223** | **2806** |

---

---

| | |
|:---|:---|
|  | ***12/31/2025*** |
| Tax credit | 2 |
| Other tax credit (withholding tax) | 1 |
| **Total**  | **3** |

---

Annex B-29

**NOTE 10 – OTHER INFORMATION** 

**10.1 Off-balance sheet commitments**

---

| | |
|:---|:---|
| *In Keuros* | 12/31/2025 |
| Pensions and other post-employment benefits | 207 |
| Other given commitments - RSUs | 33977 |
| Independent bank guarantee | 3144 |
| **Commitments given** | **37328** |
| **Commitments received** | **-** |
| **Mutual Commitments** | **-** |
| **Total off-balance sheet commitments** | **37328** |

---

**Pension obligations**

In accordance with current legislation and collective bargaining agreements, the Company pays each

employee an indemnity on retirement. The full amount of the rights acquired by the persons concerned

is charged to the financial year.

Pension commitments, corresponding to retirement benefits, are measured as of December 31, 2025,

using the retrospective method. This method considers the current age and length of service of each

employee, their life expectancy up to the age of 65 and the probability of remaining with the company

at that age.

The scale used to determine the number of months' salary is the one of the SYNTEC collective

bargaining agreement; the retirement amount is thus equal to one month per year of service, plus one-

fifth of a month from the sixth year onwards.

The calculation is estimated on the basis of the compensation paid in 2025 and takes into account a

rotation rate by age segment, a discount rate of 4.50% and a social security contribution rate of 50%

The company does not apply the preferred method of accounting for retirement obligations

recommended by ANC No. 2014-3.

The amount of the obligation was €207,164 as of December 31, 2025.

**Free Share Grants – Contingent Liability**

The company has implemented free share grant plans for certain employees and executives.

In accordance with note 6.2 – Share Plans, the commitments related to these plans may be settled

either by the issuance of treasury shares or by the issuance of newly issued ordinary shares of the parent

company, except for plans falling within the scope of already authorized share buyback programs.

As of the reporting date, the company has not yet acquired the treasury shares necessary to cover all

the free shares granted, and no issuance has been decided. It therefore retains the option of choosing

a settlement method to meet its obligations upon fulfilment of the acquisition conditions.

Annex B-30

Consequently, no debt or provision has been recognized. This commitment constitutes a contingent

liability within the meaning of Article 322-5 of the French General Chart of Accounts and is presented

below to ensure complete disclosure of off-balance-sheet commitments.

---

| | |
|:---|:---|
| Total number of free shares granted (a) | 5274219 |
| Number of treasury shares purchased (b) | 3348071 |
| Number of shares not covered by a provision (c) = (a) - (b) | 1926148 |
| Share price at closing date (d) | 17.64 euros |
| Estimated amount of the obligation at closing (c) x (d) /1000 | 33,977 keuros |

---

**Other commitments**

Commitments given and received by the Group that are not recognized in the balance sheet

correspond to contractual obligations that have not yet been fulfilled and are subject to the fulfilment

of conditions or transactions subsequent to the current year.

**10.2 Average number of employees**<br>

The average number of employees at December 31st, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | 12/31/2025 | 12/31/2024 |
| Executives | 20 | 19 |
| **Average number of employees** | **20** | **19** |

---

**10.3 Executives' compensation**<br>

The Board of Directors members receive directors' fees for their duties. The amount of directors' fees paid

to the Company's directors amounted to €2.0 million in 2025 (€2.1 million in 2024).

Executive compensation by category is not provided as it might allow identification of a specific

member of the governing bodies.

In accordance with current legislation, no advances or credits have been granted to the Company

Executives or Corporate Officers.

**10.4 Auditors' fees**<br>

The auditors' fees invoiced for the Criteo S.A. statutory and consolidated audits for the financial year

ended in 2025 breaks down as follows :

Annex B-31

---

| | | | |
|:---|:---|:---|:---|
| *In euros* | **Total** | **Deloitte &** <br>**Associés**<br>| **Nexbonis** |
| Statutory audit fees | 122900 | 61900 | 61000 |
| SACC - Audit-related work | - |  |  |
| **Audit fees** | **122900** | **61900** | **61000** |
| Legal, fiscal, social | - |  |  |
| Others | - |  |  |
| **Other services** | **-** | **-** | **-** |
| **Total**  | **122900** | **61900** | **61000** |

---

**10.5 List of subsidiaries and affiliates**<br>

As of December 31, 2025, Criteo S.A. owns the following subsidiaries and investments:

Annex B-32

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Subsidiaries**<br>**in Keuros**<br>| **Gross value of** <br>**shares**<br>| **NBV** | **Related** <br>**receivables**<br>| **Shareholders'** <br>**equity**<br>| **% of** <br>**ownership**<br>| **Allocated** <br>**dividends** <br>**2025**<br>| **Revenue** <br>**2025**<br>| **Net income** <br>**2025**<br>|
| **<u>Subsidiaries</u>** |  |  |  |  |  |  |  |  |
| Criteo France (France) | 28355 | 28355 |  | 37264 | 100% | (2000) | 104859 | 2822 |
| Criteo Ltd (UK) | 33867 | 33867 |  | 21418 | 100% |  | 317497 | 4156 |
| Criteo GmbH (Germany) | 512 | 512 |  | 15635 | 100% |  | 390122 | 6814 |
| Criteo BV (Netherlands) | 100 | 100 |  | 5460 | 100% | (1700) | 44314 | 1929 |
| Criteo Corp (United States)  | 337965 | 337965 |  | 510511 | 100% | (38997) | 1270603 | 43348 |
| Criteo Do Brazil Desenvolvimento De <br>Serviços De Internet LTDA (Brasil)<br>| 5243 | 5243 |  | 2034 | 100% |  | 37503 | 31 |
| Criteo Australia PTY (Australia) | 8931 | 8931 |  | 3407 | 100% |  | 21219 | 1672 |
| Criteo KK (Japan) | 64 | 64 |  | 89463 | 66% |  | 185783 | 11431 |
| Criteo SRL (Italy) | 20 | 20 |  | 5116 | 100% |  | 48067 | 2552 |
| Criteo Singapore PTE Ltd (Singapore) | 24083 | 24083 | 9412 | 11360 | 100% |  | 30330 | 548 |
| Criteo LLC (Russia) | 306 | 306 |  | 575 | 100% |  | 0 | (36) |
| Criteo España S.L. (Spain – Madrid) | 3 | 3 |  | 4045 | 100% |  | 48091 | 659 |
| Criteo Europa MM S.L. (Spain – <br>Barcelona)<br>| 3 | 3 |  | 9297 | 100% | (4510) | 881 | 2399 |
| Criteo MEA FZ LLC (Dubai) | 13 | 13 |  | 4317 | 100% |  | 18929 | 340 |
| Criteo Reklmacilik Hizmetleri ve <br>Ticaret AS (Turkey)<br>| 1207 | 243 |  | 150 | 100% |  | (34) | (223) |
| Criteo Canada Corp. (Canada) | 0 | 0 |  | 10215 | 100% |  | 31174 | 2469 |
| Criteo India Private Limited (India) | 3140 | 3140 | 4350 | 3457 | 100% |  | 17122 | 248 |
| Criteo Korea Ltd (Korea) | 78 | 78 |  | 1756 | 100% |  | 82593 | 3388 |
| Criteo Nordics AB (Sweden) | 5 | 5 |  | 2314 | 100% | (1346) | 20605 | 2184 |
| Doobe In Site Ltd (Israel) | 4658 | 0 |  | (540) | 100% |  | 31 | 256 |
| Criteo Technology (France) | 127129 | 127129 |  | 270990 | 100% | (70000) | 101558 | 86415 |
| Iponweb Labs AM (Armenia) | 4975 | 1543 |  | 394 | 100% |  | 0 | 38 |
| Iponweb Labs CY (Cyprus) | 28384 | 15742 |  | 4347 | 100% |  | 22913 | 1342 |
| Criteo Technology SRL (Romania) | 0 | 0 |  | 215 | 100% |  | 0 | (24) |
| Criteo Holdings, Inc (United States) | 0 | 0 |  | (3) | 100% |  | 0 | (3) |
| **Equity interest** |  |  |  |  |  |  |  |  |
| Lumen | 653 | 653 | 0 | nc |  |  | nc | nc |
| **TOTAL** | **609695** | **587998** | **13762** | **1013197** |  | **(118553)** | **2794160** | **174752** |

---

*\*nc : not communicated*

*Source : Financial statements of subsidiaries presented in accordance with US GAAP (the accounting principle followed by* 

*the Group in its internal reporting) converted into euros.*

**10.6 Subsequent events**<br>

The Company has identified the following significant events that occurred between the period ended

December 31, 2025 and February 26, 2026, date of validation of the annual financial statements by the

Board of Directors.

**Favorable tax ruling regarding the Conversion**

Annex B-33

On January 26, 2026, the Company received a favorable response from the French tax authorities to its

request for a tax ruling, confirming that, subject to compliance with the conditions and procedures

outlined in the Company's request, the reorganization would not have significant French tax

consequences. The potential subsequent transfer of the Company's registered office from Luxembourg

to the United States is also included in the ruling granted by the French tax authorities under the same

terms and conditions.

**Share Repurchase Program extension**

On February 6, 2026, the Board of Directors approved an increase to the Company's share repurchase

program for the Company's outstanding American Depositary Shares. As of February 6, 2026, following

this approval, the remaining authorization under the program was up to $200 million (€170.2 million). The

Company intends to use repurchased shares under this program primarily to satisfy employee equity

plan vesting in lieu of issuing new shares, which would limit future dilution to shareholders, and may also

use such shares in connection with potential acquisition transactions.

Annex B-34

**NOTE 11 – INCOME STATEMENT AND BALANCE SHEET PUBLISHED IN** 

**2024**

**11.1 Off-balance sheet commitments**

---

| | | |
|:---|:---|:---|
| *In Keuros* | 2024 | 2023 |
| Revenue | 55718 | 35989 |
| **Net sales** | **55718** | **35989** |
| Capitalized production | - | - |
| Grants | - | 155 |
| Reversals of depreciation and provisions, expense transfers | 1313 | - |
| Other products | 234011 | 203159 |
| **Total operating revenues** | **291042** | **239303** |
| Other purchases and external expenses | 176658 | 122393 |
| Taxes and similar payments | (119) | 663 |
| Wages and salaries | 2659 | 4362 |
| Social charges | 3494 | 4019 |
| Operating allowances | 995 | (39) |
| Other expenses | 170656 | 154998 |
| **Total operating expenses** | **354343** | **286396** |
| **Net operating expenses** | **(63301)** | **(47093)** |
| Financial income from investments | 121613 | 82310 |
| Other interest and similar income | 2178 | 1532 |
| Reversals of provisions and expense transfers | 6197 | 7598 |
| Positive exchange rate differences | 86225 | 91563 |
| Proceeds from Sale of Financial Investments | 422 | - |
| **Total financial income** | **216635** | **183003** |
| Financial depreciation and provisions | 11632 | 8084 |
| Interest and similar expenses | 15577 | 10977 |
| Negative exchange rate differences | 82724 | 92516 |
| **Total financial expenses** | **109933** | **111577** |
| **Net financial income** | **106702** | **71426** |
| **Net recurring operating income** | **43401** | **24333** |
| Non recurring income from management operations | 26586 | 21376 |
| Non recurring income from capital operations | 73652 | 67 |
| Reversals of provisions and expenses transfers | 61576 | 108877 |
| **Total Non recurring income** | **161814** | **130320** |
| Non recurring expenses on management operations | 64545 | 85219 |
| Non recurring expenses from capital operations | 70265 | 3996 |
| Non recurring depreciation and provision | 97983 | 55467 |
| **Total Non recurring expenses** | **232793** | **144682** |
| **Net non recurring income** | **(70979)** | **(14362)** |
| Employee profit-sharing | - | 11 |
| Income taxes | (7275) | (4934) |
| **Profit/Loss** | **(20303)** | **14894** |

---

Annex B-35

**11.2Balance Sheet - Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In Keuros* | 12/31/2024 | 12/31/2024 | 12/31/2024 | 12/31/2023 |
| *In Keuros* | Gross | Amortization & <br>Depreciation<br>| Net | Net |
| Concessions, patents, similar rights | - | - | - | - |
| Goodwill | - | - | - | - |
| Other intangible assets | - | - | - | - |
| **Intangible assets** | **-** | **-** | **-** | **-** |
| Other tangible assets | - | - | - | - |
| Property, plant and equipment in progress | - | - | - | - |
| Advances and deposits | - | - | - | - |
| **Property, plant and equipment** | **-** | **-** | **-** | **-** |
| Long-term equity interests | 609694 | 3490 | 606204 | 669517 |
| Receivables related to equity investments | 176605 | - | 176605 | 186908 |
| Loans | - | - | - | - |
| Other financial assets | 26904 | 741 | 26163 | 26298 |
| **Financial assets** | **813203** | **4231** | **808972** | **882723** |
| **Non currents assets** | **813203** | **4231** | **808972** | **882723** |
| Advances | 8 | - | 8 | 60 |
| Trade receivables | 63461 | - | 63461 | 42051 |
| Other receivables | 75104 | - | 75104 | 106746 |
| **Receivables** | **138565** | **-** | **138565** | **148797** |
| *Marketable securities* | 112187 | - | 112187 | 73719 |
| *Cash* | 262406 | - | 262406 | 349648 |
| **Current assets** | **513166** | **-** | **513166** | **572224** |
| Debt issuance costs to be defined | 1255 | - | 1255 | 1535 |
| Prepaid expenses | 1266 | - | 1266 | 1586 |
| Translation differences - Assets | 7049 | - | 7049 | 6197 |
| **Total Assets** | **1335939** | **4231** | **1331708** | **1464265** |

---

Annex B-36

**11.3Balance Sheet - Liabilities and Equity**

---

| | | |
|:---|:---|:---|
| *In Keuros* | 12/31/2024 | 12/31/2023 |
| Share capital | 1444 | 1529 |
| Share premium | 67904 | 169448 |
| Legal reserve | 232 | 232 |
| Regulated reserves | 13967 | 13967 |
| Others reserves | - | - |
| Retained earnings | 598699 | 583806 |
| Profit/loss for the period | (20303) | 14894 |
| **Total Shareholders' equity** | **661943** | **783876** |
| Provisions for risks | 107121 | 70146 |
| **Total provisions for risks and charges** | **107121** | **70146** |
| Bank overdrafts | 3072 | 4336 |
| Borrowings and other financial liabilities | 482917 | 511037 |
| Trade payables | 58015 | 24530 |
| Social and tax liabilities | 7575 | 7367 |
| Payables on fixed assets and related accounts | - | - |
| Other current liabilities | 3335 | 48693 |
| **Total liabilities** | **554914** | **595963** |
| Translation differences - Liabilities | 7730 | 14280 |
| **Total of shareholders' equity and liabilities** | **1331708** | **1464265** |

---

Annex C-1

**ANNEX C**

**IFRS CONSOLIDATED FINANCIAL STATEMENTS** 

***Please note that because we are a French company, the full text of the consolidated***

***financial statements included in this Annex C has been translated from French. In the case***

***of any discrepancy between this version and the French version, the French version will***

***prevail.***

**Consolidated Financial Statements** 

**for the year ending** 

## December 31, 2025
Table of contents

---

| | |
|:---|:---|
| Consolidated Statement of Income .................................................................................................. | <u>Annex C-</u><u>[3](#i0a082b1cae7543198d8e88d109bed8fd_205)</u> |
| Consolidated Statements of Comprehensive Income ................................................................... | <u>Annex C-</u><u>[4](#i0a082b1cae7543198d8e88d109bed8fd_208)</u> |
| Consolidated Statements of Financial Position .............................................................................. | <u>Annex C-</u><u>[5](#i0a082b1cae7543198d8e88d109bed8fd_211)</u> |
| Consolidated Statements of Cash Flows ......................................................................................... | <u>Annex C-</u><u>[6](#i0a082b1cae7543198d8e88d109bed8fd_214)</u> |
| Consolidated Statements of Changes in Shareholders' Equity ................................................... | <u>Annex C-</u><u>[7](#i0a082b1cae7543198d8e88d109bed8fd_217)</u> |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ................................................. | <u>Annex C-</u><u>[8](#i0a082b1cae7543198d8e88d109bed8fd_220)</u> |
| Note 1 – Description of the activity ............................................................................................ | <u>Annex C-</u><u>[8](#i0a082b1cae7543198d8e88d109bed8fd_223)</u> |
| [Note 2 – Summary of material accounting policies](#i0a082b1cae7543198d8e88d109bed8fd_226) ................................................................. | <u>Annex C-</u><u>[10](#i0a082b1cae7543198d8e88d109bed8fd_226)</u> |
| [Note 3 – Critical accounting estimates and judgments](#i0a082b1cae7543198d8e88d109bed8fd_229) .......................................................... | <u>Annex C-</u><u>[22](#i0a082b1cae7543198d8e88d109bed8fd_229)</u> |
| Note 4 – Significant Events and Transactions of the Period ................................................. | <u>Annex C-</u><u>[24](#i0a082b1cae7543198d8e88d109bed8fd_232)</u> |
| [Note 5 – Segment information](#i0a082b1cae7543198d8e88d109bed8fd_235) ................................................................................................... | <u>Annex C-</u><u>[25](#i0a082b1cae7543198d8e88d109bed8fd_235)</u> |
| [Note 6 – Financial risk management](#i0a082b1cae7543198d8e88d109bed8fd_238) ......................................................................................... | <u>Annex C-</u><u>[27](#i0a082b1cae7543198d8e88d109bed8fd_238)</u> |
| [Note 7 – Breakdown of Revenue and Non-Current Assets by Geographical Areas](#i0a082b1cae7543198d8e88d109bed8fd_241) ......... | <u>Annex C-</u><u>[30](#i0a082b1cae7543198d8e88d109bed8fd_241)</u> |
| [Note 8 – Share-Based Compensation](#i0a082b1cae7543198d8e88d109bed8fd_244) ...................................................................................... | <u>Annex C-</u><u>[31](#i0a082b1cae7543198d8e88d109bed8fd_244)</u> |
| [Note 9 – Financial Income and Expenses](#i0a082b1cae7543198d8e88d109bed8fd_247) ................................................................................ | <u>Annex C-</u><u>[37](#i0a082b1cae7543198d8e88d109bed8fd_247)</u> |
| [Note 10 – Provision for Income Taxes](#i0a082b1cae7543198d8e88d109bed8fd_250) ...................................................................................... | <u>Annex C-</u><u>[38](#i0a082b1cae7543198d8e88d109bed8fd_250)</u> |
| [Note 11 – Categories of Financial Assets and Liabilities](#i0a082b1cae7543198d8e88d109bed8fd_253) ....................................................... | <u>Annex C-</u><u>[42](#i0a082b1cae7543198d8e88d109bed8fd_253)</u> |
| [Note 12 – Goodwill](#i0a082b1cae7543198d8e88d109bed8fd_256) ....................................................................................................................... | <u>Annex C-</u><u>[44](#i0a082b1cae7543198d8e88d109bed8fd_256)</u> |
| [Note 13 – Intangible assets](#i0a082b1cae7543198d8e88d109bed8fd_259) ........................................................................................................ | <u>Annex C-</u><u>[45](#i0a082b1cae7543198d8e88d109bed8fd_259)</u> |
| [Note 14 – Property and Equipment](#i0a082b1cae7543198d8e88d109bed8fd_262) ........................................................................................... | <u>Annex C-</u><u>[46](#i0a082b1cae7543198d8e88d109bed8fd_262)</u> |
| Note 15 - Marketable Securities ................................................................................................. | <u>Annex C-</u><u>[46](#i0a082b1cae7543198d8e88d109bed8fd_262)</u> |
| [Note 16 - Leases](#i0a082b1cae7543198d8e88d109bed8fd_268) .......................................................................................................................... | <u>Annex C-</u><u>[47](#i0a082b1cae7543198d8e88d109bed8fd_268)</u> |
| [Note 17 - Trade Receivable](#i0a082b1cae7543198d8e88d109bed8fd_271)s ...................................................................................................... | <u>Annex C-</u><u>[50](#i0a082b1cae7543198d8e88d109bed8fd_271)</u> |
| [Note 1](#i0a082b1cae7543198d8e88d109bed8fd_274)8 - Other Current Assets .................................................................................................. | <u>Annex C-</u><u>[50](#i0a082b1cae7543198d8e88d109bed8fd_274)</u> |
| [Note 1](#i0a082b1cae7543198d8e88d109bed8fd_277)9 - Cash and Cash Equivalent ........................................................................................ | <u>Annex C-</u><u>[51](#i0a082b1cae7543198d8e88d109bed8fd_277)</u> |
| Note 20 – Common shares ......................................................................................................... | <u>Annex C-</u><u>[52](#i0a082b1cae7543198d8e88d109bed8fd_280)</u> |
| Note 21 – Earnings Per Share ................................................................................................... | <u>Annex C-</u><u>[53](#i0a082b1cae7543198d8e88d109bed8fd_283)</u> |
| Note 22 – Employee Benefits ..................................................................................................... | <u>Annex C-</u><u>[54](#i0a082b1cae7543198d8e88d109bed8fd_286)</u> |
| Note 23 – Financial Liabilities ..................................................................................................... | <u>Annex C-</u><u>[55](#i0a082b1cae7543198d8e88d109bed8fd_289)</u> |
| Note 24 – Net debt ....................................................................................................................... | <u>Annex C-</u><u>[56](#i0a082b1cae7543198d8e88d109bed8fd_292)</u> |
| Note 25 – Contingencies ............................................................................................................. | <u>Annex C-</u><u>[58](#i0a082b1cae7543198d8e88d109bed8fd_295)</u> |
| Note 26 – Other Current Liabilities ............................................................................................ | <u>Annex C-</u><u>[59](#i0a082b1cae7543198d8e88d109bed8fd_298)</u> |
| Note 27 – Commitments and contingencies ............................................................................ | <u>Annex C-</u><u>[60](#i0a082b1cae7543198d8e88d109bed8fd_301)</u> |
| Note 28 - Expenses by nature .................................................................................................... | <u>[Annex C-60](#i0a082b1cae7543198d8e88d109bed8fd_304)</u> |
| Note 29 – Related Parties ........................................................................................................... | <u>Annex C-</u><u>[61](#i0a082b1cae7543198d8e88d109bed8fd_307)</u> |
| Note 30 – Subsequent Events ................................................................................................... | <u>Annex C-</u><u>[61](#i0a082b1cae7543198d8e88d109bed8fd_310)</u> |

---

Annex C-3

CONSOLIDATED STATEMENTS OF INCOME

---

| | | | | |
|:---|:---|:---|:---|:---|
| (In thousands of euros) | Notes | December 31, <br>2023<br>| December 31, <br>2024<br>| December 31, <br>2025<br>|
| **Revenue** | *7* | **1802476** | **1786812** | **1721314** |
| Traffic acquisition costs | *28* | (856970) | (750323) | (681793) |
| Other cost of revenue | *28* | (146250) | (126599) | (109654) |
| **Gross Profit** |  | **799256** | **909890** | **929867** |
| Research and development expenses | *28* | (225358) | (247805) | (250721) |
| Sales and operations expenses | *28* | (378361) | (349402) | (351673) |
| General and administrative expenses | *28* | (129415) | (165123) | (151633) |
| **Income from Operations** |  | **66122** | **147560** | **175840** |
| Financial and Other income (expense) | *9* | (3902) | 128 | (2296) |
| **Income before taxes** |  | **62220** | **147688** | **173544** |
| Provision for income taxes | *10* | (16748) | (34974) | (46410) |
| **Net income** |  | **45472** | **112714** | **127134** |
| - Available to shareholders of Criteo S.A. | *21* | 44175 | 109812 | 122910 |
| - Available to non-controlling interests  | *21* | 1297 | 2902 | 4224 |
| Basic earnings per share (in € per share) | *21* | 0.79 | 2.00 | 2.32 |
| Diluted earnings per share (in € per share) | *21* | 0.75 | 1.92 | 2.31 |

---

*The accompanying notes form an integral part of these consolidated financial statements.* 

Annex C-4

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of euros) | December 31, <br>2023<br>| December 31, <br>2024<br>| December 31, <br>2025<br>|
| **Net income** | **45472** | **112714** | **127134** |
| Foreign currency translation differences, net of taxes | (31468) | 39408 | (91116) |
| *- Foreign currency translation differences* | *(31468)* | *39408* | *(91116)* |
| Actuarial (losses) gains on employee benefits, net of <br>taxes <br>| 346 | (173) | 571 |
| *- Actuarial (losses) gains on employee* <br>*benefits*<br>| *414* | *(198)* | *713* |
| *- Income tax effect* | *(68)* | *25* | *(142)* |
| **Comprehensive income** | **14350** | **151949** | **36589** |
| &nbsp;&nbsp;&nbsp;&nbsp;- Available to shareholders of Criteo S.A. | *16111* | *150015* | *36222* |
| - Available to non-controlling interests  | *(1761)* | *1934* | *367* |

---

The accompanying notes form an integral part of these consolidated financial statements.

Annex C-5

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

---

| | | | | |
|:---|:---|:---|:---|:---|
| (In thousands of euros) | Notes | December 31, <br>2023<br>| December 31, <br>2024<br>| December 31, <br>2025<br>|
| Goodwill | *12* | 474385 | 495913 | 456031 |
| Intangible assets | *13* | 163698 | 152762 | 127097 |
| Property and equipment | *14* | 114476 | 103214 | 118576 |
| Marketable Securities - noncurrent portion | *15* | 15000 | 15000 | 20000 |
| Non-current financial assets | *11* | 4791 | 4170 | 7076 |
| Right of use assets - operating leases | *16* | 100381 | 94295 | 112240 |
| Other non-current asset |  | 56576 | 57660 | 40609 |
| Deferred tax assets | *10* | 49923 | 88361 | 83147 |
| **TOTAL NON-CURRENT ASSETS** |  | **979230** | **1011375** | **964776** |
| Marketable Securities - current portion | *15* | 5403 | 25259 | 19780 |
| Trade receivables | *17* | 701887 | 770870 | 495396 |
| Current tax assets | *10* | 1874 | 1498 | 12119 |
| Restricted cash - current portion | *11* | 67873 | 241 | 273 |
| Other current assets | *11/18* | 135244 | 86793 | 71936 |
| Cash and cash equivalents | *19* | 304040 | 279895 | 291028 |
| **TOTAL CURRENT ASSETS** |  | **1216321** | **1164556** | **890532** |
| **TOTAL ASSETS** |  | **2195551** | **2175931** | **1855308** |
| (In thousands of euros) | Notes | December 31, <br>2023<br>| December 31, <br>2024<br>| December 31, <br>2025<br>|
| Share capital | *20* | 1529 | 1444 | 1391 |
| Additional paid-in capital |  | 182306 | 82309 | 19845 |
| Currency translation adjustment |  | (11609) | 27109 | (60934) |
| Consolidated reserves |  | 911015 | 899391 | 996234 |
| Treasury stock | *20* | (156870) | (120902) | (120415) |
| Retained earnings |  | 44181 | 109812 | 122910 |
| **Equity - available to shareholders of Criteo S.A.** |  | **970552** | **999163** | **959031** |
| Noncontrolling interests |  | 28735 | 30870 | 31457 |
| **TOTAL EQUITY** |  | **999287** | **1030033** | **990488** |
| Financial liabilities - non-current portion | *23/24* | 70 | 286 |  |
| Non-current lease liabilities - operating leases | *16* | 74148 | 74133 | 89505 |
| Retirement benefit obligation | *22* | 3739 | 4544 | 4865 |
| Contingencies - non-current portion | *25* | 30591 | 29967 | 18661 |
| Other non-current liabilities |  | 2074 | 1222 | 2682 |
| Uncertain tax position non-current portion | *10* | 15753 | 17774 | 26874 |
| Deferred tax liabilities | *10* | 810 | 10084 | 4331 |
| **TOTAL NON-CURRENT LIABILITIES** |  | **127185** | **138010** | **146918** |
| Financial liabilities - current portion | *23/24* | 3067 | 2980 | 9876 |
| Current lease liabilities - operating leases | *16* | 31464 | 23768 | 28447 |
| Contingencies - current portion | *25* | 1328 | 1812 | 7854 |
| Trade payables | *11* | 760208 | 773962 | 481668 |
| Current tax liabilities | *10* | 15578 | 33558 | 23831 |
| Other current liabilities | *26* | 257434 | 171808 | 166226 |
| **TOTAL CURRENT LIABILITIES** |  | **1069079** | **1007888** | **717902** |
| **TOTAL EQUITY AND LIABILITIES** |  | **2195551** | **2175931** | **1855308** |

---

*The accompanying notes form an integral part of these consolidated financial statements.* 

Annex C-6

CONSOLIDATED STATEMENTS OF CASH FLOWS

---

| | | | | |
|:---|:---|:---|:---|:---|
| (In thousands of euros) | Notes | December <br>31, 2023<br>| December <br>31, 2024<br>| December <br>31, 2025<br>|
| **Net income** |  | **45472** | **112714** | **127134** |
| **Noncash and nonoperating items** |  | **167342** | **241575** | **251092** |
| - Amortization and provisions |  | 101731 | 115315 | 143798 |
| - Payment for contingent liability on regulatory matters |  | (40000) |  |  |
| - Share-based compensation expense | 8 | 89855 | 86338 | 51638 |
| - Net gain on disposal of non-current assets |  | (7382) | 1743 | 1581 |
| - Interest accrued and noncash financial income and expenses |  | 2505 | 1778 | 176 |
| - Change in uncertain tax positions |  | (814) | 1624 | 9166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- Net change in fair value of earn-out |  | 2167 | 703 |  |
| - Change in deferred taxes | 10 | (23620) | (25860) | (8639) |
| - Income tax for the period |  | 41181 | 59209 | 45883 |
| - Interest paid on leasing |  | 1719 | 2012 | 2974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- Other |  |  | (1287) | 4515 |
| **Change in working capital** |  | **69133** | **(36666)** | **(3867)** |
| - (Increase) / Decrease in trade receivables |  | (52140) | (26352) | 217661 |
| - Increase / (Decrease) in trade payables |  | 81503 | (15787) | (234839) |
| - (Increase) / Decrease in other current assets | 18 | (672) | 16295 | 21455 |
| - Increase / (Decrease) in other current liabilities |  | 40555 | (10453) | (8300) |
| - Change in operating lease liabilities and right of use assets | 16 | (113) | (369) | 156 |
| **Income taxes paid**  |  | **(37057)** | **(41290)** | **(64923)** |
| **CASH FROM OPERATING ACTIVITIES** |  | **244890** | **276333** | **309436** |
| Acquisition of intangible assets, property, plant and equipment  | 13/14 | (107360) | (71756) | (90915) |
| Proceeds from disposal of intangible assets, property, plant and equipment | 13/14 | 1668 | 977 | 1782 |
| Payments for (Disposal of) acquired businesses, net of cash acquired <br>(disposed)<br>| 4 | (6299) | (487) |  |
| Disposal of businesses |  | 8169 |  |  |
| Net gain or (loss) on disposal of non-current financial assets |  | 29104 | 48709 | (2864) |
| **CASH USED FOR INVESTING ACTIVITIES** |  | **(74718)** | **(22557)** | **(91997)** |
| Repayment of leases |  | (37580) | (37872) | (31562) |
| Cash payment for contingent consideration |  | (20245) | (47325) |  |
| Proceeds from capital increase |  | 1798 | 4205 | 1731 |
| Change in treasury stocks |  | (116885) | (208398) | (136629) |
| Change in other financial liabilities |  | 217 |  | (71) |
| Other |  | (1775) | 1413 | (1139) |
| **CASH USED FOR FINANCING ACTIVITIES** |  | **(174470)** | **(287977)** | **(167670)** |
| **CHANGE IN NET CASH AND CASH EQUIVALENTS** |  | **(4298)** | **(34201)** | **49769** |
| **Net cash and cash equivalents at beginning of period** | *19* | **326518** | **304040** | **279895** |
| Effect of exchange rate changes on cash and cash equivalents |  | (18180) | 10056 | (38636) |
| **Net cash and cash equivalents at end of period** | *19* | **304040** | **279895** | **291028** |

---

*The accompanying notes form an integral part of these consolidated financial statements.* 

Annex C-7

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (In thousands of euros) | Share <br>capital<br>| Additional paid-in <br>capital<br>| Treasury <br>stock<br>| Currency <br>translation <br>adjustment<br>| Consolidated <br>Reserves<br>| Retained <br>earnings<br>| **Equity** <br>**attributable to** <br>**shareholders** <br>**of Criteo S.A.**<br>| Non-controlling <br>interests <br>| **Total** <br>**equity**<br>|
| **Balance at January 1, 2023** | **1581** | **239276** | **(166646)** | **28255** | **870859** | **9266** | **982591** | **30952** | **1013543** |
| Net income |  |  |  |  |  | 44175 | 44175 | 1297 | **45472** |
| Other comprehensive income (loss) |  |  |  | (39858) | 11795 |  | (28063) | (3059) | **(31122)** |
| **Total comprehensive income** | **—** | **—** | **—** | **(39858)** | **11795** | **44175** | **16112** | **(1762)** | **14350** |
| Allocation of net income from prior period |  |  |  |  | 9266 | (9266) |  |  | **—** |
| Issuance of common shares | 3 | 1795 |  |  |  |  | 1798 |  | **1798** |
| Share-based compensation |  |  |  |  | 88053 |  | 88053 | 25 | **88078** |
| Change in treasury stock | (55) | (58765) | 9776 |  | (67841) |  | (116885) |  | **(116885)** |
| Other changes in equity |  |  |  | (6) | (1117) | 6 | (1117) | (480) | **(1597)** |
| **Balance at December 31, 2023** | **1529** | **182306** | **(156870)** | **(11609)** | **911015** | **44181** | **970552** | **28735** | **999287** |
| Net income |  |  |  |  |  | 109812 | 109812 | 2902 | **112714** |
| Other comprehensive income (loss) |  |  |  | 40375 | (173) |  | 40202 | (967) | **39235** |
| **Total comprehensive income** | **—** | **—** | **—** | **40375** | **(173)** | **109812** | **150014** | **1935** | **151949** |
| Allocation of net income from prior period |  |  |  |  | 44175 | (44175) |  |  | **—** |
| Issuance of common shares | 4 | 4201 |  |  |  |  | 4205 |  | **4205** |
| Share-based compensation |  |  |  |  | 84453 |  | 84453 | 200 | **84653** |
| Change in treasury stock | (89) | (104198) | 35968 |  | (140079) |  | (208398) |  | **(208398)** |
| Other changes in equity |  |  |  | (1657) |  | (6) | (1663) |  | **(1663)** |
| **Balance at December 31, 2024** | **1444** | **82309** | **(120902)** | **27109** | **899391** | **109812** | **999163** | **30870** | **1030033** |
| Net income |  |  |  |  |  | 122910 | 122910 | 4224 | **127134** |
| Other comprehensive income (loss) |  |  |  | (87259) | 571 |  | (86688) | (3857) | **(90545)** |
| **Total comprehensive income** | **—** | **—** | **—** | **(87259)** | **571** | **122910** | **36222** | **367** | **36589** |
| Allocation of net income from prior period |  |  |  |  | 109812 | (109812) |  |  | **—** |
| Issuance of common shares | 2 | 1752 |  |  |  |  | 1754 |  | **1754** |
| Share-based compensation |  |  |  |  | 57174 |  | 57174 | 220 | **57394** |
| Change in treasury stock | (55) | (64216) | 487 |  | (70714) |  | (134498) |  | **(134498)** |
| Other changes in equity |  |  |  | (784) |  |  | (784) |  | **(784)** |
| **Balance at December 31, 2025** | **1391** | **19845** | **(120415)** | **(60934)** | **996234** | **122910** | **959031** | **31457** | **990488** |

---

*The accompanying notes form an integral part of these consolidated financial statements.*

Annex C-8

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Note 1 – Description of the activity

Criteo S.A. was initially incorporated as a société par actions simplifiée, or S.A.S., under the

laws of the French Republic on November 3, 2005, for a period of 99 years and subsequently

converted to a société anonyme, or S.A.

On October 29, 2025, the Company announced its intention to redomicile from France to

Luxembourg through the cross-border conversion of Criteo S.A., subject to prior consultation

with Criteo's works council and customary conditions including shareholder approval. Following

the conversion, the Company expects its American Depositary Share structure will be replaced

with ordinary shares directly listed on Nasdaq.

On January 7, 2026, the Company announced that, following the favorable opinion of its works

council, its Board of Directors has approved the previously announced proposed transfer of the

Company's legal domicile from France to Luxembourg via a cross-border conversion and the

replacement of its American Depositary Shares structure with ordinary shares to be directly

listed on Nasdaq. A general meeting of the Company's shareholders will be held on February

27, 2026, at 10:00 a.m., Paris time, at the Company's registered office at 32 Rue Blanche,

75009 Paris, France to obtain approval by the Company's shareholders for the Conversion and

certain related proposals.

We are a global technology company that enables marketers and media owners to drive better

commerce outcomes. We leverage commerce data and artificial intelligence ("AI") to connect

ecommerce, digital marketing and media monetization to reach consumers throughout their

shopping journey. Our vision is to deliver full-funnel, cross-channel, self-service advertising that

performs.

Our strategy is to help marketers and media owners activate 1st-party, privacy-safe data and

drive better commerce outcomes through our platform, which includes a suite of products:

• that offer marketers (brands, retailers, and agencies) the ability to easily reach

consumers anywhere throughout their shopping journey and measure their advertising

campaigns

• that offer media owners (publishers and retailers) the ability to monetize their advertising

and promotions inventory for commerce anywhere where consumers spend their time

• that are underpinned by our advanced AI engine, analyzing large sets of commerce data

in real-time to drive hyper personalization and budget efficiency.

In these notes, Criteo S.A. is referred to as the "Parent" company and together with its

subsidiaries, collectively, as "Criteo," the "Company," the "Group," or "we".

The preparation of the Consolidated Financial Statements as of December 31, 2025 are under

the responsibility of Criteo S.A.'s management. The Consolidated Financial Statements were

authorized for issuance by the board of directors of Criteo S.A. on February 26, 2026 and will be

approved at the General Meeting on June 12, 2026.

Annex C-9

All amounts are expressed in thousands of euros, unless stated otherwise.

In these notes, Criteo S.A. is referred to as the Parent company and together with its

subsidiaries, collectively, as "Criteo," the Company "or" the Group".

Annex C-10

Note 2 – Summary of material accounting policies

**Basis of preparation**

The Consolidated Financial Statements have been prepared using a going concern assumption and

the historical cost principle with the exception of certain assets and liabilities that are measured at

fair value in accordance with IFRS. The categories concerned are detailed in the following notes.

In application of the 1606/2002 regulation adopted on July 29, 2002 by the European Parliament and

the European Council, the Consolidated Financial Statements have been prepared in accordance

with the *International Financial Reporting Standards* ("IFRS") as issued by the International

Accounting Standard Board ("IASB") and endorsed by the European Union and whose application is

mandatory for the year ending December 31, 2025. Furthermore, regarding its mandatory

compliance as a Nasdaq listed company and under the *Securities Exchange Act* of 1934, the Group

publishes consolidated financial statements in accordance with the applicable accounting standards

in the United States.

**Conversion of Foreign Currency Transactions** 

Foreign currency transactions are translated into the functional currency using the exchange rates

prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the

settlement of such transactions and from the translation of monetary assets and liabilities

denominated in foreign currencies at year-end exchange rates are recognized in the consolidated

statement of operations within finance income or finance costs.

The results and financial position of all the Group entities that have a functional currency different

from Euro, have been translated considering the closing rate at the reporting date for Assets and

liabilities, and at average exchange rates for income and expenses.

**Operating Segments**

We report our financial results based on two reportable segments: Retail Media and Performance

Media.

The reported segment information is based on internal management data used for business

performance analysis and resource allocation, following the management approach. An operating

segment is a component of the Company for which separate financial information is available that is

evaluated regularly by our Chief Operating Decision Maker ("CODM") in deciding how to allocate

resources and assessing performance.

Annex C-11

**Consolidation Methods**

The Group has control over all its subsidiaries, and consequently they are all fully consolidated. The

table below presents at each period's end and for all entities included in the consolidation scope the

following information:

• Country of incorporation; and

• Percentage of voting rights and ownership interests

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Country** | **December 31, 2023** | **December 31, 2023** | **December 31, 2024** | **December 31, 2024** | **December 31, 2025** | **December 31, 2025** | **Consolidation** <br>**method** |
| | **Country** | **Voting**<br> **rights**<br>| **Ownership**<br>**interest**<br>| **Voting**<br> **rights**<br>| **Ownership**<br>**interest**<br>| **Voting**<br> **rights**<br>| **Ownership**<br>**interest**<br>| **Consolidation** <br>**method** |
| French subsidiaries |  |  |  |  |  |  |  |  |
| Criteo S.A.  | France | 100% | 100% | 100% | 100% | 100% | 100% | Parent Company |
| Criteo France S.A.S. | France | 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Criteo Technology | France | 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Foreign subsidiaries |  |  |  |  |  |  |  |  |
| Criteo Holdings, Inc <sup>(2)</sup> | United States | —% | —% | —% | —% | 100% | 100% | Fully consolidated |
| Criteo Ltd. | United <br>Kingdom<br>| 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Criteo Corp. | United States | 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Criteo GmbH | Germany | 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Criteo Nordics AB. | Sweden | 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Criteo Korea Ltd. | Korea | 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Criteo K.K. | Japan | 100% | 66% | 100% | 66% | 100% | 66% | Fully consolidated |
| Criteo Do Brasil Desenvolvimento De <br>Serviços De Internet Ltda. <br>| Brazil | 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Criteo B.V. | The <br>Netherlands<br>| 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Criteo Australia Pty Ltd. | Australia | 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Criteo S.R.L. | Italy | 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Criteo Advertising (Beijing) Co.Ltd | China | 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Brandcrush Pty Ltd <sup>(3)</sup> | Australia | 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Criteo Singapore Pte.Ltd | Singapore | 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Criteo LLC | Russia | 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Criteo Europa MM, S.L. | Spain | 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Criteo Espana, S.L. | Spain | 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Criteo Canada Corp. | Canada | 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Criteo Reklamcilik Hzimetleri ve Ticaret <br>A.S.<br>| Turkey | 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Criteo MEA FZ-LLC | United Arab <br>Emirates<br>| 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Criteo India Private Limited | India | 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Doobe In Site Ltd | Israel | 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Bidswitch Gmbh <sup>(3)</sup> | Switzerland | 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Bidswitch Inc. | United States | 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Iponweb Gmbh <sup>(3)</sup> | Switzerland | 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Iponweb Gmbh <sup>(1)</sup> | Deutschland | 100% | 100% | —% | —% | —% | —% | Fully consolidated |
| Iponweb Ltd. | United <br>Kingdom<br>| 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Iponweb Labs Cyprus | Cyprus | 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| The MediaGrid Inc. | United States | 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Iponweb Labs Arménie | Armenia | 100% | 100% | 100% | 100% | 100% | 100% | Fully consolidated |
| Criteo Technology S.R.L | Romania | —% | —% | 100% | 100% | 100% | 100% | Fully consolidated |

---

<sup>(1)</sup> Merged with Criteo GmbH

<sup>(2)</sup> Criteo Holdings Inc. includes a French Branch

<sup>(3)</sup> Liquidated during the twelve months ended December 31, 2025

**Business combinations**

The acquisition method is used in accounting for business combinations. The consideration

transferred to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair

values of assets transferred, liabilities incurred and the equity interests issued by the Company,

Annex C-12

which includes the fair value of any asset or liability arising from a contingent consideration

arrangement.

Acquisition costs are expensed as incurred.

Identifiable assets acquired and liabilities assumed are recognized in a business combination

regardless of whether they have been previously recognized in the acquiree's financial statements

prior to the acquisition. Assets acquired and liabilities assumed are generally measured at their

acquisition date fair values.

Goodwill is determined after a separate recognition of identifiable intangible assets. It is calculated

as the excess of the fair value of the consideration transferred over the sum of the recognized

amount of any non-controlling interest in the acquiree and the acquisition date fair values of

identifiable net assets.

When the cost of the acquisition is below the fair value of the Company's share in the assets,

liabilities and contingent liabilities of the acquiree, the difference is recognized directly in the income

statement.

If the initial accounting for a business combination can only be determined provisionally, provisional

values of the assets and liabilities should be adjusted within one year from the acquisition date, in

accordance with IFRS 3.

The impact of capital gains or losses and of depreciation charges and reversals recognized after 12

months of the acquisition date in relation to the values assigned to assets acquired and liabilities

assumed at the time of the first consolidation is recognized prospectively, as the income of the period

of change and future periods, if any, without adjusting goodwill except in the case of the correction of

an error, in accordance with IAS 8—*Accounting policies, changes in accounting estimates and* 

*errors*.

**Intangible Assets (Excluding Goodwill)**

Acquired intangible assets are accounted for at acquisition cost, less accumulated amortization and

any impairment loss. Acquired intangible assets are primarily composed of software, technologies

and customer relationships, amortized on a straight-line basis over their estimated useful lives

comprised between one and three years for software, and between three and nine years for

technologies and customer relationships. Intangible assets are reviewed for impairment whenever

there are events or changes in circumstances such as, but not limited to, significant declines in

revenue, earnings or cash flows or material adverse changes in the business climate, that indicate

that the carrying amount of an asset may be impaired.

Annex C-13

*<u>Internally developed software and Software as a Service</u>*

Costs related to customized internal-use software that have reached the development stage are

capitalized when the project is in the development phase and the recognition criteria in IAS 38 are

met, including technical feasibility, intention and ability to complete and use the asset, and the

existence of probable future economic benefits. Amortization of these costs begins when assets are

available for use and is calculated on a straight-line basis over the assets' useful lives estimated

between three to five years.

Cloud computing arrangements ("CCAs"), such as Software as a Service (SaaS) and other hosting

arrangements, are generally expensed as incurred, based on IAS 38.

**Property and Equipment**

Property and equipment are accounted for at acquisition cost less cumulative depreciation and any

impairment loss. Depreciation is calculated on a straight-line basis over the assets' estimated useful

lives. Management determines the appropriate useful life of property, plant and equipment when

those assets are initially recognized and it is routinely reviewed. Our current estimate of useful lives

represents the best estimate based on current facts and circumstances, but may differ from the

actual useful lives due to changes to our business operations, changes in the planned use of assets,

and technological advancements. When we change the estimated useful life assumption for any

asset, the remaining carrying amount of the asset is accounted for prospectively and depreciated or

amortized over the revised estimated useful life.

The estimated useful lives of property and equipment are described below:

Servers.................................................................................................................................... 6 years

Furniture and IT equipments............................................................................................ 3 to 5 years

Leasehold improvements are depreciated over their useful life or over the lease term, whichever is

shorter.

In January 2025, we completed an assessment of the useful lives of our servers and network

equipment, resulting in a change in the estimated useful life of certain servers and network

equipment from five to six years. This change in accounting estimate is effective beginning fiscal

year 2025.

**Impairment of Assets**

**Goodwill, Intangible Assets, Property and equipment**

In accordance with IAS 36—*Impairment of Assets*, whenever events or changes in market conditions

indicate a risk of impairment of intangible assets, property and equipment, a detailed review is

carried out in order to determine whether the net carrying amount of such assets remains lower than

their recoverable amount, which is defined as the greater of fair value (less costs to sell) and value in

use. Value in use is measured by discounting the expected future cash flows from continuing use of

the asset and its ultimate disposal. Goodwill is tested once a year for impairment following the

principle that the Group operates as two cash generating units. The Company's goodwill and

indefinite-lived intangible asset annual impairment test date is October 1.

In the event that the recoverable value of the reporting unit is lower than the net carrying value, the

difference is recognized as an impairment loss.

Impairment losses for property, plant and equipment or intangible assets with finite useful lives can

be reversed if the recoverable value becomes higher than the net carrying value (but not exceeding

Annex C-14

the loss initially recorded). There has been no impairment of goodwill during the years ended

December 31, 2025, 2024 and 2023, as the Company's reporting units' fair value was in excess of

the carrying value based on the annual goodwill impairment test.

**Leases**

In accordance with the provisions of IFRS 16, when entering into a rental agreement, the Group

recognizes a liability on the balance sheet corresponding to future discounted payments of the fixed

part of the rents, as well as a right of use asset amortized over the term of the contract

Office space and data centers are rented under non-cancellable operating lease agreements. These

leases typically include rent free periods, rent escalation periods, renewal options and may also

include leasehold improvement incentives. Both office and data center leases may contain non-lease

components such as maintenance, electrical costs, and other service charges. Non-lease

components are accounted for separately.

Operating lease liabilities are recognized based on the present value of the future minimum lease

payments over the lease term at commencement date. Options have been included in the calculation

if management has determined that it is reasonably certain that the option will be exercised. Lease

liabilities or right of use asset for leases with a term of 12 months or less and/or low values are not

recognized.

**Financial Assets and Liabilities, Excluding Derivatives Financial Instruments**

Financial assets, excluding cash, consist exclusively of loans and receivables. Loans and

receivables are non-derivative financial assets with a payment, which is fixed or can be determined,

not listed on an active market. They are included in current assets, except those that mature more

than twelve months after the reporting date.

Loans are measured at amortized cost using the effective interest method. The recoverable amount

of loans and advances is estimated whenever there is an indication that the asset may be impaired

and at least on each reporting date. If the recoverable amount is lower than the carrying amount, an

impairment loss is recognized in the Consolidated Statement of Income.

The Group carries the accounts receivable at original invoiced amount less an allowance for any

potential uncollectible amounts. Receivables are presented on a gross basis and are not netted

against the payments we are required to make to advertising inventory publishers. Management

makes estimates of expected credit trends for the allowance for credit losses based on, among other

factors, a past history of collections, current credit conditions, the aging of the receivables, past

history of write downs, credit quality of our customers, current economic conditions, and reasonable

and supportable forecasts of future economic conditions.

A receivable is considered past due if we have not received payments based on agreed-upon terms.

A higher default rate than estimated or a deterioration in our clients' creditworthiness could have an

adverse impact on our future results. Allowances for credit losses on trade receivables are recorded

in "sales and operations expenses" in our Consolidated Statements of Income. We generally do not

require any security or collateral to support our receivables.

Annex C-15

**Derivative Financial Instruments**

The Group buys and sells derivative financial instruments in order to manage and reduce the

exposure to the risk of exchange rate fluctuations. The Group deals only with high quality financial

institutions. Under IFRS 9, financial instruments may only be classified as hedges when the

effectiveness of the hedging relationship at inception and throughout the life of the hedge can be

demonstrated and documented. Derivatives not designated as hedging instruments mainly consist of

put, forward buying and selling contracts that we use to hedge intercompany transactions and other

monetary assets or liabilities denominated in currencies other than the local currency of a subsidiary.

We recognize gains and losses on these contracts, as well as the related costs in the financial

income (expense), net, along with the foreign currency gains and losses on monetary assets and

liabilities.

In accordance with amendment to *IFRS 7—Financial instruments: Disclosures*, financial instruments

are presented in three categories based on a hierarchical method used to determine their fair value:

• *Level 1*: fair value calculated using quoted prices in an active market for identical assets and

liabilities;

• *Level 2*: fair value calculated using valuation techniques based on observable market data

such as prices of similar assets and liabilities or parameters quoted in an active market;

• *Level 3*: fair value calculated using valuation techniques based wholly or partially on

unobservable inputs such as prices in an active market or a valuation based on multiples for

unlisted companies.

**Cash and cash equivalents and Investment securities**

Cash and cash equivalents include cash on hand, demand deposits, money market funds and other

highly liquid investments with a remaining maturity at the date of purchase of three months or less, or

with a maturity of more than three months that can be early withdrawn without significant penalty or

foregoing of interest, for which the risk of changes in value is considered to be insignificant.

We hold investments in marketable securities, including term deposits with banks, not meeting the

cash equivalents definition. We classify marketable securities as either available-for-sale or held-to-

maturity investments, depending on whether we have the positive intent and ability to hold them to

maturity.

Our available-for-sale marketable investments are carried at estimated fair value with any unrealized

gains and losses, net of taxes, included in accumulated other comprehensive income in

stockholders' equity.

Our held-to-maturity marketable investments are carried at amortized cost, and are subject to

impairment assessments. Interest income generated from held-to-maturity investments is recorded

as financial income.

We also invest in nonmarketable securities, consisting mainly of private equity investments, which

are classified as equity investments and reported within Other noncurrent financial assets. Equity

investments without a readily determinable fair value that do not qualify for the practical expedient to

estimate fair value based on net asset value are recorded at cost, less impairment.

**Employee Benefits**

Depending on the laws and practices of the countries in which the Group operates, employees may

be entitled to compensation when they retire or to a pension following their retirement. For state-

managed plans and other defined contribution plans, we recognize them as expenses when they

become payable, our commitment being limited to our contributions.

Annex C-16

In accordance with IAS 19, the liability with respect to defined benefit plans is estimated using the

projected unit credit method. Under this method, each period of service gives rise to an additional

unit of benefit entitlement and each unit is valued separately to obtain the final obligation. The final

amount of the liability is then discounted.

In 2021, the IFRS IC issued a decision on the methodology for calculating the employee benefits and

the vesting period. In its decision, the IFRS IC concludes, in this case, that no right is acquired in the

event of departure before retirement age and that the commitment must only be recognized over the

last years of the career of the employees concerned. This decision had no impact on the Group.

The main assumptions used to calculate the liability are:

• discount rate;

• future salary increases; and

• employee turnover.

Service costs are recognized in the income statement and are allocated by function.

Finance costs are presented as part of "Financial income (expense)" in the Consolidated Statement

of Income.

Actuarial gains and losses are recognized in other comprehensive income. Actuarial gains and

losses arise as a result of changes in actuarial assumptions or experience adjustments (differences

between the previous actuarial assumptions and what has actually occurred).

**Provisions**

The Group recognizes provisions in accordance with *IAS 37—Provisions, Contingent Liabilities and* 

*Contingent Assets*, if the following three conditions are met:

• the Group has a present obligation (legal or constructive) towards a third-party that arises

from an event prior to the closing date;

• it is probable that an outflow of resources embodying economic benefits will be required to

settle the obligation;

• and the obligation amount can be estimated reliably.

With respect to litigation and claims that may result in a provision to be recognized, the Group

exercises significant judgment in measuring and recognizing provisions or determining exposure to

contingent liabilities that are related to pending litigation or other outstanding claims. These judgment

and estimates are subject to change as new information becomes available.

**Revenue recognition**

We sell personalized display advertisements featuring product-level recommendations either directly

to clients or to advertising agencies. We also provide technology to retailers and other companies in

the ad tech space which enables them to monetize on their advertising properties, or connect them

to other players in the ad-tech industry.

Revenue is recognized when control of the promised services is transferred to our clients, in an

amount that reflects the consideration we expect to be entitled to in exchange for those services.

Variable consideration is included in the transaction price only to the extent that it is probable that a

significant reversal of cumulative revenue recognized will not occur.

We determine revenue recognition by applying the following steps:

• Identification of the contract, or contracts, with a customer;

Annex C-17

• Identification of the performance obligations in the contract;

• Determination of the transaction price;

• Allocation of the transaction price to the performance obligations in the contract;

• Recognition of revenue when, or as, we satisfy a performance obligations.

Our pricing models include click- and impression-based pricing, and percentage of spend pricing.

*<u>Click and impression based pricing model</u>*

For campaigns priced on a click or an impression basis, we bill our customers when a user clicks on

an advertisement or an advertisement is displayed to a user. For these pricing models, we recognize

revenue at a point in time when a user clicks on an advertisement or an advertisement is displayed,

as our performance obligation is the delivery of clicks or displays to the customer.

*<u>Percentage of spend model</u>*

For campaigns priced on a percentage of spend basis, we bill our customers when customers buy

and sell digital advertising inventory through our platform. For these pricing models, we recognize

revenue at a point in time when the transactions occur through our platform, as our performance

obligation is to provide access to our platform to allow customers to buy and sell advertising

inventory.

We also provide professional services to our customers, such as campaign management and billing

and administrative services. Revenue for professional services is recognized over time as customers

simultaneously receive and consume the benefits of the services as they are performed.

*<u>Principal versus Agent Considerations</u>*

The determination of whether we are acting as principle or agent requires judgment. We assess

whether we act as principal or agent based on whether we control the specified services or

advertising inventory before it is transferred to the customer. In making this determination, we

consider factors such as our level of control, responsibility for fulfillment, and discretion in

establishing prices. When we determine that we act as principal, we recognize revenue and related

costs incurred on a gross basis. When we act as an agent, we recognize revenue on a net basis.

In our Performance Media segment, we may act as principal or agent depending on the nature of the

contract. In our Retail Media segment we act primarily as agent.

*<u>Rebates and Incentives</u>*

Criteo offers rebates and incentives to certain customers that could be either fixed or variable. Fixed

incentives may represent payments to a customer directly related to entering into an agreement,

which are capitalized and amortized over the expected life of the agreement on a straight-line basis.

Variable incentives are calculated based on the expected amount to be provided to customers and

recognized as a reduction of revenue.

*<u>Contract Assets and Liabilities</u>*

Annex C-18

Contract assets are recognized when we do not yet have unconditional rights to payment. Contract

liabilities are recognized when there is an obligation to transfer services to a customer. Contract

assets and liabilities are presented on a net basis at the contract level. Contract assets and contract

liabilities are not material to our consolidated financial statements, and changes in these balances

during the period were not significant.

**Cost of revenue**

Our cost of revenue primarily includes traffic acquisition costs and other cost of revenue.

*Traffic Acquisition Costs* consist primarily of purchases of impressions from publishers on a CPM

basis, incurred to generate our revenues, primarily for the Performance Media segment. We

purchase impressions directly from publishers or third-party intermediaries, such as advertisement

exchanges. We recognize cost of revenue on a publisher by publisher basis as incurred. Costs owed

to publishers but not yet paid are recorded in our Consolidated Statements of Financial Position as

trade payables.

*Other Cost of Revenue* includes expenses related to depreciation of data center equipment, lease

cost of data centers, cost of data purchased from third parties, digital taxes, and third-party hosting

fees. The Company does not build or operate its own data centers and none of its Research and

Development employments are dedicated to revenue generating activities. As a result, we do not

include the costs of such personnel in other cost of revenue.

**Advertising and Promotional Expenses** 

Advertising costs are expensed when incurred and are included in marketing and sales expenses on

the consolidated statements of income. We incurred advertising expenses of €3.9 million, €1.7

million, and €1.6 million for the years ended December 31, 2025, 2024, and 2023, respectively.

**Share capital** 

Ordinary shares are classified as equity.

Equity instruments are initially measured at the fair value of the cash or other resources received or

receivable, net of the direct costs of issuing the equity instruments.

The Group repurchases its ordinary shares through a share repurchase program approved by the

board of directors. The cost of shares repurchased is shown as a reduction to equity on the

statement of financial position. When treasury shares are sold, reissued, or retired, the amount

received is reflected as an increase to equity based on a first-in first-out methodology, with any

surplus or deficit recorded within equity.

**Share-Based Compensation**

Shares, employee share options and warrants are exclusively awarded to our employees or

directors. As required by IFRS 2—*Share-Based Payment* , these awards are measured at their fair

value on the date of grant. The fair value is calculated with the most relevant formula regarding the

settlement and the conditions of each plan.

The fair value is recorded in personnel expenses (allocated by function in the Consolidated

Statement of Income) on a straight line basis over each milestone composing the vesting period with

a corresponding increase in shareholders' equity.

Annex C-19

At each closing date, the Group re-examines the number of options likely to become exercisable. If

applicable, the impact of the review of the estimate is recognized in the Consolidated Statement of

Income with a corresponding adjustment in equity.

**Income Taxes** 

The Group elected to classify the French business tax, Cotisation sur la Valeur Ajoutée des

Entreprises ("CVAE"), as an income tax in compliance with IAS 12—*Income Taxes*.

The French Research Tax Credit, Crédit d'Impôt Recherche ("CIR"), is a French tax incentive to

stimulate research and development ("R&D"). Generally, the CIR offsets the income tax to be paid

and the remaining portion (if any) can be refunded at the end of a three-fiscal year-period. The CIR is

calculated based on the claimed volume of eligible R&D expenditures by us. As a result, the CIR is

presented as a deduction to "Research and development expenses" in the Consolidated Statement

of Income. The Group has exclusively claimed R&D performed in France for purposes of the CIR.

The U.S Research Tax Credit is a U.S. tax credit to incentivize research and development activities

in the U.S. Qualifying R&D expenses generating a tax credit which may be used to offset future

taxable income once all net operating losses and foreign tax credits have been used. It is not

refundable and as such, considered in the scope of IAS 12 - Income taxes as a component of

income tax expenses. We have exclusively claimed R&D performed in the U.S. for purposes of the

U.S. Research Tax Credit.

Deferred taxes are recorded on all temporary differences between the financial reporting and tax

bases of assets and liabilities, and on tax losses, using the liability method. Differences are defined

as temporary when they are expected to reverse within a foreseeable future. Only deferred tax

assets may be recognized if, based on the projected taxable incomes within the next three years; the

Group determines that it is probable that future taxable profit will be available against which the

unused tax losses and tax credits can be utilized.

The Group is within the scope of the OECD Pillar Two model rules. The Group applies the exception

to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar

Two income taxes, as provided in the amendments to IAS 12 issued in May 2023.

This determination requires many estimates and judgments by the management for which the

ultimate tax determination may be uncertain.

If future taxable profits are considerably different from those forecasted that support recording

deferred tax assets, the amount of deferred tax assets will be revised downwards or upwards, which

would have a significant impact on the net income.

In accordance with IAS 12 - *Income taxes*, tax assets and liabilities are not discounted. Amounts

recognized in the Consolidated Financial Statement are calculated at the level of each tax entity

included in the consolidation scope.

Annex C-20

**Uncertain Tax Positions**

We recognize tax benefits from uncertain tax positions only if we believe that it is probable that the

tax position will be sustained on examination by the taxing authorities based on the technical merits

of the position. These uncertain tax positions include our estimates for transfer pricing that have

been developed based upon analyses of appropriate arms-length prices.

Similarly, our estimates related to uncertain tax positions concerning research tax credits are based

on an assessment of whether our available documentation corroborating the nature of our activities

supporting the tax credits will be sufficient. Although we believe that we have adequately reserved for

our uncertain tax positions (including net interest and penalties), we can provide no assurance that

the final tax outcome of these matters will not be materially different. We make adjustments to these

reserves in accordance with the income tax accounting guidance when facts and circumstances

change, such as the closing of a tax audit or the refinement of an estimate. To the extent that the

final tax outcome of these matters is different from the amounts recorded, such differences will affect

the provision for income taxes in the period in which such determination is made, and could have a

material impact on our financial condition and operating results.

**Earnings Per Share** 

In accordance with IAS 33—Earnings Per Share, basic earnings per share ("Basic EPS") is

calculated by dividing the net income attributable to shareholders of the Parent Company, Criteo

S.A., by the weighted average number of shares outstanding during the period. Diluted earnings per

share ("Diluted EPS") is calculated by dividing the net income attributable to shareholders of the

Parent company, Criteo S.A., by the weighted average number of shares outstanding, including the

dilutive effect of share-based awards, during the period.

**Reclassifications**

Certain prior period amounts have been reclassified to conform to the current period presentation.

In 2024, the Company changed the presentation of value-added tax ("VAT") receivables and

payables within Other taxes in the Consolidated Statement of Financial Position from a gross to a net

presentation. VAT receivables are netted with VAT payables within the same jurisdiction when there

is a legal right to offset and the Company has the intent to settle on a net basis. For the fiscal year

ended December 31, 2023, this change resulted in a reclassification of 36.6 million euros

(40.4 million dollars) between Other Taxes Receivables and Other Taxes Payable.

Annex C-21

**Standards and amendments applicable from January 1, 2025**

No new standards or amendments had a significant impact on the Company's consolidated financial

statements as of December 31, 2025.

**Standards and amendments to be adopted but not yet applicable as of** 

**December 31, 2025**

*•*Amendments to IAS 9: Financial Instruments

• IFRS 18: Presentation and Disclosure in Financial Statements

• IFRS 19: Subsidiaries without Public Accountability - Disclosures

• Amendments to IFRS 9 and IFRS 7: Classification and Measurement of Financial

Instruments

• Annual Improvements – Volume 11

Annex C-22

Note 3 – Critical accounting estimates and judgments

**Critical Accounting Policies and Estimates** 

Our consolidated financial statements are prepared in accordance with IFRS. The preparation of

our consolidated financial statements requires management to make estimates, assumptions

and judgments that affect the reported amounts of revenue, assets, liabilities, costs and

expenses. We base our estimates and assumptions on historical experience and other factors

that we believe to be reasonable under the circumstances. We evaluate our estimates and

assumptions on an ongoing basis. Our actual results may differ from these estimates.

On an on-going basis, management evaluates its estimates, primarily those related to: (1)

revenue recognition (2) income taxes, (3) assumptions used in the valuation of long-lived

assets including intangible assets, and goodwill, (4) assumptions surrounding the recognition

and valuation of contingent liabilities and losses.

In January 2025, we completed an assessment of the useful lives of our servers and network

equipment, resulting in a change in the estimated useful life of certain servers and network

equipment from five to six years. This change in accounting estimate will be effective beginning

fiscal year 2025. Refer to Note 14 - Property and Equipment.

**Revenue Recognition**

For revenue generated from arrangements that involve purchasing inventory from media

owners, there is significant judgment in evaluating whether we are the principal, and report

revenue on a gross basis, or the agent, and report revenue on a net basis. In this assessment,

we consider if we obtain control of the specified goods or services before they are transferred to

the customer, as well as other indicators such as the determination of the party primarily

responsible for fulfillment of the promised service, inventory risk, and discretion in establishing

price. The assessment of whether we are considered the principal or the agent in a transaction

could impact our revenue and cost of revenue recognized in the consolidated statements of

income.

For additional information regarding revenue and the assumptions used for determining our

revenue recognition refer to the Section "Revenue Recognition" in note 2.

**Income taxes**

We are subject to income taxes in France and numerous foreign jurisdictions. We record

deferred taxes on all temporary differences between the financial reporting and tax bases of

assets and liabilities, and on tax losses, using the liability method. The deferred tax assets are

reviewed at each reporting date and are not recorded or reduced, if necessary, to the extent that

the related tax benefits are not probable of being realized.

We also recognize tax benefits from uncertain tax positions only if we believe that it is probable

that the tax position will be sustained on examination by the taxing authorities based on the

technical merits of the position. These uncertain tax positions include our estimates for transfer

pricing that have been developed based upon analyses of appropriate arms-length prices.

Annex C-23

Similarly, our estimates related to uncertain tax positions concerning research and development

tax credits are based on an assessment of whether our available documentation corroborating

the nature of our activities supporting the tax credits will be sufficient.

**Valuation of Long-lived Assets including Goodwill, and Intangible Assets** 

We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities

assumed, and intangible assets acquired based on their estimated fair values. The excess of

the fair value of purchase consideration over the fair values of these identifiable assets and

liabilities is recorded as goodwill to cash generating units based on the expected benefit from

the business combination. Such valuations require management to make significant estimates

and assumptions, especially with respect to intangible assets.

Significant estimates in valuing certain intangible assets include, but are not limited to,

estimated replacement costs and future expected cash flows from acquired users, acquired

technology, acquired patents, and trade names from a market participant perspective, useful

lives, and discount rates. Management's estimates of fair value are based upon assumptions

believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result,

actual results may differ from estimates. Allocation of purchase consideration to identifiable

assets and liabilities affects our amortization expense, as acquired finite-lived intangible assets

are amortized over the useful life, whereas any indefinite-lived intangible assets, including

goodwill, are not amortized. During the measurement period, which is not to exceed one year

from the acquisition date, we may record adjustments to the assets acquired and liabilities

assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement

period, any subsequent adjustments are recorded to earnings.

Goodwill is tested for impairment at the cash generating unit level annually or more frequently if

events or changes in circumstances would more likely than not reduce the fair value of a

reporting unit below its carrying value. Goodwill has been allocated to segments using a relative

fair value allocation approach. As of December 31, 2025, no impairment of goodwill has been

identified.

Long-lived assets, including property and equipment and finite-lived intangible assets are

reviewed for possible impairment whenever events or circumstances indicate that the carrying

amount of such assets may not be recoverable. The evaluation is performed at the lowest level

for which identifiable cash flows are largely independent of the cash flows of other assets and

liabilities. If the recoverable amount of an asset is lower than its carrying amount, the carrying

amount is written down to the recoverable amount by recording an impairment loss.

**Contingent Losses and Liabilities**

With respect to litigation, claims and non-income tax risks, that may result in a provision to be

recognized, we exercise significant judgment in measuring and recognizing provisions or

determining exposure to contingent liabilities that are related to pending litigation, other

outstanding claims and non income tax audits. These judgment and estimates are subject to

change as new information becomes available.

Annex C-24

Note 4 – Significant Events and Transactions of the Period

From time to time, the Company may initiate restructuring actions designed to improve operational

efficiency, optimize its cost structure, and better align its workforce and operations with business

needs and strategic priorities. These actions may include workforce reductions and other

organizational realignments intended to support the Company's long-term objectives. The Company

records employee severance and other termination costs that meet the requirements for recognition

in accordance with the relevant guidance.

***Restructuring and Other Exit Costs 2025***

A summary of our Restructuring and Other Exit costs activity is presented as follows:

---

| | |
|:---|:---|
| (in thousands of euros) | Salaries and other <br>benefits<br>|
| Restructuring liability as of January 1, 2025 | **289** |
| Restructuring charge | 940 |
| Amounts paid  | (289) |
| **Restructuring liability as of December 31, 2025** | **940** |

---

During the year ended December 31, 2025, the Company implemented a cost-reduction plan

designed to improve operating efficiency and align its cost structure with revenue levels. The

Company incurred approximately €0.9 million of restructuring costs during 2025 related to this plan,

primarily reflected within Sales and Operations expense.

***Restructuring 2024***

In April 2024, we implemented several measures to pursue greater efficiency, including planned

layoffs to further reduce our company size by approximately 100 employees. Impacted employees in

our sales, technology, and business groups were notified during April 2024 to July 2024. As of

December 31, 2024, we have completed these employee layoffs. The Company incurred

restructuring costs of 7.8 million euros ($8.5 million) for the year ended December 31, 2024. The

following table summarizes those restructuring activities as of December 31, 2024 included in other

current liabilities on the balance sheet:

---

| | |
|:---|:---|
| (in thousands of euros) | Salaries and other <br>benefits<br>|
| Restructuring liability as of January 1, 2024 | **—** |
| Restructuring charge | 7835 |
| Amounts paid  | (7546) |
| **Restructuring liability as of December 31, 2024** | **289** |

---

For the year ended December 31, 2024 €1.7 million was included in Research and Development

expenses, €4.6 million was included in General and Administrative expenses and €1.5 million was

included in Sales and Operations.

Annex C-25

Note 5 – Segment information

**Reportable segments**

The Company reports segment information based on the management approach. The

management approach designates the internal reporting used by management for making

decisions and assessing performance as the source of the Company's reportable segments.

Beginning in the first quarter of 2024, the Company reports its results of operations through the

following two segments: Retail Media and Performance Media.

• Retail Media: This segment encompasses revenue generated from brands, agencies

and retailers for the purchase and sale of retail media digital advertising inventory and

audiences, and services.

• Performance Media: This segment encompass our targeting capabilities and supply and

AdTech services.

The Company's CODM allocates resources to and assesses the performance of each operating

segment using information about Contribution ex-TAC, which is Criteo's segment profitability

measure and reflects our gross profit plus other costs of revenue The CODM only reviews

revenues and corresponding TAC for each segment, and does not regularly review any other

expense nor financial information for our two segments.

Our CODM is our CEO.

The following table shows revenue by reportable segment:

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of euros) | December 31, <br>2023<br>| December 31, <br>2024<br>| December 31, <br>2025<br>|
| Retail Media | 193243 | 238713 | 233520 |
| Performance Media | 1609233 | 1548099 | 1487794 |
| **Total Revenue** | **1802476** | **1786812** | **1721314** |

---

Annex C-26

The following table shows Contribution ex-TAC by reportable segment and its reconciliation to

the Company's Consolidated Statements of Operation:

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of euros) | December 31, <br>2023<br>| December 31, <br>2024<br>| December 31, <br>2025<br>|
| Retail Media | 188115 | 234594 | 229813 |
| Performance Media | 757391 | 801895 | 809708 |
| **Total Contribution ex-TAC** | **945506** | **1036489** | **1039521** |
| **Other costs of sales** | **(146250)** | **(126599)** | **(109654)** |
| **Gross profit** | **799256** | **909890** | **929867** |
| **Operating expenses** |  |  |  |
| Research and development expenses | (225358) | (247805) | (250721) |
| Sales and operations expenses | (378361) | (349402) | (351673) |
| General and administrative expenses | (129415) | (165123) | (151633) |
| **Total Operating expenses** | **(733134)** | **(762330)** | **(754027)** |
| **Income from operations** | **66122** | **147560** | **175840** |
| Financial and Other Income (Expense) | (3902) | 128 | (2296) |
| **Income before tax** | **62220** | **147688** | **173544** |

---

Annex C-27

Note 6 – Financial risk management

**Credit risk**

The maximum exposure to credit risk at the end of each reported period is represented by the

carrying amount of financial assets and summarized in the following table:

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of euros) | December 31, <br>2023<br>| December 31, <br>2024<br>| December 31, <br>2025<br>|
| Investment securities | 20403 | 40259 | 39780 |
| Noncurrent financial assets | 4791 | 4170 | 7076 |
| Trade receivables | 701887 | 770870 | 495396 |
| Other current assets | 135244 | 86793 | 71936 |
| Cash and cash equivalents | 304040 | 279895 | 291028 |
| **Total** | **1166365** | **1181987** | **905216** |

---

**Trade receivables**

Credit risk is defined as an unexpected loss in cash and earnings if the client is unable to pay its

obligations in due time. The Group performs internal ongoing credit risk evaluations of the

clients. When a possible risk exposure is identified, the Group requires prepayments.

For each period presented, the aging of trade receivables and provisions for credit losses is as

follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (In thousands of <br>euros) | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2023 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| (In thousands of <br>euros) | Gross <br>Value<br>| % | Provision | % | Gross <br>Value<br>| % | Provision | % | Gross <br>Value<br>| % | Provision | % |
| Not yet due | 498772 | 67% | (51) | 4% | 558394 | 70% | (1297) | 5% | 374558 | 72% | (894) | 4% |
| 0-30 days | 140478 | 19% | (1304) | -1% | 154778 | 19% | (4238) | 15% | 88707 | 17% | (5393) | 24% |
| 31-60 days | 32347 | 4% | (383) | 1% | 35932 | 5% | (230) | 1% | 19597 | 4% | (164) | 1% |
| 61-90 days | 13336 | 2% | (406) | 1% | 14863 | 2% | (357) | 1% | 10690 | 2% | (197) | 1% |
| > 90 days | 56243 | 8% | (37095) | 95% | 34445 | 4% | (21420) | 78% | 23881 | 5% | (15389) | 70% |
| **Total** | **741176** | **100%** | **(39239)** | **100%** | **798412** | **100%** | **(27542)** | **100%** | **517433** | **100%** | **(22037)** | **100%** |

---

**Cash and Cash Equivalents and Investments securities**

Cash and cash equivalents consist of cash on hand, demand deposits, money market funds and

other highly liquid investments with a remaining maturity at the date of purchase of three months

or less.

We hold investments in marketable securities, including term deposits with banks, not meeting

the cash equivalents definition.

Annex C-28

**Market Risk** 

Foreign Currency Risk

A 10% increase or decrease of the Pound Sterling, the U.S dollar, the Japanese yen or the

Brazilian real against the euro would have impacted the Consolidated Statement of Income in

Equity including non-controlling interests as follows:

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of euros) | December 31, 2023 | December 31, 2024 | December 31, 2025 |
| **GBP/EUR** | **10%** | **10%** | **10%** |
| Net income impact | (67) | 225 | 1128 |
| (In thousands of euros) | December 31, 2023 | December 31, 2024 | December 31, 2025 |
| **USD/EUR** | **10%** | **10%** | **10%** |
| Net income impact | 4168 | 7537 | 3626 |
| (In thousands of euros) | December 31, 2023 | December 31, 2024 | December 31, 2025 |
| **JPY/EUR** | **10%** | **10%** | **10%** |
| Net income impact | 1679 | 854 | 1243 |
| (In thousands of euros) | December 31, 2023 | December 31, 2024 | December 31, 2025 |
| **BRL/EUR** | **10%** | **10%** | **10%** |
| Net income impact | 204 | 253 | 10 |

---

**Counter Party Risk**

As of December 31, 2025, we show a positive net cash position. Since 2012, we utilize a cash

pooling arrangement, reinforcing cash management centralization. Investment and financing

decisions are carried out by our internal central treasury function. We only deal with

counterparties with high credit ratings. In addition, under our Investment and Risk Management

Policy, our central treasury function ensures a balanced distribution between counterparties of

the investments, no matter the rating of such counterparty.

Annex C-29

**Liquidity Risk**

The following tables disclose for each presented period the contractual cash flows of our

financial liabilities and operating lease arrangements:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |  |  |  |  |
| (In thousands of euros) | Carrying <br>value | Contractual <br>cash flows | Less than 1 <br>year | 1 to 5 years | 5 years + |  |  |  |  |
| (In thousands of euros) | Carrying <br>value | Contractual <br>cash flows | Less than 1 <br>year | 1 to 5 years | 5 years + | Financial liabilities | 3137 | 3067 | 70 |
| Operating lease liabilities | 105612 | 105612 | 31464 | 74148 |  |  |  |  |  |
| Trade payables | 760208 | 760208 | 760208 |  |  |  |  |  |  |
| Other current liabilities | 257434 | 257434 | 257434 |  |  |  |  |  |  |
| **Total** | **1126391** | **1126391** | **1052173** | **74218** | **—** |  |  |  |  |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |  |  |  |  |
| (In thousands of euros) | Carrying <br>value | Contractual <br>cash flows | Less than 1 <br>year | 1 to 5 years | 5 years + |  |  |  |  |
| (In thousands of euros) | Carrying <br>value | Contractual <br>cash flows | Less than 1 <br>year | 1 to 5 years | 5 years + | Financial liabilities | 3266 | 2980 | 286 |
| Operating lease liabilities | 97901 | 97901 | 23768 | 67013 | 7120 |  |  |  |  |
| Trade payables | 773962 | 773962 | 773962 |  |  |  |  |  |  |
| Other current liabilities | 171808 | 171808 | 171808 |  |  |  |  |  |  |
| **Total** | **1046937** | **1046937** | **972518** | **67299** | **7120** |  |  |  |  |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |  |  |  |  |
| (In thousands of euros) | Carrying <br>value | Contractual <br>cash flows | Less than 1 <br>year | 1 to 5 years | 5 years + |  |  |  |  |
| (In thousands of euros) | Carrying <br>value | Contractual <br>cash flows | Less than 1 <br>year | 1 to 5 years | 5 years + | Financial liabilities | 9876 | 9876 |  |
| Operating lease liabilities | 117952 | 117952 | 28447 | 89505 |  |  |  |  |  |
| Trade payables | 481668 | 481668 | 481668 |  |  |  |  |  |  |
| Other current liabilities | 166226 | 166226 | 166226 |  |  |  |  |  |  |
| **Total** | **775722** | **775722** | **686217** | **89505** | **—** |  |  |  |  |

---

Annex C-30

Note 7 – Breakdown of Revenue and Non-Current Assets by Geographical

Areas

The Company operates in the following three geographical markets:

• Americas: North and South America;

• EMEA: Europe, Middle-East and Africa; and

• Asia-Pacific.

The following tables disclose the consolidated revenue for each geographical area for each of

the reported periods. Revenue by geographical area is based on the location of advertisers'

campaigns.

---

| | | | | |
|:---|:---|:---|:---|:---|
| (In thousands of euros) | **Americas** | **EMEA** | **Asia-Pacific** | **Total** |
| December 31, 2023 | 820325 | 621897 | 360254 | **1802476** |
| December 31, 2024 | 824514 | 625161 | 337137 | **1786812** |
| December 31, 2025 | 740427 | 644272 | 336615 | **1721314** |

---

Revenue generated in France amounted to €78.5 million, €81.1 million and €92.7 million for the

periods ended December 31, 2025, 2024 and 2023, respectively.

Revenue generated in other significant countries where the Group operates is presented in the

following table:

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of euros) | December 31, <br>2023<br>| December 31, <br>2024<br>| December 31, <br>2025<br>|
| **Americas** | 820325 | 824514 | 740427 |
| United States | 742695 | 741722 | 666576 |
| **EMEA** | 621897 | 625161 | 644272 |
| Germany | 185048 | 187279 | 183703 |
| United Kingdom | 66172 | 78055 | 93847 |
| **Asia-Pacific** | 360254 | 337137 | 336615 |
| Japan | 200705 | 188659 | 195710 |

---

For each reported period, noncurrent assets (corresponding to the net book value of tangible

and intangible assets) are presented in the table below. The geographical information results

from the locations of legal entities.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (In thousands of <br>euros) | **Holding** | **Americas** | *of which* | **EMEA** | **Asia-Pacific** | *of which* | *of which* | **Total** |
| (In thousands of <br>euros) | **Holding** | **Americas** | *United* <br>*States*<br>| **EMEA** | **Asia-Pacific** | *Japan* | *Singapore* | **Total** |
| December 31, 2023 | 180493 | 80911 | *80777* | 3188 | 13582 | *6022* | *6954* | 278174 |
| December 31, 2024 | 176319 | 65741 | *65610* | 2938 | 10978 | *4709* | *5799* | 255976 |
| December 31, 2025 | 173156 | 58884 | *58935* | 1582 | 12051 | *4526* | *6894* | 245673 |

---

Annex C-31

Note 8 – Share-Based Compensation

**Share-Based Compensation**

Share-based compensation expense recorded in the consolidated statements of operations was

as follows:

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of euros) | December <br>31, 2023<br>| December <br>31, 2024<br>| December <br>31, 2025<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Research and Development | (50661) | (37738) | (19144) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and Operations  | (18502) | (19831) | (17147) |
| &nbsp;&nbsp;&nbsp;&nbsp;General and Administrative | (20692) | (25075) | (15145) |
| **Total share-based compensation** | **(89855)** | **(82644)** | **(51436)** |
| Tax benefit from stock-based compensation | 7271 | 5012 | 6093.36313648036 |
| **Total share-based compensation, net of tax effect** | **(82584)** | **(77632)** | **(45343)** |

---

For the periods ended December 31, 2025 and 2024, the Company recognized €45.3 million

and €77.6 million, respectively, of equity awards compensation expense, which consisted of

share-based compensation expense, net of €5.1 million and €3.7 million capitalized stock-based

compensation relating to internally developed software in 2025 and 2024, respectively.

During the year ended December 31, 2025, the departures of the Company's former Chief

Executive Officer and Chief Revenue Officer resulted in the forfeiture of unvested stock-based

compensation awards of both restricted and performance based awards. As a result, the

Company reversed €4.0 million of previously recognized stock-based compensation expense,

which is reflected, respectively as a reduction of €3.0 million in General and Administrative

expense and a reduction of €1.0 million in Sales and Operations, for the year ended December

31, 2025. The summary of the forfeitures by award type is presented in the tables below.

The breakdown of the equity award compensation expense by instrument type was as follows:

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of euros) | December <br>31, 2023<br>| December <br>31, 2024<br>| December <br>31, 2025<br>|
| Share options | (83) | (42) |  |
| Lock-up shares | (30719) | (19243) |  |
| Restricted stock units / Performance stock units | (57276) | (61675) | (51436) |
| Non-employee warrants | (1777) | (1684) |  |
| **Total share-based compensation** | **(89855)** | **(82644)** | **(51436)** |
| Tax benefit from stock-based compensation | 7271 | 5012 | 6093 |
| **Total share-based compensation, net of tax effect** | **(82584)** | **(77632)** | **(45343)** |

---

Annex C-32

**Stock Options** 

Stock options granted under the Company's stock incentive plans generally vest over four

years, subject to the holder's continued service through the vesting date and expire no later

than 10 years from the date of grant.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Options Outstanding | Options Outstanding | Options Outstanding | Options Outstanding |  |  | |  |  |
| | Number of Shares <br>Underlying <br>Outstanding Options | Weighted-Average <br>Exercise Price | Weighted-Average <br>Remaining <br>Contractual Term <br>(Years) | Aggregate Intrinsic <br>Value<br>(in thousands) | |  | |  | |
| | Number of Shares <br>Underlying <br>Outstanding Options | Weighted-Average <br>Exercise Price | Weighted-Average <br>Remaining <br>Contractual Term <br>(Years) | Aggregate Intrinsic <br>Value<br>(in thousands) | **Outstanding - December 31,** <br>**2024**<br>| **218681** | <br>**€18.13** | **4.5** | **€3,841.0** |
| Options granted |  |  |  |  |  |  |  |  |  |
| Options exercised | (111156) |  |  |  |  |  |  |  |  |
| Options canceled | (1100) |  |  |  |  |  |  |  |  |
| Options expired | (19710) |  |  |  |  |  |  |  |  |
| **Outstanding - December 31,** <br>**2025**<br>| **86715** | **€15.35** | **4.0** | **€244.0** |  |  |  |  |  |
| Vested and exercisable - <br>December 31, 2025<br>| 86715 |  |  |  |  |  |  |  |  |

---

The aggregate intrinsic value represents the difference between the exercise price of the

options and the fair market value of common stock on the date of exercise. No new stock

options were granted in the year ending December 31, 2025 and December 31, 2024. As of

December 31, 2025, there is no unrecognized stock-based compensation expense related to

unvested stock options.

**Lock up shares** 

On August 1, 2022, 2,960,243 Treasury shares were transferred to the Founder (referred to as

Lock Up Shares or "LUS"), as partial consideration for the Iponweb Acquisition. As these shares

are subject to a lock-up period that expires in three installments on each of the first three

anniversaries of the Iponweb Acquisition, unless the vesting schedule changed or the Iponweb

Founder's employment agreement was terminated under certain circumstances during the

duration of the lock-up period. These shares were considered as share-based compensation

under IFRS 2 and were accounted over the three-year lock-up period. The share based

compensation expenses is included in Research and Development expenses on the

Consolidated Statement of Income.

The shares were valued based on the Nasdaq weighted average share price.

In 2024, the Iponweb Founder's employment agreement was terminated, resulting in the early

expiration of the three-year lock-up period.

As at December 31, 2025, the company had no compensation expense related to lock up

shares anymore.

Annex C-33

**Restricted Stock Units and Performance Stock Units**

During the year ended December 31, 2025, the Company granted new equity under our current

equity compensation plans, which was comprised of restricted stock units ("RSU"), and

performance-based RSU awards consisting of total shareholder return ("TSR") and performance

vesting conditions ("PSU") to the Company's senior executives.

**Restricted Stock Units**

Restricted stock units generally vest over four years, subject to the holder's continued service

and/or certain performance conditions through the vesting date. In the following tables, exercise

prices, grant date share fair values and fair value per equity instruments are provided in euros,

as the Company is incorporated in France and the euro is the currency used for the grants. The

grant date fair value is determined by the Company Nasdaq share price the day prior to the

grant.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Shares (RSU) | Weighted-Average Grant <br>date Fair Value Per Share | |  | |
| | Shares (RSU) | Weighted-Average Grant <br>date Fair Value Per Share | **Outstanding as of December 31, 2024** | 4422434 | <br>€30.48 |
| | Shares (RSU) | Weighted-Average Grant <br>date Fair Value Per Share | Granted | 2465484 | 25.79 |
| Vested | (1831852) | 27.02 |  |  |  |
| Forfeited | (537369) | 30.17 |  |  |  |
| **Outstanding as of December 31, 2025** | 4518697 | €29.33 |  |  |  |

---

The RSUs are subject to a vesting period of four years, over which the expense is recognized

on a straight-line basis. A total of 2,465,484 shares have been granted under this plan in the

year 2025, with a weighted-average grant-date fair value of €25.79.

At December 31, 2025, the Company had unrecognized stock-based compensation relating to

restricted stock of approximately €69.9 million, which is expected to be recognized over a

weighted-average period of 3.1 years.

Annex C-34

**Performance Stock Units**

Performance stock units are subject to either a performance condition or a market condition.

***Performance stock units subject to non-market condition***

Awards that are subject to a performance condition, are earned based on internal financial

performance metrics measured by Contribution ex-TAC. A total of 217,239 shares have been

granted at target under two plans with a vesting period of three years. The target shares are

subject to a range of vesting from 0% to 200% based on the performance of internal financial

metrics, for a maximum number of shares of 434,478.

The grant-date fair value is determined based on the fair-value of the shares at the grant date.

The weighted average grant-date fair value of those plans is €25.02 per share for a total fair

value of approximately €5.4 million, to be expensed on a straight-line basis over the respective

vesting period. The number of shares granted, vesting and outstanding subject to performance

conditions is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Shares (PSU) | Weighted-Average <br>Grant date Fair <br>Value Per Share | |  | |
| | Shares (PSU) | Weighted-Average <br>Grant date Fair <br>Value Per Share | **Outstanding as of December 31, 2024** | 836008 | <br>€29.62 |
| | Shares (PSU) | Weighted-Average <br>Grant date Fair <br>Value Per Share | Granted | 217239 | 25.02 |
| Performance share adjustment | (38264) |  |  |  |  |
| Vested | (322701) | 29.54 |  |  |  |
| Forfeited | (250143) | 30.68 |  |  |  |
| **Outstanding as of December 31, 2025** | 442139 | €28.22 |  |  |  |

---

At December 31, 2025, the Company had unrecognized stock-based compensation relating to

restricted stock of approximately €3.4 million, which is expected to be recognized over a

weighted-average period of 2.6 years.

Annex C-35

***Performance stock units subject to market condition***

Awards that are subject to a market condition are earned based on the Company's total

shareholder return relative to the Nasdaq Composite Index, and certain other vesting conditions.

A total of 217,239 shares have been granted at target under this plan, to be earned in two equal

tranches over a term of two and three years, respectively. The target shares are subject to a

range of vesting from 0% to 200% for each tranche based on the TSR, for a maximum number

of shares of 434,478. The grant-date fair value is approximately €11.0 million, to be expensed

on a straight-line basis over the respective vesting period.

The grant-date fair value was determined based on a Monte-Carlo valuation model using the

following key assumptions:

---

| | |
|:---|:---|
| Expected volatility of the Company | 40.33% |
| Expected volatility of the benchmark | 77.41% |
| Risk-free rate | 3.95% |
| Expected dividend yield | —% |

---

The number of shares granted, vested and outstanding subject to market conditions is as

follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Shares (TSR) | Weighted-Average <br>Grant date Fair <br>Value Per Share | |  | |
| | Shares (TSR) | Weighted-Average <br>Grant date Fair <br>Value Per Share | Outstanding as of December 31, 2024 | 259138 | <br>€45.38 |
| | Shares (TSR) | Weighted-Average <br>Grant date Fair <br>Value Per Share | Granted | 217239 | 50.47 |
| Vested |  |  |  |  |  |
| Forfeited | (162994) | 46.82 |  |  |  |
| Outstanding as of December 31, 2025 | 313383 | €48.15 |  |  |  |

---

As of December 31, 2025, the Company had unrecognized stock-based compensation related

to performance stock units based on market conditions of €10.2 million, which is expected to be

recognized over a weighted-average period of 1.8 years.

*<u>Modification of Performance Stock Units</u>*

On December 22, 2025, the Board of Directors approved modifications to the vesting terms of

certain outstanding and unvested performance stock units ("PSUs") previously granted.

The modification of non-market performance stock units amended the performance targets to

allow for additional awards to vest, subject to three-year service period. Under IFRS 2, this was

considered a beneficial modification and resulted in 0,3 million d'euros (0,4 million de dollars)

incremental compensation expense. The fair value of the modified performance awards was

estimated using the closing stock price on the date of modification.

Annex C-36

The modification of market performance conditioned performance stock units ("TSR PSUs")

replaced the market performance condition with non-market performance conditions to be

determined at a later date, subject to three-year service period. Under IFRS 2, this was

considered a beneficial modification and resulted in incremental compensation expense of €0.3

million or $0.4 million, of which an immaterial amount was recognized during year-end

December 31, 2025. The incremental fair value of the modified awards was measured as the

difference between the fair value of the modified award and the fair value of the original award

as of the modification date.

**Nonemployee warrants** 

Nonemployee warrants generally vest over four years, subject to the holder's continued service

through the vesting date. Stock options granted under the Company's stock incentive plans

generally vest over four years, subject to the holder's continued service through the vesting date

and expire no later than 10 years from the date of grant.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Shares | Weighted-<br>Average Grant <br>date Fair Value <br>Per Share | Weighted-<br>Average <br>Remaining <br>Contractual <br>Term (Years) | Aggregate <br>Intrinsic Value<br>(in thousands) | |  | | | |
| | Shares | Weighted-<br>Average Grant <br>date Fair Value <br>Per Share | Weighted-<br>Average <br>Remaining <br>Contractual <br>Term (Years) | Aggregate <br>Intrinsic Value<br>(in thousands) | **Outstanding - December 31, 2024** | **159897** | **€16.2** | **3.60** | <br>**€3,122.5** |
| | Shares | Weighted-<br>Average Grant <br>date Fair Value <br>Per Share | Weighted-<br>Average <br>Remaining <br>Contractual <br>Term (Years) | Aggregate <br>Intrinsic Value<br>(in thousands) | Granted |  | | | |
| Exercised |  |  |  |  |  |  |  |  |  |
| Canceled |  |  |  |  |  |  |  |  |  |
| Expired |  |  |  |  |  |  |  |  |  |
| **Outstanding - December 31, 2025** | **159897** | **€16.2** | **2.60** | **€1,150** |  |  |  |  |  |
| **Vested and exercisable - December 31, 2025** | **159897** |  |  |  |  |  |  |  |  |

---

The aggregate intrinsic value represents the difference between the exercise price of the

nonemployee warrants and the fair market value of common stock on the date of exercise.

During the period ended December 31, 2025, the weighted-average exercise price of

nonemployee warrants is €25.25.

No new stock nonemployee warrants were granted in the year ending December 31, 2025 and

December 31, 2024. As of December 31, 2025, all instruments have fully vested.

Annex C-37

Note 9 – Financial and other Income and Expenses

The Consolidated Statements of Income line item "Financial income (expense)" can be broken

down as follows:

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of euros) | December 31, 2023 | December 31, 2024 | December 31, 2025 |
| Financial income from cash equivalents  | 4316 | 9299 | 5004 |
| Interest and fees | (2075) | (1686) | (2178) |
| Interest on leases | (1719) | (2341) | (2974) |
| Interest income (expense) on contingencies | (263) |  |  |
| Discounting impact | (4890) | (1633) |  |
| Foreign exchange gain / (loss) | (6882) | (2626) | (1962) |
| Other financial income (expense)  | 7611 | (885) | (186) |
| **Total financial and other income (expense)** | **(3902)** | **128** | **(2296)** |

---

The €(2.3) million euros financial and other expense for the period ended December 31, 2025

was mainly driven by interest income, partially offset by the recognition of a negative impact of

foreign exchange, including end of year non-cash marked to market, the interests on leases and

the financial expense relating to our €407 million available Revolving Credit Facility ("RCF").

The €0.1 million financial and other expense for the period ended December 31, 2024 was

mainly driven by interest income, partially offset by the recognition of a negative impact of

foreign exchange, including end of year non-cash marked to market, the accretion of earn-out

liability related to the Iponweb acquisition and the financial expense relating to our €407 million

available Revolving Credit Facility ("RCF").

The €(3.9) million financial and other expense for the period ended December 31, 2023 was

mainly driven by proceeds from disposal of non consolidated investments fully offset by the

recognition of a negative impact of foreign exchange, the accretion of earn-out liability related to

Iponweb acquisition and interests expense relating to our €407 million available Revolving

Credit Facility (RCF).

Annex C-38

Note 10 – Provision for Income Taxes

**Breakdown of Income Taxes**

The Consolidated Statement of Income line item "Provision for income taxes" can be broken

down as follows:

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of euros) | December 31, <br>2023<br>| December 31, <br>2024<br>| December 31, <br>2025<br>|
| Current income tax provision | 40368 | 60834 | 55049 |
| Deferred income tax provision | (23620) | (25860) | (8639) |
| Provision for income taxes | **16748** | **34974** | **46410** |

---

**Reconciliation between the Effective and Nominal Tax Expense** 

The following table shows the reconciliation between the effective and nominal tax expense at

the nominal standard French rate of 25.8% (excluding additional contributions):

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of euros) | December 31, <br>2023<br>| December 31, <br>2024<br>| December 31, <br>2025<br>|
| Income before taxes | 62220 | 147688 | 173544 |
| Theoretical group tax rates | 25.82% | 25.82% | 25.82% |
| **Nominal tax expense (benefit)** | **16065** | **38133** | **44809** |
| **(Increase) Decrease in tax expense arising from :** |  |  |  |
| *French Research Tax Credit, Crédit d'Impôt Recherche ("CIR")* | *(2197)* | *(1672)* | *(1475)* |
| *Shared-based compensation, net of tax deductions* | *8103* | *2140* | *(857)* |
| *Changes in Unrecognized Tax Benefit* | *—* | *—* | *9166* |
| *Non-tax deductible provision from loss contingency on regulatory* <br>*matters (see Note 25)*<br>| *(5127)* | *—* | *—* |
| *Non deductible expenses* | *4873* | *7161* | *3847* |
| *Non recognition of deferred tax assets* | *806* | *333* | *623* |
| *Utilization or recognition of previously unrecognized tax losses* | *(1627)* | *(5397)* | *(9342)* |
| *Other Taxes Presented as Income Taxes* | *1473* | *1143* | *8366* |
| *Income eligible to reduced taxation rate* <sup>(1)</sup> | *(4180)* | *(5355)* | *(7991)* |
| *Effect of different tax rates* | *(467)* | *342* | *(1509)* |
| *Other differences* | *(974)* | *(1854)* | *773* |
| **Provision for income taxes** | **16748** | **34974** | **46410** |
| **Effective tax rate** | **26.9%** | **23.7%** | **26.7%** |

---

<sup>(1)</sup> Income eligible to reduced taxation rate refers to the application of a reduced income tax rate on the majority of the technology

royalties income

Annex C-39

In December 2021, the Organization for Economic Cooperation and Development (OECD)

released Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of

a minimum rate of 15% for multinational companies with consolidated revenue above

€750 million. Numerous jurisdictions have enacted or are in the process of enacting legislation

to adopt a minimum effective tax rate. As of December 31, 2025 and 2024, the adoption of Pillar

Two resulted in an impact of €0.6 million and €2.8 million recognized in Provision for income

taxes within the Consolidated Statement of Operations. The Company will continue to assess

the ongoing impact of Pillar Two as additional guidance becomes available. The Company has

applied the temporary exception introduced by the amendments to IAS 12 related to the OECD

Pillar Two model rules and, accordingly, does not recognize or disclose deferred tax assets or

liabilities arising from Pillar Two income taxes.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted, introducing significant

changes to both US domestic and international tax provisions. The legislation did not have a

material impact on our income tax expense for the year ended December 31, 2025 and did not

have a material impact on our effective income tax rate.

Annex C-40

**Deferred Tax Assets and Liabilities**

The following table shows the changes in the major sources of deferred tax assets and

liabilities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in thousands of euros) | Defined <br>Benefit <br>Obligation<br>| Tax losses | Intangible <br>& Tangible <br>assets\*\*<br>| Other\* | Limitation <br>of Deferred <br>Tax Assets<br>| Deferred <br>Tax <br>Position<br>|
| Balance at January 1, 2023 | 899 | 20111 | (352) | 35636 | (29195) | 27099 |
| Recognized in profit or loss | 135 | (3137) | 17167 | 8276 | 1104 | 23545 |
| Recognized in other comprehensive <br>income<br>| (69) |  |  |  | 42 | (27) |
| Change in scope |  |  |  | (995) | 995 |  |
| Currency translation adjustments |  | 29 | (406) | (1221) | 94 | (1504) |
| Transfer |  |  | (188) | 188 |  |  |
| Balance at December 31, 2023 | 965 | 17003 | 16221 | 41884 | (26960) | 49113 |
| Recognized in profit or loss | 400 | (2498) | 24423 | 555 | 2970 | 25850 |
| Recognized in other comprehensive <br>income<br>| 51 |  |  |  | (240) | (189) |
| Currency translation adjustments | 5 | 304 | 518 | 2769 | 551 | 3493 |
| Transfer | (117) |  | 2058 | (1942) | 11 | 10 |
| Balance at December 31, 2024 | 1304 | 14809 | 43220 | 43266 | (23668) | 78277 |
| Recognized in profit or loss | 840 | (395) | 433 | (1561) | 9322 | 8639 |
| Recognized in other comprehensive <br>income<br>| (142) |  |  | 191 | (30) | 19 |
| Currency translation adjustments | (39) | (1781) | (866) | (3672) | (1761) | (8119) |
| Transfer |  |  | 2828 | (2828) |  |  |
| Balance at December 31, 2025 | 1963 | 12633 | 45615 | 35396 | (16137) | 78816 |

---

*\*Other deferred tax assets and liabilities are mainly comprised of research tax credits and employee* 

*related-payables.*

*\*\*Includes Section 174 expense capitalization*

The Company mainly has net operating loss carryforwards in the U.S. for €31.3 million in

various states, which begin to expire in 2031 and net operating loss carryforwards in the United

Kingdom for €26.9 million which have no expiration date. The company has €5.2 million of state

R&D tax credits which can be carry-forward indefinitely.

Utilization of our net operating loss and tax credit carryforwards in the US may be subject to

annual limitations due to the ownership change limitations provided by the IRS Code 382 and

similar state provisions. Such annual limitations could result in the expiration of the net operating

loss and tax credit carryforwards before their utilization.

As of December 31, 2025, we have not provided deferred taxes on unremitted earnings related

to foreign subsidiaries. We intend to continue to reinvest these foreign earnings indefinitely and

do not expect to incur any significant taxes related to such amounts.

Annex C-41

**Uncertain Tax Positions**

In 2025, the Group recognized current income tax of €9.2 million related to uncertain tax

positions and has cumulatively recorded liabilities of €26.9 million for uncertain tax positions at

December 31, 2025, none of which are reasonably expected to be resolved within 12 months.

During the year ended December 31, 2025, the Company recorded an unrecognized tax benefit

of approximately €7.4 million related to certain income tax positions associated with stock-based

compensation, based on management's evaluation of the relevant facts and circumstances as

of December 31, 2025, in accordance with IAS 12.

The ultimate resolution of uncertain tax positions depends on the interpretation of applicable tax

laws and regulations and may be affected by future developments, including examination

outcomes, changes in facts and circumstances, or the expiration of applicable statutes of

limitations. Management evaluates uncertain tax positions based on the relevant risks, facts,

and circumstances existing at each reporting date and believes that the recorded liabilities

adequately reflect these uncertainties. Actual outcomes may differ from management's

estimates and could affect the Company's effective income tax rate in future periods.

The Company files income tax returns in France, the United States (at the federal and state

levels), and various other foreign jurisdictions, and is subject to income tax examinations by tax

authorities in these jurisdictions. The Company is currently under examination in France for the

2022 and 2023 tax years. Other tax years and jurisdictions remain subject to examination under

applicable statutes of limitations.

Annex C-42

Note 11 – Categories of Financial Assets and Liabilities

**Financial Assets**

The following schedules disclose our financial assets categories for the presented periods:

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2023 | December 31, 2023 | December 31, 2023 |
| (In thousands of euros) | Carrying <br>Value<br>| Loans and <br>receivables<br>| Fair value |
| Marketable securities | 20403 |  | 20403 |
| Non current financial assets | 4791 | 4791 | 4791 |
| Trade receivables, net of allowances | 701887 | 701887 | 701887 |
| Other current assets | 135244 | 135244 | 135244 |
| Restricted cash \* (of which €67.9m current) | 67873 |  | 67873 |
| Cash and cash equivalents | 304040 |  | 304040 |
| **Total** | **1234238** | **841922** | **1234238** |
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| (In thousands of euros) | Carrying <br>Value<br>| Loans and <br>receivables<br>| Fair value |
| Marketable Securities | 40259 |  | 40259 |
| Non current financial assets | 4170 | 4170 | 4170 |
| Trade receivables, net of allowances | 770870 | 770870 | 770870 |
| Other current assets | 86793 | 86793 | 86793 |
| Restricted cash | 241 |  | 241 |
| Cash and cash equivalents | 279895 |  | *279895* |
| **Total** | **1182228** | **861833** | **1182228** |
|  | December 31, 2025 | December 31, 2025 | December 31, 2025 |
| (In thousands of euros) | Carrying <br>Value<br>| Loans and <br>receivables<br>| Fair value |
| Marketable Securities | 39780 |  | 39780 |
| Non current financial assets | 7076 | 7076 | 7076 |
| Trade receivables, net of allowances | 495396 | 495396 | 495396 |
| Other current assets | 71936 | 71936 | 71936 |
| Restricted cash | 273 |  | 273 |
| Cash and cash equivalents | 291028 |  | 291028 |
| **Total** | **905489** | **574408** | **905489** |

---

\* As part of the Iponweb Acquisition, we had deposited $100.0 million of cash into an escrow account containing withdrawal conditions. The cash

secures the Company's potential payment of Iponweb Acquisition contingent consideration to the Sellers, which was subject to the achievement of

certain revenue targets by the Iponweb business for the 2022 and 2023 fiscal years. During the years ended December 31, 2023 and 2024, the

company settled earn-out payment of €20.2 million and €52.3 million respectively.

**Financial Liabilities**

Annex C-43

The following schedules disclose our financial liabilities categories for the presented periods:

---

| | | |
|:---|:---|:---|
| | December 31, 2023 | December 31, 2023 |
| (In thousands of euros) | Carrying <br>Value<br>| Fair value |
| Financial liabilities | 3137 | 3137 |
| *including derivative instruments* | *2304* | *2304* |
| Trade Payables | 760208 | 760208 |
| Other current liabilities | 257434 | 257434 |
| **Total** | **1020779** | **1020779** |
|  | December 31, 2024 | December 31, 2024 |
| (In thousands of euros) | Carrying <br>Value<br>| Fair value |
| Financial liabilities | 3266 | 3266 |
| *including derivative instruments* | *2943* | *2943* |
| Trade Payables | 773962 | 773962 |
| Other current liabilities | 171808 | 171808 |
| **Total** | **949036** | **949036** |
|  | December 31, 2025 | December 31, 2025 |
| (In thousands of euros) | Carrying <br>Value<br>| Fair value |
| Financial liabilities | 9876 | 9876 |
| *including derivative instruments* | *9666* | *9666* |
| Trade Payables | 481668 | 481668 |
| Other current liabilities | 166226 | 166226 |
| **Total** | **657770** | **657770** |

---

Annex C-44

Note 12 – Goodwill

Goodwill allocated to the two reportable segments and the changes in the carrying amount for

the years ended December 31, 2025 and 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of euros) | Performance Media | Retail Media | Total |
| **Balance at January 1, 2024** | **336917** | **137468** | **474385** |
| Currency translation adjustment | 15471 | 6057 | 21528 |
| **Balance at December 31, 2024** | **352388** | **143525** | **495913** |
| - Gross value at end of period | 352388 | 143525 | 495913 |
| **Balance at January 1, 2025** | **352388** | **143525** | **495913** |
| Currency translation adjustment | (28580) | (11302) | (39882) |
| **Balance at December 31, 2025** | **323808** | **132223** | **456031** |
| - Gross value at end of period | 323808 | 132223 | 456031 |

---

As at December 31, 2025, 2024 and 2023, the Company did not recognize any goodwill

impairment as the recoverable value of the cash generating unit exceeded significantly its

carrying value.

Annex C-45

Note 13 – Intangible assets

Changes in net book value during the presented periods are summarized below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (In thousands of euros) | Internally <br>developed <br>software<br>| Technology <br>and customer <br>relationships<br>| Intangible in <br>Progress<br>| Total |
| **Balance at January 1, 2024** | **19383** | **85816** | **58500** | **163699** |
| Additions to intangible assets | 5671 |  | 42279 | 47950 |
| Disposals | (1175) | (2625) | (1829) | (5629) |
| Amortization and impairment expense | (23275) | (32216) |  | (55491) |
| Currency translation adjustment | 800 | 930 | 777 | 2507 |
| Transfer into service | 40706 |  | (40980) | (274) |
| **Balance at December 31, 2024** | **42110** | **51905** | **58747** | **152762** |
| Gross value at end of period | 121119 | 239018 | 58747 | 418884 |
| Accumulated amortization and impairment at <br>end of period<br>| (79009) | (187113) |  | (266122) |
| **Balance at January 1, 2025** | **42110** | **51905** | **58747** | **152762** |
| Additions to intangible assets | 17918 |  | 42612 | 60530 |
| Disposals | (1178) |  | (817) | (1995) |
| Amortization and impairment expense | (45987) | (32794) |  | (78781) |
| Currency translation adjustment | (1807) | (1674) | (1163) | (4644) |
| Transfer into service | 51616 |  | (52391) | (775) |
| **Balance at December 31, 2025** | **62672** | **17437** | **46988** | **127097** |
| Gross value at end of period | 185216 | 226186 | 46986 | 458388 |
| Accumulated amortization and impairment at <br>end of period<br>| (122544) | (208747) |  | (331291) |

---

Additions to internally developed software consist mainly of capitalization of internally developed

internal-use software technology.

Impairment expense of €2.2 million ($2.5 million) and €5.3 million ($5.7 million) have been

recognized for the years ended December 31, 2025 and 2024 in Research and Development

Expense in the Consolidated Statement of Operations. No material impairment expense was

recognized during the year ended December 31, 2023.

During the year ended December 31, 2025, the Company recorded accelerated amortization of

$7.9 million (€7.0 million) and a nonrecurring impairment charge of $0.9 million (€0.8 million)

related to internally developed intangible assets following Alphabet Inc.'s decision not to

deprecate third-party cookies in Chrome.

The average life of software is 3 years. The average life of technology and customer

relationships is between 3 and 9 years.

Annex C-46

Note 14 – Property and Equipment

Changes in net book value during the presented periods are summarized below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (In thousands of euros) | Fixtures <br>and fittings<br>| Furniture and <br>equipment <br>| Construction <br>in progress <br>| Total |
| **Balance at January 1, 2024** | **9030** | **63295** | **42150** | **114475** |
| Additions to tangible assets | 3328 | 22788 | 94 | 26210 |
| Disposal of tangible assets |  | (2028) |  | (2028) |
| Depreciation expense | (2836) | (35192) |  | (38028) |
| Currency translation adjustments | 167 | 1589 | 829 | 2585 |
| Transfer into service | 1567 | 40663 | (42230) |  |
| **Balance at December 31, 2024** | **11256** | **91115** | **843** | **103214** |
| Gross value at end of period | 19952 | 277352 | 843 | 298147 |
| Accumulated depreciation at end of period | (8696) | (186237) |  | (194933) |
| **Balance at January 1, 2025** | **11256** | **91115** | **843** | **103214** |
| Additions to tangible assets | 2160 | 38644 | 9933 | 50737 |
| Disposal of tangible assets | (57) | (493) |  | (550) |
| Depreciation and impairment expense | (3225) | (26236) |  | (29461) |
| Currency translation adjustments | (433) | (4548) | (383) | (5364) |
| Transfer into service | 49 | 217 | (266) |  |
| **Balance at December 31, 2025** | **9750** | **98699** | **10127** | **118576** |
| Gross value at end of period | 20843 | 269831 | 10127 | 300801 |
| Accumulated depreciation at end of period | (11093) | (171132) |  | (182225) |

---

Note 15 – Marketable Securities

As of December 2025, €39.8 million of investments were classified as Marketable Securities as

they do not meet the cash and cash equivalent criteria and are accounted for using the

amortized cost model. Management has the intent to hold the investments maturity and collect

interest income. The interest income was not material as of December 31, 2025.

The fair value approximates the carrying amount of the securities given the nature of the term

deposit and the maturity of the expected cash flows. The term deposit is considered a level 2

financial instrument as it is measured using valuation techniques based on observable market

data.

Annex C-47

Note 16 - Leases

The Company has entered into operating lease agreements primarily for data centers and

offices throughout the world with lease periods expiring between 2026 and 2036.

The components of lease expense are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| (In thousands of euros) | **Offices** | **Data Centers** | **Total** |
| Depreciation and impairment expense | 14729 | 20149 | 34878 |
| Interest expense | 685 | 1035 | 1720 |
| Short term lease expense | 588 | 39 | 627 |
| Variable lease expense | 742 | 69 | 811 |
| Sublease income | (852) |  | (852) |
| **Total** | **15892** | **21292** | **37184** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| (In thousands of euros) | **Offices** | **Data Centers** | **Total** |
| Depreciation and impairment expense | 12690 | 21527 | 34217 |
| Interest expense | 888 | 1454 | 2342 |
| Short term lease expense | 878 |  | 878 |
| Variable lease expense | 1406 | 162 | 1568 |
| Sublease income | (1292) |  | (1292) |
| **Total** | **14570** | **23143** | **37713** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| (In thousands of euros) | **Offices** | **Data Centers** | **Total** |
| Depreciation and impairment expense | 13580 | 15669 | 29249 |
| Interest expense | 1328 | 1646 | 2974 |
| Short term lease expense | 422 |  | 422 |
| Variable lease expense | 1339 | 142 | 1481 |
| Sublease income | (881) |  | (881) |
| **Total** | **15788** | **17457** | **33245** |

---

Annex C-48

The right of use asset is compromised of the following items:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| (In thousands of euros) | **Gross Book** <br>**Value**<br>| **Amortization** <br>**and** <br>**Depreciation**<br>| **Net** |
| Offices | 93313 | (37673) | 55640 |
| Data Centers | 109313 | (64572) | 44741 |
| **Total** | **202626** | **(102245)** | **100381** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| (In thousands of euros) | **Gross Book** <br>**Value**<br>| **Amortization** <br>**and** <br>**Depreciation**<br>| **Net** |
| Offices | 107860 | (50941) | 56919 |
| Data Centers | 125113 | (87737) | 37376 |
| **Total** | **232973** | **(138678)** | **94295** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| (In thousands of euros) | **Gross Book** <br>**Value**<br>| **Amortization** <br>**and** <br>**Depreciation**<br>| **Net** |
| Offices | 127607 | (62947) | 64660 |
| Data Centers | 145755 | (98175) | 47580 |
| **Total** | **273362** | **(161122)** | **112240** |

---

Changes in net book value during the presented periods are summarized below:

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of euros) | **Offices** | **Data Centers** | **Total** |
| **Net value as of January 1, 2024** | **55641** | **44740** | **100381** |
| New contracts/modifications to existing contracts | 13298 | 13629 | 26927 |
| Depreciation | (12691) | (21527) | (34218) |
| Impairment |  |  |  |
| Currency translation adjustments | 671 | 534 | 1205 |
| **Net value as of December 31, 2024** | **56919** | **37376** | **94295** |
| New contracts/modifications to existing contracts | 23629 | 27703 | 51332 |
| Depreciation | (13580) | (15669) | (29249) |
| Currency translation adjustments | (2308) | (1830) | (4138) |
| **Net value as of December 31, 2025** | **64660** | **47580** | **112240** |

---

Annex C-49

The lease liability is composed of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| (In thousands of euros) | **Offices** | **Data Centers** | **Total** |
| Long term lease liabilities | 47474 | 26674 | 74148 |
| Short term lease liabilities | 10125 | 21338 | 31463 |
| **Total** | **57599** | **48012** | **105611** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| (In thousands of euros) | **Offices** | **Data Centers** | **Total** |
| Long term lease liabilities | 47828 | 26305 | 74133 |
| Short term lease liabilities | 9812 | 13956 | 23768 |
| **Total** | **57640** | **40261** | **97901** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| (In thousands of euros) | **Offices** | **Data Centers** | **Total** |
| Long term lease liabilities | 53955 | 35550 | 89505 |
| Short term lease liabilities | 12615 | 15832 | 28447 |
| **Total** | **66570** | **51382** | **117952** |

---

As of December 31, 2025, the future minimum lease payments were as follows:

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of euros) | **Offices** | **Data Centers** | **Total** |
| 2026 | 13209 | 15238 | 28447 |
| 2027 | 16541 | 17889 | 34430 |
| 2028 | 14121 | 13383 | 27504 |
| 2029 | 11664 | 6678 | 18342 |
| 2030 | 8862 | 503 | 9365 |
| 2031 and after | 7952 | 384 | 8335 |
| **Total future lease payments** | **72349** | **54075** | **126423** |
| Less Imputed Interest | (5778) | (2693) | (8471) |
| **Total lease liability balance** | **66571** | **51382** | **117952** |

---

As of December 31, 2025, we have additional leases, for offices and data centers, that have not

yet commenced which will result in additional operating lease liabilities and right of use assets of

approximately €21.9 million and €21.9 million respectively. These operating leases will

commence in 2026.

Annex C-50

Note 17 - Trade Receivables

The following table shows the breakdown in trade receivables net book value for the presented

periods:

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of euros) | December 31, <br>2023<br>| December 31, <br>2024<br>| December 31, <br>2025<br>|
| Trade accounts receivables | 741126 | 798413 | 517433 |
| Less provision for credit losses | (39239) | (27543) | (22037) |
| **Net book value at end of period**  | **701887** | **770870** | **495396** |

---

Changes in allowance for doubtful accounts are summarized below:

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of euros) | December 31, <br>2023<br>| December 31, <br>2024<br>| December 31, <br>2025<br>|
| **Balance at beginning of period** | **(44818)** | **(39239)** | **(27543)** |
| Provision for doubtful accounts | (13106) | (11931) | (10199) |
| Reversal of provision | 17977 | 24670 | 13766 |
| Currency translation adjustment | 708 | (1043) | 1939 |
| **Balance at end of period** | **(39239)** | **(27543)** | **(22037)** |

---

Accounts receivable balances are written-off once the receivables are no longer deemed

collectible.

Credit risk is defined as an unexpected loss in cash and earnings if the client is unable to pay its

obligations in due time. We perform internal ongoing credit risk evaluations of our clients. When

a possible risk exposure is identified, we require prepayments or impair Customer credit.

During 2025, a large US retailer – that is a customer primarily in our Performance Media

segment – experienced financial difficulty and subsequently filed for bankruptcy. As of year end

2025, the Company recorded a full allowance for €5.2 million ($5.9 million) for the related

receivables.

As of December 31, 2025, and 2024, no customer accounted for 10% or more of our gross

accounts receivables.

Note 18 – Other Current Assets

The following table shows the breakdown in other current assets net book value for the

presented periods:

Annex C-51

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of euros) | December 31, <br>2023<br>| December 31, <br>2024<br>| December 31, <br>2025<br>|
| Prepayments to suppliers | 6786 | 10585 | 3279 |
| Employee-related receivables | 880 | 153 | 689 |
| Taxes receivables | 98905 | 51866 | 48542 |
| Other debtors | 4107 | 5442 | 5927 |
| Indemnification assets | 593 |  |  |
| Prepaid expenses | 23973 | 18747 | 13499 |
| Gross book value at end of period  | **135244** | **86793** | **71936** |
| Net book value at end of period | **135244** | **86793** | **71936** |

---

Note 19 – Cash and Cash Equivalents

**Consolidated Statement of the Financial Position**

The following table presents for each reported period, the breakdown of cash and cash

equivalents:

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of euros) | December 31, <br>2023<br>| December 31, <br>2024<br>| December 31, <br>2025<br>|
| Interest-bearing bank deposits | 45995 | 37772 | 154710 |
| Cash equivalents | 258045 | 242123 | 136318 |
| **Total Cash & cash equivalents** | **304040** | **279895** | **291028** |

---

The short-term investments included investments in money market funds and interest–bearing

bank deposits which met IFRS 7 — Statement of Cash Flow criteria: short-term, highly liquid

investments, for which the risks of changes in value are considered to be insignificant.

Interest-bearing bank deposits are considered level 2 financial instruments as they are

measured using valuation techniques based on observable market data. For the cash and cash

equivalents, the fair value approximates the carrying amount, given the nature of the cash and

cash equivalents and the maturity of the expected cash flows.

**Consolidated Statement of Cash Flow** 

The breakdown of cash & cash equivalents presented in the Consolidated Statement of Cash

Flow can be reconciled with the financial statement position as follows:

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of euros) | December 31, <br>2023<br>| December 31, <br>2024<br>| December 31, <br>2025<br>|
| Cash & cash equivalents | 304,040 | 279,895 | 291,028 |
| **Net cash and cash equivalents** | **304,040** | **279,895** | **291,028** |

---

Annex C-52

Note 20 – Common shares

The Group manages its capital to ensure that entities in the Company will be able to continue as

a going concern while maximizing the return to shareholders through the optimization of the

debt and equity balance.

Our capital structure consists of financial liabilities (net debt) and equity (issued capital,

reserves, retained earnings and non-controlling interests).

The Group is not subject to any externally imposed capital requirements.

**Change in Number of Shares** 

---

| | |
|:---|:---|
| Change in number of shares | Number of ordinary shares |
| **Balance at January 1, 2024** | **55765091** |
| *of which Common stock* | *61165663* |
| *of which Treasury stock* | *(5400572)* |
| Issuance of shares under share option and free share plans<sup>(1)</sup> | (3420824) |
| Treasury shares issued for RSU vesting | 2366158 |
| Treasury shares issued for LUS vesting | 1953761 |
| Treasury shares retired<sup>(1)</sup> | 3590000 |
| Share repurchase program | (5976764) |
| **Balance at December 31, 2024** | **54277422** |
| *of which Common stock* | *57744839* |
| *of which Treasury stock* | *(3467417)* |
| Issuance of shares under share option and free share plans<sup>(2)</sup> | (2084944) |
| Treasury shares issued for RSU vesting | 2157390 |
| Treasury shares retired <sup>(2)</sup> | 2195000 |
| Share repurchase program | (5393002) |
| **Balance at December 31, 2025** | **51151866** |
| *of which Common stock* | *55659895* |
| *of which Treasury stock* | *(4508029)* |

---

<sup>(1)</sup> Approved by the Board of Directors on April 25 and December 5, 2024

<sup>(2)</sup> Approved by the Board of Directors on December 8, 2025

Annex C-53

Note 21 – Earnings Per Share

**Basic Earnings Per Share**

The Group calculates basic earnings per share by dividing the net income for the period

attributable to shareholders of the Parent company by the weighted average number of shares

outstanding.

---

| | | | |
|:---|:---|:---|:---|
| | December 31, <br>2023<br>| December 31, <br>2024<br>| December 31, <br>2025<br>|
| Net income attributable to shareholders of Criteo S.A. | 44175 | 109812 | 122910 |
| Weighted average number of shares outstanding | 56170658 | 54817136 | 52934526 |
| **Basic earnings per share** | **0.79 €** | **2.00 €** | **2.32 €** |

---

**Diluted Earnings Per Share**

Diluted EPS considers the impact of potentially dilutive shares not yet issued from share-based

compensation plans. There were no other potentially dilutive instruments outstanding as of

December 31, 2025, 2024 and 2023. Consequently all potential dilutive effects from shares are

considered.

For each period presented, a contract to issue a certain number of shares (i.e., stock options

and nonemployee warrants) was assessed as potentially dilutive, if it was "in the money" (i.e.,

the exercise or settlement price is lower than the average market price).

---

| | | | |
|:---|:---|:---|:---|
| | December 31, <br>2023<br>| | |
| **Net income attributable to shareholders of Criteo S.A.** | **44175** | December 31, <br>2024<br>**109812** | December 31, <br>2025<br>**122910** |
| Weighted average number of shares outstanding of Criteo <br>S.A.<br>| 56170658 | 54817136 | 52934526 |
| Dilutive effect of : | 3084564 | 2328272 | 262021 |
| - Restricted share awards | 2934019 | 2159752 | 250625 |
| - Share options (OSA) and BSPCE | 98384 | 113656 | 10309 |
| - Share warrants | 52161 | 54864 | 1087 |
| **Weighted average number of shares outstanding used to** <br>**determine diluted earnings per share**<br>| **59255222** | **57145408** | **53196547** |
| **Diluted earnings per share** | **0.75 €** | **1.92 €** | **2.31 €** |

---

Annex C-54

Note 22 – Employee Benefits

**Defined Benefit Plans**

According to the French law and the Syntec Collective Agreement, French employees are

entitled to compensation paid on retirement, equal to up to twelve months of their salary based

on term of employment.

The following table summarizes the changes in the projected benefit obligation:

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of euros) | December 31, <br>2023<br>| December 31, <br>2024<br>| December 31, <br>2025<br>|
| **Defined Benefit Obligation present value - Beginning of** <br>**period**<br>| **3633** | **3739** | **4544** |
| Service cost | 371 | 458 | 694 |
| Finance cost | 149 | 146 | 177 |
| Actuarial losses (gains) | (414) | 201 | (550) |
| **Defined Benefit Obligation present value - End of period** | **3739** | **4544** | **4865** |

---

The Company does not hold any plan assets for any of the periods presented.

The reconciliation of the changes in the present value of projected benefit obligation with the

Consolidated Statement of Income for the presented periods is illustrated in the following table:

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of euros) | December 31, <br>2023<br>| December 31, <br>2024<br>| December 31, <br>2025<br>|
| Service cost | (371) | (458) | (694) |
| *- Research and development expense* | *(243)* | *(305)* | *(384)* |
| *- Sales and operations expense* | *45* | *29* | *(90)* |
| *- General and administrative expense* | *(173)* | *(182)* | *(220)* |
| Finance cost | (149) | (146) | (177) |
| *- Finance income (expense)* | *(149)* | *(146)* | *(177)* |
| Actuarial (losses) gains | 414 | (201) | 550 |
| *- Other comprehensive (loss) income* | *414* | *(201)* | *550* |

---

The main assumptions used for the purposes of the actuarial valuations are listed below:

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, <br>2023<br>| December 31, <br>2024<br>| December 31, <br>2025<br>|
| Discount rate (Corp AA) | 3.9% | 3.9% | 4.5% |
| Expected rate of salary increase | 7.0% | 7.0% | 7.0% |
| Expected rate of social charges | 48% | 49% | 50% |
| Estimated retirement age | Company based <br>table<br>| Company based <br>table<br>| Company based <br>table<br>|
| Life table | TH-TF <br>2000-2002 <br>shifted<br>| TH-TF <br>2000-2002 <br>shifted<br>| TH-TF <br>2000-2002 <br>shifted<br>|
| Staff turnover assumptions | Company <br>historical table<br>| Company <br>historical table<br>| Company <br>historical table<br>|

---

Annex C-55

**Defined Contribution Plans**

The Company also provides qualified defined contribution plans primarily in France, the United

States, and the United Kingdom. The most significant of these plans is the 401(k) Plan, which

covers eligible U.S. employees. Employees can contribute to the plans a specified percentage

of their eligible compensation, subject to matching contributions from the Company on behalf of

the eligible employee. The following table shows the Company's agreed contributions, reported

in the Consolidated Statement of Operations for the period.

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of euros) | December 31, <br>2023<br>| December 31, <br>2024<br>| December 31, <br>2025<br>|
| Defined contributions plans included in personnel expenses | (16598) | (17616) | (17758) |

---

Note 23 – Financial Liabilities

The Company holds derivative financial instruments in order to manage and reduce exposure to

the risk of exchange rate fluctuations.

The changes in current and non-current financial liabilities during the periods ended December

31, 2025 are illustrated in the following schedules:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (In thousands of euros) | December 31, <br>2024<br>| New borrowings | Repayments | Change in scope | Other | Currency translation <br>adjustment <br>| December 31, <br>2025<br>|
| Other financial liabilities | 286 |  | (71) |  | (215) |  |  |
| **Non current portion** | **286** | **—** | **(71)** | **—** | **(215)** | **—** | **—** |
| Other financial liabilities | 37 |  |  |  | 215 | (42) | 210 |
| Derivatives | 2943 | 6723 |  |  |  |  | 9666 |
| **Current portion** | **2980** | **6723** | **—** | **—** | **215** | **(42)** | **9876** |
| Other financial liabilities | 323 |  | (71) |  |  | (42) | 210 |
| Derivatives | 2943 | 6723 |  |  |  |  | 9666 |
| **Total** | **3266** | **6723** | **(71)** | **—** | **—** | **(42)** | **9876** |

---

Annex C-56

We are party to several revolving credit facilities with third-party financial institutions. Our loans

and RCF agreements are presented in the table below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Date | Nominal/ <br>Authorized <br>amounts (in <br>thousands of <br>euros)<br>| Amount drawn  | Balance as of <br>December 31, 2025 <br>(in thousands of euros)<br>| Interest rate | Settlement date  |
| **Bank syndicate RCF -** <br>**Criteo SA**<br>|  |  |  |  |  |
| September 1, 2022 | 407000 |  | 407000 | Floating rate : <br>EURIBOR/<br>SOFR + margin <br>depending on <br>leverage ratio <br>| September <br>2027<br>|
| **Other short-term lines of** <br>**credit**<br>|  |  |  |  |  |
|  | 21500 |  | 21500 | EURIBOR |  |

---

The Bank Syndicate Revolving Line of Credit (RCF) is an unsecured sustainability-linked facility,

subject to financial and nonfinancial covenants linked to our sustainability goals. As of year-end

December 31, 2025, and 2024, we were in compliance with the required covenants.

On November 17, 2023, we updated certain terms of our €407.0 million syndicated credit facility

to a €407.0 million sustainability-linked credit facility, the framework for which was provided for

in the initial credit facility agreement. Certain terms and conditions of the amended credit facility

are now linked to our sustainability goals to increase the representation of women in tech roles

and reduce our GHG emissions, while the rest of the credit facility agreement remains

unchanged.

As of December 31, 2025, and 2024, no amounts have been drawn or are outstanding under

the revolving credit facility.

We are also party to short-term credit lines in the form of overdraft facilities with HSBC plc, BNP

Paribas and LCL with an authorization to draw up to a maximum of €21.5 million in the

aggregate under the short-term credit lines and overdraft facilities. As of December 31, 2025, we

had not drawn on any of these facilities. Any loans or overdrafts under these short-term facilities

bear interest based on the one month EURIBOR rate or three month EURIBOR rate. As these

facilities are exclusively overdraft facilities, there is no maturity and our banks have the ability to

terminate such facilities on short notice.

Annex C-57

Note 24 – Net debt

The company net debt is calculated by offsetting the cash and cash equivalents from the

financial liabilities.

As shown in note 6 and 19, the market risk is monitored by management, who define the

management policy regarding the consolidated net debt in terms of liquidity, interest rates,

exchange rates and counterparty risk for the upcoming months and analyzes the previous

events (realized transactions, financial results).

The following tables show the maturity and allocation by currency of our financial liabilities and

cash and cash equivalents.

**Net debt by maturity**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (In thousands of euros) | Carrying <br>value  | Maturity | Maturity | Maturity | Maturity | Maturity |
| (In thousands of euros) | Carrying <br>value  | 2026 | 2027 | 2028 | 2029 | 2030 |
| Other financial liabilities | 210 | 210 |  |  |  |  |
| Derivatives | 9666 | 9666 |  |  |  |  |
| **Financial liabilities** | **9876** | **9876** | **—** | **—** | **—** | **—** |
| Cash and cash equivalents | 291028 | 291028 |  |  |  |  |
| **Net financial debt** | **(281152)** | **(281152)** | **—** | **—** | **—** | **—** |

---

**Net debt by currency**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (In thousands of euros) | Carrying <br>value  | Currency | Currency | Currency | Currency | Currency |
| (In thousands of euros) | Carrying <br>value  | EUR | GBP | USD | JPY | Others |
| Other financial liabilities | 210 | 196 |  | 14 |  |  |
| Derivatives | 9666 | 9666 |  |  |  |  |
| **Financial liabilities** | **9876** | **9862** | **—** | **14** | **—** | **—** |
| Cash and cash equivalents | 291028 | 114810 | 1873 | 141398 | 16499 | 16448 |
| **Net financial debt** | **(281152)** | **(104948)** | **(1873)** | **(141384)** | **(16499)** | **(16448)** |

---

Annex C-58

Note 25 – Contingencies

The change in contingencies is detailed in the following table:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (In thousands of euros) | Provision for <br>employee related <br>litigation<br>| Provision for tax <br>related litigation<br>| Other provisions | Total |
| **Balance at January 1, 2024** | **370** | **29970** | **1582** | **31922** |
| Charges | 723 |  |  | 723 |
| Provision used | (186) |  |  | (186) |
| Provision released not used | (39) |  | (637) | (676) |
| Currency translation adjustments | (14) |  | 10 | (4) |
| **Balance at December 31, 2024** | **854** | **29970** | **955** | **31779** |
| Charges | 113 | 2887 | 6509 | 9509 |
| Provision reversed not used | (331) |  |  | (331) |
| Currency translation adjustments | (37) | (770) | (237) | (1044) |
| Other |  | (13398) |  | (13398) |
| **Balance at December 31, 2025** | **599** | **18689** | **7227** | **26515** |
| of which current | 599 | 28 | 7227 | 7854 |

---

*Legal and Regulatory Matters*

Following a complaint from Privacy International against a number of advertising technology

companies with certain data protection authorities, including in France, France's Commission

Nationale de l'Informatique et des Libertés (the "CNIL") opened a formal investigation in January

2020 against Criteo. In June 2023, the CNIL issued its decision, which retained alleged

European Union's General Data Protection Regulation ("GDPR") violations but reduced the

financial sanction against Criteo from the original amount of €60 million ($70.5 million) to

€40 million ($47.0 million). Criteo issued the required sanction payment during the third quarter

of 2023. The decision relates to past matters and does not include any obligation for Criteo to

change its current practices. Criteo has appealed this decision before the French Council of

State (Conseil d'Etat).

As previously disclosed, the Company is party to a claim (Doe vs. GoodRx Holdings, Inc. et al.

in the US District Court for the Northern District of California) alleging violations of various state

and federal laws. In the third quarter of 2025, the Company agreed to settle the matter for

$7.0 million, subject to court approval. In January 2026, the court denied approval of the

proposed settlement.

The Company continues to engage in discussions with the plaintiffs and GoodRx to address the

Judge's requests and re-file the settlement agreement. Based on management's assessment of

the underlying facts and circumstances, including the status of settlement discussions and the

indemnification arrangement with GoodRx, the Company recognized an estimated probable loss

$7.0 million (€6.0 million) within "Contingencies-current portion" as of December 31, 2025.

GoodRx has agreed to indemnify Criteo for $5.5 million (€4.7 million) in connection with this

matter, and the Company recognized an indemnification receivable of $5.5 million (€4.7 million)

within "Prepaid expenses and other current assets". The resulting estimated net probable loss of

Annex C-59

$1.5 million (€1.3 million) was recognized within "General and administrative expenses" in the

Company's consolidated statement of operations for the year ended December 31, 2025. The

results of legal proceedings are inherently uncertain and it is reasonably possible that the

ultimate loss may differ from our estimate.

On July 9, 2025, a putative class action was filed against the Company, CVS and others in the

U.S. District Court for the Central District of California, alleging violations of various laws

regarding sensitive health and personal information. On October 27, 2025, the action was

dismissed with respect to the Company. On November 7, 2025, a second amended putative

class action complaint was filed against the Company, CVS and others in the U.S. District Court

for the Central District of California, again alleging violations of various laws regarding sensitive

health and personal information. The plaintiffs seek damages and injunctive relief. We dispute

the allegations of wrongdoing and intend to defend ourselves vigorously in these matters. On

January 30, 2026, the plaintiff filed a stipulation to dismiss the case, and the parties are

currently engaged in mediation.

On October 17, 2025, AlmondNet, Inc. and Intent IQ, LLC filed a patent-infringement lawsuit in

the U.S. District Court for the District of Delaware. The complaint was served to the Company

on October 21, 2025. The plaintiffs seek damages and injunctive relief. We dispute the

allegations of wrongdoing and intend to defend ourselves vigorously in these matters.

*Non income tax risks*

During the year ended December 31, 2025, management reassessed the provision related to

certain non-income tax matters, reducing the balance from €29.9 million to €18.7 million. These

risks were initially identified and recognized as part of the Iponweb Acquisition in 2022. In

accordance with the purchase agreement relating to the acquisition, the Company is indemnified

against specific tax risks, and as such, an indemnification asset has been recorded. The

indemnification asset is recorded as part of "Other noncurrent assets" on the consolidated

statement of financial position.

Note 26 – Other current liabilities

Other current liabilities are presented in the following table:

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of euros) | December 31, <br>2023<br>| December 31, <br>2024<br>| December 31, <br>2025<br>|
| Clients' prepayments | 23421 | 9275 | 3945 |
| Credit notes  | 21099 | 30743 | 31356 |
| Employee-related payables | 102522 | 105140 | 95795 |
| Other taxes payables | 60327 | 18433 | 13632 |
| Accounts payable relating to capital expenditures | 3028 | 1692 | 15426 |
| Earn-out liability - current portion | 45653 | 241 |  |
| Other creditors | 1375 | 4590 | 2850 |
| Deferred revenue | 9 | 1694 | 3222 |
| **Total** | **257434** | **171808** | **166226** |

---

Annex C-60

Accounts payable relating to capital expenditures are primarily related to the purchase of

datacenter equipment.

Note 27 – Commitments and contingencies

**Purchase Obligations** 

As of December 31, 2025, the Group had €58.2 million of other non-cancellable contractual

obligations, primarily related to software licenses, maintenance and bandwidth for the servers.

Note 28 – Expenses by nature

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of euros) | December 31, <br>2023<br>| December 31, <br>2024<br>| December 31, <br>2025<br>|
| Traffic acquisition costs | (856970) | (750323) | (681793) |
| Employee benefits | (500903) | (490725) | (479778) |
| Depreciation and amortization expenses | (92137) | (93518) | (108242) |
| Share-based compensation expenses | (89855) | (82644) | (51638) |
| Lease expenses | (34878) | (34217) | (29249) |
| Other operating expenses | (161611) | (187825) | (194774) |
| **Total expenses** | **(1736354)** | **(1639252)** | **(1545474)** |

---

Annex C-61

Note 29 – Related Parties

The Executive Officers as of December 31, 2025 were:

• Michael Komasinski - Chief Executive Officer

• Sarah Glickman - Chief Financial Officer and Principal Accounting Officer

• Ryan Damon - Chief Legal and Transformation Officer

Total compensation for the Executive Officers, including social contributions, is summarized in

the following table:

---

| | | | |
|:---|:---|:---|:---|
| (In thousands of euros) | December 31, <br>2023<br>| December 31, <br>2024<br>| December 31, <br>2025<br>|
| Short-term benefits <sup>(1) (2)</sup> | (2930) | (5310) | (4375) |
| Share-based compensation <sup>(2)</sup> | (9074) | (13729) | (4197) |
| **Total** | **(12004)** | **(19039)** | **(8572)** |

---

<sup>(1)</sup> *Wages, bonuses and other compensations*

<sup>(2)</sup> *Including former officers departed during the year ended December 31, 2025*

For the year ended December 31, 2025, 2024 and 2023, there were no material related party

transactions.

Note 30 – Subsequent Events

***Share Repurchase Program extension***

On February 6, 2026, the Board of Directors approved an increase to the Company's share

repurchase program for the Company's outstanding American Depositary Shares. As of

February 6, 2026, following this approval, the remaining authorization under the program was up

to $200 million. The Company intends to use repurchased shares under this program primarily

to satisfy employee equity plan vesting in lieu of issuing new shares, which would limit future

dilution to shareholders, and may also use such shares in connection with potential acquisition

transactions.

Annex D-1

**ANNEX D**

**CRITEO S.A.**

**Reconciliation of Cash from Operating Activities to Free Cash Flow**

**(U.S. dollars in thousands, unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| **CASH FROM OPERATING ACTIVITIES** | **$311237** | **$258161** |
| Acquisition of intangible assets, property and equipment | (102739) | (78112) |
| Disposal of intangibles assets, property and equipment | 2013 | 1476 |
| **FREE CASH FLOW** <sup>(1)</sup> | **$210511** | **$181525** |

---

<sup>(1)</sup> Free Cash Flow is defined as cash flow from operating activities less net acquisitions of intangible assets, property and equipment.

Appendix A-1

**APPENDIX A**

***Please note that because we are a French company, the full text of the plan has been translated from French. In***

***the case of any discrepancy between this version and the French version, the French version will prevail.***

**CRITEO**<br>**AMENDED 2016 STOCK OPTION PLAN**<br>

Appendix A-2

***Please note that because we are a French company, the full text of the plan has been translated***

***from French. In the case of any discrepancy between this version and the French version, the***

***French version will prevail.***

![Image_0.jpg](crto-20260508_g29.jpg)

**AMENDED 2016 STOCK OPTION PLAN**

![Image_2.jpg](crto-20260508_g30.jpg)

Adopted by the Board on April 7, 2016

Approved by the Company's combined shareholders' general meeting of June 29, 2016

Amended from time to time. Last amendment by the Board: April 6, 2022 and April 9, 2025

Appendix A-3

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| 1. Purpose of the Plan ...................................................................................................................... | [4](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| 2. Definitions ....................................................................................................................................... | [4](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| 3. Shares Subject to the Plan .......................................................................................................... | [8](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| (a)Number of Shares Available for Grants. .............................................................................. | [8](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| 4. Administration of the Plan ............................................................................................................ | [8](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| (a)General. .................................................................................................................................... | [8](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| (b)Powers of the Administrator. ................................................................................................. | [8](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| (c)Effect of Administrator's Decision. ........................................................................................ | [9](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| 5. Limitations ...................................................................................................................................... | [9](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| (a)U.S. Beneficiaries. .................................................................................................................. | [9](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| 6. Term of Plan ................................................................................................................................... | [10](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| 7. Term of Options ............................................................................................................................. | [10](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| 8. Option Exercise Price and Consideration .................................................................................. | [11](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| (a)Subscription or Purchase Price. ........................................................................................... | [11](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| (b)Prohibition on Repricing. ........................................................................................................ | [11](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| (c)Vesting Period, Minimum Vesting Period and Exercise Dates. ....................................... | [11](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| (d)Form of Consideration. .......................................................................................................... | [12](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| 9. Exercise of Options ....................................................................................................................... | [12](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| (a)Procedure for Exercise; Rights as a Shareholder. ............................................................ | [12](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| (b)Optionee's Continuous Status as a Beneficiary in the event of an Agreed Leave of <br>More Than Three Months. .................................................................................................................<br>| [13](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| (c)Termination of the Optionee's Continuous Status as Beneficiary. .................................. | [13](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| (d)Disability of Optionee. ............................................................................................................ | [14](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| (e)Death of Optionee. .................................................................................................................. | [14](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| 10. Non-Transferability of Options .................................................................................................. | [14](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| 11. Adjustments Upon Changes in Capitalization, Dissolution ................................................... | [14](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| (a)Changes in Capitalization. ..................................................................................................... | [14](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| (b)Dissolution or Liquidation. ..................................................................................................... | [15](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| 12. Change in Control ....................................................................................................................... | [15](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| (a)Assumption or Substitution of Options. ............................................................................... | [15](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| (b)Cashout of Options. ................................................................................................................ | [16](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| (c)Plan Binding on Successors. ................................................................................................ | [16](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| 13. Grant ............................................................................................................................................. | [16](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| 14. Amendment, Modification and Termination of the Plan ......................................................... | [17](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| (a)Amendment and Termination. ............................................................................................... | [17](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| (b)Shareholders' approval. ......................................................................................................... | [17](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| (c)Effect of amendment or termination. .................................................................................... | [17](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| 15. Compliance with Company Policies ......................................................................................... | [17](#i0a082b1cae7543198d8e88d109bed8fd_1) |

---

Appendix A-4

---

| | |
|:---|:---|
| (a)Clawback Policy. ..................................................................................................................... | [17](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| (b)Share Ownership Guidelines. ............................................................................................... | [17](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| 16. U.S. Beneficiaries, Conditions Upon Issuance of Shares .................................................... | [17](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| (a)Legal Compliance. .................................................................................................................. | [17](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| (b)Investment Representations. ................................................................................................ | [17](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| 17. Liability of Company ................................................................................................................... | [18](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| 18. Shareholder Approval ................................................................................................................. | [18](#i0a082b1cae7543198d8e88d109bed8fd_1) |
| 19. Law, Jurisdiction .......................................................................................................................... | [18](#i0a082b1cae7543198d8e88d109bed8fd_1) |

---

Exhibit A – Sub-Plan for Israeli Beneficiaries

Exhibit B – Stock Option Grant Agreement

Part I – Notice of Stock Option Grant

Part II – Terms and Conditions

Appendix A-5

**CRITEO**

**AMENDED 2016 STOCK OPTION PLAN**

**1. Purpose of the Plan**

Pursuant to its decision, taken on April 7, 2016 as approved by the Company's combined

shareholders' general meeting of June 29, 2016, the Board decided, in compliance with the

provisions of articles L. 225-177 et. seq. of the French Commercial Code, to adopt the 2016

stock option plan of the Company, as amended and extended thereafter (the "**Criteo Amended** 

**2016 Stock Option Plan**"), the terms and conditions of which, as amended by the Board from

time to time, are set out below.

The purpose of the Plan is to:

• attract and retain the best available personnel for positions of substantial

responsibility;

• provide additional incentive to Beneficiaries; and

• promote the success of the Company's business.

Options granted under the Plan to U.S. Beneficiaries are intended to be Incentive Stock

Options or Non-Statutory Stock Options, as determined by the Administrator at the time of grant

of an Option, and shall comply in all respects with Applicable Laws in order that they may benefit

from available tax advantages.

**2. Definitions**

(1)"**Administrator**" means the Board, which shall administer the Plan in accordance

with Section 4 of the Plan.

(2)"**Affiliated Company**" means an entity which conforms with the criteria set forth

in article L. 225-180 of the French Commercial Code as follows:

• entities of which at least ten per cent (10%) of the share capital or voting rights

are held directly or indirectly by the Company;

• entities which own directly or indirectly at least ten per cent (10%) of the share

capital or voting rights of the Company; and

• entities of which at least fifty per cent (50%) of the share capital or voting rights

are held directly or indirectly by a company which owns directly or indirectly at

least fifty percent (50%) of the share capital or voting rights of the Company.

(3)"**Agreed Leave**" means any leave of absence having received a prior approval

from the Company or, in the case of a U.S. Beneficiary, requiring no prior approval under U.S.

laws or, in the case of a U.K. Beneficiary, requiring no prior approval under applicable U.K. laws.

Leaves of absence requiring prior approval from the Company shall include leaves of more than

three (3) months for illness or conditions about which the employee has advance knowledge,

military leave, and any other personal leave. Agreed Leave shall not include any absence

considered as effective working time, such as maternity leave of whatever duration, which shall

also not terminate the employment relationship between the Beneficiary and the Company or

any Affiliated Company. Notwithstanding the foregoing, for purposes of U.S. Beneficiaries and

Incentive Stock Options, no such leave may exceed three (3) months, unless reemployment

Appendix A-6

upon expiration of such leave is guaranteed by statute or contract. If reemployment upon

expiration of an Agreed Leave is not so guaranteed, on the 91st day of such leave any Incentive

Stock Option held by a U.S. Beneficiary shall cease to be treated as an Incentive Stock Option

and shall be treated for U.S. tax purposes as a Non-Statutory Stock Option.

(4)"**Applicable Laws**" means for the U.S., the legal requirements related to the

administration of stock option plans under federal and state corporate and securities laws,

including requirements of any exchange or quotation system on which the Shares may then be

listed or quoted, and the Code in force in the United States of America.

(5)"**Beneficiary**" means the chairman of the board of directors (*président du conseil* 

*d'administration)*, the general manager (*directeur général)* and the deputy general managers

(*directeurs généraux délégués)* or, as the case may be, the chairman and the members of the

management board (*président et membres du directoire)* of the Company as well as any

individual employed by the Company or by any Affiliated Company under the terms and

conditions of an employment contract or otherwise, it being specified that a term of office of

director of the Company or director of an Affiliated Company (remunerated or not) shall not be

deemed to constitute an employment relationship.

(6)"**Board**" means the board of directors of the Company.

(7)"**Change in Control**" means (i) a merger (*fusion*) of the Company with or into

another corporation, other than to another corporation, entity or person in which the holders of at

least a majority of the voting rights and share capital of the Company outstanding immediately

prior to such transaction continue to hold (either by such shares remaining outstanding in the

continuing entity or by being converted into shares of voting rights and share capital of the

surviving entity) a majority of the total voting rights and share capital of the Company (or the

surviving entity) outstanding immediately after such transaction (an "**Excluded Entity**"), or (ii)

the sale (*vente*) or other form of transfer by one or several shareholders of the Company to any

person or group of persons of a number of Shares such that the transferee(s) shall own a

majority of the voting rights and share capital of the Company, or (iii) the sale, lease or other

disposition, in a single transaction or in a series of related transactions, of all or substantially all

of the assets of the Company other than to (1) a corporation or other entity of which at least a

majority of its combined voting rights and share capital is owned directly or indirectly by the

Company or (2) an Excluded Entity.

(8)"**Code**" means the United States Internal Revenue Code of 1986, as amended,

including rules, regulations and guidance promulgated thereunder and successor provisions and

rules and regulations thereto.

(9)"**Company**" means CRITEO, a *société anonyme* organized under the laws of the

Republic of France, having its registered office located at 32 rue Blanche, 75009 Paris, France

and registered with the trade and companies registry under number 484 786 249 RCS Paris.

(10)"**Continuous Status as a Beneficiary**" means as regards the chairman of the

board of directors, the general manager, the deputy general manager(s) or, as the case may be,

the chairman and the members of the management board, that the term of their office has not

been terminated and, as regards an employee, that the employment relationship between the

Beneficiary and the Company or any Affiliated Company is not terminated. Continuous Status

as a Beneficiary shall not be considered terminated in the case of an (i) Agreed Leave or (ii)

transfers between locations of the Company or between the Company or any Affiliated

Company or the contrary or also from an Affiliated Company to another Affiliated Company.

(11)"**Date of Grant**" means the date of the decision of the Board to grant the Options.

(12)"**Disability**" means a disability declared further to a medical examination

provided for in article R. 4624-21 of the French Labour Code or pursuant to any similar

provision applicable to a foreign Affiliated Company or Beneficiary.

Appendix A-7

(13)"**Exchange Act**" means the United States Securities Exchange Act of 1934, as

amended.

(14)"**Fair Market Value**" means the value for one Share as determined in good faith

by the Administrator, according to the following provisions, as provided in the Shareholders

Authorization:

i.the Board may determine the subscription or purchase price of a share by

reference to the closing sales price of one American Depositary Share

representing one Share ("**ADS**") on the Nasdaq Global Market for the day

prior to the day of the decision of the Board to grant the Options,

converted to Euros in the manner established by the Board. However, the

purchase or subscription price shall in no case be less than ninety five

percent (95%) of the average of the closing sales price for an ADS as

quoted on said stock exchange market during the twenty market trading

days prior to the Date of Grant; provided that, when an Option allows its

holder to purchase Shares which have been previously purchased by the

Company, then in addition to the minimum price stated above in this

Section 2(n)(i) and in accordance with applicable law, the exercise price

of such Option may not be less than eighty percent (80%) of the average

price paid by the Company for the purchase of the treasury Shares.

ii.for U.S. Beneficiaries, the subscription or purchase price shall not be less

than the fair market value of the Shares on the Date of Grant, determined

as follows (a) if the Shares, or ADSs representing the Shares, are listed or

quoted for trading on an exchange, the value will be deemed to be the

closing sales price of the Shares or ADSs, as applicable, on the principal

exchange upon which such securities are traded or quoted on the day

prior to the day of the decision of the Board to grant the Options,

provided, if such date is not a trading day, on the last market trading day

prior to such date; and (b) if the Shares or ADSs representing the Shares

are not listed or quoted for trading on an exchange, the fair market value

of the Shares as determined by the Board, consistent with the

requirements of Section 422 with respect to Incentive Stock Options, and

Section 409A of the Code with respect to Options not intended to be

Incentive Stock Options.

Except as provided in Sections 11 and 12 of the Plan, the subscription or

purchase price of Shares shall not be modified during the period in which

the Option may be exercised. However, if the Company carries out any of

the actions mentioned in article L. 225-181 of the French Commercial

Code, it must take all necessary measures to protect Optionees' interests

in accordance with article L. 228-99 of the French Commercial Code. In

the case of issuance of securities giving access to the share capital

(*valeurs mobilières donnant accès au capital*), as well as in case of

Company's merger or scission, the Board may decide, for a limited period

of time, to suspend the exercisability of the Options.

(15)**"Incentive Stock Option**" means an Option intended to qualify as an incentive

stock option within the meaning of Section 422 of the Code.

(16) "**Non-Statutory Stock Option**" means an Option which does not qualify as an

Incentive Stock Option.

(17)"**Notice of Grant**" means a written notice evidencing the main terms and

conditions of an individual Option grant. The Notice of Grant is part of the Option Agreement.

Appendix A-8

(18)"**Option**" means an option to purchase or subscribe for Shares granted pursuant

to the Plan.

(19)"**Optionee**" means a Beneficiary who holds at least one outstanding Option.

(20)"**Option Agreement**" means a written agreement entered into between the

Company and an Optionee evidencing the terms and conditions of an individual Option grant.

The Option Agreement is subject to the terms and conditions of the Plan.

(21)"**Parent**" means a "parent corporation", whether now or hereafter existing, as

defined in Section 424(e) of the Code.

(22)"**Plan**" means the Criteo Amended 2016 Stock Option Plan as adopted by the

Board on April 7, 2016 and approved by the Company's combined shareholders' general

meeting of June 29, 2016, and amended from time to time by the Board, including on April 25,

2019, April 23, 2020, April 7, 2021, April 6, 2022, and April 9, 2025.

(23)"**Share**" means one ordinary share (*action ordinaire*) of the Company or an

American Depositary Share representing one Share on the Nasdaq Global Market.

(24)**"Share Capital**" means the issued and paid up capital of the Company.

(25)**"Shareholders Authorization"** means the authorization given by the

shareholders of the Company in the extraordinary general meeting held on June 29, 2016, as

increased, amended or replaced from time to time by a further general meeting of the

shareholders permitting the Board to grant Options.

(26)**"Subsidiary**" means a "subsidiary corporation", whether now or hereafter

existing, as defined in Section 424(f) of the Code.

(27)"**U.K. Beneficiary**" means a Beneficiary of the Company or an Affiliated

Company residing in the U.K. or otherwise subject to U.K. laws, regulations or taxation.

(28)"**U.S. Beneficiary**" means a Beneficiary of the Company or an Affiliated

Company residing in the United States or otherwise subject to United States' laws, regulations

or taxation.

**3. Shares Subject to the Plan** 

a.**Number of Shares Available for Grants**.

i.Subject to the provisions of Sections 11 and 12 of the Plan, the maximum

aggregate number of Shares which may be optioned and issued under

the Plan shall not exceed the number of shares remaining available for

issuance under the Shareholders Authorization. Subject to the foregoing,

for Incentive Stock Options, the maximum number of Shares which may

be optioned and issued is equal to 4,600,000. The Shares optioned and

issued under the Plan may be newly issued Shares, treasury Shares or

Shares purchased on the open market.

ii.Except as provided in Section 11(a), no Beneficiary shall be granted,

within any fiscal year of the Company, Options in respect of more than

2,200,000 Shares.

iii.Should the Option expire or become unexercisable for any reason without

having been exercised in full, the unsubscribed Shares which were

Appendix A-9

subject thereto shall, unless the Plan shall have been terminated, become

available again for future grant under the Plan.

iv.For avoidance of doubt, the following Shares shall be deemed delivered

for purposes of the limits set forth in Section 3(a)(i) and shall <u>not</u> be

available for future grants of Options under the Plan: (1) Shares delivered

by an Optionee (by either actual delivery or by attestation) or withheld by

the Company in payment of the subscription price or exercise price of an

Option and/or any applicable tax withholding obligations relating to an

Option; and (2) Shares purchased on the open market by the Company

with the cash proceeds received from the exercise of Options.

**4. Administration of the Plan**

a.**General.**

The Plan shall be administered by the Administrator.

b.**Powers of the Administrator**.

Subject to the provisions of the French Commercial Code, the Shareholders

Authorization, the Plan, and the Applicable Laws, the Administrator shall have the authority, in its

discretion:

i.to determine the Fair Market Value of the Shares, in accordance with

Section 2(n) of the Plan;

ii.to determine the Beneficiaries to whom Options may be granted

hereunder;

iii.to select the Beneficiaries and determine whether and to what extent

Options are granted hereunder;

iv.to approve or amend forms of Option Agreement for use under the Plan;

v.to determine the terms and conditions of any Options granted hereunder,

consistent with Plan terms. Such terms and conditions include, but are

not limited to, the exercise price, the time or times when Options may be

exercised (which may be based on performance criteria), any vesting

acceleration or waiver of forfeiture restrictions, and any restriction or

limitation regarding any Option or the Shares relating thereto, based in

each case on such factors as the Administrator, in its sole discretion, shall

determine with the exception of the exercise price; it being specified that

the Administrator's discretion remains subject to the rules and limitations

set forth in this Plan and in the French Commercial Code;

vi.to construe and interpret the terms of the Plan and Options granted

pursuant to the Plan;

vii.to prescribe, amend and rescind rules and regulations relating to the Plan,

including rules and regulations relating to sub-plans established for the

purpose of qualifying for preferred tax treatment under foreign tax laws;

viii.to modify or amend each Option (subject to the provisions of Section

14(c) of the Plan), including, without limitation, the discretionary authority

to accelerate the vesting of Options, to allow for Options to continue to

vest after an Optionee's termination of Continuous Status as a

Appendix A-10

Beneficiary, or to extend the post-termination exercise period of Options

after the termination of the employment agreement or the end of the term

of office longer than is otherwise provided for in the Plan, but in no event

beyond the original Option term;

ix.to authorize any person to execute on behalf of the Company any

instrument required to effect the grant of an Option previously granted by

the Administrator;

x.to determine the terms and restrictions applicable to Options; and

xi.to make all other determinations deemed necessary or appropriate for

administering the Plan.

c.**Effect of Administrator's Decision**.

The Administrator's decisions, determinations and interpretations shall be final and

binding on all Optionees and any other concerned parties.

**5. Limitations**

a.**U.S. Beneficiaries.**

i.In the case of U.S. Beneficiaries, each Option shall be designated in the

Notice of Grant either as an Incentive Stock Option or as a Non-Statutory

Stock Option. Incentive Stock Options may only be granted to

Beneficiaries who meet the definition of "employees" under Section

3401(c) of the Code of the Company or a Parent or Subsidiary of the

Company.

ii.The aggregate Fair Market Value of the Shares covered by Incentive

Stock Options granted under the Plan or any other stock option program

of the Company (or any Parent or Subsidiary of the Company) that

become exercisable for the first time in any calendar year shall not

exceed U.S. $100,000. To the extent the aggregate Fair Market Value of

such Shares exceeds U.S. $100,000, the Options covering those Shares

the Fair Market Value of which causes the aggregate Fair Market Value of

all such Shares to be in excess of U.S. $100,000 shall be treated as

Non-Statutory Stock Options. Incentive Stock Options shall be taken into

account in the order in which they were granted, and the aggregate Fair

Market Value of the Shares shall be determined as of the Date of the

Grant.

iii.Non-Statutory Stock Options granted to U.S. Beneficiaries may only be

granted to Beneficiaries in respect of whom the Company is an "eligible

issuer of service recipient stock" and the Shares are "service recipient

stock", each within the meaning of Section 409A of the Code.

b.The Options are governed by articles L. 225-177 and following of the French

Commercial Code. They are not part of the employment agreement or of the office which has

allowed the Optionee to be granted the Option. Neither do they constitute an element of the

Optionee's remuneration. Neither the Plan nor any Option shall confer upon an Optionee any

right with respect to continuing the Optionee's employment or his term of office with the

Company or any Affiliated Company, nor shall they interfere in any way with the Optionee's right

or the Company's or Affiliated Company's right, as the case may be, to terminate such

employment or such term of office at any time, with or without cause.

Appendix A-11

c.Other than as expressly provided hereunder, no member of the Board or of the

supervisory board (in the event of change of management formula of the Company) or of an

equivalent management body of an Affiliated Company shall be as such eligible to receive

Options under the Plan.

**6. Term of Plan**

The Plan was first adopted by the Board on April 7, 2016, and approved by the

shareholders of the Company at the Company's combined shareholders' general meeting on

June 29, 2016. On April 9, 2025 (the "**Board Approval Date**"), the Board approved an

amendment and restatement to the Plan, to extend the termination date of the Plan from June

29, 2026 to June 13, 2035 (the "**Termination Date**"), subject to the approval of the shareholders

of the Company in accordance with Section 18 of the Plan and effective as of such shareholder

approval date. Subject to approval of the shareholders of the Company, the Plan shall continue

in effect until the Termination Date or until all Shares subject to the Plan have been purchased

according to the provisions of the Plan, unless terminated earlier under Section 14 of the Plan.

Notwithstanding the foregoing, Incentive Stock Options may not be granted under the Plan after

the 10th anniversary of the Board Approval Date.

**7. Term of Options**

The term of each Option shall be stated in the Notice of Grant as nine years and six

months from the Date of Grant, in accordance with the Shareholders Authorization, subject to

the specific provisions applicable in the event of death or Disability during such nine year and

six month period. Notwithstanding the foregoing, in the case of an Incentive Stock Option

granted to a U.S. Beneficiary who, at the time the Incentive Stock Option is granted, owns stock

representing more than ten percent (10%) of the voting rights of all classes of stock of the

Company or any Parent or Subsidiary of the Company and, to the extent such Beneficiary is

permitted by the French Commercial Code to receive Option grants, the term of the Option shall

be no more than five (5) years from the Date of Grant.

**8. Option Exercise Price and Consideration**

a.**Subscription or Purchase Price**.

The per Share subscription or purchase price for the Shares to be issued or sold

pursuant to exercise of an Option shall be determined by the Administrator on the basis of the

Fair Market Value.

i.In the case of an Incentive Stock Option granted to a U.S. Beneficiary

who, at the time the Incentive Stock Option is granted, owns stock

representing more than ten percent (10%) of the voting rights of all

classes of stock of the Company or any Parent or Subsidiary of the

Company and, to the extent such Beneficiary is permitted by the French

Commercial Code to receive Option grants, the per Share subscription or

purchase price shall be no less than one hundred ten percent (110%) of

the Fair Market Value per Share on the Date of Grant as defined in

Section 2(n)(ii);

ii.In the case of a Non-Statutory Stock Option or Incentive Stock Option,

not covered by Section 8(a)(i) above, granted to any U.S. Beneficiary, the

per Share subscription or purchase price shall be no less than one

hundred percent (100%) of the Fair Market Value per Share on the Date

of Grant as defined in Section 2(n)(ii).

b.**Prohibition on Repricing.** 

Appendix A-12

Subject to limitations imposed by Section 409A of the Code, Applicable Laws and the

French Commercial Code and except as provided in Sections 11 and 12 of the Plan, in no event

shall the subscription or purchase price with respect to an Option be reduced following the Date

of Grant of an Option, nor shall an Option be cancelled in exchange for a replacement Option

with a lower exercise price or cash payment without shareholder approval.

c.**Vesting Period, Minimum Vesting Period and Exercise Dates**.

i.At the time an Option is granted, the Administrator shall fix the period

within which the Option may be exercised and shall determine any

conditions which must be satisfied before the Option may be exercised. In

so doing, the Administrator may specify that an Option may not be

exercised until the completion of a service period in the Company or an

Affiliated Company. Any Option granted hereunder shall provide for a

vesting period of at least one (1) year following the Date of Grant.

ii.Notwithstanding anything set forth in Section 8(c)(i) to the contrary,

Options representing a maximum of five percent (5%) of the Shares

reserved for issuance under Section 3(a)(i) may be granted hereunder

without any minimum vesting condition. Further, nothing in Section 8(c)(i)

shall limit the Company's ability to grant Options that contain rights to

accelerated vesting on an Optionee's termination of Continuous Status as

a Beneficiary or to otherwise accelerate vesting, including, without

limitation, upon a Change in Control.

d.**Form of Consideration**.

The consideration to be paid for the Shares to be issued or purchased upon exercise of

Options, including the method of payment, shall be determined by the Administrator. Unless

otherwise provided in the Option Agreement, such consideration shall consist entirely of an

amount in Euro or U.S. dollars corresponding to the exercise price which shall be paid by wire

transfer. To the extent permitted by the Administrator, payment of consideration for the Shares

(and/or any applicable tax withholdings) may be made by instructing the Company to withhold a

number of Shares having a Fair Market Value equal to the product of (1) the subscription or

exercise price per Share (plus tax withholdings, if applicable) multiplied by (2) the number of

Shares in respect of which the Option shall have been exercised.

In the event that, as a consequence of the exercise of an Option, the Company or any

Affiliated Company shall be compelled to pay taxes, social costs or any other social security

taxes or contributions on behalf of the Optionee, the Option shall not be deemed duly exercised

until the Optionee has paid to the Company or to the relevant Affiliated Company the amount

corresponding to such taxes, social costs, or social security taxes or contributions.

Where the Company (or any Affiliated Company) is required, as a result of the exercise

of an Option, to pay or account for any amount of U.K. tax or U.K. class 1 primary national

insurance contributions, it shall be a condition of exercise of the relevant Option that the relevant

Beneficiary shall, at the time of exercise, have remitted to the Company in cleared funds an

amount equal to the liability to pay U.K. income tax or U.K. class 1 primary national insurance

contributions or have entered into such other arrangements with the Company or the relevant

Affiliated Company to discharge such liability as the Company may in its absolute discretion

approve.

As a condition of grant of an Option hereunder, each Beneficiary agrees to pay to the

Company or any Affiliated Company an amount equal to the Company or the Affiliated

Company's liability to pay class 1 secondary national insurance contributions arising on the

exercise of an Option, and the Beneficiary shall be required to pay such amount on the exercise

of the Option (failing which any purported exercise of the Option shall be invalid).

Appendix A-13

**9. Exercise of Options** 

a.**Procedure for Exercise; Rights as a Shareholder**.

Any Option granted hereunder shall be exercisable according to the terms of the Plan

and at such times and under such conditions as determined by the Administrator and set forth in

the Option Agreement.

An Option may not be exercised for a fraction of a Share. Unless otherwise provided in

an Option Agreement, the number of Shares in respect of which an Option can be exercised

pursuant to an Option will always be rounded to the nearest whole number, provided however

that the rounding does not result in the issuance of Shares pursuant to the exercise of an Option

in an amount that exceeds the total number of Shares granted under the Option.

Subject to the provisions of Section 8(d) of the Plan, an Option shall be deemed

exercised when the Company receives: (i) written notice of exercise (in accordance with the

provisions of the Option Agreement) together with a share subscription or purchase form

(*bulletin de souscription ou d'achat*) duly executed by the person entitled to exercise the Option,

and (ii) full payment for the Shares with respect to which the Option is exercised in accordance

with Section 8(d) of the Plan.

Upon exercise of an Option, the Shares issued or sold to the Optionee shall be

assimilated with all other Shares of the Company of the same class and shall be entitled to

dividends once the Shares are issued for the fiscal year during which the Option is exercised.

For the avoidance of doubt, an Option shall not entitle an Optionee to receive any dividends

paid prior to the date of exercise of such Option and in no event shall dividend equivalents be

payable with respect to Options.

***In the event that a Beneficiary infringes one of the above mentioned commitments,*** 

***such Beneficiary shall be liable for any consequences resulting from such infringement*** 

***for the Company and undertakes to indemnify the Company in respect of all amounts*** 

***payable by the Company in connection with such infringement.***

Granting of an Option in any manner shall result in a decrease in the number of Shares

which thereafter may be available for purposes of the Plan, by the number of Shares as to which

the Option may be exercised.

b.**Optionee's Continuous Status as a Beneficiary in the event of an Agreed** 

**Leave of More Than Three Months.**

Unless otherwise required by Applicable Laws, in the event an Optionee is on an Agreed

Leave for more than three (3) months, such Optionee's Options shall (a) stop vesting on the first

day of the calendar quarter immediately following the calendar quarter during which the Agreed

Leave began and (b) resume vesting on the first day of the calendar quarter immediately

following the calendar quarter in which the Agreed Leave ends. As a result of any Agreed Leave,

the vesting period for such Optionee's Options shall be extended in accordance with this

Section 9(b).

c.**Termination of the Optionee's Continuous Status as Beneficiary**.

Upon termination of an Optionee's Continuous Status as a Beneficiary (including by

reason of the Beneficiary's employer ceasing to be an Affiliated Company), other than upon the

Optionee's death or Disability, the Optionee may exercise his or her Options only within such

period of time as is specified in the Notice of Grant and only for the part of the Options that the

Optionee was entitled to exercise at the date of termination (but in no event later than the

expiration of the term of such Options as set forth in the Notice of Grant). Unless a longer

period is specified in the Notice of Grant or otherwise resolved by the Board, an Option shall

Appendix A-14

remain exercisable for ninety (90) days following the Optionee's termination of Continuous

Status as a Beneficiary. In the case of an Incentive Stock Option, such a period cannot exceed

three (3) months following the Optionee's termination of Continuous Status as a Beneficiary

(other than in the case of the Optionee's death or disability as defined in Section 22(e)(3) of the

Code) or the Option will be treated as a Non-Statutory Stock Option. If, at the date of

termination, the Optionee is not entitled to exercise all his or her Options, the Shares covered by

the unexercisable portion of Options shall revert to the Plan. If, after termination, the Optionee

does not exercise all of his or her Options within the time specified by the Administrator, the

Options shall terminate, and the Shares covered by such Options shall revert to the Plan.

d.**Disability of Optionee**.

In the event that an Optionee's Continuous Status as a Beneficiary terminates as a result

of the Optionee's Disability, unless otherwise resolved by the Board, the Optionee may exercise

his or her Options at any time within six (6) months from the date of such termination, but only to

the extent these Options are exercisable at the time of termination (but in no event later than the

expiration of the term of such Options as set forth in the Notice of Grant). If, at the date of

termination, the Optionee is not entitled to exercise all of his or her Options, the Shares covered

by the unexercised portion of Options shall revert to the Plan. If, after termination, the Optionee

does not exercise all of his or her Options within the time specified herein or otherwise resolved

by the Board, the Options shall terminate, and the Shares covered by such Options shall revert

to the Plan.

e.**Death of Optionee**.

In the event of the death of an Optionee during the term of the Options, unless otherwise

resolved by the Board, the Options may be exercised at any time within six (6) months following

the date of death, by the Optionee's estate or by a person who acquired the right to exercise the

Option by bequest or inheritance. If, after death, the Optionee's estate or a person who acquired

the right to exercise the Options by bequest or inheritance does not exercise the Options within

the time specified herein, the Options shall terminate, and the Shares covered by such Options

shall revert to the Plan.

**10. Non-Transferability of Options**

An Option may not be sold, pledged, assigned, hypothecated, transferred or disposed of

in any manner other than by will or by laws of descent or distribution and may be exercised,

during the lifetime of the Optionee, only by the Optionee.

**11. Adjustments Upon Changes in Capitalization, Dissolution**

a.**Changes in Capitalization**.

i.In the event of the carrying out by the Company of any of the financial

operations pursuant to article L. 225-181 of the French Commercial Code

as follows:

1. amortization or reduction of the share capital,

2. amendment of the allocation of profits,

3. distribution of free shares,

4. capitalization of reserves, profits, issuance premiums,

Appendix A-15

5. the issuance of shares or securities giving right to shares to be

subscribed for in cash or by set-off of existing indebtedness

offered exclusively to the shareholders;

the Company shall take the required measures to protect the interest of

the Optionees in the conditions set forth in article L. 228-99 of the French

Commercial Code.

ii.Without prejudice to Section 11(a)(i) or Section 12, in the event of any

change in corporate capitalization, such as a stock split, or a corporate

transaction, such as any merger, consolidation, separation, including a

split-up, or other distribution of stock or property of the Company, any

reorganization or any partial or complete liquidation of the Company, the

Board shall make such adjustment in the number and class of Shares

which may be delivered under Section 3, in the exercise or purchase price

per share under any outstanding Option in order to prevent dilution or

enlargement of Beneficiaries' rights under the Plan, and in the Option

limits set forth in Section 3 as it determines to be appropriate and

equitable, in its sole discretion, to prevent dilution or enlargement of

rights; provided, however, that the number of Shares subject to any

Option shall always be a whole number; provided, further, that no such

adjustment shall cause any Option hereunder which is or becomes

subject to Section 409A of the Code to fail to comply with the

requirements of such section.

b.**Dissolution or Liquidation**.

In the event of the proposed dissolution or liquidation of the Company, to the extent that

an Option has not been previously exercised, it will terminate immediately prior to the

consummation of such proposed action. The Administrator may, in the exercise of its sole

discretion in such instances, declare that any Option shall terminate as of a date determined by

the Administrator and give each Optionee the right to exercise his or her Options as to Shares

for which the Options would not otherwise be exercisable.

**12. Change in Control**

a.**Assumption or Substitution of Options.**

i.Unless otherwise provided by the Board, an agreement between the

Company or an Affiliated Company and the Optionee or in the Notice of

Grant, in the event of a Change in Control, each outstanding Option will

be assumed or an equivalent option or right substituted by the successor

corporation or a Parent or Subsidiary of the successor corporation. In the

event that the successor corporation or Parent or Subsidiary of the

successor corporation does not agree to assume or substitute for the

outstanding Options, each Option that is not assumed or substituted for,

will accelerate and become fully vested and exercisable prior to the

consummation of the Change in Control at such time and on such

conditions as the Administrator shall determine. In addition, if an Option

becomes fully vested and exercisable in lieu of assumption or substitution

in the event of a Change in Control, the Administrator will notify the

relevant Optionee in writing or electronically that his or her Option will be

fully vested and exercisable for a period of time, which shall not be less

than 10 days, determined by the Administrator in its sole discretion, and

the Option will terminate upon the expiration of such period.

ii.For the purposes of this subsection, an Option will be considered

assumed if, (A) following the Change in Control, the Option confers the

Appendix A-16

right to purchase or receive, for each Share subject to the Option

immediately prior to the Change in Control, the consideration (whether

stock, cash, or other securities or property) or the Fair Market Value of the

consideration received in the Change in Control by holders of Shares for

each such Share held on the effective date of the transaction (and if

holders were offered a choice of consideration, the type of consideration

chosen by the holders of a majority of the outstanding Shares); provided,

however, that if such consideration received in the Change in Control is

not solely common stock of the successor corporation or its Parent, the

Administrator may, with the consent of the successor corporation, provide

that the consideration to be received upon the exercise of an Option for

each Share subject to such Option to be solely common stock of the

successor corporation or its Parent equal in Fair Market Value to the per

share consideration received by holders of common stock of the

Company in the Change in Control; (B) any securities of the successor

corporation or its Parent forming part of the substitute Option following the

Change in Control are freely tradeable on a major stock exchange; and

(C) the Option otherwise remains subject to the same terms and

conditions that were applicable to the Option immediately prior to the

Change in Control.

b.**Cashout of Options**.

Notwithstanding any provision of the Plan to the contrary, in the event that each

outstanding Option is not assumed or substituted in connection with a Change in Control, the

Administrator may, in its discretion, provide that each Option shall, immediately upon the

occurrence of a Change in Control, be cancelled in exchange for a payment in cash or securities

in an amount equal to (x) the excess (if any) of the consideration paid per Share in the Change

in Control over the exercise or purchase price per Share subject to the Option multiplied by (y)

the number of Shares granted under the Option. Without limiting the generality of the foregoing,

in the event that the exercise or purchase price per Share subject to the Option is greater than

or equal to the consideration paid per Share in the Change in Control, then the Administrator

may, in its discretion, cancel such Option without any consideration upon the occurrence of a

Change in Control.

c.**Plan Binding on Successors.** 

The obligations of the Company under this Plan shall be binding upon any successor

corporation resulting from a Change in Control.

**13. Grant**

(1)The Date of Grant of an Option shall be, for all purposes, the date on which the

Administrator decides to grant such Option. Notice of Grant shall be provided to each Optionee

within a reasonable time after the Date of Grant.

(2)In the event of any tax liability arising on account of the grant of the Options or as

a result of any other aspect of the Optionee's participation in the Plan, the liability to pay such

taxes shall be that of the Optionee alone.

The Optionee shall enter into such agreements of indemnity and execute any and all

documents as the Company may specify for this purpose, if so required at the time of the Grant

and at any other time at the discretion of the Company, on such terms and conditions as the

Company may think fit, for recovery of the tax due, from the Optionee.

**14. Amendment, Modification and Termination of the Plan** 

a.**Amendment and Termination.**

Appendix A-17

Subject to Sections 14(b) and 14(c), the Administrator may at any time and from time to

time, alter, amend, suspend or terminate the Plan in whole or in part.

b.**Shareholders' approval.**

The Company shall obtain shareholders' approval of any Plan amendment to the extent

necessary and desirable to comply with Applicable Laws (including the requirements of any

exchange or quotation system on which Shares may then be listed or quoted). Such

shareholder approval, if required, shall be obtained in such a manner and to such a degree as is

required by the Applicable Law.

c.**Effect of amendment or termination.**

No amendment, alteration, suspension or termination of the Plan shall impair the rights

of any Optionee, unless (i) mutually agreed otherwise between the Optionee and the

Administrator, which agreement must be in writing and signed by the Optionee and the

Company or (ii) necessary or appropriate to comply with or facilitate compliance with Applicable

Laws or other rules, regulations or requirements, as determined by the Administrator.

**15. Compliance with Company Policies**

a.**Clawback Policy.**

Options granted under the Plan, including any gain received upon exercise, shall be

subject to any applicable clawback policy of the Company, as adopted by the Company from

time to time, as well as to any clawback required by any Applicable Laws.

b.**Share Ownership Guidelines.**

Any Shares acquired upon exercise of an Option may need to be retained by the

Optionee in order to comply with the Company's Share Ownership Guidelines, to the extent

applicable to the Optionee.

**16. COMPLIANCE WITH LAWS AND CONDITIONS UPON ISSUANCE OF SHARES** 

a.**Legal Compliance.**

Shares shall not be sold or issued pursuant to the exercise of an Option unless the

exercise of such Option, and the issuance or sale and delivery of such Shares shall comply with

all relevant provisions of law including, without limitation, the French Commercial Code, the

Securities Act of 1933, as amended, the Exchange Act, the rules and regulations promulgated

thereunder, Applicable Laws, the requirements of any stock exchange or quotation system upon

which the Shares may then be listed or quoted, the laws of any applicable jurisdiction in which

Options are granted and any other French, U.S. or other laws applicable to the Options.

b.**Investment Representations.**

As a condition to the exercise of an Option by a U.S. Beneficiary, the Company may

require the person exercising such Option to represent and warrant at the time of any such

exercise that the Shares are being subscribed or purchased only for investment and without any

present intention to sell or distribute such Shares if, in the opinion of counsel for the Company,

such a representation is required.

**17. Liability of Company**

(1)Without limiting the provisions of Section 16 above, the inability of the Company

to obtain authority from any regulatory body having jurisdiction or to otherwise comply with any

Appendix A-18

applicable law, which authority or compliance is deemed by any counsel to the Company to be

necessary for the lawful issuance or sale of any Shares hereunder, shall relieve the Company of

any liability in respect of the failure to issue or sell such Shares as to which such requisite

authority shall not have been obtained or as to which such legal compliance has not been

possible or practicable, and shall constitute circumstances in which the Board may determine to

amend or cancel the Option, with or without consideration to the affected Beneficiary.

(2)The Company and its Affiliated Companies may not be held responsible in any

way if the Beneficiary for any reason not attributable to the Company or its Affiliated Companies

was not able to exercise the Options or acquire the Shares.

**18. Shareholder Approval**

The Plan shall be subject to approval by the shareholders of the Company within twelve

(12) months of the date the Plan is adopted by the Board. Such shareholder approval shall be

obtained in the manner and to the degree required under the French Commercial Code and

Applicable Laws.

**19. Law, Jurisdiction** 

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

The relevant courts in the location of the registered office of the Company shall be

exclusively competent to determine any claim or dispute arising in connection herewith.

The grant of Options under this Plan shall entitle the Company to require the Optionee to

comply with such requirements of law as may be necessary in the opinion of the Company from

time to time.

Appendix A-19

**<u>Exhibit A</u>**

**CRITEO AMENDED 2016 STOCK OPTION PLAN**

**SUB-PLAN FOR ISRAELI BENEFICIARIES**<br>

**1. GENERAL**

1.1This sub-plan (the "**Sub-Plan**") shall apply only to Beneficiaries who are tax residents of the

State of Israel on the date of the grant of the Option, as defined below in Section 2, and are

engaged by an Israeli resident Affiliate (collectively, "**Israeli Beneficiaries**"). The provisions

specified hereunder shall form an integral part of the Criteo Amended 2016 Stock Option Plan

(hereinafter the **"Plan"**).

1.2This Sub-Plan is adopted pursuant to the authority of the Committee under Section 4(b)(vii) of

the Plan. This Sub-Plan is to be read as a continuation of the Plan and applies to Options

granted to Israeli Beneficiaries only to the extent necessary to comply with the requirements set

by Israeli law, and in particular, with the provisions of the Israeli Income Tax Ordinance [New

Version] 1961, as may be amended or replaced from time to time. This Sub-Plan does not add to

or modify the Plan in respect of any other category of Beneficiaries.

1.3The Plan and this Sub-Plan are complimentary to each other and shall be deemed as one. In the

event of any conflict, whether explicit or implied, between the provisions of this Sub-Plan and the

Plan, the provisions set out in the Sub-Plan shall prevail to the extent necessary to comply with

the requirements set by the Israeli law in general, and in particular, with the provisions of the

Israeli Income Tax Ordinance [New Version] 1961, as may be amended or replaced from time to

time.

1.4Any capitalized term not specifically defined in this Sub-Plan shall be construed according to the

interpretation given to it in the Plan.

**2. DEFINITIONS**

2.1"**102 Option**" means any Option intended to qualify (as determined by the Committee and/or the

Israeli Option Agreement) and which qualifies as an Option under Section 102, issued to an

Approved Israeli Beneficiary.

2.2"**Applicable Law**" shall mean any applicable law, rule, regulation, statute, pronouncement, policy,

interpretation, judgment, order or decree of any federal, provincial, state or local governmental,

regulatory or adjudicative authority or agency, of any jurisdiction, and the rules and regulations of

any stock exchange, over-the-counter market or trading system on which the Shares are then

traded or listed.

2.3"**Approved Israeli Beneficiary**" means an Israeli Beneficiary who is an employee, director or an

officer of an Employer, excluding any Controlling Share Holder of the Company.

2.4**"Option"** means any Option granted under the Plan settled in Shares and which will not be

capable of being settled in cash.

2.5**"Capital Gain Option"** means a Trustee 102 Option elected and designated by the Company to

qualify under the capital gain tax treatment in accordance with the provisions of Section 102(b)(2)

and 102(b)(3) of the Ordinance.

2.6"**Controlling Share Holder**" shall have the meaning ascribed to it in Section 32(9) of the

Ordinance.

2.7 "**Employer**" means, for purpose of a Trustee 102 Option, an Israeli resident Affiliate of the

Company which is an "employing company" within the meaning and subject to the conditions of

Section 102(a) of the Ordinance.

Appendix A-20

2.8"**ITA"** means the Israeli Tax Authority.

2.9**"Israeli Option Agreement"** means the Option agreement between the Company and an Israeli

Beneficiary that sets out the terms and conditions of an Option.

2.10"**Non-Trustee 102 Option**" means a 102 Option granted pursuant to Section 102(c) of the

Ordinance and not held in trust by a Trustee.

2.11"**Ordinary Income Option"** means a Trustee 102 Option elected and designated by the

Company to qualify under the ordinary income tax treatment in accordance with the provisions of

Section 102(b)(1) of the Ordinance.

2.12**"Ordinance"** means the Israeli Income Tax Ordinance [New Version] – 1961, as now in effect or

as hereafter amended.

2.13 **"Rules"** means the Income Tax Rules (Tax Benefits in Stock Issuance to Employees)

5763-2003.

2.14 **"Section 102"** means Section 102 of the Ordinance and any regulations, rules, orders or

procedures promulgated thereunder as now in effect or as hereafter amended.

2.15"**Tax**" means any applicable tax and other compulsory payments, such as any social security and

health tax contributions under any Applicable Law.

2.16 "**Trust Agreement**" means the agreement to be signed between the Company, an Employer and

the Trustee for the purposes of Section 102.

2.17 "**Trustee**" means any person or entity appointed by the Company to serve as a trustee and

approved by the ITA, all in accordance with the provisions of Section 102(a) of the Ordinance, as

may be replaced from time to time.

2.18**"Trustee 102 Option**" means a 102 Option granted to an Approved Israeli Beneficiary pursuant

to Section 102(b) of the Ordinance and held in trust by a Trustee for the benefit of an Approved

Israeli Beneficiary.

2.19**"Unapproved Israeli Beneficiary**" means an Israeli Beneficiary who is not an Approved Israeli

Beneficiary, including a Consultant or a Controlling Share Holder of the Company.

**3. ISSUANCE OF OPTIONS**

3.1The persons eligible for participation in the Plan as Israeli Beneficiaries shall include Approved

Israeli Beneficiaries and Unapproved Israeli Beneficiaries, provided, however, that only Approved

Israeli Beneficiaries may be granted 102 Options.

3.2The Committee may designate Options granted to Approved Israeli Beneficiaries pursuant to

Section 102 as Trustee 102 Options or Non-Trustee 102 Options.

3.3The grant of Trustee 102 Options shall be subject to this Sub-Plan and shall not become effective

prior to the lapse of 30 days from the date the Plan has been submitted for approval by the ITA

and shall be conditioned upon the approval of the Plan and this Sub-Plan by the ITA.

3.4Trustee 102 Options may either be classified as Capital Gain Options or Ordinary Income

Options.

Appendix A-21

3.5No Trustee 102 Option may be granted under this Sub-Plan to any Approved Israeli Beneficiary,

unless and until the Company has filed with the ITA its election regarding the type of Trustee 102

Options, whether Capital Gain Options or Ordinary Income Options, that will be granted under

the Plan and this Sub-Plan (the "**Election**"). Such Election shall become effective beginning the

first date of grant of a Trustee 102 Option under this Sub-Plan and shall remain in effect at least

until the end of the year following the year during which the Company first granted Trustee 102

Options. The Election shall obligate the Company to grant *only* the type of Trustee 102 Option it

has elected, and shall apply to all Israeli Beneficiaries who are granted Trustee 102 Options

during the period indicated herein, all in accordance with the provisions of Section 102(g) of the

Ordinance. For the avoidance of doubt, the Election shall not prevent the Company from granting

Non-Trustee 102 Options simultaneously.

3.6All Trustee 102 Options must be held in trust by, or subject to the approval of the ITA, under the

control or supervision of a Trustee, as described in Section 5 below.

3.7The designation of Non-Trustee 102 Options and Trustee 102 Options shall be subject to the

terms and conditions set forth in Section 102.

3.8Options granted to Unapproved Israeli Beneficiaries shall be subject to tax according to the

provisions of the Ordinance and shall not be subject to the Trustee arrangement detailed herein.

**4. 102 OPTION GRANT 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;Each 102 Option will be deemed granted on the date determined by the Committee, subject to the

provisions of the Plan, provided that and subject to (i) the Israeli Beneficiary has signed all

documents required by the Company or Applicable Law, and (ii) with respect to any Trustee 102

Option, the Company has provided all applicable documents to the Trustee in accordance with

the guidelines published by the ITA such that if the guidelines are not met the Option will be

considered as granted on the date determined by the Committee as a Non-Trustee Option.

**5. TRUSTEE** 

5.1Trustee 102 Options which shall be granted under this Sub-Plan and/or any Shares allocated or

issued upon the grant, exercise of a Trustee 102 Option and/or other Shares received following

any realization of rights under the Plan, shall be allocated or issued to the Trustee or controlled

by the Trustee, for the benefit of the Approved Israeli Beneficiaries, in accordance with the

provisions of Section 102. In the event the requirements for Trustee 102 Options are not met, the

Trustee 102 Options may be regarded as Non-Trustee 102 Options or as Options which are not

subject to Section 102, all in accordance with the provisions of Section 102.

5.2With respect to any Trustee 102 Option, subject to the provisions of Section 102, an Approved

Israeli Beneficiary shall not sell or release from trust any Shares received upon the grant or

exercise of a Trustee 102 Option and/or any Shares received following any realization of rights,

including, without limitation, stock dividends, under the Plan at least until the lapse of the period

of time required under Section 102 or any shorter period of time determined by the ITA (the

"**Holding Period**"). Notwithstanding the foregoing, if any such sale or release occurs during the

Holding Period, the sanctions under Section 102 shall apply to and shall be borne by such

Approved Israeli Beneficiary.

5.3Notwithstanding anything to the contrary, the Trustee shall not release or sell any Shares

allocated or issued upon the grant or exercise of a Trustee 102 Option unless the Company, its

Israeli Affiliate and the Trustee are satisfied that the full amounts of any Tax due have been paid

or will be paid.

5.4Upon receipt of any Trustee 102 Option, the Approved Israeli Beneficiary will consent to the grant

of such Option under Section 102 and undertake to comply with the terms of Section 102 and the trust

arrangement between the Company and the Trustee.

Appendix A-22

**6. THE OPTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms and conditions upon which Options shall be granted, issued and exercised or vested

under this Sub-Plan, shall be specified in an Israeli Option Agreement to be executed pursuant to

the Plan and to this Sub-Plan. Each Israeli Option Agreement shall provide, inter alia, the

number of Shares to which the Option relates, the type of Option granted thereunder (i.e., a

Capital Gain Options or Ordinary Income Options or Non-Trustee 102 Option or any Option

granted to Unapproved Israeli Beneficiary), and any applicable vesting provisions and exercise

price that may be payable. For the avoidance of doubt, it is clarified that there is no obligation for

uniformity of treatment of Israeli Beneficiaries and that the terms and conditions of Options

granted to Israeli Beneficiaries need not be the same with respect to each Israeli Beneficiary

(whether or not such Israeli Beneficiaries are similarly situated). The grant, vesting and exercise

of Options granted to Israeli Beneficiaries shall be subject to the terms and conditions and, with

respect to exercise, the method, as may be determined by the Committee (including the

provisions of the Plan) and, when applicable, by the Trustee, in accordance with the

requirements of Section 102.

**7. ASSIGNABILITY, DESIGNATION AND SALE OF OPTIONS**

7.1.Notwithstanding any provision of the Plan, no Option subject to this Sub-Plan or any right with

respect thereto, whether fully paid or not, shall be assignable, transferable or given as collateral,

and no right with respect to any such Option shall be given to any third party whatsoever, and

during the lifetime of the Israeli Beneficiary, each and all of such Israeli Beneficiary's rights with

respect to an Option shall belong only to the Israeli Beneficiary. Any such action made, directly or

indirectly, for an immediate or future validation, shall be void.

7.2As long as Options and/or Shares issued or purchased hereunder are held by the Trustee on

behalf of the Israeli Beneficiary, all rights of the Israeli Beneficiary over the Option and Shares

cannot be transferred, assigned, pledged or mortgaged, other than by will or laws of descent and

distribution.

**8. INTEGRATION OF SECTION 102 AND TAX ASSESSING OFFICER'S APPROVAL**

8.1.With regard to Trustee 102 Options, the provisions of the Plan, the Sub-Plan and/or the Israeli

Option Agreement shall be subject to the provisions of Section 102 and any approval issued by

the ITA and the said provisions shall be deemed an integral part of the Plan, the Sub-Plan and

the Israeli Option Agreement.

8.2.Any provision of Section 102 and/or said approval issued by the ITA, which must be complied

with in order to receive and/or to maintain any tax treatment with respect to an Option pursuant

to Section 102, which is not expressly specified in the Plan, the Sub-Plan or the Israeli Option

Agreement, shall be considered binding upon the Company, any Israeli Affiliate and the Israeli

Beneficiaries. Furthermore, if any provision of the Plan or Sub-Plan disqualifies Options that are

intended to qualify as 102 Options from the beneficial tax treatment pursuant to Section 102,

such provision shall not apply to the 102 Options.

**9. TAX CONSEQUENCES**

9.1Any tax consequences arising from the grant, purchase, exercise or sale of any Option issued

hereunder, from the payment for or sale of Shares covered thereby or from any other event or

act (of the Company, and/or its Affiliates, and the Trustee or the Israeli Beneficiary), hereunder,

shall be borne solely by the Israeli Beneficiary. The Company and/or its Affiliates, and/or the

Trustee shall withhold Tax according to the requirements of Applicable Laws, rules, and

regulations, including withholding taxes at source. Furthermore, the Israeli Beneficiary agrees to

indemnify the Company and/or its Affiliates and/or the Trustee and hold them harmless against

and from any and all liability for any such Tax or interest or penalty thereon, including without

limitation, liabilities relating to the necessity to withhold, or to have withheld, any such Tax from

any payment made to the Israeli Beneficiary.

9.2The Company and/or, when applicable, the Trustee shall not be required to release any Option or

Shares to an Israeli Beneficiary until all required Tax payments have been fully made.

Appendix A-23

9.3Options that do not comply with the requirements of Section 102 shall be subject to tax under

Section 3(i) or 2 of the Ordinance.

9.4With respect to Non-Trustee 102 Options, if the Israeli Beneficiary ceases to be employed by the

Company or any Affiliate, or otherwise if so requested by the Company and/or its Affiliates, the

Israeli Beneficiary shall extend to the Company and/or its Affiliates a security or guarantee for the

payment of Tax due at the time of the sale of Shares, in accordance with the provisions of

Section 102.

**10. TERM OF PLAN AND SUB-PLAN**

Notwithstanding anything to the contrary in the Plan and in addition thereto, the Company shall obtain all

approvals for the adoption of this Sub-Plan or for any amendment to this Sub-Plan as are necessary to

comply with any Applicable Law, applicable to Options granted to Israeli Beneficiaries under this Sub-Plan

or with the Company's incorporation documents.

**11. GOVERNING LAW**

Solely for the purpose of determining the Israeli tax treatment of Options granted pursuant to this Sub-

Plan, this Sub-Plan shall be governed by, construed and enforced in accordance with the laws of the

State of Israel, without reference to conflicts of law principles.

\* \* \* \* \*

Appendix A-24

**<u>Exhibit B</u>**

**CRITEO**

**STOCK OPTION GRANT AGREEMENT**

**Part I** 

**NOTICE OF STOCK OPTION GRANT**

[Optionee's Name and Address]

You have been granted an Option to subscribe ordinary Shares of the Company, subject

to the terms and conditions of the Criteo Amended 2016 Stock Option Plan (the "Plan") and this

Option Agreement. The Option is governed by articles L. 225-177 and following of the French

Commercial Code. The Option is not part of the employment agreement or of the office which

has allowed the Optionee to be granted the Option. Neither does it constitute an element of the

Optionee's remuneration. Unless otherwise defined herein, the terms defined in the Plan shall

have the same defined meanings in this Stock Option Grant Agreement.

---

| | |
|:---|:---|
| Date of Grant: | ________________________________ |
| Vesting Commencement Date: | <u>________________________________</u> |
| Exercise Price per Share: | [EUR] ___________________________ |
| Total Number of Shares Granted: | <u>________________________________</u> |
| [Type of Options: | [Incentive Stock Option]<br>[Nonstatutory Stock Option] ]<br>|
| Term/Expiration Date | ________________________________ |

---

Where the exercise of an Option, as described under Section 9(a) of the Plan, would

lead the Company to be liable for any payment, whether due to fees, taxes or to charges of any

nature whatsoever, in place of the Optionee, such Option shall be deemed duly exercised when

the full payment for the Shares with respect to which the Option is exercised is executed by the

Optionee and the Optionee provides the Company with either the receipt stating the payment by

the Optionee of any such fee, tax or charge, as above described that would otherwise be paid

by the Company upon exercise of the Option, in place of the Optionee or, the full payment,

under the same conditions, of any amount due upon the exercise of the Option to be borne by

the Company.

***In the event that you infringe the above mentioned commitment, you shall be*** 

***liable for any consequences resulting from such infringement for the Company and*** 

***undertake to indemnify the Company in respect of all amounts payable by the Company*** 

***in connection with such infringement***.

**Validity of the Options**:

The Option will be valid as from the Date of Grant.

**Vesting Schedule**:

Unless otherwise determined or amended by the Board, the Option may be exercised by

the Optionee on the basis of the following initial vesting schedule subject to the condition

precedent that the Optionee shall have previously returned to the Company the documents

referred to under section 1.3 of Part II of the Stock Option Grant Agreement duly initialed and

signed:

• 1/4th (25%) of the Option as from the first anniversary of the Vesting Commencement

Date,

Appendix A-25

• then, 1/16th (6.25%) of the Option at the expiration of each quarter (i.e., successive 3-

month period) following the first anniversary of the Vesting Commencement Date during

thirty-six (36) months thereafter, and

• at the latest within nine years and six month as from the Date of Grant or in case of

death or Disability of the Optionee during such nine years and six months period, six (6)

months as from the death or Disability of the Optionee.

The number of Shares in respect of which the Option can be exercised pursuant to the

above vesting schedule will always be rounded to the nearest whole number, provided however

that the rounding does not result in the issuance of Shares pursuant to the exercise of an Option

in an amount that exceeds the total number of Shares granted under the Option.

If the Optionee fails to exercise the Option in whole or in part within the said period of

nine years and six months (as may be extended to six (6) months from the death or Disability of

the Optionee), the Option will lapse automatically.

**Termination Period**:

Unless otherwise decided by the Board, in case of termination of the Optionee's

Continuous Status as a Beneficiary, the portion of the Option exercisable at the time of

termination may be exercised for ninety (90) days after such termination, it being specified that

the other portion of the Option shall automatically expire at the time of termination.

Upon the death or Disability of the Optionee, the Option may be exercised during a

period of six (6) months as provided in the Plan.

Save as may be provided in the Plan, in no event shall the Option be exercised later

than the Term/Expiration Date as provided above. Should the Option expire or become

unexercisable for any reason without having been exercised in full, the unsubscribed Shares

which were subject thereto shall, unless the Plan shall have been terminated, become available

for future grant under the Plan.

By his or her signature and the signature of the Company's representative below, the

Optionee and the Company agree that the Option is granted under and governed by the terms

and conditions of the Plan and this Stock Option Grant Agreement. The Optionee has reviewed

the Plan and this Stock Option Grant Agreement in their entirety, has had the opportunity to

obtain the advice of counsel prior to executing this Stock Option Grant Agreement and fully

understands all provisions of the Plan and Stock Option Grant Agreement. The Optionee

hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the

Administrator upon any questions relating to the Plan and Stock Option Grant Agreement. The

Optionee further agrees to notify the Company upon any change in the residence address

indicated below.

Appendix A-26

**CRITEO**

**STOCK OPTION GRANT AGREEMENT**

**Part II**

**TERMS AND CONDITIONS**

1.**Grant of Options**.

1. aThe Administrator of the Company hereby grants to the Optionee named in the

Notice of Grant attached as Part I of this Stock Option Grant Agreement (the "Optionee"), an

option (the "Option") to subscribe for the number of ordinary Shares, as set forth in the Notice of

Grant, at the exercise price per Share set forth in the Notice of Grant (the "Exercise Price"),

subject to the terms and conditions of the Plan, which is incorporated herein by reference.

In the event of a conflict between the terms and conditions of the Plan and the terms and

conditions of this Stock Option Grant Agreement, the terms and conditions of the Plan shall

prevail.

[If designated in the Notice of Grant as an Incentive Stock Option, this Option is intended

to qualify as an Incentive Stock Option under Section 422 of the Code although the Company

makes no representation as to the tax status of the Option. However, if this Option is intended

to be an Incentive Stock Option, to the extent that it exceeds the U.S.$100,000 rule of Section

422(d) of the Code, the excess shall be treated as a Non-Statutory Stock Option.]

1. bAn Option will be valid as from the Date of Grant.

1. cIn the event of any tax liability arising on account of the grant of the Options or as

a result of any other aspect of the Optionee's participation in the Plan, the liability to pay such

taxes shall be that of the Beneficiary alone. The Beneficiary shall enter into such agreements of

indemnity and execute any and all documents as the Company may specify for this purpose, if

so required at the time of the Grant and at any other time at the discretion of the Company, on

such terms and conditions as the Company may think fit, for recovery of the tax due, from the

Beneficiary.

**2. Exercise of Options**.

1.**Right to Exercise**. An Option is exercisable during its term in

accordance with the Vesting Schedule set out in the Notice of Grant and the applicable

provisions of the Plan and this Stock Option Grant Agreement, subject to the condition

precedent that the Optionee shall have previously returned to the Company, by electronic

delivery under the conditions set forth in Section 10 below:

• Part I and Part II of the Stock Option Grant Agreement (Exhibit A), duly

initialed (all pages but for the signature page) and signed (signature

page).

In the event of Optionee's death, Disability or other termination of Optionee's Continuous

Status as a Beneficiary, the exercisability of an Option is governed by the applicable provisions

of the Plan and this Stock Option Grant Agreement.

2.**Method of Exercise**. An Option is exercisable by delivery of an exercise

notice, in the form available via the dedicated online platform (the "Exercise Notice") stating the

election to exercise the Option, the number of Shares in respect of which the Option is being

exercised (the "Exercised Shares"), and such other representations and agreements as may be

required by the Company pursuant to the provisions of the Plan. The Exercise Notice shall be

signed by the Optionee and shall be delivered in person or by certified mail to the Company or

its designated representative or by facsimile message to be immediately confirmed by certified

Appendix A-27

mail to the Company or in such other manner as the Company may permit. The Exercise Notice

shall be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares.

An Option shall be deemed to be exercised upon receipt by the Company of such fully executed

Exercise Notice accompanied by the proof of payment of such aggregate Exercise Price.

No Share shall be issued pursuant to the exercise of an Option unless such issuance

and exercise complies with all relevant provisions of law as set out under Section 16(a) of the

Plan.

Upon exercise of an Option, the Shares issued to the Optionee shall be assimilated with

all other Shares of the Company, and as from the date of exercise of the Option, the Optionee

shall be entitled to dividends for the fiscal year during which the Option is exercised to the same

extent as any other shareholder of the Company.

**3. Method of Payment.** Payment of the aggregate Exercise Price shall be made

via the Company's dedicated online platform.

Where the exercise of an Option would lead the Company or any Affiliated Company to

be liable for any payment, whether due to fees, taxes or to charges of any nature whatsoever, in

place of the Optionee, such Option shall be deemed duly exercised when (a) the full payment

for the Shares with respect to which the Option is exercised is executed by the Optionee and (b)

the Optionee provides the Company with either (i) the receipt stating the payment by the

Optionee of any such fee, tax or charge, as above described that would otherwise be paid by

the Company upon exercise of the Option or, (ii) the full payment, under the same conditions, of

any amount due upon the exercise of the Option to be borne by the Company.

***The Company and its Affiliated Companies may not be held responsible in any*** 

***way if the Beneficiary for any reason not attributable to the Company or its Affiliated*** 

***Companies was not able to exercise the Option or purchase the Shares. The payment for*** 

***the purchase of the Shares is the sole responsibility of the Optionee according to these*** 

***Terms and Conditions***.

**4. Non-Transferability of Option.** An Option may not be transferred in any

manner otherwise than by will or by the laws of descent or distribution and may be exercised

during the lifetime of the Optionee only by the Optionee. The terms of the Plan and this Stock

Option Grant Agreement shall be binding upon the executors, administrators, heirs, successors

and assigns of the Optionee.

**5. Term of Options**. Except as provided in the Plan, an Option may be exercised

only within the term set out in the Notice of Grant, and may be exercised during such term only

in accordance with the Plan and the terms of this Stock Option Grant Agreement.

**6. Entire Agreement; Governing Law**. The Plan is incorporated herein by

reference. The Plan and this Stock Option Grant Agreement constitute the entire agreement of

the parties with respect to the subject matter hereof and supersede in their entirety all prior

undertakings and agreements of the Company and Optionee with respect to the subject matter

hereof, and may not be modified adversely to the Optionee's interest except by means of a

writing signed by the Company and Optionee. This agreement is governed by the laws of the

Republic of France.

Any claim or dispute arising under the Plan or this Agreement shall be subject to the

exclusive jurisdiction of the court of competent jurisdiction in the place of the registered office of

the Company.

**7. Tax Obligations**. Regardless of any action the Company or Optionee's

employer (the "Employer") takes with respect to any or all income tax, social insurance, payroll

tax, or other tax-related withholding ("Tax-Related Items"), Optionee acknowledges that the

ultimate liability for all Tax-Related Items legally due by Optionee is and remains Optionee's

Appendix A-28

responsibility and that the Company and/or the Employer (1) make no representations or

undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of

the Option grant, including the grant, vesting or exercise of the Option, the subsequent sale of

shares of common stock acquired pursuant to such exercise and the receipt of any dividends;

and (2) do not commit to structure the terms of the grant or any aspect of the Option to reduce

or eliminate Optionee's liability for Tax-Related Items.

Prior to exercise of the Option, Optionee will pay or make adequate arrangements

satisfactory to the Company and/or the Employer to satisfy all withholding obligations of the

Company and/or the Employer, if any. In this regard, Optionee authorizes the Company and/or

the Employer to withhold all applicable Tax-Related Items legally payable by Optionee from

Optionee's compensation paid to Optionee by the Company and/or Employer or from proceeds

of the sale of Shares. Alternatively, or in addition, if permissible under local law, the Company

may sell or arrange for the sale of Shares that Optionee acquires to meet the withholding

obligation for Tax-Related Items. Finally, Optionee will pay to the Company or the Employer any

amount of Tax-Related Items that the Company or the Employer may be required to withhold as

a result of Optionee's participation in the Plan or Optionee's purchase of Shares that cannot be

satisfied by the means previously described. The Company may refuse to honor the exercise

and refuse to deliver the Shares issuable upon exercise of the Options if Optionee fails to

comply with Optionee's obligations in connection with the Tax-Related Items as described in

this section.

**8. Nature of Grant.** In accepting the grant, Optionee acknowledges that:

1. the Plan is established voluntarily by the Company, it is discretionary in

nature and it may be modified, amended, suspended or terminated by the Company at any time,

unless otherwise provided in the Plan and this Stock Option Grant Agreement;

2. the grant of the Option is voluntary and occasional and does not create

any contractual or other right to receive future grants of options, or benefits in lieu of options,

even if options have been granted repeatedly in the past;

3. all decisions with respect to future option grants, if any, will be at the sole

discretion of the Company;

4. Optionee's participation in the Plan shall not create a right to further

employment with the Company, any Affiliated Company or the Employer and shall not interfere

with the ability of the Company, any Affiliated Company or the Employer to terminate Optionee's

employment relationship at any time with or without cause;

5. Optionee is voluntarily participating in the Plan;

6. the Option is an extraordinary item that does not constitute compensation

of any kind for services of any kind rendered to the Company, an Affiliated Company or the

Employer, and which is outside the scope of Optionee's employment contract, if any;

7. the Option is not part of normal or expected compensation or salary for

any purpose, including, but not limited to, calculating any severance, resignation, termination,

redundancy, end of service payments, bonuses, long service awards, pension or retirement

benefits or similar payments and in no event should be considered as compensation for, or

relating in any way to, past services for the Company, an Affiliated Company or the Employer;

8. the Option grant will not be interpreted to form an employment contract

with the Company, the Employer or any Subsidiary or affiliate of the Company;

9. the future value of the underlying Shares is unknown and cannot be

predicted with certainty;

Appendix A-29

10. if the underlying Shares do not increase in value, the Option will have no

value;

11. if Optionee exercises Optionee's Option and obtains Shares, the value of

those Shares acquired upon exercise may increase or decrease in value, even below the

exercise price;

12. in consideration of the grant of the Option, no claim or entitlement to

compensation or damages shall arise from termination of the Option or diminution in value of the

Option or Shares purchased through exercise of the Option resulting from termination of

Optionee's employment the Company or the Employer (for any reason whatsoever) and

Optionee irrevocably releases the Company and the Employer from any such claim that may

arise; if, notwithstanding the foregoing, any such claim is found by a court of competent

jurisdiction to have arisen, then, by signing this Agreement, Optionee shall be deemed

irrevocably to have waived Optionee's entitlement to pursue such claim; and

13. in the event of termination of Optionee's employment, Optionee's right to

receive the Option and vest in the Option under the Plan, if any, will terminate effective as of the

date that Optionee receives notice of termination regardless of when such termination is

effective; furthermore, in the event of termination of employment, Optionee's right to exercise

the Option after termination of employment, if any, will be measured by the date on which the

Optionee receives notice of termination; the Company shall have the exclusive discretion to

determine when Optionee is no longer actively employed for purposes of Optionee's Option

grant. In addition, any period of notice or compensation in lieu of such notice, that is given or

ought to have been given under any contract, statute, common law or civil law shall be

excluded.

**9.**[To be included for the employees of the Israeli subsidiary: **Israeli Participants:** 

The Options are intended to be subject to tax pursuant to the trustee capital gains route of

Section 102 of the Ordinance, subject to compliance with the requirements under Section 102

and any rules or regulations thereunder, including the execution of this Notice of Stock Option

Grant and the required declarations. However, in the event the Options do not meet the

requirements of Section 102, such Options and the underlying Ordinary Shares shall not qualify

for the favorable tax treatment under the Capital Gains Route. The Company makes no

representations or guarantees that the Options will qualify for favorable tax treatment and will

not be liable or responsible if favorable tax treatment is not available under Section 102. The

Options and the Ordinary Shares issued upon exercise and/or any additional rights, as detailed

above, including without limitation any right to receive any dividends or any shares received as a

result of an adjustment made under the Plan, that may be granted in connection with the

Options (the "Additional Rights") shall be issued to or controlled by the Trustee for your benefit

under the provisions of the Capital Gains Route for at least the period stated in Section 102 or

any other period of time determined by the Israel Tax Authority ("ITA"). In accordance with the

requirements of Section 102 and the Capital Gains Route, you shall not sell nor transfer from

the Trustee the Ordinary Shares or Additional Rights until the end of the Holding Period.

Notwithstanding the above, if any such sale or transfer occurs before the end of the Holding

Period, the sanctions under Section 102 shall apply and shall be borne by you. The Company

and/or member of the Group and/or the Trustee shall withhold taxes according to the

requirements under the applicable laws, the rules, and regulations, including withholding taxes

at source. Furthermore, you hereby agree to indemnify the Company and/or any member of the

Group and/or the Trustee and hold them harmless against and from any and all liability for any

such tax or interest or penalty thereon, including without limitation, liabilities relating to the

necessity to withhold, or to have withheld, any such tax from any payment made to you. The

Company and/or any member of the Group and/or the Trustee, to the extent permitted by law,

shall have the right to deduct from any payment otherwise due to you, or from proceeds of the

sale of any Ordinary Shares, an amount equal to any tax required by law to be withheld with

respect to such Ordinary Shares. You will pay to the Company, any member of the Group or the

Trustee any amount of taxes that the Company and/or any member of the Group or the Trustee

may be required to withhold with respect to any Ordinary Shares that cannot be satisfied by the

Appendix A-30

means previously described. The Company may refuse to deliver any Ordinary Shares if you fail

to comply with your obligations in connection with the taxes as described in this section. Any

fees associated with any exercise, sale, transfer or any act in relation to the Options and the

Ordinary Shares issued upon exercise, shall be borne by you. The Trustee and/or the Company

and/or any member of the Group shall be entitled to withhold or deduct such fees from

payments otherwise due to/from the Company or any member of the Group or the Trustee.

[Security Law Exemption. If required, the Company will obtain an exemption from the

requirement to file a prospectus with respect to the Options. If obtained copies of the Plan and

Form S-8 registration statement for the Plan filed with the U.S. Securities and Exchange

Commission will be available free of charge upon request from your local human resources

department.]

In addition to the acknowledgments noted above and in the Plan, you hereby understand,

acknowledge, agree as follows: (i) you are familiar with the provisions of Section 102 of the

Ordinance and the regulations and rules promulgated thereunder, including without limitations

the provisions of the tax route applicable to your Options and agree to comply with such

provisions, as amended from time to time, provided that if such terms are not met, the specific

tax route may not apply; (ii) you accept the provisions of the trust agreement signed between

the Company and the Trustee, and agree to be bound by its terms; (iii) you acknowledge that

selling the Ordinary Shares or releasing the Ordinary Shares from the control of the Trustee

prior to the termination of the Holding Period constitutes a violation of the terms of Section 102

and agree to bear the relevant sanctions; (iv) you authorize the Company to provide the plan

administrator and the Trustee with any information required for the purpose of administering the

Plan including executing their obligations according to Section 102 of the Ordinance, the trust

deed and the trust agreement, including without limitation information about your Options,

Ordinary Shares, income tax rates, salary bank account, contact details and identification

number and acknowledge that the information might be shared with an administrator who is

located outside of Israel, where the level of protection of personal data is different than in Israel.]

**10. Data Privacy.** As part of the 2016 Stock option Plan, the Company processes

some personal data of the Beneficiary. For this processing, the Company acts as the controller

of this personal data and in accordance with the provisions of Regulation (EU) 2016/679 and,

where applicable, those of Act No. 78-17 known as "Information technology & Civil Liberties", as

amended, together the "Personal Data Regulation". Undefined terms used in this clause have

the meaning given to them pursuant to the Personal Data Regulation.

The Company processes the Beneficiary's personal data on the legal basis of the conclusion

and performance of the Stock Option Grant Agreement. The purpose of the contract is to

implement, administer and manage the Beneficiary's participation in the Plan. Processed

personal data are those strictly necessary for the aforementioned purposes. Especially, this

includes the following information: the Beneficiary's name, home address and telephone

number, date of birth, social insurance number or other identification number, salary, nationality,

job title, any shares or directorships held in the Company, details of all awards or any other

entitlement Shares awarded, cancelled, exercised, vested, unvested or outstanding in

Beneficiary's favor (the "Data"). Failure by the Beneficiary to provide certain Data could

compromise the conclusion and performance of the Stock Option Grant Agreement.

The Company may disclose the Data to the Employer, subsidiaries and Affiliated Companies,

sub-contractors, banking and financial organizations, on a need-to-know basis. These entities

may be located outside the European Union and in countries that have not been subject of an

adequacy decision. If the recipients are located in other countries that do not provide an

adequate level of protection for personal data, the Company will take all necessary measures

and guarantees to ensure such a level and to supervise such transfers of Data in accordance

with the Personal Data Regulation, in particular by implementing standard contractual clauses of

the European Commission. The Beneficiary may request a copy of these guarantees by writing

to the Data Protection Officer at the following address: dpo@criteo.com.

Appendix A-31

In accordance with the Personal Data Regulation, where applicable, the Beneficiary has the

right to access, rectify, delete, limit processing and transfer his Data. To exercise these rights,

the Beneficiary may contact the Data Protection Officer at dpo@criteo.com. The Beneficiary

also has the right to file a complaint with the competent supervisory authority and to

communicate to the Company instructions for the storage, deletion and communication of its

Data after its death.

In the context of this processing, the Data will not be kept for longer than necessary for the

purposes referred to in this clause. In any event, the Company will comply with the retention

periods imposed by law.

**11. Electronic Delivery.** The Company may, in its sole discretion, decide to deliver

any documents related to the Option and participation in the Plan or future options that may be

granted under the Plan by electronic means or to request Optionee's acceptance to participate

in the Plan by electronic means. Optionee hereby consents to receive such documents by

electronic delivery and, if requested, to agree to participate in the Plan through an on-line or

electronic system established and maintained by the Company or another third party designated

by the Company.

**12. Severability**. The provisions of this Stock Option Grant Agreement are

severable and if any one or more provisions are determined to be illegal or otherwise

unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and

enforceable.

Thank you for accepting the grant by clicking on the acceptance button directly in your

Equate platform no later than 6 months from the date of notification by the Company of the

availability on line of the Grant documentation; the documents being deemed to be received on

the date of the electronic delivery.

Yours sincerely,

CRITEO

![Image_3.jpg](crto-20260508_g31.jpg)

Appendix B-1

**APPENDIX B**

***Please note that because we are a French company, the full text of the plan has been translated from French. In the case of any***

***discrepancy between this version and the French version, the French version will prevail.***

**CRITEO**<br>**AMENDED AND RESTATED 2015 TIME-BASED RESTRICTED STOCK UNITS** <br>**PLAN**<br>

Appendix B-2

***Please note that because we are a French company, the full text of the plan has been translated from French. In the case of***

***any discrepancy between this version and the French version, the French version will prevail.***

![Image_0.jpg](crto-20260508_g29.jpg)

**AMENDED AND RESTATED 2015 TIME-BASED RESTRICTED STOCK** 

**UNITS PLAN**

![Image_2.jpg](crto-20260508_g30.jpg)

Adopted by the Board of Directors on April 23, 2020

Approved by the Company's combined shareholders' general meetings of October 23, 2015, June 29, 2016 and June

28, 2017

Amended from time to time. Last amendment by the Board: April 28, 2026

Appendix B-3

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| 1.IMPLEMENTATION OF THE TIME-BASED RESTRICTED STOCK UNITS PLAN .................................... | 2 |
| 2.DEFINITIONS ......................................................................................................................................................... | 2 |
| 3.PURPOSE ............................................................................................................................................................... | 5 |
| 4.BENEFICIARIES: ELIGIBLE EMPLOYEES ...................................................................................................... | 5 |
| 5.NOTICE OF THE GRANT OF THE RESTRICTED STOCK UNITS .............................................................. | 5 |
| 6.VESTING PERIOD ................................................................................................................................................ | 5 |
| 7.HOLDING PERIOD ................................................................................................................................................ | 10 |
| 8.CHARACTERISTICS OF THE ORDINARY SHARES ..................................................................................... | 11 |
| 9.DELIVERY AND HOLDING OF THE RESTRICTED STOCK UNITS ............................................................ | 11 |
| 10.SHARES SUBJECT TO PLAN; INDIVIDUAL LIMITATIONS ........................................................................... | 11 |
| 11.INTERMEDIARY OPERATIONS ......................................................................................................................... | 12 |
| 12.ADJUSTMENT ........................................................................................................................................................ | 12 |
| 13.AMENDMENT TO THE TIME-BASED PLAN .................................................................................................... | 13 |
| 14.TAX AND SOCIAL RULES .................................................................................................................................... | 13 |
| 15.MISCELLANEOUS ................................................................................................................................................ | 13 |
| 16.DATA PRIVACY ...................................................................................................................................................... | 15 |
| 17.ELECTRONIC DELIVERY .................................................................................................................................... | 16 |
| 18.SEVERABILITY ...................................................................................................................................................... | 16 |
| APPENDIX ........................................................................................................................................................................... | 17 |

---

Appendix B-4

**1. IMPLEMENTATION OF THE TIME-BASED RESTRICTED STOCK UNITS PLAN**

On July 30, 2015, the Board of Directors adopted the Original 2015 Time-Based Restricted Stock Units Plan, stating

the conditions and criteria for the Grant of Restricted Stock Units of Criteo, a French *société anonyme* whose

registered office is located at 32, rue Blanche, 75009 Paris, France, and whose identification number is 484 786 249

R.C.S. Paris (hereafter referred to as the "**Company**"), to the benefit of employees, certain categories of such

employees, and/or corporate officers who meet the conditions set forth by Article L. 225-197-1 II of the French

Commercial Code of the Company or any company or economic interest group (*groupement d'intérêt économique*) in

which the Company holds, directly or indirectly, 10% or more of the share capital and voting rights at the date of

Grant of said shares and the combined (ordinary and extraordinary) shareholders' meeting of the Company approved

the Time-Based Restricted Stock Units Plan on October 23, 2015.

The Original 2015 Time-Based Restricted Stock Units Plan was subsequently approved by the combined (ordinary and

extraordinary) shareholders' meeting of the Company which also granted authority to the Board of Directors to grant

Restricted Stock Units under the Original 2015 Time-Based Restricted Stock Units Plan. On February 25, 2016 the

Board of Directors adopted this amended and restated version of the Original 2015 Time-Based Restricted Stock

Units Plan (hereinafter, and as it may be amended from time to time in accordance with the provisions hereof, and in

particular by the Board of Directors on April 7, 2016, on June 28, 2016, on July 28, 2016, on June 27, 2017, on April 4,

2018, on April 25, 2019, on April 23, 2020, on April 7, 2021, on April 6, 2022, on April 5, 2023, and on April 28, 2026,

the "**2015 Time-Based Restricted Stock Units Plan"** or the **"Time-Based Plan**").

**2. DEFINITIONS**

Under the Time-Based Plan, the following terms and expressions starting with a capital letter shall have the following

meaning and may be used indifferently in the singular or in the plural form:

---

| | |
|:---|:---|
| **"Agreed Leave"** | refers to any leave of absence of more than three months having received a <br>prior approval from the Company or requiring no prior approval under U.S. <br>laws. Agreed Leaves shall include leaves for illnesses, military leave, and any <br>other personal leave or conditions about which the employee has advance <br>knowledge. Agreed Leave shall not include any absence considered as <br>effective working time, such as maternity leave, of whatever duration, which <br>shall not automatically result in a termination of the employment relationship <br>between the Beneficiary and the Company or the Group.<br>|
| **"Applicable Laws"** | refers to, for the U.S., the legal requirements related to the administration of <br>equity compensation plans under federal and state corporate and securities <br>laws, including requirements of any exchange or quotation system on which <br>the Shares may then be listed or quoted, and the Code in force in the United <br>States of America.<br>|
| **"Beneficiary"** | refers to the person(s) for whose benefit the Board of Directors has approved a <br>Grant of Restricted Stock Units as well as, as the case may be, his or her heirs.<br>|
| **"Board of Directors"** | refers to the Company' s board of directors. |
| **"Bylaws"** | refers to the Company's bylaws in force at the date referred to. |

---

Appendix B-5

---

| | |
|:---|:---|
| **"Change in Control"** | refers to (i) a merger (*fusion*) of the Company with or into another corporation, <br>other than to another corporation, entity or person in which the holders of at <br>least a majority of the voting rights and share capital of the Company <br>outstanding immediately prior to such transaction continue to hold (either by <br>such shares remaining outstanding in the continuing entity or by being <br>converted into shares of voting rights and share capital of the surviving entity) <br>a majority of the total voting rights and share capital of the Company (or the <br>surviving entity) outstanding immediately after such transaction (an <br>"**Excluded Entity**"), or (ii) the sale (*vente*) or other form of transfer by one or <br>several shareholders of the Company to any person or group of persons of a <br>number of Ordinary Shares of the Company such that the transferee(s) shall <br>own a majority of the voting rights and share capital of the Company, or (iii) <br>the sale, lease or other disposition, in a single transaction or in a series of <br>related transactions, of all or substantially all of the assets of the Company <br>other than to (1) a corporation or other entity of which at least a majority of its <br>combined voting rights and share capital is owned directly or indirectly by the <br>Company or (2) an Excluded Entity.<br>|
| **"Disability"** | refers to the disability of a Beneficiary corresponding to the second or third of <br>the categories provided by Article L. 341-4 of the French Social Security Code.<br>|
| **"Grant Date"** | refers to the date when the Board of Directors approves a grant of Restricted <br>Stock Units under the Time-Based Plan.<br>|
| **"Grant Letter"** | refers to the notice, substantially in the form set forth in Exhibit 2, which <br>informs a given Beneficiary of the Grant of Restricted Stock Units, as stated in <br>Article 5 of the Time-Based Plan.<br>|
| **"Grant"** | refers to the decision of the Board of Directors to grant Restricted Stock Units <br>to a given Beneficiary, subject to the vesting conditions set forth by the Time-<br>Based Plan as amended from time to time.<br>|
| **"Group"** | refers to the Company and to all the companies and groups affiliated with the <br>Company within in the meaning of Article L. 225-197-2 of the French <br>Commercial Code.<br>|
| **"Holding Period"** | refers to the period, if any, starting on the Vesting Date, during which a <br>Beneficiary may not transfer or pledge his or her shares underlying the vested <br>Restricted Stock Units, by any means, or convert them into the bearer form; it <br>being specified that the total duration of both the Vesting Period and the <br>Holding Period may in no event be less than two years as from the Grant Date <br>pursuant to applicable French law.<br>|
| **"Ordinary Share"** | refers to one ordinary share (*action ordinaire*) of the Company or an American <br>Depositary Share representing one Share on the Nasdaq Global Market.<br>|
| **"Original Time-Based** <br>**Plan"**<br>| refers to the version of the Time-Based Plan that was adopted by the Board of <br>Directors on July 30, 2015 and approved by the combined (ordinary and <br>extraordinary) shareholders' meeting of the Company on October 23, 2015.<br>|

---

Appendix B-6

---

| | |
|:---|:---|
| **"Presence"** | refers to the presence of the Beneficiary in his or her capacity as employee <br>and/or corporate officer of the Company or of any of the companies of the <br>Group.<br>|
| **"Restricted Stock Units"** | refers to a promise by the Company to deliver to the Beneficiary on the <br>Vesting Date, at no consideration, Ordinary Shares subject to the vesting <br>conditions set forth by the Time-Based Plan. Dividend, voting and other <br>shareholder rights will not apply until the issuance or transfer of Ordinary <br>Shares at the time of vesting of the Restricted Stock Units under the Time-<br>Based Plan.<br>|
| **"Secured Restricted** <br>**Stock Units"**<br>| Restricted Stock Units for which the Presence condition of the Beneficiary is <br>met and for which underlying Ordinary Shares will be delivered to the relevant <br>Beneficiary upon the Vesting Date.<br>|
| **"Vesting Date"** | refers to the date on which the Ordinary Shares of the Company subject to the <br>Restricted Stock Units are delivered to the relevant Beneficiary.<br>|
| **"Vesting Period"** | refers to the minimum one-year period starting on the Grant Date and ending <br>on the Vesting Date, being specified that the Board of Directors may decide to <br>extend this period for all or part of the Restricted Stock Units and/or provide <br>for vesting in tranches, as stated in the corresponding Grant Letter.<br>|
| **"Working Day"** | refers to any day on which legal business can be conducted within the <br>Company, i.e., every Monday, Tuesday, Wednesday, Thursday and Friday, as <br>long as it is not a public holiday.<br>|

---

**3. PURPOSE**

The Time-Based Plan sets forth the conditions and criteria for the Grant of Restricted Stock Units under the Time-

Based Plan, pursuant to Articles L. 225-197-1 *et seq.* of the French Commercial Code and to the authorization granted

by the shareholders' meeting of the Company dated October 23, 2015.

The purposes of the Time-Based Plan are:

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

• to provide additional incentive to Beneficiaries; and

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

**4. BENEFICIARIES: ELIGIBLE EMPLOYEES**

Pursuant to the authorization of the shareholders' general meeting dated October 23, 2015, the Board of Directors of

the Company will approve the list of Beneficiaries among employees and corporate officers (who meet the conditions

set forth by Article L. 225-197-1 II of the French Commercial Code) of the Group, together with the indication of the

number of Restricted Stock Units granted to each of them.

Appendix B-7

**5. NOTICE OF THE GRANT OF THE RESTRICTED STOCK UNITS** 

The notice of the Grant of Restricted Stock Units to each Beneficiary shall be made pursuant to a Grant Letter made

available to the Beneficiary together with a copy of the Time-Based Plan, indicating the number of Restricted Stock

Units granted to the Beneficiary, the Vesting Period and the Holding Period, if any.

The Beneficiary shall acknowledge receipt of the Grant documentation comprised of the Grant Letter and of the

Time-Based Plan by accepting online his or her documentation by means of the tool made available by the Company

and by sending signed copies of the Grant Letter within 6 months (or such other number of days determined by the

Company) from the date of notification by the Company of the availability on line of the Grant documentation, the

documents being deemed to be received on the date of the electronic delivery.

**6. VESTING PERIOD**

**6.1.** **Principle**

(a)The Restricted Stock Units granted under the Time-Based Plan shall vest in the Beneficiaries at the end of the

Vesting Period, subject to the continued Presence of the Beneficiary during the Vesting Period, in the absence of

which he or she will not be entitled to acquire the shares underlying the Restricted Stock Units on the date when this

condition is no longer met, except as set forth in Article 6.1(b).

Unless otherwise decided by the Board, should the Beneficiary be at the same time an employee and an officer of the

same company or of two companies of the Group, the loss of one of these capacities shall not result in the loss of the

right to vest in the Restricted Stock Units granted under the Time-Based Plan at the end of the Vesting Period.

Pursuant to Article L. 225-197-3 of the French Commercial Code, the Beneficiaries hold a claim against the Company

which is personal and may not be transferred until the end of the Vesting Period, except in case of death.

During the Vesting Period, the Beneficiaries will not own the Ordinary Shares and will not be shareholders of the

Company. As a consequence, they will not hold any rights attached to the Ordinary Shares.

(b)Unless otherwise determined by the Board of Directors at the time of the Grant and except with respect to

any Beneficiary who is taxable on his/her Company employment income in one of the countries listed in Exhibit 1 at

the time of the Grant (for whom this Article 6.1(b) shall not apply), if the Beneficiary ceases to be an employee or

officer of the Group after the one-year anniversary of the Grant Date but prior to (i) the Vesting Date or (ii) in the case

of a Grant that vests in tranches, the vesting date of the first tranche of the Grant (such date in either (i) or (ii), the

"**First Vesting Date**"), then the Beneficiary shall definitively secure, on the First Vesting Date, the delivery of a

number of Restricted Stock Units that is equal to the pro rata portion (measured by the ratio of the (A) total number

of fully expired quarters elapsed from the Grant Date of the relevant Restricted Stock Units (included) to the date

when the Beneficiary ceases to be an employee or officer of the Group (excluded) to (B) the total number of quarters

between the Grant Date included and the First Vesting Date (included)) of the number of Restricted Stock Units that

the Beneficiary would have definitively secured and vested in on the First Vesting Date, had the continued Presence

condition set forth in Article 6.1(a) been satisfied on such date (rounded to the nearest whole number). For instance:

• if the Beneficiary ceases to be an employee or officer of the Group the day following the first anniversary of

the Grant Date and 50% of such Restricted Stock Units vest upon the second anniversary thereof, he shall vest

on such second anniversary date in 25% (i.e., 4/8 \* 50%) of his Restricted Stock Units, with the balance being

automatically forfeited.

Appendix B-8

• if the Beneficiary ceases to be an employee or officer of the Group the day following the first anniversary plus

three months of the Grant Date and 50% of such Restricted Stock Units vest upon the second anniversary

thereof, he shall vest on such second anniversary date in 31.25% (i.e., 5/8 \* 50%) of his Restricted Stock Units,

with the balance being automatically forfeited.

For the avoidance of doubt, this Article 6.1(b) shall apply only for Grants where the First Vesting Date is more than

one year after the Grant Date.

In the event of a Beneficiary who after the Grant Date and before the First Vesting Date would be relocated from a

country not listed in the Exhibit 1 where he/she was taxable on his/her employment income to a country listed in the

Exhibit 1 and who, before the time of the First Vesting Date, becomes taxable on his/her employment income in a

country listed in the Exhibit 1, the provision of this Article 6.1 (b) shall be terminated; provided, however, that

Restricted Stock Units that have become Secured Restricted Stock Units prior to the relocation to a country listed in

Exhibit 1 shall remain secured and the underlying shares will be delivered upon the Vesting Date.

(c)In addition to any other powers set forth in the Time-Based Plan and subject to the provisions of the Time-

Based Plan, the Board of Directors shall have the full and final power and authority, in its discretion, to determine the

terms, conditions and restrictions applicable to each Grant (which need not be identical) and any Restricted Stock

Units acquired pursuant thereto. Further, the Board of Directors shall have the full and final power and authority, in its

discretion, to determine whether, to what extent, and under what circumstances a Grant may be settled, cancelled,

forfeited, exchanged, or surrendered.

Notwithstanding Articles 6.5, 6.6 and 6.7 of the Time-Based Plan, the Board of Directors shall not accelerate or

shorten the minimum Vesting Period of one year. For clarity, there shall be no automatic acceleration of vesting with

respect to a Grant under the Time-Based Plan solely based on a Change in Control.

**6.2** **Compliance with Company Policies**

1)**Grant Subject to Clawback Policy**. The Grant Letter shall contain an acknowledgement and

agreement by the Beneficiary that any Grant pursuant to the Time-Based Plan shall be subject to any

applicable clawback policy of the Company, as adopted by the Company from time to time, as well as

to any clawback required by any applicable laws, regulations or trading rules of any exchange on

which the Company's shares are listed at such time.

2)**Share Ownership Guidelines**. Any Ordinary Shares acquired pursuant to the vesting of Restricted

Stock Units may need to be retained by the Beneficiary in order to comply with the Company's Share

Ownership Guidelines, to the extent applicable to the Beneficiary.

**6.3** **Internal mobility**

In the event of transfer or temporary assignment of the Beneficiary within a company of the Group, implying (i) the

termination of the initial employment agreement and the entering into of a new employment agreement or of a

position as officer, and/or (ii) a resignation of the Beneficiary from his or her position as officer and the acceptance of

a new position of officer or the entering into of a new employment agreement in one of such companies, the

Beneficiary shall retain his or her right to vest in the Restricted Stock Units at the end of the Vesting Period.

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

Appendix B-9

In the event a Beneficiary is on an Agreed Leave, such Beneficiary's Grant(s) shall (a) stop vesting on the first day of

the quarter immediately following the quarter during which the Agreed Leave begins; and (b) resume vesting on the

first day of the quarter immediately following the quarter in which the Agreed Leave ends. As a result of any Agreed

Leave, the Vesting Period for the applicable Grant(s) shall be extended in accordance with this Article 6.4.

**6.5** **Disability**

In the event of Disability before the end of the Vesting Period, the Restricted Stock Units shall vest in the Beneficiary

on the date of Disability.

**6.6** **Death**

In the event of the death of the Beneficiary during the Vesting Period, the Restricted Stock Units shall vest at the date

of the request for vesting duly made by his or her beneficiaries in the framework of the inheritance.

The request for vesting of the Restricted Stock Units shall be made within six months from the date of death in

compliance with Article L. 225-197-3 of the French Commercial Code.

**6.7** **Retirement**

In the event of the retirement of a Beneficiary during the Vesting Period, and notwithstanding the number of

Restricted Stock Units that may vest pursuant to Article 6.1(b) upon the retirement of such Beneficiary, the Board of

Directors of the Company may decide that the conditions set forth in Article 6.1 above shall be deemed to be met for

all or part of the Restricted Stock Units prior to the date of such retirement.

**6.8** **Change in Control**

1)Unless otherwise provided by the Board of Directors, an agreement between a Group company and

the Beneficiary or in the applicable Grant Letter, in the event of a Change in Control:

a.Where the successor corporation or parent or subsidiary of the successor corporation does not agree

to assume or substitute for any outstanding Grant, for each Grant that is not assumed or substituted

for and for which the Grant Date is at least one year prior to the consummation of the Change in

Control, the restrictions and forfeiture conditions applicable to the Vesting Period shall lapse and the

Restricted Stock Units shall be deemed fully vested prior to the consummation of the Change in

Control. Any Grant for which the Grant Date is less than one year prior to the consummation of the

Change in Control shall either be assumed or substituted for in accordance with Article 6.8(a)(ii) or

cancelled in accordance with Article 6.8(a)(iii) below.

b.For the purposes of this Article 6.8, a Grant will be considered assumed or substituted if, (A) following

the Change in Control, the Grant confers the right to receive, for each Restricted Stock Unit subject to

the Grant immediately prior to the Change in Control, the consideration (whether stock, cash, or

other securities or property) or the fair market value, as determined by the Board of Directors in good

faith, of the consideration received in the Change in Control by holders of Ordinary Shares for each

such share held on the effective date of the transaction; provided, however, that if such consideration

received in the Change in Control is not solely common stock of the successor corporation or its

parent, the Board of Directors may, with the consent of the successor corporation, provide that the

consideration to be received for each Restricted Stock Unit shall be solely common stock of the

successor corporation or its parent equal in fair market value, as determined by the Board of Directors

Appendix B-10

in good faith, to the per share consideration received by holders of Ordinary Shares in the Change in

Control; (B) any securities of the successor corporation or its parent forming part of the Grant

following the Change in Control are freely tradable on a major stock exchange; and (C) the Grant

otherwise remains subject to the same terms and conditions that were applicable to the Grant

immediately prior to the Change in Control.

c.Notwithstanding any other provision of the Time-Based Plan, in the event of a Change in Control,

except as would otherwise result in adverse tax consequences under Section 409A of the U.S. Internal

Revenue Code, the Board of Directors may, in its discretion, provide that each Grant shall,

immediately upon the occurrence of a Change in Control, be cancelled in exchange for a payment in

cash or securities in an amount equal to (i) the consideration paid per Ordinary Share in the Change in

Control multiplied by (ii) the number of Restricted Stock Units granted under the Grant. The Board of

Directors shall not be required to treat all Grants similarly for purposes of this Article 6.8(a). Payment

of amounts under this Article 6.8(a) shall be made in such form, on such terms and subject to such

conditions as the Board of Directors determines in its discretion, which may or may not be the same

as the form, terms and conditions applicable to payments to the Company's shareholders in

connection with the Change in Control and may, in the Board of Directors' discretion, include

subjecting such payments to vesting conditions comparable to the Grants surrendered, subjecting

such payments to escrow or holdback provisions comparable to those imposed upon the Company's

shareholders in connection with the Change in Control, or calculating and paying the present value of

payments that would otherwise be subject to escrow or holdback terms.

2)The obligations of the Company under the Time-Based Plan shall be binding upon any successor

corporation or organization resulting from the Change in Control.

**6.9 Compliance with laws and liability of the Company.**

1)Shares shall not be sold or issued pursuant to the vesting of Restricted Stock Units unless the vesting of such

Restricted Stock Units, and the issuance or sale and delivery of such shares shall comply with all relevant

provisions of law including, without limitation, the French Commercial Code, the Securities Act of 1933, as

amended, the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated

thereunder, Applicable Laws and the requirements of any stock exchange or quotation system upon which

the shares may then be listed or quoted, the laws of any applicable jurisdiction in which Restricted Stock Units

are granted and any other French, U.S. or other laws applicable to the Restricted Stock Units.

2)Without limiting the provisions of Article 6.9(a) above, the inability of the Company to obtain authority from

any regulatory body having jurisdiction or to otherwise comply with any applicable law, which authority or

compliance is deemed by any counsel to the Company to be necessary for the lawful issuance or sale of any

shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such shares

as to which such requisite authority shall not have been obtained or as to which such legal compliance has not

Appendix B-11

been possible or practicable, and shall constitute circumstances in which the Board may determine to amend

or cancel the Restricted Stock Units, with or without consideration to the affected Beneficiary.

3)The Company and its affiliated companies may not be held responsible in any way if the Beneficiary for any

reason not attributable to the Company or its affiliated companies was not able to acquire the shares.

**7. HOLDING PERIOD**

**7.1** **Principle**

1)During the Holding Period, if any, the Beneficiaries concerned will be the owner of the Ordinary Shares

underlying the Restricted Stock Units granted under the Time-Based Plan and will be shareholders of the

Company. As a consequence, they will benefit from all the rights attached to the capacity of shareholder of

the Company.

However, the Ordinary Shares underlying the Restricted Stock Unit shall not be transferable during the Holding

Period (if any) and the Beneficiaries may not transfer or pledge those shares, by any means, or convert them into the

bearer form.

2)At the end of the Holding Period (if any), the Ordinary Shares underlying the Restricted Stock Unit will be fully

transferable, subject to the provisions of the following paragraph.

At the end of the Holding Period, if any, the Ordinary Shares underlying the Restricted Stock Unit granted under the

Time-Based Plan may not be transferred (i) if a "black-out" period is in effect pursuant to the Company's Insider

Trading Policy, as in effect at such time, or (ii) otherwise in contravention of any applicable laws or regulations, or

trading rules or restrictions of any exchange on which the Company's shares are listed at such time.

**7.2** **Specific situations**

Notwithstanding the provisions of the second paragraph of Article 7.1 above, the Ordinary Shares underlying the

Restricted Stock Unit delivered to the Beneficiaries referred to in Article 6.5 above or to the beneficiaries of the

deceased Beneficiary referred to in Article 6.6 above may be freely transferred as from the date of their vesting.

**8. CHARACTERISTICS OF THE ORDINARY SHARES** 

The Ordinary Shares delivered pursuant to the vesting of the Restricted Stock Units that shall be, at the Company's

choice, new shares to be issued by the Company or existing shares acquired by the Company.

As from the Vesting Date, the Ordinary Shares delivered pursuant to the Restricted Stock Units shall be subject to all

the provisions of the Bylaws. They shall be assimilated to existing Ordinary Shares and shall benefit from the same

rights as from the Vesting Date.

Dividend equivalents may be accumulated with respect to Restricted Stock Units granted under the Time-Based Plan

solely to the extent determined by the Board of Directors,in its sole discretion. To the extent the Board of Directors

provides for the accumulation of dividend equivalents with respect to Restricted Stock Units, such dividend

equivalents may be credited or paid in the form of cash or Ordinary Shares or through reinvestment in additional

Restricted Stock Units or in such other manner as the Board of Directors may determine in its sole discretion, and any

such dividend equivalents shall be subject to the same conditions and restrictions (including without limitation, any

forfeiture conditions) as the Restricted Stock Units to which they are attributable. Restricted Stock Units that do not

vest do not give a right to any dividend paid or dividend equivalent accumulated prior to the Vesting Date.

Appendix B-12

**9. DELIVERY AND HOLDING OF THE RESTRICTED STOCK UNITS**

At the end of the Vesting Period, the Company shall deliver to the Beneficiary the Ordinary Shares underlying the

Restricted Stock Units vested under the Time-Based Plan, provided that the conditions and criteria for such vesting

provided by Articles 5 and 6 above are met. However, Ordinary Shares may not be delivered in fractional shares.

Unless otherwise provided in an award agreement or grant letter, the number of Ordinary Shares delivered at the end

of any Vesting Period will always be rounded to the nearest whole number, provided however that the rounding does

not result in the issuance of Ordinary Shares in excess of the total number of Ordinary Shares subject to the Grant.

If the Vesting Date is not a Working Day, the delivery of the Ordinary Shares shall be completed the first Working Day

following the end of the Vesting Period.

The Ordinary Shares underlying the Restricted Stock Units that may be vested under the Time-Based Plan will be

held, during the Holding Period, if any, in nominative form (*nominatif pur*) in an individual account opened in the

name of the relevant Beneficiary at UPTEVIA with a legend stating that they cannot be transferred. If the provisions

of Article 7.1(b) above are applicable at the end of the Holding Period (or the end of the Vesting Period if there is no

Holding Period), the Ordinary Shares underlying the Restricted Stock Units shall remain in nominative form

(*nominatif pur*) at UPTEVIA until such time as they are transferred to make sure that the restrictions set forth in Article

7.1(b) above are complied with.

In the event that, as a consequence of the Grant of Restricted Stock Units under the Time-Based Plan, the Company

or any of the companies of the Group shall be compelled to pay taxes, social costs or any other social security taxes or

contributions on behalf of the Beneficiary, the Company retains the right to postpone or to forbid the delivery of the

Ordinary Shares on the Vesting Date until the relevant Beneficiary has paid to the Company or to the relevant

company of the Group the amount corresponding to these taxes, social costs, or social security taxes or contributions.

**10. SHARES SUBJECT TO PLAN; INDIVIDUAL LIMITATIONS**

**10.1Shares Available.**

Subject to adjustment as provided in Articles 11 and 12, the maximum aggregate number of Ordinary Shares

underlying the Restricted Stock Units (including pursuant to any dividend equivalents) that may be delivered under

the Time-Based Plan shall not exceed the number of shares remaining available for issuance or transfer under the

Company's equity compensation plans pursuant to authorizations previously approved by the shareholders of the

Company, as of the Grant Date, that are not subject to outstanding awards thereunder. Any Restricted Stock Unit

granted in connection with the Time-Based Plan (i.e., grants other than options or warrants) shall be counted against

this limit as 1.57 shares for every one Ordinary Share underlying the Restricted Stock Unit granted in connection with

such Grant (including any Ordinary Shares relating to dividend equivalents). Ordinary Shares subject to the Time-

Based Plan shall consist of authorized but unissued shares, as well as existing shares of the Company.

In the event that a Grant, or any part thereof, for any reason is terminated or canceled without having vested, the

Ordinary Shares subject to the unvested and forfeited portion of the Restricted Stock Units relating to such Grant

shall, provided the Time-Based Plan is still in force, again be available for future Grant pursuant to the Time-Based

Plan or the 2015 Performance Based Plan. Notwithstanding any provision of the Time-Based Plan or the Appendix

thereunder to the contrary, shares withheld or reacquired by the Company in satisfaction of tax withholding

obligations with respect to a Beneficiary shall not again be available for issuance or transfer under the Time-Based

Plan.

Appendix B-13

**11. INTERMEDIARY OPERATIONS**

Subject to Article 6.8, in the event of exchange of shares without any payment in cash (*soulte*) resulting from a merger

or split-up completed during the Vesting Period or the Holding Period (if any), the remainder of such period(s) shall

apply to the rights to receive Ordinary Shares underlying Restricted Stock Units of the Company or shares of the

surviving entity received by the Beneficiary in exchange for his rights to receive Ordinary Shares underlying Restricted

Stock Units.

The same shall apply in the event of exchange resulting from a public tender offer, a stock split or reverse stock split

completed in compliance with applicable regulations during the Holding Period, if any.

**12. ADJUSTMENT**

Should the Company, during the Vesting Period, undergo an amortization, reduce its share capital, change the

allocation of its profits, allocate Ordinary Shares to all the shareholders, capitalize reserves, profits or issuance

premiums, allocate reserves or issue equity securities or give a right to the allocation of equity securities, including a

preferential subscription right reserved to the shareholders or any other corporate transaction or event having an

effect similar to any of the foregoing, the maximum number of Ordinary Shares underlying Restricted Stock Units

granted under the Time-Based Plan may be adjusted in order to take into account said operation by application,

*mutatis mutandis*, of the terms of adjustment provided by the law for the beneficiaries of stock options as per Article

L. 225-181 and Article L. 228-99 of the French commercial code.

Each Beneficiary shall be informed of the practical terms of the adjustment and of its consequences on the Grant of

Restricted Stock Units he or she benefited from, it being specified that the Restricted Stock Units of the Company

granted pursuant to this adjustment shall be governed by the Time-Based Plan.

**13. AMENDMENT TO THE TIME-BASED PLAN** 

**13.1Principle**

The Time-Based Plan may be amended by the Board of Directors, provided that any such amendment shall be subject

to shareholder approval to the extent required in order to comply with applicable law or the rules of the Nasdaq Stock

Market. Any such amendment shall be subject to the written consent of the Beneficiaries if it results in a decrease in

the rights of said Beneficiaries, unless such amendment is necessary or appropriate to comply with or facilitate

compliance with applicable laws or other rules, regulations or requirements, as determined by the Board of Directors

(or its delegate).

The new provisions shall apply to the Beneficiaries of the Restricted Stock Units during the Vesting Period on the date

of the decision to amend the Time-Based Plan made by the Board of Directors, or the written consent of the

Beneficiary, if required.

**13.2Notice of the amendments**

The affected Beneficiaries shall be notified of an amendment to the Time-Based Plan, by any reasonable means,

including by electronic delivery, internal mail, by simple letter or, with acknowledgement of receipt, by fax or by e-

mail.

Appendix B-14

**14. TAX AND SOCIAL RULES**

The Beneficiary shall bear all taxes and mandatory costs which he or she must bear pursuant to the applicable law in

relation to the grant of Restricted Stock Units, on the due date of said taxes or costs.

Each Beneficiary shall verify and carry out, as the case may be, the reporting obligations he or she must comply with

in relation to the grant of the Restricted Stock Units.

**15. MISCELLANEOUS**

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

No provisions of the Time-Based Plan shall be construed as granting to the Beneficiary a right to have his or her

employment agreement with the Company or any of the companies of the Group maintained, or limiting the right of

the Company or any of the companies of the Group to terminate or amend the terms and conditions of the

employment agreement of the Beneficiary.

**15.2** **Rights in relation to future Restricted Stock Units plans and Nature of Grant**

<u>Rights in relation to future Restricted Stock Units plans.</u> The fact that a person may benefit from the Time-Based Plan

does not imply that he or she shall benefit from any other plan that may be implemented thereafter.

<u>Nature of Grant.</u> In accepting any Grant under the Time-Based Plan, the Beneficiary acknowledges that:

(a)the Time-Based Plan is established voluntarily by the Company, it is discretionary in nature and it may

be modified, amended, suspended or terminated by the Company at any time, unless otherwise provided in the

Time-Based Plan;

(b)the grant of the Restricted Stock Units is voluntary and occasional and does not create any

contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock

Units, even if Restricted Stock Units have been granted repeatedly in the past;

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

(d)Beneficiary's participation in the Time-Based Plan shall not create a right to further employment with

the Employer and shall not interfere with the ability of the Employer to terminate Beneficiary's employment

relationship at any time with or without cause unless otherwise required under local law;

(e)Beneficiary is voluntarily participating in the Time-Based Plan;

(f)the Restricted Stock Units are an extraordinary item that do not constitute compensation of any kind

for services of any kind rendered to the Company or the Employer, and which is outside the scope of Beneficiary's

employment contract, if any;

(g)the Restricted Stock Units are not part of normal or expected compensation or salary for any purpose,

including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service

payments, bonuses, long service awards, pension or retirement benefits or similar payments and in no event should

be considered as compensation for, or relating in any way to, past services for the Company or the Employer;

Appendix B-15

(h)in the event that Beneficiary is not an employee of the Company, the grant will not be interpreted to

form an employment agreement or relationship with the Company; and furthermore, the grant will not be interpreted

to form an employment agreement with the Employer or any subsidiary or affiliate of the Company;

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

certainty;

(j)if the Beneficiary obtains Ordinary Shares, the value of those Ordinary Shares may increase or

decrease;

(k)in consideration of the grant, no claim or entitlement to compensation or damages shall arise from

termination of the award of Restricted Stock Units or diminution in value of the award resulting from termination of

the Beneficiary's employment with the Company or the Employer (for any reason whatsoever) and the Beneficiary

irrevocably releases the Company and the Employer from any such claim that may arise; if, notwithstanding the

foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by signing the Time-

Based Plan, the Beneficiary shall be deemed irrevocably to have waived the Beneficiary's entitlement to pursue such

claim; and

(l)unless otherwise decided by the Board of Directors, in the event of termination of Beneficiary's

employment during the Vesting Period, Beneficiary's right to vest in the Restricted Stock Units under the Time-Based

Plan, if any, will terminate effective as of the date that Beneficiary is no longer actively employed and will not be

extended by any notice period mandated under the local law (*e.g.,* active employment would not include a period of

"garden leave" or similar period pursuant to local law).

**15.3** **Applicable law - Jurisdiction**

The Time-Based Plan is subject to French law. Any dispute relating to its validity, its interpretation or its performance

shall be decided by the competent courts of the French Republic.

**15.4** **Provisions Applicable to Beneficiaries Located outside of France**

The attached Appendix applies to Beneficiaries located outside of France at the time of the relevant taxable event.

**16. DATA PRIVACY**

As part of the 2015 Time-Based Plan, the Company processes some personal data of the Beneficiary. For this

processing, the Company acts as the controller of this personal data and in accordance with the provisions of

Regulation (EU) 2016/679 and, where applicable, those of Act No. 78-17 known as "Information technology & Civil

Liberties", as amended, together the "Personal Data Regulation". Undefined terms used in this clause have the

meaning given to them pursuant to the Personal Data Regulation.

The Company processes the Beneficiary's personal data on the legal basis of the conclusion and performance of the

contract concluded at the time of the Beneficiary's acceptance of the Grant Letter. The purpose of the contract is to

implement, administer and manage the Beneficiary's participation in the 2015 Time-Based Plan. Processed personal

data are those strictly necessary for the aforementioned purposes. Especially, this includes the following information:

the Beneficiary's name, home address and telephone number, date of birth, social insurance number or other

identification number, salary, nationality, job title, any shares or directorships held in the Company, details of all

awards or any other entitlement Shares awarded, cancelled, exercised, vested, unvested or outstanding in

Appendix B-16

Beneficiary's favor (the "Data"). Failure by the Beneficiary to provide certain Data could compromise the conclusion

and performance of the contract concluded at the time of the Beneficiary's acceptance of the Grant Letter.

The Company may disclose the Data to the Employer, subsidiaries and affiliated companies, sub-contractors, banking

and financial organizations on a need-to-know basis. These entities may be located outside the European Union and

in countries that have not been subject of an adequacy decision. If the recipients are located in other countries that do

not provide an adequate level of protection for personal data, the Company will take all necessary measures and

guarantees to ensure such a level and to supervise such transfers of Data in accordance with the Personal Data

Regulation, in particular by implementing standard contractual clauses of the European Commission. The Beneficiary

may request a copy of these guarantees by writing to the Data Protection Officer at the following address:

dpo@criteo.com.

In accordance with the Personal Data Regulation, where applicable, the Beneficiary has the right to access, rectify,

delete, limit processing and transfer his Data. To exercise these rights, the Beneficiary may contact the Data

Protection Officer at dpo@criteo.com. The Beneficiary also has the right to file a complaint with the competent

supervisory authority and to communicate to the Company instructions for the storage, deletion and communication

of its Data after its death.

In the context of this processing, the Data will not be kept for longer than necessary for the purposes referred to in

this clause. In any event, the Company will comply with the retention periods imposed by law.

**17. ELECTRONIC DELIVERY** 

The Company may, in its sole discretion, decide to deliver any documents related to the Time-Based Plan or future

awards that may be granted under the Time-Based Plan by electronic means or to request Beneficiary's consent to

participate in the Time-Based Plan by electronic means. Beneficiary hereby consents to receive such documents by

electronic delivery and, if requested, to agree to participate in the Time-Based Plan through an on-line or electronic

system established and maintained by the Company or another third party designated by the Company.

**18. SEVERABILITY**

The provisions of this Time-Based Plan are severable and if any one or more provisions are determined to be illegal or

otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

Appendix B-17

**APPENDIX**

**TERMS AND CONDITIONS**

This Appendix contains additional terms and conditions that will apply to the Beneficiary if he or she resides outside

of France. Capitalized terms used but not defined herein shall have the same meanings assigned to them in the Time-

Based Plan.

**NOTIFICATIONS**

This Appendix also includes information regarding exchange control and certain other issues of which the Beneficiary

should be aware with respect to his or her participation in the Time-Based Plan. The information is based on the

securities, exchange control and other laws in effect in the respective countries as of March 2023. Such laws are often

complex and change frequently. The Company therefore strongly recommends that the Beneficiary not rely on the

information in this Appendix as the only source of information relating to the consequences of his or her participation

in the Time-Based Plan because such information may be outdated when the Beneficiary vests in the Restricted Stock

Units and/or sells any shares delivered pursuant to the award.

**GENERAL PROVISIONS**

<u>Taxes</u>. Regardless of any action the Company or the Beneficiaries' employer (the "Employer") takes with respect to

any or all income tax, social insurance, payroll tax, or other tax-related withholding ("Tax-Related Items"), the

Beneficiary acknowledges that the ultimate liability for all Tax-Related Items legally due by the Beneficiary is and

remains the Beneficiary's responsibility and that the Company and/or the Employer (1) make no representations or

undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock

Units grant, including the grant, vesting of the Restricted Stock Units, the subsequent sale of Ordinary Shares

underlying Restricted Stock Units delivered pursuant to such vesting and the receipt of any dividends; and (2) do not

commit to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate the

Beneficiary's liability for Tax-Related Items.

Prior to vesting of the Restricted Stock Units, the Beneficiary will pay or make adequate arrangements satisfactory to

the Company and/or the Employer to satisfy all withholding obligations of the Company and/or the Employer, if any.

In this regard, the Beneficiary authorizes the Company and/or the Employer to withhold all applicable Tax-Related

Items legally payable by the Beneficiary from the Beneficiary's compensation paid to the Beneficiary by the Company

and/or Employer or from proceeds of the sale of shares underlying the Restricted Stock Units. Alternatively, or in

addition, if permissible under local law, and with respect to any individual who is determined by Criteo to be an

"officer" as defined by Rule 16a-1(f) promulgated under the Securities Exchange Act of 1934, as amended (the

Exchange Act), or an "executive officer" as defined by Rule 3b-7 promulgated under the Exchange Act, the Company

may, (1) sell or arrange for the sale of shares underlying the vested Restricted Stock Units to meet the withholding

obligation for Tax-Related Items and/or (2) withhold in shares, provided that, to the extent required under applicable

accounting or tax rules, the Company only withholds the amount of shares necessary to satisfy the withholding

amount, and further provided that any such withholding of shares shall be subject to advance approval by the Board

of Directors or a committee thereof as constituted in accordance with Rule 16b-3 under the Exchange Act. Finally, the

Beneficiary will pay to the Company or the Employer any amount of Tax-Related Items that the Company or the

Employer may be required to withhold as a result of the Beneficiary's participation in the Time-Based Plan or the

Beneficiary's Vesting of Restricted Stock Units that cannot be satisfied by the means previously described. The

Company may refuse to honor the vesting and refuse to deliver the shares underlying the vested Restricted Stock

Appendix B-18

Units if the Beneficiary fails to comply with Beneficiary's obligations in connection with the Tax-Related Items as

described in this section.

**<u>For tax residents of the United States</u>**

Beneficiary acknowledges that both this award and any underlying Ordinary Shares are securities, the issuance or

transfer of which by the Company requires compliance with federal and state securities laws.

Beneficiary acknowledges that these securities are made available to Beneficiary only on the condition that

Beneficiary makes the representations contained in this section to the Company.

Beneficiary has made a reasonable investigation of the affairs of the Company sufficient to be well informed as to the

rights and the value of these securities.

The intent of the parties is that payments and benefits under the Time-Based Plan comply with, or be exempt from,

Section 409A of the Internal Revenue Code of 1986, as amended (the "**Code**") to the extent subject thereto, and,

accordingly, to the maximum extent permitted, the Time-Based Plan and the Grant Letters thereunder shall be

interpreted and be administered to be in compliance therewith or exempt therefrom. In this regard, any payments or

benefits (including vesting tranches) described in the Time-Based Plan and the Grant Letters thereunder that are due

within the "short-term deferral period" as defined in Section 409A of the Code shall not be treated as deferred

compensation unless applicable law requires otherwise and each amount to be paid or benefit to be provided under

the Time-Based Plan shall be treated as a separate identified payment for purposes of Section 409A of the Code.

Notwithstanding anything contained herein to the contrary, to the extent required to avoid accelerated taxation and/

or tax penalties under Section 409A of the Code, the Beneficiary shall not be considered to have separated from

service with the Company for purposes of this the Time-Based Plan and no payment or benefit shall be due to the

Beneficiary under the Time-Based Plan and the Grant Letters thereunder on account of a separation from service until

the Beneficiary would be considered to have incurred a "separation from service" from the Company within the

meaning of Section 409A of the Code. Notwithstanding anything to the contrary in the Plan and the Grant Letters

thereunder, to the extent that any amounts are payable upon a separation from service and such payment would

result in accelerated taxation and/or tax penalties under Section 409A of the Code due to the Beneficiary's status as a

"specified employee" within the meaning of Section 409A of the Code, such payment, under the Plan or any other

agreement of the Company, shall be made on the first business day after the date that is six (6) months following such

separation from service (or death, if earlier). Further notwithstanding anything to the contrary in the Plan, to the

extent required under Section 409A of the Code to make payment of an award upon a Change in Control, the

applicable transaction or event defined in Article 2 and described in Article 6.8 of the Plan must qualify as a "change in

control event" within the meaning of Section 409A of the Code and the regulations promulgated thereunder, and if it

does not, then unless otherwise specified in the applicable Grant Letter, any Restricted Stock Units vested in the

Beneficiary upon a Change in Control shall be delivered on their originally specified Vesting Date, in accordance with

Article 9 of the Plan (or death, if earlier).

For Beneficiaries who are United States taxpayers, notwithstanding anything to the contrary contained in Article 6.5

of the Time-Based Plan, the shares underlying the Restricted Stock Units shall be delivered to the Beneficiary no later

than 60 days following the date of the Beneficiary's Disability; provided, that, to the extent that the Restricted Stock

Units are considered deferred compensation subject to Section 409A of the Code, any such Disability will be within

the meaning of Section 409A of the Code and the regulations promulgated thereunder, and if it is not, any Restricted

Stock Units vested in the Beneficiary upon Disability shall be delivered on their originally specified Vesting Date, in

accordance with Article 9 of the Plan (or death, if earlier).

Appendix B-19

For Beneficiaries who are United States taxpayers, notwithstanding anything to the contrary contained in Article 6.6

of the Time-Based Plan, the Restricted Stock Units shall be delivered no later than no later than 90 days following the

date of the Beneficiary's death, but in any event no later than December 31st of the calendar year following the year

of the Beneficiary's death to the extent permitted by Section 409A of the Code. The Company makes no

representation that any or all of the payments described in the Time-Based Plan and the Grant Letters thereunder will

be exempt from or comply with Section 409A of the Code and makes no undertaking to preclude Section 409A of the

Code from applying to any such payment. The Grantee shall be solely responsible for the payment of any taxes and

penalties incurred under Section 409A.

The Company makes no representation as to the tax status of the Time-Based Plan to the Beneficiary who should

seek his or her own tax advice.

**<u>For Israeli Tax Residents</u>**

Upon grant of Restricted Stock Units, if the award is made to an employee, director or officer of an Israeli resident

member of the Group (the "Approved Israeli Participants"), and is intended to qualify for beneficial tax treatment

pursuant to the trustee capital gains route of Section 102 of the Israeli Income Tax Ordinance [New Version] 1961

("Trustee 102 Awards", "Capital Gains Route" and "Ordinance") the following provisions shall apply. The designation

of a Restricted Stock Unit as a Trustee 102 Award shall be determined by the Board of Directors or any committee

thereof. Unless otherwise specifically determined, all Restricted Stock Units awards to Approved Israeli Participants

are intended to be Trustee 102 Awards. The provisions below set out the terms and conditions applicable to Trustee

102 Awards granted to Approved Israeli Participants, as defined below, in order to satisfy Israeli tax requirements. If

the terms are not met the Restricted Stock Units shall be subject to tax pursuant to the non-trustee route of Section

102 or Section 2 or 3(i) of the Ordinance.

Trustee 102 Awards and/or any Ordinary Shares allocated or issued upon the vesting of a Trustee 102 Award and/or

other Ordinary Shares received following any realization of rights under the Plan, shall be allocated or issued to the

trustee appointed by the Company and/or its Israeli subsidiary pursuant to the provisions of Section 102 of the

Ordinance (the "102 Trustee") or controlled by the 102 Trustee, for the benefit of the Approved Israeli Participants, in

accordance with the provisions of Section 102 of the Ordinance. In the event the requirements for Trustee 102 Awards

are not met, the Trustee 102 Awards may be regarded as awards subject to tax pursuant to Section 102(c) of the

Ordinance or as awards which are not subject to Section 102, all in accordance with the provisions of Section 102.

With respect to any Trustee 102 Award, subject to the provisions of Section 102, an Approved Israeli Participant shall

not sell or release from trust any Ordinary Shares received upon the grant, vesting or exercise of a Trustee 102 Award

and/or any Ordinary Shares received following any realization of rights, including, without limitation, stock dividends,

under the Plan at least until the lapse of the period of time required under Section 102 or any shorter period of time

determined by the ITA (the "102 Holding Period"). Notwithstanding the foregoing, if any such sale or release occurs

during the 102 Holding Period, the sanctions under Section 102 shall apply to and shall be borne by such Approved

Israeli Participant.

Notwithstanding anything to the contrary, the 102 Trustee shall not release or sell any Ordinary Shares allocated or

issued upon the vesting of a Trustee 102 Award unless the Company, the Group and the 102 Trustee are satisfied that

the full amounts of any Tax due have been paid or will be paid.

Upon receipt of any Trustee 102 Award, the Approved Israeli Participant will consent to the grant of such award under

Section 102 and undertake to comply with the terms of Section 102 and the trust arrangement between the Company

and the 102 Trustee.

Appendix B-20

Each Trustee 102 Award will be deemed granted on the Grant Date, provided that and subject to (i) the Approved

Israeli Participant has signed all documents required by the Company or applicable law, and (ii) the Company has

provided all applicable documents to the 102 Trustee in accordance with the guidelines published by the ITA such that

if the guidelines are not met the 102 Award will be considered as granted under Section 102(c) of the Ordinance.

Notwithstanding any provision of the Plan, no Trustee 102 Award or any right with respect thereto, whether fully paid

or not, shall be assignable, transferable or given as collateral, and no right with respect to any such award shall be

given to any third party whatsoever, and during the lifetime of the Approved Israeli Participant, each and all of such

Approved Israeli Participant's rights with respect to an award shall belong only to the Approved Israeli Participant.

Any such action made, directly or indirectly, for an immediate or future validation, shall be void. As long as Restricted

Stock Units and/or Ordinary Shares issued or purchased hereunder are held by the 102 Trustee on behalf of the

Approved Israeli Participant, all rights of the Approved Israeli Participant over the Restricted Stock Units and Ordinary

Shares cannot be transferred, assigned, pledged or mortgaged, other than by will or laws of descent and distribution.

With regard to Trustee 102 Awards, the provisions of Section 102 and any approval issued by the ITA shall be deemed

an integral part of the Plan and the Grant Letter. Any provision of Section 102 and/or said approval issued by the ITA,

which must be complied with in order to receive and/or to maintain any tax treatment with respect to a Trustee 102

Award, which is not expressly specified herein, shall be considered binding upon the Company and the Approved

Israeli Participants. Furthermore, if any provision of the Plan disqualifies Trustee 102 Awards from the beneficial tax

treatment pursuant to Section 102, such provision shall not apply to the Trustee 102 Awards.

Any tax consequences arising from the grant, vesting or sale of any Trustee 102 Award or Ordinary Shares covered

thereby or from any other event or act (of the Company, and/or the Group, and the 102 Trustee or the Approved

Israeli Participant), hereunder, shall be borne solely by the Approved Israeli Participant. The Company and/or the

Group, and/or the 102 Trustee shall withhold tax according to the requirements of applicable laws, rules, and

regulations, including withholding taxes at source. Furthermore, the Approved Israeli Participant agrees to indemnify

the Company and/or the Group and/or the 102 Trustee and hold them harmless against and from any and all liability

for any such tax or interest or penalty thereon, including without limitation, liabilities relating to the necessity to

withhold, or to have withheld, any such tax from any payment made to the Approved Israeli Participant. The

Company and/or, when applicable, the 102 Trustee shall not be required to release any Ordinary Shares to an

Approved Israeli Participant until all required tax payments have been fully made.

Appendix B-21

**Exhibit 1**

**List of Countries** 

• Canada

• Japan

• Singapore

• The Netherlands

Appendix B-22

**Exhibit 2**

**Form of Grant Letter**

[Beneficiary Name and Address]

[Date]

**<u>Letter delivered by electronic delivery</u>**

[Name of Beneficiary],

We have the pleasure to inform you that, pursuant to the authorization granted by the shareholders' meeting

held on [June 13, 2023], the board of directors of Criteo (the « **Company** »), during its meeting held on [ ] (the «

**Grant Date** »), granted to you Restricted Stock Units of the Company, under the terms and conditions provided for in

Articles L. 225-197-1 to L. 225-197-5 of the French Commercial Code and in the Amended and Restated 2015 Time-

Based Restricted Stock Units Plan of the Company (the « **the Time-Based Plan** »). Capitalized terms that are used

but not defined herein shall have the meaning ascribed to such terms in the Time-Based Plan.

The board of directors granted to you [ ] restricted stock units of the Company (the « **Shares** »), with a par

value of EUR 0.025 each.

The period (« **Vesting Period** ») at the end of which the grant will become effective and final (i.e., the Shares

will be delivered to you and be your property), has been set at [ ] years as from the Grant Date: [details of vesting

scheduled to be inserted]. [Except as provided below], the Shares will thus vest at the end of the Vesting Period

unless you shall cease to be an employee of the Criteo group for any reason whatsoever during the Vesting Period

(subject to the following paragraph).

[In the event you cease to be an employee or officer of the Group after the one-year anniversary of the Grant

Date but prior to the First Vesting Date, you shall vest in, on the First Vesting Date, a number of Shares that is equal

to the pro rata portion (measured by the ratio of (A) the number of quarters elapsed from the Grant Date included to

the date you cease to be an employee or officer of the Group (excluded) to (B) the total number of quarters between

the Grant Date (included) and the First Vesting Date (excluded)) of the number of Shares that you would have vested

on the First Vesting Date had you remained an employee or officer of the Group until such date (the « **Prorated** 

**Vesting** »).] [Notwithstanding the foregoing, if you are a tax resident of the United States, the Company will be

required to withhold Federal Insurance Contributions Act taxes in respect of your vesting gain as of the first

anniversary of the Grant Date.]

In the event of Disability before the end of the Vesting Period, the Restricted Stock Units shall vest on the

date of Disability. In the event of death during the Vesting Period, the Restricted Stock Units shall vest at the date of

the request made by your beneficiaries in the framework of the inheritance. The request for the Shares shall be made

within six (6) months from the date of death in compliance with Article L. 225-197-3 of the French Commercial Code.

Neither the Time-Based Plan nor this letter shall confer upon you any right to be retained in any position, as

an employee, consultant or director of the Company. Further, nothing in the Time-Based Plan or this letter shall be

construed to limit the discretion of the Company to terminate your continuous service at any time, with or without

cause.

By acknowledging this grant, you hereby acknowledge and agree that any Grant pursuant to the Time-Based

Plan shall be subject to any applicable Criteo clawback policy, as adopted by Criteo from time to time, as well as to

any clawback required by any applicable laws, regulations or trading rules of any exchange on which the Company's

shares are listed at such time.

Appendix B-23

[**To be included for the employees of the Israeli subsidiary**: The Restricted Stock Units are intended to be

subject to tax pursuant to the trustee capital gains route of Section 102 of the Ordinance, subject to compliance with

the requirements under Section 102 and any rules or regulations thereunder, including the execution of this Grant

Letter and the required declarations. However, in the event the Restricted Stock Units do not meet the requirements

of Section 102, such Restricted Stock Units and the underlying Ordinary Shares shall not qualify for the favorable tax

treatment under the Capital Gains Route. The Company makes no representations or guarantees that the Restricted

Stock Units will qualify for favorable tax treatment and will not be liable or responsible if favorable tax treatment is

not available under Section 102. The Restricted Stock Units and the Ordinary Shares issued upon vesting and/or any

additional rights, as detailed above, including without limitation any right to receive any dividends or any shares

received as a result of an adjustment made under the Plan, that may be granted in connection with the Restricted

Stock Units (the "Additional Rights") shall be issued to or controlled by the 102 Trustee for your benefit under the

provisions of the Capital Gains Route for at least the period stated in Section 102 or any other period of time

determined by the Israel Tax Authority ("ITA"). In accordance with the requirements of Section 102 and the Capital

Gains Route, you shall not sell nor transfer from the 102 Trustee the Ordinary Shares or Additional Rights until the

end of the 102 Holding Period. Notwithstanding the above, if any such sale or transfer occurs before the end of the

102 Holding Period, the sanctions under Section 102 shall apply and shall be borne by you. The Company and/or

member of the Group and/or the 102 Trustee shall withhold taxes according to the requirements under the applicable

laws, the rules, and regulations, including withholding taxes at source. Furthermore, you hereby agree to indemnify

the Company and/or any member of the Group and/or the 102 Trustee and hold them harmless against and from any

and all liability for any such tax or interest or penalty thereon, including without limitation, liabilities relating to the

necessity to withhold, or to have withheld, any such tax from any payment made to you. The Company and/or any

member of the Group and/or the 102 Trustee, to the extent permitted by law, shall have the right to deduct from any

payment otherwise due to you, or from proceeds of the sale of any Ordinary Shares, an amount equal to any tax

required by law to be withheld with respect to such Ordinary Shares. You will pay to the Company, any member of

the Group or the 102 Trustee any amount of taxes that the Company and/or any member of the Group or the Trustee

may be required to withhold with respect to any Ordinary Shares that cannot be satisfied by the means previously

described. The Company may refuse to deliver any Ordinary Shares if you fail to comply with your obligations in

connection with the taxes as described in this section. Any fees associated with any vesting, sale, transfer or any act in

relation to the Restricted Stock units and the Ordinary Shares issued upon vesting, shall be borne by you. The 102

Trustee and/or the Company and/or any member of the Group shall be entitled to withhold or deduct such fees from

payments otherwise due to/from the Company or any member of the Group or the 102 Trustee.

[Security Law Exemption. If required, the Company will obtain an exemption from the requirement to file a

prospectus with respect to the Restricted Stock Units. If obtained copies of the Plan and Form S-8 registration

statement for the Plan filed with the U.S. Securities and Exchange Commission will be available free of charge upon

request from your local human resources department.]

In addition to the acknowledgments noted above and in the Plan, you hereby understand, acknowledge,

agree as follows: (i) you are familiar with the provisions of Section 102 of the Ordinance and the regulations and rules

promulgated thereunder, including without limitations the provisions of the tax route applicable to your Restricted

Stock Units and agree to comply with such provisions, as amended from time to time, provided that if such terms are

not met, the specific tax route may not apply; (ii) you accept the provisions of the trust agreement signed between

the Company and the 102 Trustee, and agree to be bound by its terms; (iii) you acknowledge that selling the Ordinary

Shares or releasing the Ordinary Shares from the control of the 102 Trustee prior to the termination of the 102

Holding Period constitutes a violation of the terms of Section 102 and agree to bear the relevant sanctions; (iv) you

authorize the Company to provide the plan administrator and the 102 Trustee with any information required for the

purpose of administering the Plan including executing their obligations according to Section 102 of the Ordinance,

the trust deed and the trust agreement, including without limitation information about your Restricted Stock Units,

Ordinary Shares, income tax rates, salary bank account, contact details and identification number and acknowledge

that the information might be shared with an administrator who is located outside of Israel, where the level of

protection of personal data is different than in Israel.]

The detailed terms of such grant are described in the Time-Based Plan, a copy of which is attached hereto.

The Time-Based Plan is hereby incorporated by reference and made a part hereof, and the Restricted Stock Units

granted herein shall be subject to all terms and conditions of the Time-Based Plan and this Grant Letter. In the event

Appendix B-24

of any conflict between the provisions of this Grant Letter and the provisions of the Time-Based Plan, the provisions

of the Time-Based Plan shall govern.

Thank you for accepting the Grant by clicking on the acceptance button directly in your Equate platform no

later than 6 months from the date of notification by the Company of the availability online of the Grant

documentation; the documents being deemed to be received on the date of the electronic delivery.

Yours sincerely,

![Image_3.jpg](crto-20260508_g32.jpg)

Appendix C-1

**APPENDIX C**

***Please note that because we are a French company, the full text of the plan has been translated from French. In the case of***

***any discrepancy between this version and the French version, the French version will prevail.***

**CRITEO**<br>**AMENDED AND RESTATED 2015 PERFORMANCE-BASED RESTRICTED** <br>**STOCK UNITS PLAN**<br>

Appendix C-2

***Please note that because we are a French company, the full text of the plan has been translated from French. In the case***

***of any discrepancy between this version and the French version, the French version will prevail.***

![Image_0.jpg](crto-20260508_g29.jpg)

**AMENDED AND RESTATED 2015 PERFORMANCE-BASED RESTRICTED** 

**STOCK UNITS PLAN**

![Image_1.jpg](crto-20260508_g30.jpg)

Adopted by the Board of Directors on April 23, 2020

Approved by the Company's combined shareholders' general meetings of October 23, 2015, June 29, 2016 and

June 28, 2017

Amended from time to time. Last amendment by the Board: April 28, 2026

Appendix C-3

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **1. IMPLEMENTATION OF THE PERFORMANCE BASED RESTRICTED STOCK UNIT PLAN ........................................** | 2 |
| **2. DEFINITIONS ...................................................................................................................................................................** | 2 |
| **3. PURPOSE ..........................................................................................................................................................................** | 5 |
| **4. BENEFICIARIES: ELIGIBLE EMPLOYEES ......................................................................................................................** | 5 |
| **5. NOTICE OF THE GRANT OF THE RESTRICTED STOCK UNITS ...................................................................................** | 5 |
| **6. VESTING PERIOD ............................................................................................................................................................** | 5 |
| **7. HOLDING PERIOD ...........................................................................................................................................................** | 12 |
| **8. CHARACTERISTICS OF THE ORDINARY SHARES .......................................................................................................** | 13 |
| **9. DELIVERY AND HOLDING OF THE ORDINARY SHARES UNDERLYING THE RESTRICTED STOCK UNITS .........** | 13 |
| **10. SHARES SUBJECT TO PLAN; INDIVIDUAL LIMITATIONS ........................................................................................** | 14 |
| **11. INTERMEDIARY OPERATIONS ....................................................................................................................................** | 15 |
| **12. ADJUSTMENT ................................................................................................................................................................** | 15 |
| **13. AMENDMENT TO THE 2015 PERFORMANCE PLAN ..................................................................................................** | 15 |
| **14. TAX AND SOCIAL RULES .............................................................................................................................................** | 16 |
| **15. MISCELLANEOUS ..........................................................................................................................................................** | 16 |
| **16. DATA PRIVACY ..............................................................................................................................................................** | 18 |
| **17. ELECTRONIC DELIVERY ...............................................................................................................................................** | 19 |
| **18. SEVERABILITY ...............................................................................................................................................................** | 19 |
| **APPENDIX .............................................................................................................................................................................** | 20 |

---

 **IMPLEMENTATION OF THE PERFORMANCE BASED RESTRICTED STOCK UNIT PLAN**

On July 30, 2015 , the Board of Directors adopted the Original 2015 Performance Based Restricted Stock Unit

Plan stating the conditions and criteria for the grant of Restricted Stock Units of Criteo, a French *société anonyme* 

whose registered office is located at 32, rue Blanche, 75009 Paris, France and whose identification number is

484 786 249 R.C.S. Paris (hereafter referred to as the "**Company**") to the benefit of the chief executive officer

and, from time to time, certain named executive officers, members of executive management and certain other

employees of the Company or any company or economic interest group (*groupement d'intérêt économique*) in

which the Company holds, directly or indirectly, at least 10% of the share capital and voting rights at the date of

grant of said shares, as determined by the Board of Directors, and the combined (ordinary and extraordinary)

shareholders' meeting of the Company approved the Performance Based Restricted Stock Unit Plan on October

23, 2015.

The Original 2015 Performance Based Restricted Stock Unit Plan was subsequently approved by the combined

(ordinary and extraordinary) shareholders' meeting of the Company, which also granted authority to the Board of

Directors to grant Restricted Stock Units under the Original 2015 Performance Based Restricted Stock Unit Plan.

On February 25, 2016, the Board of Directors adopted this amended and restated version of the Original 2015

Performance Based Restricted Stock Unit Plan (hereinafter, and as it may be amended from time to time in

accordance with the provisions hereof, and in particular by the Board of Directors on April 7, 2016, on June 28,

2016, on April 4, 2018, on April 25, 2019, on April 23, 2020, on April 7, 2021, on April 6, 2022, on April 5, 2023,

April 15, 2024 and on April 28, 2026, the "**2015 Performance Based Restricted Stock Unit Plan**" or the

"**Performance Based Plan**").

Appendix C-4

**2. DEFINITIONS**

Under the Performance Based Plan, the following terms and expressions starting with a capital letter shall have

the following meaning and may be used indifferently in the singular or in the plural form:

---

| | |
|:---|:---|
| **"Agreed Leave"** | refers to any leave of absence of more than three months having received a <br>prior approval from the Company or requiring no prior approval under U.S. <br>laws. Agreed Leaves shall include leaves for illnesses, military leave, and any <br>other personal leave or conditions about which the employee has advance <br>knowledge. Agreed Leave shall not include any absence considered as effective <br>working time, such as maternity leave, of whatever duration, which shall not <br>automatically result in a termination of the employment relationship between <br>the Beneficiary and the Company or the Group.<br>|
| **"Applicable Laws"** | refers to, for the U.S., the legal requirements related to the administration of <br>equity compensation plans under federal and state corporate and securities <br>laws, including requirements of any exchange or quotation system on which <br>the Shares may then be listed or quoted, and the Code in force in the United <br>States of America<br>|
| **"Beneficiaries"** | refers to the person(s) for whose benefit the Board of Directors has approved a <br>Grant of Restricted Stock Units under the Performance Based Plan as well as, <br>as the case may be, his or her heirs.<br>|
| **"Board of Directors"** | refers to the Company's board of directors. |
| **"Bylaws"** | refers to the Company's bylaws in force at the date referred to. |
| **"Change in Control"** | refers to (i) a merger (*fusion*) of the Company with or into another corporation, <br>other than to another corporation, entity or person in which the holders of at <br>least a majority of the voting rights and share capital of the Company <br>outstanding immediately prior to such transaction continue to hold (either by <br>such shares remaining outstanding in the continuing entity or by being <br>converted into shares of voting rights and share capital of the surviving entity) <br>a majority of the total voting rights and share capital of the Company (or the <br>surviving entity) outstanding immediately after such transaction (an "**Excluded** <br>**Entity**"), or (ii) the sale (*vente*) or other form of transfer by one or several <br>shareholders of the Company to any person or group of persons of a number of <br>Ordinary Shares such that the transferee(s) shall own a majority of the voting <br>rights and share capital of the Company, or (iii) the sale, lease or other <br>disposition, in a single transaction or in a series of related transactions, of all or <br>substantially all of the assets of the Company other than to (1) a corporation or <br>other entity of which at least a majority of its combined voting rights and share <br>capital is owned directly or indirectly by the Company or (2) an Excluded Entity.<br>|
| **"Disability"** | refers to the disability of a Beneficiary corresponding to the second or third of <br>the categories provided by Article L. 341-4 of the French Social Security Code.<br>|

---

Appendix C-5

---

| | |
|:---|:---|
| **"Grant Date"** | refers to the date when the Board of Directors approves a grant of Restricted <br>Stock Units under the 2015 Performance Based Restricted Stock Units Plan.<br>|
| **"Grant Letter"** | refers to the notice, substantially in the form set forth in Exhibit 1, which <br>informs a given Beneficiary of the Grant of Restricted Stock Units, as stated in <br>Article 5 of the Performance Plan.<br>|
| **"Grant"** | refers to the decision of the Board of Directors to grant Restricted Stock Units <br>to a given Beneficiary, subject to the vesting conditions set forth by the <br>Performance Based Plan as amended from time to time.<br>|
| **"Group"** | refers to the Company and to all the companies and groups affiliated with the <br>Company within in the meaning of Article L. 225-197-2 of the French <br>Commercial Code.<br>|
| **"Holding Period"** | refers to the period, if any, starting on the Vesting Date, during which a <br>Beneficiary may not transfer or pledge his or her shares underlying the vested <br>Restricted Stock Units, by any means, or convert them into the bearer form; it <br>being specified that the total duration of both the Vesting Period and the <br>Holding Period may in no event be less than two years as from the Grant Date <br>pursuant to applicable French law.<br>|
| **"Ordinary Share"** | refers to one ordinary share (*action ordinaire*) of the Company or an American <br>Depositary Share representing one Share on the Nasdaq Global Market.<br>|
| **"Original 2015** <br>**Performance Based** <br>**Restricted Stock Units** <br>**Plan"**<br>| refers to the version of the 2015 Performance Based Stock Unit Plan that was <br>adopted by the Board of Directors on July 30, 2015 and approved by the <br>combined (ordinary and extraordinary) shareholders' meeting of the Company <br>on October 23, 2015.<br>|
| **"Restricted Stock Units"** | refers to a promise by the Company to deliver to the Beneficiary on the <br>Vesting Date, at no consideration, Ordinary Shares, subject to the vesting <br>conditions set forth by the Performance Based Plan. Dividend, voting and <br>other shareholder rights will not apply until the issuance or transfer of Ordinary <br>Shares at the time of vesting of the Restricted Stock Units under the <br>Performance Based Plan. <br>|
| **"Vesting Date"** | refers to the date on which the Ordinary Shares subject to the Restricted Stock <br>Units are delivered to the relevant Beneficiary.<br>|

---

Appendix C-6

---

| | |
|:---|:---|
| **"Vesting Period"** | refers to the minimum one year period starting on the Grant Date and ending <br>on the Vesting Date, being specified that the Board of Directors may decide to <br>extend this period for all or part of the Restricted Stock Units and/or provide for <br>vesting in tranches, as stated in the corresponding Grant Letter.<br>|
| **"Working Day"** | refers to any day on which legal business can be conducted within the <br>Company, i.e. every Monday, Tuesday, Wednesday, Thursday and Friday, as <br>long as it is not a public holiday.<br>|

---

**3. PURPOSE**

The Performance Based Plan sets forth the conditions and criteria for the grant of Restricted Stock Units under

the Performance Based Plan, pursuant to Articles L. 225-197-1 *et seq*. of the French Commercial Code and to the

authorization granted by the shareholders' meeting of the Company dated October 23, 2015.

The purposes of the Performance Based Plan are:

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

• to provide additional incentive to Beneficiaries, including performance incentives; and

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

**4. BENEFICIARIES: ELIGIBLE EMPLOYEES**

Pursuant to the authorization of the shareholders' general meeting dated October 23, 2015 , the Board of

Directors of the Company will approve the list of Beneficiaries among the chief executive officer and, from time

to time, certain named executive officers, members of executive management and certain other employees of

the Group, as determined by the Board of Directors, together with the indication of the number of Restricted

Stock Units granted to each of them.

**5. NOTICE OF THE GRANT OF THE RESTRICTED STOCK UNITS** 

The notice of the Grant of Restricted Stock Units to each Beneficiary shall be made pursuant to a Grant Letter

made available to the Beneficiary together with a copy of the Performance Based Plan as amended and restated,

indicating the number of Restricted Stock Units granted, the Vesting Period, the Holding Period, if any, and the

Performance Targets (as described in Article 6.1 and 6.2).

The Beneficiary shall acknowledge receipt of the Grant documentation comprised of the Grant Letter and of the

Performance Based Plan by accepting online his or her documentation by means of the tool made available by

the Company and by sending signed copies of the Grant Letter within 6 months (or such other number of days

determined by the Company) from the date of notification by the Company of the availability on line of the Grant

documentation; the documents being deemed to be received on the date of the electronic delivery.

**6. VESTING PERIOD**

**6.1.Principle**

Appendix C-7

(a)The Restricted Stock Units granted under the 2015 Performance Based Plan shall

vest in the Beneficiaries at the end of the Vesting Period, provided that the following condition(s) precedent(s) is

(are) met:

1. except as set forth in Article 6.1(b), continued presence of the Beneficiary in his or her capacity as

employee and/or corporate officer of the Company or of any of the companies of the Group during the

Vesting Period, in the absence of which he or she will not be entitled to acquire Ordinary Shares on the

date when this condition is no longer met; and

2. attainment of one or more Performance Targets determined by the Board of Directors at grant in

accordance with Article 6.2 and reflected in the relevant Grant Letter.

Should the Beneficiary be at the same time an employee and an officer of the same company or of two

companies of the Group, the loss of one of these capacities shall not result in the loss of the right to vest in the

Restricted Stock Units granted under the Performance Based Plan at the end of the Vesting Period; provided,

that if the Beneficiary is an officer on the Grant Date and subsequently ceases to be an officer of any company of

the Group, the Board of Directors shall have the discretion to terminate the Beneficiary's Restricted Stock Units

granted under the Performance Based Plan at any time up to the end of the Vesting Period.

Pursuant to Article L. 225-197-3 of the French Commercial Code, the Beneficiaries hold a claim against the

Company which is personal and may not be transferred until the end of the Vesting Period, except in case of

death.

During the Vesting Period, the Beneficiaries will not own the Ordinary Shares and will not be shareholders of the

Company. As a consequence, they will not hold any rights attached to the Ordinary Shares.

(b)Unless otherwise determined by the Board of Directors at the Grant Date, if the

Beneficiary (i) ceases to be an employee or officer of the Group more than one year after the Grant Date but prior

to (A) the Vesting Date or (B) in the case of a Grant that vests in tranches, the vesting date of the first tranche of

the Grant (such date in either (A) or (B), the **"First Vesting Date"**), and (ii) prior to the termination of his or her

employment or term of office, any applicable Performance Targets (as defined below) are fully satisfied, then the

Beneficiary shall vest in, on the First Vesting Date, only those Restricted Stock Units that correspond to the

Performance Targets that were fully satisfied prior to the termination of his or her employment or term of office

(rounded to the nearest whole number). For instance, for a Grant where 2/3 of the Restricted Stock Units vest

upon the second anniversary of the Grant Date subject to the attainment of Performance Target No. 1 and 1/3 of

the Restricted Stock Units vest upon the third anniversary of the Grant Date subject to the attainment of said

Performance Target No. 1, if the Beneficiary ceases to be an employee or officer of the Group on the day

following the first anniversary of the Grant Date and the Board determines that, by that date, the Beneficiary has

satisfied said Performance Target No. 1 at 100%, it shall vest in on such second anniversary date 1/3 of his

Restricted Stock Units, with the balance being automatically forfeited. If said Performance Target No. 1 is not

met at the 100% level or higher prior to the Beneficiary's termination, the Beneficiary's entire Grant will be

automatically forfeited.

For the avoidance of doubt, this Article 6.1(b) shall apply only for Grants where the First Vesting Date is more

than one year after the Grant Date.

(c)In addition to any other powers set forth in the Performance Based Plan and

subject to the provisions of the Performance Based Plan, the Board of Directors shall have the full and final power

Appendix C-8

and authority, in its discretion, to determine the terms, conditions and restrictions applicable to each Grant

(which need not be identical) and any Restricted Stock Units acquired pursuant thereto, including, without

limitation, the Performance Measures (as defined below), performance period, performance award formula and

Performance Targets (as defined below) applicable to any grant and the extent to which such Performance

Targets have been attained. Further, the Board of Directors shall have the full and final power and authority, in its

discretion, to determine whether, to what extent, and under what circumstances a Grant may be settled,

cancelled, forfeited, exchanged, or surrendered.

Notwithstanding Articles 6.6, 6.7 and 6.8 of the Performance Based Plan, the Board of Directors shall not

accelerate or shorten the minimum Vesting Period of one year. For clarity, there shall be no automatic

acceleration of vesting with respect to a Grant under the Performance Plan solely based on a Change in Control.

**6.2Performance criteria**

The vesting of any Restricted Stock Units granted hereunder shall be subject to or conditioned upon, in whole or

in part, the achievement of Performance Targets in accordance with the following terms and conditions (each, a

"**Performance Grant"**):

**6.2.1Establishment of performance period, performance targets and performance award formula**

In granting each Performance Grant, the Board of Directors shall establish in writing the applicable performance

period, performance award formula and one or more Performance Targets (as defined herein) which, when

measured at the end of the performance period, shall determine, on the basis of the performance award formula,

the final number of Restricted Stock Units acquired by the Beneficiary. The Board of Directors shall have full

power and final authority, in its discretion, to alter or cancel the Performance Targets or performance award

formula applicable to a Beneficiary, including, without limitation, in the event that the Beneficiary changes roles

or functions within the Group during the performance period. In any case, the performance period shall not be

shorter than one year.

**6.2.2Measurement of performance targets**

Performance shall be evaluated by the Board of Directors on the basis of targets to be attained (**"Performance** 

**Targets"**) with respect to one or more measures of business or financial performance (each, a **"Performance** 

**Measure"**), subject to the following:

(a)**Performance Measures**

(i)**Determination of Performance Measures.** Except as otherwise determined by

the Board of Directors and in each case to the extent applicable, Performance Measures shall have the same

meanings as used in the Company's financial statements, or, if such terms are not used in the Company's financial

statements, they shall have the meaning applied pursuant to generally accepted accounting principles or as used

generally in the Company's industry.

(ii)**Calculation of Performance Measures.** Except as otherwise determined by the

Board of Directors, the Performance Measures applicable to the vesting of the Restricted Stock Units shall be

calculated in accordance with generally accepted accounting principles and excluding the effect (whether positive

or negative) of any change in accounting standards or any extraordinary, unusual or nonrecurring item, as

determined by the Board of Directors, occurring after the establishment of the Performance Targets applicable

Appendix C-9

to the vesting of the Restricted Stock Units. Each such adjustment, if any, shall be made solely for the purpose of

providing a consistent basis from period to period for the calculation of Performance Measures in order to

prevent the dilution or enlargement of the Beneficiary's rights with respect to the vesting of the Restricted Stock

Units.

(iii)**Types of Performance Measures.** Performance Measures may be one or more of

the following or such other measures as determined by the Board of Directors:

(1)contribution excluding traffic acquisition costs;

(2)adjusted earnings before interest, taxes, depreciation and amortization, as

defined by the Company in its financial statements as filed with the Securities

Exchange Commission in the United States;

(3)cash flow from operating activities;

(4)stock price;

(5)completion of identified special project(s); or

(6)any combination of the foregoing.

Notwithstanding the foregoing, the Board of Directors may provide that one or more objectively determinable

adjustments shall be made to the Performance Measures, which may include adjustments that would cause the

measures to be considered "non-GAAP financial measures" under rules promulgated by the Securities and

Exchange Commission.

(b)**Performance Targets**

Where applicable, Performance Targets may, without limitation, be expressed in terms of attaining a specified

level of the Performance Measure or the attainment of a percentage increase or decrease in the particular

Performance Measure, and may be applied to one or more of the Company, any subsidiary or affiliate of the

Company, or a division or strategic business unit of the Company or any subsidiary or affiliate thereof, or may be

applied to the performance of the Company or any subsidiary or affiliate thereof relative to a market index, a

group of other companies or a combination thereof, all as determined by the Board of Directors. The

Performance Targets may be subject to a threshold level of performance below which no Restricted Stock Units

will vest, levels of performance at which specified numbers of Restricted Stock Units will vest, and a maximum

level of performance above which no additional number of Restricted Stock Units will vest (or at which full

vesting will occur).

**6.3Compliance with Company Policies**

1)**Grant Subject to Clawback Policy**. The Grant Letter shall contain an acknowledgement and

agreement by the Beneficiary that any Grant pursuant to the Performance Based Plan shall be

subject to any applicable clawback policy of the Company, as adopted by the Company from time

to time, as well as to any clawback required by any applicable laws, regulations or trading rules of

any exchange on which the Company's shares are listed at such time.

Appendix C-10

2)**Share Ownership Guidelines**. Any Ordinary Shares acquired pursuant to the vesting of Restricted

Stock Units may need to be retained by the Beneficiary in order to comply with the Company's

Share Ownership Guidelines, to the extent applicable to the Beneficiary.

**6.4Internal mobility**

In the event of transfer or temporary assignment of the Beneficiary within a company of the Group, implying (i)

the termination of the initial employment agreement and the entering into of a new employment agreement or

of a position as officer, and/or (ii) a resignation of the Beneficiary from his or her position as officer and the

acceptance of a new position of officer or the entering into of a new employment agreement in one of such

companies, the Beneficiary shall retain his or her right to vest in the Restricted Stock Units at the end of the

Vesting Period.

**6.5Agreed Leave of Absence Exceeding Three Months**

In the event a Beneficiary is on an Agreed Leave, such Beneficiary's Grant(s) shall (a) stop vesting on the first day

of the quarter immediately following the quarter during which the Agreed Leave begins; and (b) resume vesting

on the first day of the quarter immediately following the quarter in which the Agreed Leave ends. As a result of

any Agreed Leave, the Vesting Period for the applicable Grant(s) shall be extended in accordance with this Article

6.5. **6.6Disability**

In the event of Disability before the end of the Vesting Period, the Restricted Stock Units shall vest in the

Beneficiary on the date of Disability in accordance with articles 6.1 and 6.2 and reflected in the Grant Letter, but

being noted that (i) the condition related to the continued presence of the Beneficiary in his or her capacity as

employee and/or corporate officer of the Company or of any of the companies of the Group during the Vesting

Period will be considered as met immediately on the date of Disability and (ii) the condition of the attainment of

one or more Performance Targets determined by the Board of Directors at grant will be measured on the date of

Disability.

**6.7Death**

In the event of the death of the Beneficiary during the Vesting Period, the Restricted Stock Units shall vest in

accordance with articles 6.1 and 6.2 and reflected in the Grant Letter, but being noted that (i) the condition

related to the continued presence of the Beneficiary in his or her capacity as employee and/or corporate officer of

the Company or of any of the companies of the Group during the Vesting Period will be considered as met

immediately on the date of death and (ii) the condition of the attainment of one or more Performance Targets

determined by the Board of Directors at grant will be measured on the date of death.

The Restricted Stock Units shall vest at the date of the request made by his or her beneficiaries in the framework

of the inheritance. The request for the vesting of the Restricted Stock Units by the heirs shall be made within six

months from the date of death in compliance with Article L. 225-197-3 of the French Commercial Code.

**6.8Retirement**

In the event of the retirement of a Beneficiary during the Vesting Period, and notwithstanding the number of

Restricted Stock Units that may vest pursuant to Article 6.1(b) upon retirement of such Beneficiary, the Board of

Appendix C-11

Directors of the Company may decide that the conditions set forth in Article 6.1 above shall be deemed to be met

for all or part of the Restricted Stock Units prior to the date of such retirement.

**6.9Change in Control**

(1)Unless otherwise provided by the Board of Directors, an agreement between a Group company and the

Beneficiary or in the applicable Grant Letter, in the event of a Change in Control:

(◦)Where the successor corporation or parent or subsidiary of the successor corporation does not

agree to assume or substitute for any outstanding Grant, for each Grant that is not assumed or

substituted for and for which the Grant Date is at least one year prior to the consummation of the

Change in Control, the restrictions and forfeiture conditions applicable to the Vesting Period shall

lapse, any performance conditions imposed with respect to such Grant shall be deemed to be

achieved at target performance levels and the Restricted Stock Units shall be deemed fully

vested by the Beneficiary prior to the consummation of the Change in Control. Any Grant for

which the Grant Date is less than one year prior to the consummation of the Change in Control

shall either be assumed or substituted for in accordance with Article 6.9(a)(ii) or cancelled in

accordance with Article 6.9(a)(iii) below.

(◦)For the purposes of this Article 6.9, a Grant will be considered assumed or substituted if, (A)

following the Change in Control, the Grant confers the right to receive, for each Restricted Stock

Unit subject to the Grant immediately prior to the Change in Control, the consideration (whether

stock, cash, or other securities or property) or the fair market value, as determined by the Board

of Directors in good faith, of the consideration received in the Change in Control by holders of

Ordinary Shares for each such share held on the effective date of the transaction ; provided,

however, that if such consideration received in the Change in Control is not solely common stock

of the successor corporation or its parent, the Board of Directors may, with the consent of the

successor corporation, provide that the consideration to be received for each Restricted Stock

Unit shall be solely common stock of the successor corporation or its parent equal in fair market

value, as determined by the Board of Directors in good faith, to the per share consideration

received by holders of Ordinary Shares in the Change in Control; (B) any securities of the

successor corporation or its parent forming part of the Grant following the Change in Control are

freely tradable on a major stock exchange; and (C) the Grant otherwise remains subject to the

same terms and conditions that were applicable to the Grant immediately prior to the Change in

Control.

(◦)Notwithstanding any other provision of the 2015 Performance Plan, in the event of a Change in

Control, except as would otherwise result in adverse tax consequences under Section 409A of the

U.S. Internal Revenue Code, the Board of Directors may, in its discretion, provide that each Grant

shall, immediately upon the occurrence of a Change in Control, be cancelled in exchange for a

payment in cash or securities in an amount equal to (i) the consideration paid per Ordinary Share

in the Change in Control multiplied by (ii) the number of Restricted Stock Units granted. The

Board of Directors shall not be required to treat all Grants similarly for purposes of this Article

6.9(a). Payment of amounts under this Article 6.9(a) shall be made in such form, on such terms

and subject to such conditions as the Board of Directors determines in its discretion, which may

or may not be the same as the form, terms and conditions applicable to payments to the

Company's shareholders in connection with the Change in Control and may, in the Board of

Appendix C-12

Directors' discretion, include subjecting such payments to vesting conditions comparable to the

Grants surrendered, subjecting such payments to escrow or holdback provisions comparable to

those imposed upon the Company's shareholders in connection with the Change in Control, or

calculating and paying the present value of payments that would otherwise be subject to escrow

or holdback terms.

(2)The obligations of the Company under the Performance Based Plan shall be binding upon any successor

corporation or organization resulting from the Change in Control.

**6.10Compliance with Laws and Liability of the Company**

a) Shares shall not be sold or issued pursuant to the vesting of Restricted Stock Units unless the vesting of

such Restricted Stock Units, and the issuance or sale and delivery of such shares shall comply with all relevant

provisions of law including, without limitation, the French Commercial Code, the Securities Act of 1933, as

amended, the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder,

Applicable Laws and the requirements of any stock exchange or quotation system upon which the shares may

then be listed or quoted, the laws of any applicable jurisdiction in which Restricted Stock Units are granted and

any other French, U.S. or other laws applicable to the Restricted Stock Units.

b) Without limiting the provisions of Article 6.10(a) above, the inability of the Company to obtain

authority from any regulatory body having jurisdiction or to otherwise comply with any applicable law, which

authority or compliance is deemed by any counsel to the Company to be necessary for the lawful issuance or sale

of any shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such

shares as to which such requisite authority shall not have been obtained or as to which such legal compliance has

not been possible or practicable, and shall constitute circumstances in which the Board may determine to amend

or cancel the Restricted Stock Units, with or without consideration to the affected Beneficiary.

c) The Company and its affiliated companies may not be held responsible in any way if the Beneficiary for

any reason not attributable to the Company or its affiliated companies was not able to acquire the shares.

**7. HOLDING PERIOD**

**7.1Principle**

1)During the Holding Period, if any, the Beneficiaries concerned will be the owner of the Ordinary

Shares underlying the Restricted Stock Units granted under the Performance Based Plan and will be

shareholders of the Company. As a consequence, they will benefit from all the rights attached to the

capacity of shareholder of the Company.

However, the Ordinary Shares underlying the Restricted Stock Units shall not be transferable during the Holding

Period, if any, and the Beneficiaries may not transfer or pledge those shares, by any means, or convert them into

bearer form.

2)At the end of the Holding Period, if any, the Restricted Stock Units will be fully transferable,

subject to the provisions of the following paragraph.

At the end of the Holding Period, if any, the Ordinary Shares acquired pursuant to the vesting of the Restricted

Stock Units granted under the Performance Based Plan may not be transferred (i) if a "black-out" period is in

effect pursuant to the Company's Insider Trading Policy, as in effect at such time, or (ii) otherwise in

Appendix C-13

contravention of any applicable laws or regulations, or trading rules or restrictions of any exchange on which the

Company's shares are listed at such time.

**7.2Specific situations**

Notwithstanding the provisions of the second paragraph of Article 7.1 above, the Ordinary Shares underlying the

Restricted Stock Units delivered to the Beneficiaries referred to in Article 6.5 above or to the beneficiaries of the

deceased Beneficiary referred to in Article 6.6 above may be freely transferred as from the date of their date of

vesting.

**8. CHARACTERISTICS OF THE ORDINARY SHARES**

The Ordinary Shares delivered pursuant to the vesting of the Restricted Stock Units shall be, at the Company's

choice, new shares to be issued by the Company or existing shares acquired by the Company.

As from the Vesting Date, the Ordinary Shares delivered pursuant to the vesting of the Restricted Stock Units

shall be subject to all the provisions of the Bylaws. They shall be assimilated to existing Ordinary Shares and shall

benefit from the same rights as from the Vesting Date.

Dividend equivalents may be accumulated with respect to Restricted Stock Units granted under the Performance

Based Plan solely to the extent determined by the Board of Directors, in its sole discretion. To the extent the

Board of Directors provides for the accumulation of dividend equivalents with respect to Restricted Stock Units,

such dividend equivalents may be credited or paid in the form of cash or Ordinary Shares or through

reinvestment in additional Restricted Stock Units or in such other manner as the Board of Directors may

determine in its sole discretion, and any such dividend equivalents shall be subject to the same conditions and

restrictions (including without limitation, any forfeiture conditions) as the Restricted Stock Units to which they

are attributable. Restricted Stock Units that do not vest do not give a right to any dividend paid or dividend

equivalent accumulated prior to the Vesting Date.

**9. DELIVERY AND HOLDING OF THE ORDINARY SHARES UNDERLYING THE RESTRICTED STOCK UNITS**

At the end of the Vesting Period, the Company shall deliver to the Beneficiary the Ordinary Shares underlying the

Restricted Stock Units vested under the Performance Based Plan provided that the conditions and criteria for

such vesting provided by Articles 5 and 6 above are met. However, Ordinary Shares may not be delivered in

fractional shares. Unless otherwise provided in an award agreement or grant letter, the number of Ordinary

Shares delivered at the end of any Vesting Period will always be rounded to the nearest whole number, provided

however that the rounding does not result in the issuance of Ordinary Shares in excess of the total number of

Ordinary Shares subject to the Grant.

If the Vesting Date is not a Working Day, the delivery of the Ordinary Shares underlying the Restricted Stock

Units shall be completed the first Working Day following the end of the Vesting Period.

The Ordinary Shares that may be acquired under the Performance Based Plan will be held, during the Holding

Period (if any), in nominative form *(nominatif pu*r) in an individual account opened in the name of the relevant

Beneficiary at UPTEVIA with a legend stating that they cannot be transferred. If the provisions of Article 7.1(b)

above are applicable at the end of the Holding Period (or the end of the Vesting Period if there is no Holding

Period), the Restricted Stock Units shall remain in nominative form *(nominatif pu*r) at UPTEVIA until such time as

they are transferred to make sure that the restrictions set forth in Article 7.1(b) above are complied with.

Appendix C-14

In the event that, as a consequence of the Grant of Restricted Stock Units under the Performance Based Plan, the

Company or any of the companies of the Group shall be compelled to pay taxes, social costs or any other social

security taxes or contributions on behalf of the Beneficiary, the Company retains the right to postpone or to

forbid the delivery of the Ordinary Shares underlying the Restricted Stock Units on the Vesting Date until the

relevant Beneficiary has paid to the Company or to the relevant company of the Group the amount

corresponding to these taxes, social costs, or social security taxes or contributions.

**10. SHARES SUBJECT TO PLAN; INDIVIDUAL LIMITATIONS**

**10.1Shares Available** 

Subject to adjustment as provided in Articles 11 and 12, the maximum aggregate number of Ordinary Shares

underlying the Restricted Stock Units (including pursuant to any dividend equivalents) that may be delivered

under the Performance Based Plan shall not exceed the number of shares remaining available for issuance or

transfer under the Company's equity compensation plans pursuant to authorizations previously approved by the

shareholders of the Company, as of the Grant Date, that are not subject to outstanding awards thereunder. Any

Restricted Stock Units granted in connection with a Grant under the Performance Based Plan (i.e., grants other

than options or warrants) shall be counted against this limit as 1.57 shares for every one Ordinary Share

underlying the Restricted Stock Unit granted in connection with such Grant (including Ordinary Shares relating to

dividend equivalents). Shares subject to the Performance Based Plan shall consist of authorized but unissued

Ordinary Shares, as well as existing Ordinary Shares.

In the event that a Grant, or any part thereof, for any reason is terminated or canceled without having vested, the

unvested and forfeited portion of the Restricted Stock Units relating to such Grant shall, provided the 2015

Performance Based Plan is still in force, again be available for future grant pursuant to the Time-Based Restricted

Stock Units Plan or the Performance Based Plan. Notwithstanding any provision of the Performance Based Plan

or the Appendix thereunder to the contrary, shares withheld or reacquired by the Company in satisfaction of tax

withholding obligations with respect to a Beneficiary shall not again be available for issuance or transfer under

the Performance Based Plan.

**10.2Individual Grant Limits**

Unless otherwise determined by the Board of Directors, the following limits shall apply to the grant of a Grant

under the Performance Based Plan. Subject to adjustment as provided in Articles 11 and 12, no Beneficiary shall

be granted within any fiscal year of the Company a Grant of Restricted Stock Units under the Performance Based

Plan, the grant or vesting of which is based on the attainment of Performance Targets, for more than 1,000,000

Restricted Stock Units.

**11. INTERMEDIARY OPERATIONS**

Subject to Article 6.9, in the event of exchange of shares without any payment in cash *(soult*e) resulting from a

merger or split-up completed during the Vesting Period or the Holding Period (if any), the remainder of such

period(s) shall apply to the rights to receive Ordinary Shares underlying Restricted Stock Units of the Company or

shares of the surviving entity received by the Beneficiary in exchange for his rights to receive Ordinary Shares

underlying Restricted Stock Units.

The same shall apply in the event of exchange resulting from a public tender offer, a stock split or reverse stock

split completed in compliance with applicable regulations during the Holding Period (if any).

Appendix C-15

**12. ADJUSTMENT**

Should the Company, during the Vesting Period, undergo an amortization, reduce its share capital, change the

allocation of its profits, allocate Ordinary Shares to all the shareholders, capitalize reserves, profits or issuance

premiums, allocate reserves or issue equity securities or give a right to the allocation of equity securities,

including a preferential subscription right reserved to the shareholders or any other corporate transaction or

event having an effect similar to any of the foregoing, the maximum number of Ordinary Shares underlying the

Restricted Stock Units granted under the Performance Based Plan may be adjusted in order to take into account

said operation by application, *mutatis mutandi*s, of the terms of adjustment provided by the law for the

beneficiaries of stock options as per Article L. 225-181 and L. 228-99 of the French commercial code.

Each Beneficiary shall be informed of the practical terms of the adjustment and of its consequences on the Grant

of Restricted Stock Units he or she benefited from, it being specified that the shares of the Company granted

pursuant to this adjustment shall be governed by the Performance Based Plan.

**13. AMENDMENT TO THE 2015 PERFORMANCE PLAN** 

**13.1Principle**

The Performance Based Plan may be amended by the Board of Directors, provided that any such amendment

shall be subject to shareholder approval to the extent required in order to comply with applicable law or the rules

of the Nasdaq Stock Market. Any such amendment shall be subject to the written consent of the Beneficiaries if it

results in a decrease in the rights of said Beneficiaries, unless such amendment is necessary or appropriate to

comply with or facilitate compliance with applicable laws or other rules, regulations or requirements, as

determined by the Board of Directors (or its delegate).

The new provisions shall apply to the Beneficiaries of the Restricted Stock Units during the Vesting Period on the

date of the decision to amend the Performance Based Plan made by the Board of Directors, or the written

consent of the Beneficiary, if required.

**13.2Notice of the amendments**

The affected Beneficiaries shall be notified of an amendment to the Performance Based Plan, by any reasonable

means, including by electronic delivery, internal mail, by simple letter or, with acknowledgement of receipt, by

fax or by e-mail.

**14. TAX AND SOCIAL RULES**

The Beneficiary shall bear all taxes and mandatory costs which he or she must bear pursuant to the applicable law

in relation to the grant of Restricted Stock Units, on the due date of said taxes or costs.

Each Beneficiary shall verify and carry out, as the case may be, the reporting obligations he or she must comply

with in relation to the grant of the Restricted Stock Units.

**15. MISCELLANEOUS**

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

No provisions of the Performance Based Plan shall be construed as granting to the Beneficiary a right to have his

or her employment agreement with the Company or any of the companies of the Group maintained, or limiting

Appendix C-16

the right of the Company or any of the companies of the Group to terminate or amend the terms and conditions

of the employment agreement of the Beneficiary.

**15.2Rights in relation to future Restricted Stock Units plans and Nature of Grant**

<u>Rights in relation to future Restricted Stock Units plans.</u> The fact that a person may benefit from the Performance

Plan does not imply that he or she shall benefit from any other plan that may be implemented thereafter.

<u>Nature of Grant.</u> In accepting any Grant under the Performance Based Plan, the Beneficiary acknowledges that:

(a)the Performance Based Plan is established voluntarily by the Company, it is discretionary in

nature and it may be modified, amended, suspended or terminated by the Company at any time, unless

otherwise provided in the Performance Based Plan;

(b)the grant of the Restricted Stock Units is voluntary and occasional and does not create any

contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock

Units , even if Restricted Stock Units have been granted repeatedly in the past;

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

(d)Beneficiary's participation in the Performance Based Plan shall not create a right to further

employment with the Employer and shall not interfere with the ability of the Employer to terminate Beneficiary's

employment relationship at any time with or without cause unless otherwise required under local law;

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

(f)the Restricted Stock Units are an extraordinary item that do not constitute compensation of any

kind for services of any kind rendered to the Company or the Employer, and which is outside the scope of

Beneficiary's employment contract, if any;

(g)the Restricted Stock Units are not part of normal or expected compensation or salary for any

purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of

service payments, bonuses, long service awards, pension or retirement benefits or similar payments and in no

event should be considered as compensation for, or relating in any way to, past services for the Company or the

Employer;

(h)in the event that Beneficiary is not an employee of the Company, the grant will not be interpreted

to form an employment agreement or relationship with the Company; and furthermore, the grant will not be

interpreted to form an employment agreement with the Employer or any subsidiary or affiliate of the Company;

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

certainty;

(j)if the Beneficiary obtains Ordinary Shares, the value of those Ordinary Shares may increase or

decrease;

(k)in consideration of the grant, no claim or entitlement to compensation or damages shall arise

from termination of the award of Restricted Stock Units or diminution in value of the award resulting from

termination of the Beneficiary's employment with the Company or the Employer (for any reason whatsoever) and

Appendix C-17

the Beneficiary irrevocably releases the Company and the Employer from any such claim that may arise; if,

notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then,

by signing the Performance Based Plan, the Beneficiary shall be deemed irrevocably to have waived the

Beneficiary's entitlement to pursue such claim; and

(l)unless otherwise decided by the Board of Directors, in the event of termination of Beneficiary's

employment during the Vesting Period, Beneficiary's right to vest in the Restricted Stock Units under the

Performance Based Plan, if any, will terminate effective as of the date that Beneficiary is no longer actively

employed and will not be extended by any notice period mandated under the local law *(e.g.*, active employment

would not include a period of "garden leave" or similar period pursuant to local law).

**15.3Applicable law - Jurisdiction**

The Performance Based Plan is subject to French law. Any dispute relating to its validity, its interpretation or its

performance shall be decided by the competent courts of the French Republic.

**15.4Provisions Applicable to Beneficiaries Located outside of France**

The attached Appendix applies to Beneficiaries located outside of France at the time of a relevant taxable event.

**16. DATA PRIVACY**

As part of the Performance Based Plan, the Company processes some personal data of the Beneficiary. For this

processing, the Company acts as the controller of this personal data and in accordance with the provisions of

Regulation (EU) 2016/679 and, where applicable, those of Act No. 78-17 known as "Information technology & Civil

Liberties", as amended, together the "Personal Data Regulation". Undefined terms used in this clause have the

meaning given to them pursuant to the Personal Data Regulation.

The Company processes the Beneficiary's personal data on the legal basis of the conclusion and performance of

the contract concluded at the time of the Beneficiary's acceptance of the Grant Letter. The purpose of the

contract is to implement, administer and manage the Beneficiary's participation in the Performance Based Plan.

Processed personal data are those strictly necessary for the aforementioned purposes. Especially, this includes

the following information: the Beneficiary's name, home address and telephone number, date of birth, social

insurance number or other identification number, salary, nationality, job title, any shares or directorships held in

the Company, details of all awards or any other entitlement Shares awarded, cancelled, exercised, vested,

unvested or outstanding in Beneficiary's favor (the "Data"). Failure by the Beneficiary to provide certain Data

could compromise the conclusion and performance of the contract concluded at the time of the Beneficiary's

acceptance of the Grant Letter.

The Company may disclose the Data to the Employer, subsidiaries and affiliated companies, sub-contractors,

banking and financial organizations, on a need-to-know basis. These entities may be located outside the

European Union and in countries that have not been subject of an adequacy decision. If the recipients are located

in other countries that do not provide an adequate level of protection for personal data, the Company will take all

necessary measures and guarantees to ensure such a level and to supervise such transfers of Data in accordance

with the Personal Data Regulation, in particular by implementing standard contractual clauses of the European

Commission. The Beneficiary may request a copy of these guarantees by writing to the Data Protection Officer at

the following address: dpo@criteo.com.

Appendix C-18

In accordance with the Personal Data Regulation, where applicable, the Beneficiary has the right to access,

rectify, delete, limit processing and transfer his Data. To exercise these rights, the Beneficiary may contact the

Data Protection Officer at dpo@criteo.com. The Beneficiary also has the right to file a complaint with the

competent supervisory authority and to communicate to the Company instructions for the storage, deletion and

communication of its Data after its death.

In the context of this processing, the Data will not be kept for longer than necessary for the purposes referred to

in this clause. In any event, the Company will comply with the retention periods imposed by law.

**17. ELECTRONIC DELIVERY**

The Company may, in its sole discretion, decide to deliver any documents related to the 2015 Performance-Based

Restricted Stock Units Plan or future awards that may be granted under the 2015 Performance-Based Restricted

Stock Units Plan by electronic means or to request Beneficiary's consent to participate in the 2015 Performance-

Based Restricted Stock Units Plan by electronic means. Beneficiary hereby consents to receive such documents

by electronic delivery and, if requested, to agree to participate in the 2015 Performance -Based Restricted Stock

Units Plan through an on-line or electronic system established and maintained by the Company or another third

party designated by the Company.

**18. SEVERABILITY**

The provisions of this Performance Based Plan are severable and if any one or more provisions are determined to

be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding

and enforceable.

Appendix C-19

**APPENDIX**

***TERMS AND CONDITIONS***

This Appendix contains additional terms and conditions that will apply to the Beneficiary if he or she resides

outside of France. Capitalized terms used but not defined herein shall have the same meanings assigned to them

in the 2015 Performance Based Restricted Stock Units Plan (the "**Plan**").

***NOTIFICATIONS***

This Appendix also includes information regarding exchange control and certain other issues of which the

Beneficiary should be aware with respect to his or her participation in the Performance Based Plan. The

information is based on the securities, exchange control and other laws in effect in the respective countries as of

March 2023. Such laws are often complex and change frequently. The Company therefore strongly recommends

that the Beneficiary not rely on the information in this Appendix as the only source of information relating to the

consequences of his or her participation in the Plan because such information may be outdated when the

Beneficiary vests in the Restricted Stock Units and/or sells any Ordinary Shares delivered pursuant to the award.

***GENERAL PROVISIONS***

<u>Taxes.</u> Regardless of any action the Company or the Beneficiaries' employer (the "Employer") takes with respect

to any or all income tax, social insurance, payroll tax, or other tax-related withholding ("Tax-Related Items"), the

Beneficiary acknowledges that the ultimate liability for all Tax-Related Items legally due by the Beneficiary is and

remains the Beneficiary's responsibility and that the Company and/or the Employer (1) make no representations

or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the

Restricted Stock Units grant, including the grant, vesting of the Restricted Stock Units, the subsequent sale of

shares acquired pursuant to such vesting and the receipt of any dividends; and (2) do not commit to structure the

terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate the Beneficiary's liability for

Tax-Related Items.

Prior to vesting of the Restricted Stock Units, the Beneficiary will pay or make adequate arrangements

satisfactory to the Company and/or the Employer to satisfy all withholding obligations of the Company and/or

the Employer, if any. In this regard, the Beneficiary authorizes the Company and/or the Employer to withhold all

applicable Tax-Related Items legally payable by the Beneficiary from the Beneficiary's compensation paid to the

Beneficiary by the Company and/or Employer or from proceeds of the sale of shares underlying the Restricted

Stock Units. Alternatively, or in addition, if permissible under local law, the Company may, (1) sell or arrange for

the sale of shares underlying the vested Restricted Stock Units to meet the withholding obligation for Tax-

Related Items and/or (2) withhold in shares, provided that, to the extent required under applicable accounting or

tax rules, the Company only withholds the amount of shares necessary to satisfy the withholding amount and

further provided that any such withholding of shares shall be subject to advance approval by the Board of

Directors or a committee thereof as constituted in accordance with Rule 16b-3 under the Exchange Act. Finally,

the Beneficiary will pay to the Company or the Employer any amount of Tax-Related Items that the Company or

the Employer may be required to withhold as a result of the Beneficiary's participation in the Plan or the

Beneficiary's vesting of Restricted Stock Units that cannot be satisfied by the means previously described. The

Company may refuse to honor the vesting and refuse to deliver the shares underlying the vested Restricted Stock

Appendix C-20

Units if the Beneficiary fails to comply with Beneficiary's obligations in connection with the Tax-Related Items as

described in this section.

**<u>For Tax Residents of the United States</u>**

Beneficiary acknowledges that both this award and any underlying Ordinary Shares are securities, the issuance or

transfer of which by the Company requires compliance with federal and state securities laws.

Beneficiary acknowledges that these securities are made available to Beneficiary only on the condition that

Beneficiary makes the representations contained in this section to the Company.

Beneficiary has made a reasonable investigation of the affairs of the Company sufficient to be well informed as to

the rights and the value of these securities.

The intent of the parties is that payments and benefits under the Plan comply with, or be exempt from, Section

409A of the Internal Revenue Code of 1986, as amended (the "**Code**") to the extent subject thereto, and,

accordingly, to the maximum extent permitted, the Plan and the Grant Letters thereunder shall be interpreted

and be administered to be in compliance therewith or exempt therefrom. In this regard, any payments or

benefits (including vesting tranches) described in the Plan and the Grant Letters thereunder that are due within

the "short-term deferral period" as defined in Section 409A of the Code shall not be treated as deferred

compensation unless applicable law requires otherwise and each amount to be paid or benefit to be provided

under the Time-Based Plan shall be treated as a separate identified payment for purposes of Section 409A of the

Code.

Notwithstanding anything contained herein to the contrary, to the extent required to avoid accelerated taxation

and/or tax penalties under Section 409A of the Code, the Beneficiary shall not be considered to have separated

from service with the Company for purposes of the Plan and no payment or benefit shall be due to the Beneficiary

under the Plan and the Grant Letters thereunder on account of a separation from service until the Beneficiary

would be considered to have incurred a "separation from service" from the Company within the meaning of

Section 409A of the Code. Notwithstanding anything to the contrary in the Plan and the Grant Letters

thereunder, to the extent that any amounts are payable upon a separation from service and such payment would

result in accelerated taxation and/or tax penalties under Section 409A of the Code due to the Beneficiary's status

as a "specified employee" within the meaning of Section 409A of the Code, such payment, under the Plan or any

other agreement of the Company, shall be made on the first business day after the date that is six (6) months

following such separation from service (or death, if earlier). Further notwithstanding anything to the contrary in

the Plan, to the extent required under Section 409A of the Code to make payment of an award upon a Change in

Control, the applicable transaction or event defined in Article 2 and described in Article 6.9 of the Plan must

qualify as a "change in control event" within the meaning of Section 409A of the Code and the regulations

promulgated thereunder, and if it does not, then unless otherwise specified in the applicable Grant Letter, any

Restricted Stock Units vested in the Beneficiary upon a Change in Control shall be delivered on their originally

specified Vesting Date, in accordance with Article 9 of the Plan (or death, if earlier).

For Beneficiaries who are United States taxpayers, notwithstanding anything to the contrary contained in Article

6.6 of the Plan, the shares underlying the Restricted Stock Units shall be delivered to the Beneficiary no later than

60 days following the date of the Beneficiary's Disability; provided, that, to the extent that the Restricted Stock

Units are considered deferred compensation subject to Section 409A of the Code, any such Disability will be

within the meaning of Section 409A of the Code and the regulations promulgated thereunder, and if it is not, any

Appendix C-21

Restricted Stock Units vested in the Beneficiary upon Disability shall be delivered on their originally specified

Vesting Date, in accordance with Article 9 of the Plan (or death, if earlier).

For Beneficiaries who are United States taxpayers, notwithstanding anything to the contrary contained in Article

6.7 of the Plan, the Restricted Stock Units shall be delivered no later than no later than 90 days following the date

of the Beneficiary's death, but in any event no later than December 31st of the calendar year following the year of

the Beneficiary's death to the extent permitted by Section 409A of the Code.

The Company makes no representation that any or all of the payments described in the Plan and the Grant

Letters thereunder will be exempt from or comply with Section 409A of the Code and makes no undertaking to

preclude Section 409A of the Code from applying to any such payment. The Grantee shall be solely responsible

for the payment of any taxes and penalties incurred under Section 409A.

The Company makes no representation as to the tax status of the Plan to the Beneficiary who should seek his or

her own tax advice.

**<u>For Israeli Tax Residents</u>**

Upon grant of Restricted Stock Units, if the award is made to an employee, director or officer of an Israeli resident

member of the Group (the "Approved Israeli Participants"), and is intended to qualify for beneficial tax treatment

pursuant to the trustee capital gains route of Section 102 of the Israeli Income Tax Ordinance [New Version] 1961

("Trustee 102 Awards", "Capital Gains Route" and "Ordinance") the following provisions shall apply. The

designation of a Restricted Stock Unit as a Trustee 102 Award shall be determined by the Board of Directors or

any committee thereof. Unless otherwise specifically determined, all Restricted Stock Units awards to Approved

Israeli Participants are intended to be Trustee 102 Awards. The provisions below set out the terms and conditions

applicable to Trustee 102 Awards granted to Approved Israeli Participants, as defined below, in order to satisfy

Israeli tax requirements. If the terms are not met the Restricted Stock Units shall be subject to tax pursuant to the

non-trustee route of Section 102 or Section 2 or 3(i) of the Ordinance.

Trustee 102 Awards and/or any Ordinary Shares allocated or issued upon the vesting of a Trustee 102 Award and/

or other Ordinary Shares received following any realization of rights under the Plan, shall be allocated or issued to

the trustee appointed by the Company and/or its Israeli subsidiary pursuant to the provisions of Section 102 of

the Ordinance (the "102 Trustee") or controlled by the 102 Trustee, for the benefit of the Approved Israeli

Participants, in accordance with the provisions of Section 102 of the Ordinance. In the event the requirements for

Trustee 102 Awards are not met, the Trustee 102 Awards may be regarded as awards subject to tax pursuant to

Section 102(c) of the Ordinance or as awards which are not subject to Section 102, all in accordance with the

provisions of Section 102.

With respect to any Trustee 102 Award, subject to the provisions of Section 102, an Approved Israeli Participant

shall not sell or release from trust any Ordinary Shares received upon the grant, vesting or exercise of a Trustee

102 Award and/or any Ordinary Shares received following any realization of rights, including, without limitation,

stock dividends, under the Plan at least until the lapse of the period of time required under Section 102 or any

shorter period of time determined by the ITA (the "102 Holding Period"). Notwithstanding the foregoing, if any

such sale or release occurs during the 102 Holding Period, the sanctions under Section 102 shall apply to and shall

be borne by such Approved Israeli Participant.

Appendix C-22

Notwithstanding anything to the contrary, the 102 Trustee shall not release or sell any Ordinary Shares allocated

or issued upon the vesting of a Trustee 102 Award unless the Company, the Group and the 102 Trustee are

satisfied that the full amounts of any Tax due have been paid or will be paid.

Upon receipt of any Trustee 102 Award, the Approved Israeli Participant will consent to the grant of such award

under Section 102 and undertake to comply with the terms of Section 102 and the trust arrangement between

the Company and the 102 Trustee.

Each Trustee 102 Award will be deemed granted on the Grant Date, provided that and subject to (i) the Approved

Israeli Participant has signed all documents required by the Company or applicable law, and (ii) the Company has

provided all applicable documents to the 102 Trustee in accordance with the guidelines published by the ITA such

that if the guidelines are not met the 102 Award will be considered as granted under Section 102(c) of the

Ordinance.

Notwithstanding any provision of the Plan, no Trustee 102 Award or any right with respect thereto, whether fully

paid or not, shall be assignable, transferable or given as collateral, and no right with respect to any such award

shall be given to any third party whatsoever, and during the lifetime of the Approved Israeli Participant, each and

all of such Approved Israeli Participant's rights with respect to an award shall belong only to the Approved Israeli

Participant. Any such action made, directly or indirectly, for an immediate or future validation, shall be void. As

long as Restricted Stock Units and/or Ordinary Shares issued or purchased hereunder are held by the 102 Trustee

on behalf of the Approved Israeli Participant, all rights of the Approved Israeli Participant over the Restricted

Stock Units and Ordinary Shares cannot be transferred, assigned, pledged or mortgaged, other than by will or

laws of descent and distribution.

With regard to Trustee 102 Awards, the provisions of Section 102 and any approval issued by the ITA shall be

deemed an integral part of the Plan and the Grant Letter. Any provision of Section 102 and/or said approval

issued by the ITA, which must be complied with in order to receive and/or to maintain any tax treatment with

respect to a Trustee 102 Award, which is not expressly specified herein, shall be considered binding upon the

Company and the Approved Israeli Participants. Furthermore, if any provision of the Plan disqualifies Trustee 102

Awards from the beneficial tax treatment pursuant to Section 102, such provision shall not apply to the Trustee

102 Awards.

Any tax consequences arising from the grant, vesting or sale of any Trustee 102 Award or Ordinary Shares

covered thereby or from any other event or act (of the Company, and/or the Group, and the 102 Trustee or the

Approved Israeli Participant), hereunder, shall be borne solely by the Approved Israeli Participant. The Company

and/or the Group, and/or the 102 Trustee shall withhold tax according to the requirements of applicable laws,

rules, and regulations, including withholding taxes at source. Furthermore, the Approved Israeli Participant

agrees to indemnify the Company and/or the Group and/or the 102 Trustee and hold them harmless against and

from any and all liability for any such tax or interest or penalty thereon, including without limitation, liabilities

relating to the necessity to withhold, or to have withheld, any such tax from any payment made to the Approved

Israeli Participant. The Company and/or, when applicable, the 102 Trustee shall not be required to release any

Ordinary Shares to an Approved Israeli Participant until all required tax payments have been fully made.

Appendix C-23

**Exhibit 1**

**Form of Grant Letter**

[Beneficiary Name and Address]

[Date]

**<u>Letter delivered by electronic delivery</u>**

[Name of Beneficiary],

We have the pleasure to inform you that, pursuant to the authorization granted by the shareholders'

meeting held on June 13, 2023, the board of directors of Criteo S.A. (the **"Company**"), during its meeting held on

[ ] (the **"Grant Date**"), granted to you Restricted Stock Units of the Company, under the terms and conditions

provided for in Articles L. 225-197-1 to L. 225-197-5 of the French Commercial Code and in the Amended and

Restated 2015 Performance Based Restricted Stock Units (the **"2015 Performance Plan**"). Capitalized terms that

are used but not defined herein shall have the meaning ascribed to such terms in the 2015 Performance Plan.

The Board granted to you [ ] ordinary shares of the Company (the **"Shares**"), with a par value of EUR

0.025 each (the **"Grant**").

There is a period (the **"Vesting Period**") at the end of which the Grant will become effective and final (i.e.,

the Shares will be delivered to you and be your property). The Shares may be acquired by you not earlier than

[ ] unless you shall cease to be an employee or officer of the Criteo group for any reason whatsoever during

the Vesting Period [(subject to the following paragraph)], and subject to the attainment of the following

performance goals: [ ].

[In the event (i) you cease to be an employee or officer of the Criteo group more than one year after the

Grant Date but prior to the First Vesting Date, and (ii) prior to the termination of your employment or term of

office, any of the Performance Targets set forth above are fully satisfied, you shall acquire, on the First Vesting

Date, only those Shares that correspond to the Performance Targets that were fully satisfied prior to the

termination of your employment or term of office. All other Shares will be automatically forfeited.]

In the event of Disability before the end of the Vesting Period, the Restricted Stock Units shall vest on the

date of Disability. In the event of death during the Vesting Period, the Restricted Stock Units shall vest at the date

of the request made by your beneficiaries in the framework of the inheritance. The request for the vesting of the

Shares shall be made within six (6) months from the date of death in compliance with Article L. 225-197-3 of the

French Commercial Code.

Neither the Performance-Based Plan nor this letter shall confer upon you any right to be retained in any

position, as an employee, consultant or director of the Company. Further, nothing in the Performance-Based Plan

or this letter shall be construed to limit the discretion of the Company to terminate your continuous service at any

time, with or without cause.

By acknowledging this Grant, you hereby acknowledge and agree that any Grant pursuant to the 2015

Performance Plan shall be subject to any applicable Company clawback policy, as adopted by the Company from

Appendix C-24

time to time, as well as to any clawback required by any applicable laws, regulations or trading rules of any

exchange on which the Company's shares are listed at such time.

[To be included for the employees of the Israeli subsidiary: The Restricted Stock Units are intended to be

subject to tax pursuant to the trustee capital gains route of Section 102 of the Ordinance, subject to compliance

with the requirements under Section 102 and any rules or regulations thereunder, including the execution of this

Grant Letter and the required declarations. However, in the event the Restricted Stock Units do not meet the

requirements of Section 102, such Restricted Stock Units and the underlying Ordinary Shares shall not qualify for

the favorable tax treatment under the Capital Gains Route. The Company makes no representations or

guarantees that the Restricted Stock Units will qualify for favorable tax treatment and will not be liable or

responsible if favorable tax treatment is not available under Section 102. The Restricted Stock Units and the

Ordinary Shares issued upon vesting and/or any additional rights, as detailed above, including without limitation

any right to receive any dividends or any shares received as a result of an adjustment made under the Plan, that

may be granted in connection with the Restricted Stock Units (the "Additional Rights") shall be issued to or

controlled by the 102 Trustee for your benefit under the provisions of the Capital Gains Route for at least the

period stated in Section 102 or any other period of time determined by the Israel Tax Authority ("ITA"). In

accordance with the requirements of Section 102 and the Capital Gains Route, you shall not sell nor transfer from

the 102 Trustee the Ordinary Shares or Additional Rights until the end of the 102 Holding Period.

Notwithstanding the above, if any such sale or transfer occurs before the end of the 102 Holding Period, the

sanctions under Section 102 shall apply and shall be borne by you. The Company and/or member of the Group

and/or the 102 Trustee shall withhold taxes according to the requirements under the applicable laws, the rules,

and regulations, including withholding taxes at source. Furthermore, you hereby agree to indemnify the

Company and/or any member of the Group and/or the 102 Trustee and hold them harmless against and from any

and all liability for any such tax or interest or penalty thereon, including without limitation, liabilities relating to

the necessity to withhold, or to have withheld, any such tax from any payment made to you. The Company and/

or any member of the Group and/or the 102 Trustee, to the extent permitted by law, shall have the right to

deduct from any payment otherwise due to you, or from proceeds of the sale of any Ordinary Shares, an amount

equal to any tax required by law to be withheld with respect to such Ordinary Shares. You will pay to the

Company, any member of the Group or the 102 Trustee any amount of taxes that the Company and/or any

member of the Group or the Trustee may be required to withhold with respect to any Ordinary Shares that

cannot be satisfied by the means previously described. The Company may refuse to deliver any Ordinary Shares if

you fail to comply with your obligations in connection with the taxes as described in this section. Any fees

associated with any vesting, sale, transfer or any act in relation to the Restricted Stock units and the Ordinary

Shares issued upon vesting, shall be borne by you. The 102 Trustee and/or the Company and/or any member of

the Group shall be entitled to withhold or deduct such fees from payments otherwise due to/from the Company

or any member of the Group or the 102 Trustee.

[Security Law Exemption. If required, the Company will obtain an exemption from the requirement to file

a prospectus with respect to the Restricted Stock Units. If obtained copies of the Plan and Form S-8 registration

statement for the Plan filed with the U.S. Securities and Exchange Commission will be available free of charge

upon request from your local human resources department.]

In addition to the acknowledgments noted above and in the Plan, you hereby understand, acknowledge,

agree as follows: (i) you are familiar with the provisions of Section 102 of the Ordinance and the regulations and

rules promulgated thereunder, including without limitations the provisions of the tax route applicable to your

Restricted Stock Units and agree to comply with such provisions, as amended from time to time, provided that if

such terms are not met, the specific tax route may not apply; (ii) you accept the provisions of the trust agreement

Appendix C-25

signed between the Company and the 102 Trustee, and agree to be bound by its terms; (iii) you acknowledge that

selling the Ordinary Shares or releasing the Ordinary Shares from the control of the 102 Trustee prior to the

termination of the 102 Holding Period constitutes a violation of the terms of Section 102 and agree to bear the

relevant sanctions; (iv) you authorize the Company to provide the plan administrator and the 102 Trustee with

any information required for the purpose of administering the Plan including executing their obligations

according to Section 102 of the Ordinance, the trust deed and the trust agreement, including without limitation

information about your Restricted Stock Units, Ordinary Shares, income tax rates, salary bank account, contact

details and identification number and acknowledge that the information might be shared with an administrator

who is located outside of Israel, where the level of protection of personal data is different than in Israel.]

The detailed terms of this Grant are described in the Performance Based Plan, a copy of which is

attached hereto. The 2015 Performance Plan is hereby incorporated by reference and made a part hereof, and

the Restricted Stock Units granted herein shall be subject to all terms and conditions of the Performance Based

Plan and this Grant Letter. In the event of any conflict between the provisions of this Grant Letter and the

provisions of the Performance Based Plan, the provisions of the Performance Based Plan shall govern.

Thank you for accepting the Grant by clicking on the acceptance button directly in your Equate

platform no later than 6 months from the date of notification by the Company of the availability online of the

Grant documentation; the documents being deemed to be received on the date of the electronic delivery.

Yours sincerely,

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