Document:

EX-4.25

 Exhibit 4.25 
  

 
 CELYAD SA 
  

 
 WARRANTS PLAN
2019 
  
  

 PREAMBLE 

This Warrant Plan of Celyad SA (the “Plan”) aims to motivate and inspire loyalty among the Beneficiaries. Well aware of the fact that their
contribution is essential to the development of its activities and the growth of its results, the Company wishes to give the Beneficiaries the opportunity to become shareholder or to increase their participation, hoping to make a financial gain in
the event of a positive evolution of the results and, consequently, the Company’s value. 
 The Plan’s principles have been determined by the
Board of Directors and have been approved by the general shareholders’ meeting in accordance with the principles of the Corporate Governance Code. 

In addition, the list of beneficiaries, as well as the exercise price of the Warrants will be determined by the Board of Directors prior to any offer. 

The Plan is drawn up in accordance with the applicable provisions of the Belgian act of 26 March 1999 (and more precisely section VII hereof) governing the
shares with a discount and stock-options (articles 41 to 47). 
 This Plan governs the terms and conditions of any
grant of Warrants taking place for the 12 months period after its approval by the Shareholders’ Meeting. 
 The conditions governing the exercise of
the Warrants must also be read in the light of the provisions of the “Dealing Code” which is applicable within the Company and available on the Company’s website (www.celyad.com). 

  
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	1.	 DEFINITIONS 

  

			
	Share	 	 :  A new share of the Company, granting the same rights and advantages as the
existing shares of the Company.

		
	Allocation	 	 :  The allocation of Warrants following the acceptance of an Offer.

		
	Bad Leaver	 	 :  Has the meaning given in article 8.6 of the Plan.

		
	Beneficiary	 	 :  A current Member of the Staff, of the management or of the Board of Directors of
the Company, working as an employee, as a self-employed people or through a management company, to whom at least (1) Warrant has been allotted.

		
	Conditions for Exercice	 	 :  The conditions under which the Beneficiaries are entitled to exercise a Warrant
during the Exercise Periods.

		
	Board of Directors	 	 :  The board of directors of the Company.

		
	Offer Letter	 	 :  The template attached hereto in Annex 1 – offer letter.

		
	Reply Form	 	 :  The template attached hereto in Annex 2 – Reply form.

		
	Exercise Form	 	 :  The template attached hereto in Annex 3 – Exercise form.

		
	Good Leaver	 	 :  Has the meaning given in article 8.6 of the Plan

		
	Act relating to Stock Options	 	 :  The Act of 26 March 1999 relating to the Belgian action plan for employment of
1998 and having various provisions.

		
	Member of the Staff	 	 :  Has the meaning provided under Article 1:27 of the new companies and
associations Code

		
	Offer	 	 :  The offer of at least one (1) Warrant to one or more Beneficiaries, in
accordance with the provisions of the Plan.

		
	Warrant	 	 :  A subscription right issued by the Company, granting the Beneficiaries the right
to subscribe, in accordance with the terms and conditions as set out in the Plan, during the Exercise periods, to a number of Shares determined by the Plan, against payment of the Price of Exercise.

		
	Exercice Period	 	 :  The period during which the Warrants may be exercised in accordance with the
Plan.

  
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	Plan	 	 :  This incentive plan.

		
	Exercise Price	 	 :  The amount payable for the exercise of a Warrant pursuant to the
Plan.

		
	Company	 	 :  Celyad SA, a public limited liability company, registered with the register of
legal entities kept at the Crossroads Bank for Enterprises under number 0891.118.115 (RLE Brabant Wallon) and of which its shares are listed on EURONEXT Brussels and EURONEXT Paris.

		
	Affiliated Companies	 	 :  Means any company controlled by the Company.

  

	2.	 GENERAL MECHANISM OF THE OFFER OF WARRANTS 

Pursuant to the Plan, the Company will allot to the Beneficiaries a certain number of Warrants. These Warrants are issued by decision of the
general shareholders’ meeting or by decision of the Board of Directors within the framework of the authorized capital. The Warrants are then allotted upon decision of the Board of Directors resolving on the recommendation of the Remuneration
Committee. 
 Each Warrant gives its holder the right (but not the obligation) to subscribe, under the Exercise Conditions, during the
Exercise Periods and against payment of the Exercise Price, to one Share. 
  

	3.	 BENEFICIARIES 

The Warrants may be offered to any individual performing professional services, whether in principal or secondary, for the direct or indirect
benefit of the Company or an Affiliated Company, in his capacity of an employee or future employee, in his capacity of a current or future self-employed people (as the case may be through a management company) or in his capacity of director. 

The Warrants Offer does not create any right, on the part of the Beneficiaries, to receive (additional) Warrants in the future. 

The Warrants Offer and the right to exercise these are not part of the employment agreement or service agreement concluded with the Company and
therefore can not be considered as an acquired right. In addition, the Beneficiaries expressly accept that the decisions relating to the Warrants fall within the exclusive and discretionary competence of the Company. This grant shall not be taken
into account in the calculation of any indemnity whatsoever which may be due to the Beneficiaries. 

  
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	4.	 CLOSED PERIOD 

The Beneficiaries shall have to comply, if need be, with the provisions imposed by the Company. Amongst other rules, the Warrants cannot be
exercised during the “closed periods”. 
  

	5.	 WARRANTS 

  

	5.1	 Number of Warrants per Beneficiary 

The number of Warrants offered to each of the Beneficiaries is freely determined by the Board of Directors, acting upon the recommendation of
the Remuneration Committee. As the case may be, the Board of Directors may empower the managing director (CEO) in order to determine the allocation of Warrants in favor of Beneficiaries (other than members of the Board of Directors and members of
the Executive Management Team). 
  

	5.2	 Nature of the Warrants 

The Warrants are exclusively in registered form. As soon as they are offered and accepted, the Warrants will be numbered and recorded in a
special register, which will be kept up to date as regards the amount of Warrants held by each Beneficiary. 
  

	5.3	 Price of the Warrants 

The Warrants will be allotted free of charge to the Beneficiaries. 
  

	5.4	 Term of the Warrants 

Warrants are allotted for a limited term. This term is determined by the Board of Directors, in compliance with the provisions of the Corporate
Governance Code and the Companies Code. The Warrants allotted to Members of the Staff can have a maximum 10 years duration where the Warrants allotted to other Beneficiaries can have a maximum 5 years duration. 

Any Warrant that has not been exercised on its date of maturity may no longer be exercised without the Beneficiary being able to invoke any
right to compensation. 
  

	5.5	 Non-transferability and securities 

The Warrants are strictly personal and may not be transferred after the Offer, except in the event of death as provided in article 9 below.

 Warrants may not be pledged or used as security, of any kind, as principal or accessory. Warrants that may have been transferred, pledged
or used as a security of any kind, whether as a principal or accessory, in violation of the provisions of this article 5.5, shall not be exercisable. 

  
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	6.	 OFFER OF WARRANTS 

 

	6.1	 Date of the Offer 

The Company will send each Beneficiary a personalized Offer Letter for a number of Warrants. 

The Warrants are deemed to be offered to the Beneficiaries as from the date of dispatch of the Offer Letter. 

 

	6.2	 Acceptance or rejection of the Offer 

The Beneficiary is free to accept the Offer, either in whole or in part, or to reject it. 

A Reply Form is sent to each Beneficiary together with the Offer Letter, by which the Beneficiary notifies his decision as regards the Offer:
acceptance (either in whole or in part) or rejection. 
 The Reply Form is delivered, completed and signed, at the latest on the date
mentioned on the Reply Form, at the address mentioned therein. 
 The Offer of Warrants will be considered as altogether rejected if the
Beneficiary did not accept the Offer in writing within sixty (60) days as from the date of the Offer, without the Beneficiary being able to claim any right to indemnification. 

In case of absence of a signature, or if the Reply Form is not returned or is returned belatedly, the Offer will be considered as rejected as a
whole. 
 From a Belgian tax point of view, the Stock Option Law considers that the Warrants are deemed to have been allotted on the sixtieth
(60th) day following the date of the Offer, provided that the Beneficiary has notified in writing his Acceptance of the Offer before expiry of this period. The acceptance of the Offer must be notified to the Company prior to the expiry of the sixty
(60) day period referred to above, in accordance with this article 6.2, otherwise the Offer is deemed to be altogether rejected. 
  

	6.3	 Acceptance of the Plan 

Acceptance of the Offer by the Beneficiary entails the unconditional acceptance of the Plan. 

  
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	7.	 ACQUISITION (VESTING) OF WARRANTS 

Notwithstanding the Allocation of the Warrants to the Beneficiaries, the Warrants are acquired by the Beneficiaries, subject to compliance with
the Conditions for Exercise provided for in article 8 and without prejudice to an eventual acceleration as provided under article 8.9, in accordance with the following terms: 
  

	 	•	 	 If the Beneficiary stops exercising his professional activities for the benefit of the Company before the first
anniversary of the Offer, the Warrants awarded to him shall be qualified as void and they cannot be exercised anymore; 

  

	 	•	 	 If the Beneficiary stops exercising his professional activities for the benefit of the Company during the second
year after the Offer, 33% of the Warrants awarded to him shall be considered as vested; 

  

	 	•	 	 If the Beneficiary stops exercising his professional activities for the benefit of the Company during the third
year after the Offer, 66% of the Warrants awarded to him shall be considered as vested; 

  

	 	•	 	 If the Beneficiary still exercises his professional activities for the benefit of the Company after the third
anniversary of the Offer, 100% of the Warrants awarded to him shall be considered as vested. 

 For the purposes of this
article the Beneficiary shall no longer be deemed to be carrying on his professional activity for the benefit of the Company as from the date on which he issued or received a notice of termination of his employment or co-operation agreement. 

 

	8.	 THE EXERCICE OF WARRANTS 

 

	8.1	 Conditions for Exercice 

The exercise of Warrant is subject to Conditions for the Exercise provided for in the Plan. 

 

	8.2	 Exercice Price 

The Exercise Price is equal to the fair market value of the Company’s shares at the time of the Offer. This value is determined by the
Board of Directors and corresponds to: 
  

	 	•	 	 either the closing price of the Company’s Share on the day before the date of the Offer;

  

	 	•	 	 or the average of the thirty (30) calendar days preceding the date of the Offer of the closing price of the
Company’s Share. 

 The exercise price of each Warrant will be stipulated in the Letter of Offer to each Beneficiary.

  

	8.3	 Consequences of the Exercice 

In the event of exercise of the Warrants, the Shares issued in consideration for the exercise will be in registered or dematerialized form
according to the decision of the Beneficiaries. Such Shares shall have the same characteristics as the existing Shares of the Company. 
  

	8.4	 Exercise Period 

Without prejudice to article 8.9 of the Plan or a different decision of the Board of Directors

  
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to extend the Exercise Period, the Warrants will be exercisable between the first day of the fourth calendar year following the Offer and the last day of the fifth year following the Offer (the
“Exercise Period”). 
 Without prejudice to the respect of the Exercise Period, and in order to streamline the exercise of
the Warrants and to limit the costs associated with their exercise, the exercise of the Warrants and the corresponding capital increases may only take place during exercise windows (the “Exercise Windows”) corresponding to the first
month of each quarter during the Exercise Period. 
 Where relevant, the exercise of the Warrants will be recorded by notary deed within a
maximum of 30 days following the closing of each Exercise Window. 
  

	8.5	 Number of Shares per Warrant 

One (1) Warrant gives right to subscribe to (1) Share. 
  

	8.6	 Attendance – Good Leaver and Bad Leaver 

 

	8.6.1	 In the event that the employment agreement or service agreement between the Company (or one of its Affiliated
Companies) and a Beneficiary (or management company of a Beneficiary) comes to an end: 

  

	 	(a)	 as a result of death, incapacity, retirement, termination of the employment agreement or service agreement
without any serious misconduct of the Beneficiary, resignation of the Beneficiary or unilateral breach by the Beneficiary of his employment agreement or service agreement, the Beneficiary shall be referred to as “Good Leaver”;

  

	 	(b)	 as a result of termination of the employment agreement or service agreement for serious misconduct of the
Beneficiary, the Beneficiary will be referred to as “Bad Leaver”. 

 The qualification as Good Leaver or
Bad Leaver will take place on the date of the determination of the above situation, namely on the date on which the event is brought to the attention of the parties. In this regard, the Beneficiary is referred to as Good / Bad Leaver on the date of
notification of termination of his contract, even if he must then provide a notice period. 
 With regards to the people enjoying the status
of Beneficiary because they are Director or provide products or services to the Company as a self-employed but on a regular basis (or, when appropriate, via a management or services company), the words “dismissal or revocation” and
“voluntary termination” refer to the various hypotheses in which a contract for the delivery of these products or services is being terminated permanently either by the Company or by the Beneficiary or the management or services company.
The words “serious misconduct” refer to the hypothesis in which this termination is based on a serious breach by the Beneficiary or the management or services company of their contractual obligations. An interruption of more than six
months in the delivery of the products or the services is considered as a permanent termination. 

  
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 In case the labor contract is suspended for more than six months in total, the consequences of
said suspension on the rights related to the Warrants granted by the Company will be determined individually by the Company. 
  

	8.6.2	 Notwithstanding the realization of the vesting provided for in article 7 of the Plan, Warrants can no longer be
exercised in the event that the Beneficiary is considered to be a Bad Leaver prior to the exercise of the Warrants. 

  

	8.6.3	 Terms of Exercise 

A Beneficiary willing to exercise its Warrants will specify, upon their exercise, the numbers of the Warrants that he intends to exercise. In
situations where the Beneficiary does not specify the numbers, the Beneficiary will be deemed to have exercised its Warrants in the chronological order in which they were allocated, from the oldest to the most recent. 

The Warrants can be exercised upon delivering an Exercise Form to the Company, for the attention of the Board of Directors. The Exercise Form
can be (i) delivered in person with delivery receipt, (ii) sent by registered mail or (ii) faxed with immediate confirmation by registered mail. 

The Exercise Form must be completed in full and signed by the Beneficiary, and must mention the number of Warrants that the Beneficiary intends
to exercise. 
  

	8.7	 Terms of payment 

The payment shall be made by bank transfer of the Price of Exercise of all exercised Warrants to the Company’s account as indicated by the
latter in the Exercise Form. 
 The Beneficiary shall have a period of ten (10) days as from the sending of the Exercise Form to proceed
with the payment. 

  
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	8.8	 Acceleration of the vesting and exercise of the Warrants 

Notwithstanding the delays and periods provided under articles 7 and 8.4 of the Plan, the Warrants can be immediately exercised by the
Beneficiaries in the following situations: 
  

	 	(a)	 share capital increase in cash without suspension of the preferential rights of the existing shareholders;

  

	 	(b)	 Takeover bid on the Shares of the Company as of the announcement of the public offer by the FSMA;

  

	 	(c)	 Change of control on the Company; 

 

	 	(d)	 Conclusion of a “Strategic Partnership” with an important industrial actor, active in the
life-science sector, and if the “Strategic Partnership” is qualified as such by the Board of Directors. 

 As
soon as possible and from the occurrence of one of these events at the latest, the Company shall notify the Beneficiaries in order to allow them to exercise their Warrants for a minimum ten (10) days period since notification. If the Warrants
are not exercised during this ten (10) days period they will only be exercised under the conditions provided by articles 7 and 8.4 of the Plan. 

The Shares issued further to the exercise of the Warrants under the present article 8.9 can be, upon decision of their holder, immediately
dematerialised, listed and traded on the market. 
 The eventual tax consequences of the acceleration of the vesting and exercise will be
borne by the concerned Beneficiaries. 
  

	9.	 DEATH OF THE BENEFICIARY 

In the event of the death of the Beneficiary, its Warrants can be exercised by its legal successors. Successors and assigns are subject to the
same rules than the Beneficiaries. 
 In the event of the death of the Beneficiary prior to the exercise of Warrants, the provisions of
article 7 (vesting) will not be applicable. Legal heirs will therefore be able to exercise 
 100% of the Warrants that were allocated to the
deceased Beneficiary. 
 The rules of succession will be followed. However, where they are several legal heirs or where bare property
rights/usufruct have been separated, a sole representative of the succession will be appointed by the successors and assigns for the purpose of exercising the Warrants. 

The Company reserves the right to suspend the right to exercise the Warrants as long as this appointment has not taken place and as long as it
has not been duly notified. 

  
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	10.	 NATURE OF THE SHARES ISSUED UPON THE EXERCISE OF THE WARRANTS 

 

	10.1	 Nature of the Shares 

The Shares are shares identical to the other shares issued by the Company. 

 

	10.2	 Rights attached to the Shares 

The Shares issued upon the exercise of the Warrants will benefit from the same rights and advantages (including voting rights) than the
existing Shares of the Company. 
  

	10.3	 Transferability of the Shares 

The transfer of Shares is subject to the terms and conditions defined in the articles of association of the Company. 

 

	11.	 OPERATIONS AUTHORISED 

Without prejudice to the legally prescribed exceptions, the Company may pass all resolutions that it deems necessary in relation to its
capital, its articles of association or its management. Such resolutions may include, amongst others, capital reduction, with or without reimbursement for the shareholders, a capital increase by way of incorporation of reserves whether or not with
the issue of new shares, a capital increase in kind, a capital increase in cash with or without restriction or cancellation of the preferential subscription rights of the shareholders, the issuance of profit shares, convertible bonds, preferred
shares, bonds cum warrants or conventional bonds or warrants, an amendment the provisions of the articles of associations with regards to the distribution of the profits or the (net) liquidation proceeds or other rights attached to the common
shares, a splitting of shares, a payment of dividend in shares, the dissolution of the Company, a legal merger, a legal demerger or a contribution or transfer of a totality or a branch of activity whether or not combined with the exchange of shares.
The Company may pass such resolutions even if these implied or may imply that the benefits for the Warrant Holder arising from the issuance and the Warrant exercise provisions or the law may be reduced unless such reduction is, in an obvious way,
the sole objective of such a resolution. 
 However, in the event of a merger or demerger, the Board of Directors has an obligation of means
to ensure that the Warrants outstanding at the date of these transactions are adjusted in accordance with the exchange ratio applied to the Company’s existing shares. 

Moreover, in case of a capital reduction or any similar transaction resulting into a decrease of the Company’s equity as a result of a
decision of the shareholders taken by the general assembly, the exercise price of the Warrants may be modified by decision of the Board of Directors notified to the Beneficiaries in order to compensate for the loss of value resulting from the equity
decrease. The possible amendment will be applicable as soon as the Beneficiaries have been notified, without them having to formally accept it. 

  
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 The number of shares corresponding to the Warrants will be adjusted to reflect and take into
account any increase or decrease in the number of shares of the Company resulting from a demerger or regrouping, as the case may be. 
  

	12.	 COSTS 

  

	12.1	 The Company 

All costs associated with the issue of Warrants will be borne by the Company. 

If the underlying Shares are delivered on a securities account, the subscribed Shares will be delivered free of charge insofar as the account
is being held at a financial institution in Belgium. 
  

	12.2	 The Beneficiaries 

Nihil 
  

	13.	 INTERPRETATION OR AMENDMENT OF THE PLAN 

The Board of Directors is competent for making any decision deemed useful or necessary in order to interpret, amend or implement the Plan in
compliance with all applicable laws. Any decision having legal effect will be communicated in writing to the Beneficiaries concerned. 
  

	14.	 INFORMATION OF BENEFICIARIES 

The Allocation of Warrants is not, on the part of the Company, an incentive or a recommendation to subscribe to the Warrants, nor to exercise
them subsequently. The Beneficiaries are consequently invited to inform themselves and, as the case may be, to be advised to make decisions likely to have a significant effect on their assets. 

The Company cannot be held liable for any damage or losses possibly incurred by the Beneficiaries on account of their participation to the
Plan. 
  

	15.	 INVALIDITY OF A PROVISION 

The invalidity or unenforceability of one of the provisions of the present Plan does not affect in any manner the validity or enforceability of
the other provisions of the Plan. In such cases, the invalid or unenforceable provision will be replaced by another equivalent provision, valid and enforceable, with a similar economic effect for the parties concerned. 

 

	16.	 NOTIFICATIONS 

Any notification to the holders of Warrants will be made to the address mentioned in the subscription rights register of the Company. Any
notification to the Company or Board of Directors will be duly carried out to the address of the registered office of the Company. 

  
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 Any changes of address must be notified in compliance with the present provision. 

 

	17.	 APPLICABLE LAW AND JURISDICTION 

 

	17.1	 Applicable law 

The Plan and the Warrants are governed by Belgian law. 
  

	17.2	 Jurisdiction 

Any dispute arising out of the interpretation, execution, application, validity or resolution of the Plan shall be subject exclusively to the
court of the judicial district of the registered office of the Company. 

  
 13EX-4.26

 Exhibit 4.26 

 

			
	CELYAD INC.
	
	  

	By:	 	Philippe Dechamps
	Title:	 	Chief Legal Officer
	
	Employee
	
	  

	Filippo Petti
	
	Address:
	
	12 Fox Hollow Lane
	Old Westbury, NY 11568

 26.    Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the Corporation, Celyad, their successors and assigns, and the Employee, Employee’s heirs and legal representatives. Employee acknowledges that the Services are personal and that Employee may not assign this
Agreement. 
 27.    Entire Agreement. This Agreement and any other confidentiality or restrictive covenant
obligations Employee has to any member of the Celyad Group constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes any and all prior agreements, arrangements and understandings, written or oral,
relating to the same subjects covered by this Agreement, including the Former Employment Agreement. 

28.    Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same agreement. The facsimile or electronic signature of either party to this Agreement for purposes of execution or otherwise, is to be considered as an original signature, and the
document transmitted is to be considered to have the same binding effect as an original signature on an original document. 
 IN WITNESS
WHEREOF, the parties have executed this Agreement as of the date first above written. 
  

	
	CELYAD SA
	
	Address:
	Celyad S.A.
	Axisparc Business Center
	Rue Edouard Belin, 2
	B-1435 Mont-Saint-Guibert, Belgium

  

			
	  

	By:	 	Michel Lussier,
	Title:	 	Chairman of the Board
	
	
	By:	 	Chris Buyse
	Title:	 	Director

  
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 obligations, the state and federal courts located in New York, New York shall have exclusive jurisdiction and
exclusive venue over any controversy or claim arising out of the Employee’s employment or the termination of that employment. 

22.    Arbitration. Any controversy or claim arising out of or relating to this Agreement or the breach thereof or
otherwise arising out of the Employee’s employment or the termination of that employment (including, without limitation, any claims of unlawful employment discrimination whether based on age or otherwise) shall, to the fullest extent permitted
by law, be settled by arbitration, before a single arbitrator, in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the auspices of the American Arbitration Association (“AAA”) in New York,
New York in accordance with the Employment Arbitration Rules of the AAA, including, but not limited to, the rules and procedures applicable to the selection of arbitrators. In the event that any person or entity other than the Parties may be a party
with regard to any such controversy or claim, such controversy or claim shall be submitted to arbitration subject to such other person or entity’s agreement. Judgment upon the award rendered by the arbitrator may be entered in any court having
jurisdiction thereof. This Section shall be specifically enforceable. Notwithstanding the foregoing, this Section shall not preclude either party from pursuing a court action for the sole purpose of obtaining a temporary restraining order or a
preliminary injunction in circumstances in which such relief is appropriate, including to enforce any confidentiality or restrictive covenant obligation of the Employee, provided that any other relief shall be pursued through an arbitration
proceeding pursuant to this Section. The Corporation, Celyad and Employee each shall be responsible for their own attorneys’ fees and costs, except that Celyad shall bear the cost of the arbitration fees in such proceeding. 

23.    Section 409A. It is intended that the benefits provided under this Agreement shall comply with the
provisions of Section 409A of the Internal Revenue Code (“Section 409A”) or qualify for an exemption to Section 409A, and this Agreement shall be construed and interpreted in accordance with such intent. Any payments that
qualify for the “short term deferral” exception or another exception under Section 409A shall be paid under the applicable exception. Each payment provided under this Agreement shall be treated as a separate payment for
Section 409A purposes. No member of the Celyad Group (or its affiliates), the Board, or any employee, officer or director of the Celyad Group (or its affiliates) shall be held liable for any taxes, interest, penalties or other monetary amounts
owed by the Employee as a result of this Agreement. 
 24.    Notices. Any notice or other communication given
pursuant to this Agreement shall be in writing and shall be personally delivered, sent by overnight courier or express mail, or mailed by first class certified or registered mail, postage prepaid, return receipt requested to the parties at their
respective addresses set forth on the signature page hereof, or to such other address as the parties shall have designated by notice to the other parties. 

25.    Amendment; Waiver. No provision of this Agreement may be amended, modified, waived or discharged unless such
amendment, modification, waiver or discharge is agreed to in writing and signed by the parties. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement
to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 

  
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 of Employee to perform the Services, with or without a reasonable accommodation, upon completion of a medical
leave of absence of one hundred eighty (180) consecutive days shall constitute Employee’s Disability. 

19.    Termination by Celyad for Cause; Termination by Employee without Good Reason. 

(a)    Celyad shall have the right to terminate Employee’s employment for Cause immediately upon written notice, with
the Termination Date occurring as specified in such notice from Celyad. For purposes of this Agreement, “Cause” shall mean (i) conviction, commission of or entering a plea of guilty or nolo
contendere to any felony, or a crime involving dishonesty or moral turpitude; (ii) willfully engaging in conduct materially injurious, or reasonably likely to cause material injury, to any member of the Celyad Group;
(iii) the material breach of this Agreement by Employee or the Employee’s breach of any other restrictive covenant obligation Employee has to any member of the Celyad Group; (iv) Employee’s gross negligence, or willful and
deliberate failure to perform Employee’s duties, or (v) Employee’s failure to adhere to or comply with any material written policies or procedures of the Celyad Group, including but not limited to the code of conduct or those
pertaining to expense reimbursement, harassment, discrimination or retaliation, conflict of interest, or the prohibition of insider trading. Before a termination for Cause under (iii) - (v) above, and if the Employee’s breach or violation is
curable, Celyad shall provide Employee with written notice and thirty (30) days from the delivery of such notice to cure the conduct, breach or violation (the “Cure Period”), provided that Employee
shall not be entitled to more than two Cure Periods in any twelve-month period. 
 (b)    Employee shall have the right
to terminate Employee’s employment without Good Reason upon thirty days’ written notice to Celyad and Celyad. If Employee provides such notice, Celyad may accelerate the date of Employee’s termination without such acceleration itself
constituting a termination by Celyad under this Agreement. 
 (c)    For the avoidance of doubt, in the event of
termination of employment by Celyad for Cause, a termination due to death or Disability or a termination by Employee without Good Reason, Employee will be entitled only to the Accrued Obligations, and will not be entitled to any Severance Pay. 

20.    Enforceability; Severability. This Agreement shall be interpreted in such a manner as to be effective and
valid under applicable law, but if any provision hereof shall be prohibited or invalid under any such law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating or nullifying the remainder of such
provision or any other provisions of this Agreement, If any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, such provisions shall
be construed by limiting and reducing it or them so as to be enforceable to the maximum extent permitted by applicable law. 

21.    Governing Law; Jurisdiction. This Agreement shall be construed in accordance with and governed by the laws
of the State of New York without giving effect to principles of conflicts of laws. To the extent permitted by Section 22 (Arbitration), including without limitation the enforcement by the Corporation or Celyad of any of Employee’s
restrictive covenant 

  
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 (i)    The “Health Benefit” means, if elected by the
Employee under 29 U.S.C. § 1161 et seq. (commonly known as “COBRA”), continuation of group health plan benefits to the extent authorized by and consistent with COBRA, with the cost of the regular premium for such benefits
shared in the same relative proportion by the Company and the Employee as in effect on the Termination Date until the earliest of (i) the end of the Severance Period; (ii) the date the Employee becomes eligible for health benefits through
another employer or (iii) the date the Employee otherwise becomes ineligible for COBRA. 
 (ii)    The Severance
Pay shall be payable in installments on Celyad’s regular payroll dates following the Termination Date, but Celyad (or Celyad, as applicable) shall not be required to begin paying any Severance Pay until its first payroll date after the Release
Requirement has been fulfilled. The “Release Requirement” means the Employee’s execution, return and nonrevocation, in each case with the time periods required by the Release but in no event later than 30 days after the
Termination Date (or 60 days in the event of a group layoff under the Older Workers’ Benefits Protection Act), of a separation agreement in a form provided by the Celyad Group containing, among other terms, a release of claims against the
Celyad Group and related persons and entities (the “Release”). In no event will the Release include any additional post-employment noncompetition or nonsolicitation covenants that are not included in this Agreement. 

(c)     For purposes of this Agreement, “Good Reason” shall mean (i) a material reduction in
Employee’s Base Salary or target annual bonus other than a general reduction in Base Salary or target annual bonus that affects all similarly situated employees in substantially the same proportions; (ii) a relocation of Employee’s
principal place of employment by more than 60 miles; or (iii) a material, adverse change in Employee’s title, authority, duties, or responsibilities (other than temporarily while Employee is physically or mentally incapacitated or as
required by applicable law). Before a termination by the Employee for Good Reason, the Employee must (i) reasonably determine in good faith that a “Good Reason” condition has occurred; (ii) notify the Company in writing of the
first occurrence of the Good Reason condition within 60 days of the first occurrence of such condition; (iii) cooperate in good faith with the Company’s efforts, for a period not less than 30 days following such notice (the “Cure
Period”), to remedy the condition and notwithstanding such efforts, the Good Reason condition continues to exist; and (v) terminate his employment within 60 days after the end of the Cure Period. If the Company cures the Good Reason
condition during the Cure Period, Good Reason shall be deemed not to have occurred. 
 18.     Termination Upon Death
and Disability. 
 (a)    This Agreement may be terminated immediately due to Employee’s death or Disability
without any Severance Pay. 
 (b)    “Disability” shall mean a physical or mental impairment that
substantially prevents Employee from performing Employee’s duties hereunder and that has continued for either (i) one hundred eighty (180) consecutive days or (ii) any one hundred eighty (180) days within a consecutive three
hundred sixty (360) day period. Any dispute as to whether or not Employee is disabled within the meaning of the preceding sentence shall be resolved by a physician reasonably satisfactory to Celyad, and the determination of such physician shall
be final and binding upon both Employee and Celyad. Notwithstanding anything to the contrary in this Section, the inability 

  
 5 

 
and lo any inventions and other intellectual property rights. The Employee hereby appoints the Corporation and Celyad as his
attorneys-in-fact to execute on his behalf any assignments or other documents reasonably necessary by the Corporation or Celyad to protect or perfect its or their rights
to any inventions. 
 14.    Protected Disclosures. Employee understands that nothing contained in this Agreement
limits Employee’s ability to communicate with any federal, state or local governmental agency or commission, including to provide documents or other information, without notice to the Corporation and/or Celyad. Employee also understands that
nothing in this Agreement limits Employee’s ability to share compensation information concerning Employee or others, except that this does not permit Employee to disclose compensation information concerning others that Employee obtains because
Employee’s job responsibilities require or allow access to such information. 
 15.    Defend Trade Secrets Act
of 2016. Employee understands that pursuant to the federal Defend Trade Secrets Act of 2016, Employee shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that
(a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or
(b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

16.    Compensation Upon Termination of Employment for Any Reason. In connection with Employee’s termination
for any reason, Celyad shall pay the Employee any (i) base salary; (ii) unused vacation; and (iii) unreimbursed expenses (subject to the Corporation’s or Celyad’s expense policy), in each case ((i) through (iii)) accrued
through the Termination Date (the obligations described in (i) through (iii), the “Accrued Obligations”). 

17.    Termination by Celyad without Cause or by the Employee with Good Reason. 

(a)    Celyad (which, for the purposes of Sections 17 through 19, includes the Corporation) shall have the right to
terminate the Employee’s employment without Cause. Celyad will endeavor to, but is not required to, provide the Employee with 30 days advance notice of such a termination. Notwithstanding any such 30-day
notice period, Celyad may subsequently accelerate the Employee’s Termination Date. 
 (b)    If Celyad terminates
the Employee’s employment without Cause, or if the Employee terminates the Employee’s employment with Good Reason, and in either case subject to the Release Requirement, Celyad or Celyad shall pay the Employee (i) six (6) months of
the Employee’s final Base Salary rate as of the Termination Date and the Health Benefit (as defined below), if the Termination Date occurs prior to January 4, 2021, or (ii) nine (9) months of the Employee’s final Base Salary rate
as of fee Termination Date and the Health Benefit (as defined below), if fee Termination Date occurs on or after January 4, 2021 (in either event, the “Severance Pay”). The six (6) months following the Termination Date (in
the case of (i) above) or the nine (9) months following the Termination Date (in the case of (ii) above)) is the “Severance Period”) 

  
 6 

 
Group. Employee therefore agrees that Employee will not, either during or after the Termination Date, disclose any Confidential Information concerning any entity in the Celyad Group, to any
person, firm, corporation, association or other entity, or use any such Confidential Information, for any reason whatsoever unless previously authorised in writing to do so by the Ghief Exheucutive officer of Celyad. The term
“Confidential information” shall not include any information that (i) is or becomes publicly available through no direct or indirect action of the Employee; or (ii) is required to be disclosed by a court of competent jurisdiction or
pursuant to any arbitration, provided that Employee first gives notice of such disclosure requirement to the Corporation and Celyad. Employee shall not at any time, make any use whatsoever, directly or indirectly, of Confidential Information,
except as required in connection with the performance of Services. 
 12.     Injunctive Relief. The Employee
acknowledges that a breach of any of the provisions contained in Sections 9, 10 or 11 would result in irreparable injury to the Celyad Group for which there may be no adequate remedy at law and that, in the event of an actual or threatened breach by
the Employee of the provisions of Sections 9, 10 or 11, any member of the Celyad Group, shall be entitled to pursue and obtain injunctive relief from a court of competent jurisdiction restraining Employee from doing any act prohibited thereunder.
Nothing contained herein shall be construed as prohibiting Celyad Group or the Corporation, as appropriate, from pursuing any other remedies available to it for such breach or threatened breach, including the recovery of any monetary damages to
which it would be entitled under the law. In the event that any provision of Sections 9, 10 or 11 is held to be unenforceable as a result of it being too broad, including in terms of time or geographical extent, Employee agrees that the court can
adapt and limit this Section so as to make the provisions hereof enforceable to the fullest extent permissible. The post-employment restricted periods in Section 9 shall be extended by each day that the Employee is in breach of any provision of
Section 9. 
 13.     Rights in Celyad Group Property; Inventions. The Employee hereby recognizes the Celyad
Group’s proprietary rights in the tangible and intangible property of the Celyad Group and acknowledges that the Employee will not obtain or acquire through such employment any personal property rights in any of the property of any member of
the Celyad Group, including but not limited to, any writing, communications, manuals, documents, instruments, contracts, agreements, files, literature, data, technical information, know-how, secrets, formulas,
products! methods, procedures, processes, devices, apparatuses, trademarks, trade names, trade styles’ service marks, logos, copyrights, patents, or other matters which are the property of any member of the Celyad Group. The Employee agrees
that during his employment by the Corporation and/or Celyad, any and all discoveries, inventions, improvements and innovations (including all data and records pertaining thereto), whether or not patentable, copyrightable or reduced to writing, which
the Employee may have conceived or made, or may conceive or make, either alone or in conjunction with others and whether or not during working hours or by the use of the facilities of the Corporation or Celyad, which are related or in any way
connected with the Business of the Corporation, Celyad or any of their affiliates, are and shall be the sole and exclusive property of the Corporation and Celyad. The Employee shall promptly disclose all inventions to the Corporation and Celyad,
shall execute at the request of the Corporation or Celyad any assignments or other documents the Corporation or Celyad may deem necessary to protect or perfect its rights therein, and shall assist the Corporation and Celyad, at the
Corporation’s or Celyad’s expense, in obtaining, defending and enforcing the Corporation’s rights therein. The Employee hereby assigns, sets over and transfers to the Corporation and Celyad all of his right, title and interest in or
other services (whether or not for compensation) without the specific and written approval of the Chief Executive Officer of Celyad, or his or her designee. 

  
 7 

 9.    Restrictive Covenants. The “Termination Date”
shall be the last day of the Employee’s employment with the Corporation (or with Celyad, whichever ends later), regardless of the reason for the termination. During the Employee’s employment with the Corporation (and/or Celyad) and for a
period of twelve (12) months after the Termination Date (the “Restricted Period”). Employee will not, directly or indirectly, whether as an officer, director, employee, consultant, contractor, equity owner, agent or otherwise:

 (a)    Engage, provide services to or participate in any cell therapy company or business activity developing CAR T
therapies focused on NKG2D, B7H6 and/or NKp (including without limitation NKp30, NKp40, NKp44) or any other business activity concerning CAR T therapies. Nothing in this Section 9(a) shall be deemed to prohibit Employee from investing in any
company engaged in such business, the stock of which is available in a public securities market; provided, however, that Employee shall not own in excess of five percent (5%) of the total issued and outstanding
stock of such company. Notwithstanding any other provision of this Agreement, this Section 9(a) shall become effective ten (10) business
days following the date this Agreement is provided to the Employee. The Employee has been advised by the Company that the Employee has the right to consult with counsel prior to signing this Agreement. 

(b)    Solicit, recruit, endeavor to entice away, hire, attempt to hire, or otherwise materially interfere with the
business relationship of any person or entity who is, or was within the twelve (12) month period immediately prior to the Termination Date was, employed or engaged (whether as an employee, independent contractor or otherwise) by any member of
the Celyad Group. 
 (c)    Solicit, recruit, endeavor to entice, or do business with any person or entity who is, or
within the twelve (12) month period immediately prior to the Termination Date was, a customer, client or supplier of any member of the Celyad Group. 

10.    Nondisparagement. During and after Employee’s employment with the Corporation and/or Celyad, Employee
agrees not to make any disparaging statements concerning the Corporation or any of its affiliates (including Celyad), products, services or current or former officers, directors, shareholders, employees or agents, except in the context of performing
Employee’s legitimate duties to the Corporation or Celyad during Employee’s employment with the Corporation and Celyad. The Corporation agrees to instruct its Board not to, during and after Employee’s employment with the Corporation,
make any disparaging statements concerning the Employee. 
 11.    Confidentiality of Information. Employee
recognizes and acknowledges that the trade secrets of the Celyad Group and all other confidential and proprietary information of the Celyad Group, including information of a business, financial or other nature, including without limitation,
scientific and technical information and improvements thereon, data from or results of clinical trials, patient information, lists of the Celyad Group’s actual and prospective customers, financial information and business and marketing plans,
as they exist from time to time (collectively, the “Confidential Information”), are a valuable and unique asset of the Celyad amount equal to the premium the Corporation would have contributed toward individual medical insurance
coverage in the United States for Employee. 

  
 8 

 Employee shall receive twenty (20) days of vacation annually, in addition to all legal U.S.
Federal holidays, both paid at the expense of Celyad. Such vacation shall be subject to Celyad and/or Corporation policy in all respects. In the absence of such policy, such vacation shall accrue ratably over the course of the year and shall not
roll over from year to year. 
 Employee shall be eligible for the Corporation’s 401 (k) plan on the first day of the first month
following Employee’s first day of employment. Currently, on an annual basis, the Corporation pays, at no additional cost to the Employee, a contribution equivalent to five percent (5%) of the Employee’s Base Salary, subject to
Employee’s employment with the Corporation on the date such contribution is made. 
 Notwithstanding this foregoing Section 4, any
member of the Celyad Group may alter the terms and conditions of any employee benefit plan, program or agreement, or eliminate any such plan, program or agreement, at any time in such entity’s discretion. 

5.    Performance of Services. During the term of this Agreement, Employee shall use Employee’s best efforts
to promote the interests of the Celyad Group and shall devote Employee’s full time and efforts to its Business and affairs in an honest and ethical manner in compliance with this Agreement and all applicable laws, rules and regulations,
promulgated from time to time, applicable to the Business, including the federal, state and municipal non-discrimination laws in the United States, rules and regulations. Except for vacation, sick time and
other Company-approved leaves of absence subject to Company policies, the employee is expected to and shall work 40 hours per week at minimum. Without limiting the foregoing, the Employee shall not engage in any other activity that could reasonably
be expected to interfere with the performance of Employee’s duties, responsibilities or Services hereunder. 

6.    Employee Representations. Employee represents and warrants to the Celyad Group that Employee is qualified to
perform the Services and that neither Employee’s execution of the Agreement nor Employee’s performance of such Services is limited or prohibited by, and will not cause a conflict of interest or breach of, any law, regulation, agreement,
understanding, order, judgment, decree or other instrument, contract, or document to which Employee is a party or subject, including without limitation any confidentiality or restrictive covenant agreement with any prior employer. 

7.    Conflicts of Interest. Employee confirms that Employee has advised the Celyad Group in writing, prior to the
date of signing this Agreement, of any current relationship with third parties, including competitors of the Celyad Group. The Chief Executive Officer of Celyad and Employee will review each of those relationships and determine together which ones
need to be terminated due to a conflict of interest, or prohibition of Employee carrying out the terms of this Agreement, or which would present a significant risk of disclosure of Confidential Information. 

8.    Exclusivity. For the duration of this Agreement, Employee shall provide Services exclusively to the Celyad
Group and Employee shall not seek, accept or perform any consulting 

  
 9 

 
anything in this Agreement to the contrary, nothing in this Agreement shall be construed to alter the at-will nature of the Employee’s employment, nor
shall anything in this Agreement or any benefit program be construed as providing the Employee with a definite term of employment. 
  

	 	2.	 Compensation. 

(a)     In consideration for the Services, Celyad shall pay Employee a salary at the annual rate of four hundred twenty
thousand dollars ($420,000.00). The Base Salary shall be increased to at least four hundred forty thousand dollars ($440,000.00) on the first anniversary of the CEO Start Date. Otherwise, the Base Salary may be adjusted from time to time by Celyad.
The base salary in effect from time to time is the “Base Salary.” Payments of Base Salary shall be made in accordance with Celyad’s payroll practices. 

(b)    Employee shall be eligible for a target annual bonus equal to 45% of the Base Salary, subject to Celyad’s
bonus plan in effect from time to time. 
 (c)    The Employee shall be eligible to participate in Celyad’s warrant
plans as set forth in this subsection (c) and in any other written agreements, in the form provided by Celyad, governing the warrants as are provided by Celyad. For the avoidance of doubt, Employee understands that under Belgian law, stock
warrant plans are proposed by the Celyad Board and approved by an Extraordinary General Meeting of Celyad’s shareholders and the amount of warrants allocated to employees under an approved warrant plan is determined exclusively by the
Remuneration and Compensation Committee of the Celyad Board. The Employee shall receive an award of 20,000 (twenty thousand) warrants granted under the current plan, subject to vesting conditions and the other terms and conditions of the applicable
plan and agreements). Subject to applicable Board and shareholder approval, and subject to the Employee’s employment with Celyad on the applicable grant date, the Employee will be entitled to an annual grant of 30,000 warrants. 

(d)    All compensation paid to Employee shall be subject to taxes and other withholdings as required by law. The Employee
is solely responsible for the payment of all taxes related to the warrants. 
  

	 	3.	 Expenses and Travel. 

Employee shall be entitled to receive prompt reimbursement for all reasonable, documented expenses incurred by Employee in performing the
Services hereunder, including all reasonable expenses of travel and living while away from home, provided that such expenses are incurred and accounted for in accordance with the policies and procedures established by Celyad. 

 

	 	4.	 Medical Vacation and Other Benefits. 

Employee shall be entitled to receive certain benefits applicable to employees of the Celyad Group as determined by Celyad and subject to
applicable law, which benefits currently include dental and health care plans, in each case in accordance with the terms of such plans. In the event that Employee elects not to receive medical benefits from the Corporation, Employee may, in the
Corporation’s or Celyad’s sole discretion, be eligible to receive a monthly cash payment in an 

  
 10 

 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”) is made as of 1 April, 2019 (the “CEO Start
Date”), between Celyad SA (“Celyad”), Celyad Inc., a Delaware corporation (the “Corporation”), and Filippo Petti (the “Employee”) (the Employee, Celyad and the Corporation, the
“Parties”). This Agreement amends, restates, and supersedes in all respects the employment agreement between the Company and the Executive with an effective date of 30 July 2018 (the “Former Employment
Agreement”). The Parties hereby acknowledge and agree that Section 11(a) of the Former Employee Agreement (the “Non-competition Restriction”) was supported by sufficient consideration at the time it was entered into
and remains in full effect as amended and restated in Section 9(a) herein. The Parties agree that, in any event, the Noncompetition Restriction, as amended and restated in Section 9(a) herein, is independently supported by (i) the
increase in the Employee’s Base Salary from $320,000 to $420,000 (and then to at least $440,000) (ii) the increase in the Employee’s target bonus percentage from 35% to 45%; (iii) the Employee’s grant of 20,000 warrants, and
eligibility for the annual grant of 30,000 additional warrants, as described in Section 2(c), and (iv) the potential increase in Employee’s Severance Pay described in Section 17(b) ((i) through (iv), the “Noncompete
Consideration”), in each case subject in all respects to the terms of this Agreement. The Parties hereby confirm that the Noncompete Consideration would not be provided absent the Employee’s execution of and compliance with
Section 9(a) of this Agreement. The Parties further expressly acknowledge and agree that the Noncompete Consideration is, in each case, mutually-agreed upon between the Parties and is fair and reasonable consideration for Section 9(a) of
this Agreement. 
 Introduction 

The Corporation is engaged in research and development of biological pharmaceutical products or medical devices, solely or in combination (the
“Business”). 
 The Corporation is a wholly owned subsidiary of Celyad, a publicly listed company on Euronext Brussels,
Euronext Paris and Nasdaq, with registered offices in Mont-Saint-Guibert, Rue Edouard Belin 2, Belgium; 
 The Parties intend that the
Employee will be an employee of Celyad; 
 Celyad and its subsidiaries and affiliates, including the Corporation, comprise the
“Celyad Group”; 
 The Corporation and Celyad wish to retain the services of Employee, subject to such travel requirements
as the Corporation or Celyad may reasonably request. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties agree as follows: 
 1.     Employment. As of the CEO Start Date, the
Employee will be employed by Celyad as Chief Executive Officer (the “CEO”). The Employee shall be responsible for such duties as may be reasonably assigned from time to time by the Boards of Directors of Celyad (the
“Boards,” and the performance of such duties, the “Services”). The Parties acknowledge and accept the Employee’s employment upon the terms and conditions hereinafter set forth. Notwithstanding

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