Document:

Agreement - Oseo Innovation, dated as of February 22, 2006

 Exhibit 10.14 
 OSEO anvar Ile-de-France Est 
 15 cité Malesherbes 

75009 Paris 
 AGREEMENT No.
A0509018 Q 
 Between 
  

	 	1)	OSEO Anvar 

 Public
Limited Company with a share capital of €80,000,000. 
 Registered with the registry of trade and companies of Creteil under
no. 692 005 432 
 with corporate headquarters at 27-31, avenue du Général Leclerc 

94710 MAISONS-ALFORT Cedex, France 
 (hereinafter, “OSEO anvar”) 
 represented by Geneviève GELLY,

 OSEO anvar Ile-de-France Regional Director 
 One the one hand 
 And 

 

	 	2)	SEQUANS COMMUNICATIONS 

SIRET No. 450 249 677 00029 
 Public Limited Company with a share capital of €254,166.67. 

“CITICENTER” 
 19 Le Parvis A Paris La Défense BP 104 
 92800 PUTEAUX 

FRANCE 

(hereinafter, “the BENEFICIARY”) 
 represented by Georges Karam, Chairman of the Board of Directors 
 On the other
hand 
 Considering decree 2005-766 of 8 July 2005 approving the bylaws of the public limited company “OSEO Anvar”, and
implementing various provisions relating to its operation, 
 Considering decree no. 97-682 of 31 May 1997 relating to aids for innovation,

 Considering the application for innovation assistance submitted by the BENEFICIARY and registered on 23/08/2005 under no. A0509018
Q, 
 Considering the technical instruction and financial instruction specified in the conditions provided for under article 7 of the
above-mentioned decree no. 97-682; 
 Considering the opinion issued by the Regional Commission for the Awarding of Aid in its meeting of:

 26/01/2006 

 SPECIFIC CONDITIONS FOR THE GRANTING OF AID 

ARTICLE 1 – AMOUNT, PURPOSE AND FORM OF THE AID 
  

	1.1	OSEO anvar grants to the BENEFICIARY, under the terms and conditions for payment provided for in article 2, an innovation grant in the amount of
€1,200,000.00. 

 This grant is allocated to the program described in the presentation submitted by the
BENEFICIARY, with the objective of: 
 Creation of WiMAX mobile component prototypes compatible with norm IEEE 802.16e
broadband and related services. 
  

	1.2	In return for the grant, the BENEFICIARY undertakes to complete the submitted program within a period of 10 months beginning on 23/08/2005 and to implement all
the necessary human and technical, financial and commercial resources necessary for the success of its execution and of the commercial exploitation of its results. 

 

	1.3	The total estimated amount of the submitted program is €3,026,100.60 excluding taxes. The expenses of the innovation program included in the aid package
amount to €3,026,100.60 excluding taxes (see attached estimate). 

 Consequently, the amount indicated
above accounts for 39.65% of the total expenses, excluding taxes, indicated in the innovation aid package. This aid is granted to the BENEFICIARY in the form of a refundable advance. 
 ARTICLE 2 – TERMS AND CONDITIONS FOR PAYMENT OF THE GRANT 
  

	2.1	The sum of the grant will be paid out to the BENEFICIARY in 3 installments: 

 • one installment of €550,000.00 following the date of the signing of this agreement. 
 • one installment of €410,000.00 as of 31/05/2006, based on a request for payment accompanied by: 
 - An interim report on the progress of work, deemed to be satisfactory by OSEO anvar, 
 - A statement of expenses incurred, dated and signed by the BENEFICIARY for an amount at least equal to double the amount of the preceding accumulated payments. 

- An updated certificate attesting to the fiscal and corporate good standing of the BENEFICIARY. 

- An evidence of an increase in equity capital by contribution in cash of € 7,000,000 as a capital increase fully paid, issuance
premium included or convertible bonds or partners’ current accounts blocked until 31/03/2011 
 - And, if OSEO anvar
deems it useful to request, at the time of the submission of the BENEFICIARY’s balance sheets, income statements and annexes, if a closing of the accounting year is questioned after the date of the preceding payment. 

• the balance, on completion of the work, after OSEO anvar has certified that the programme has been concluded. Notification of this
certification will be issued by 31/12/2006 at the latest, in accordance with the stipulations of article 3. 
  

	2.2	The amount of each of the payments will be credited to account no. FR76 30004 00295 0001003704293, opened in the BENEFICIARY’s name with BNP PARIBAS PARIS BLANQUI.

 ARTICLE 3 – CERTIFYING THE COMPLETION OF THE PROGRAMME 

 

	3.1	The BENEFICIARY may request certification of the completion of the programme at any time by OSEO anvar, and in any case by 31/12/2006 at the latest, when OSEO anvar
must certify the completion of the programme. 

 This date takes into account a period of 6 months in addition to
the lead time to which the BENEFICIARY has committed in accordance with the stipulations of article 1.2. 
  

	3.2	The BENEFICIARY’s request, which should be addressed to OSEO anvar one month before the date indicated above at the latest, should be accompanied by the following
documents, which must be deemed satisfactory by OSEO anvar, in order to allow the balance of the aid to be paid, namely: 

  

	 	-	An end-of-programme technical report describing its execution and results in comparison to the set goals. 

 

	 	-	A statement summarising expenses incurred to date, dated and signed by the BENEFICIARY. A model of this summarised statement is attached herewith.

  

	 	-	An updated certificate attesting to the fiscal and corporate good standing of the BENEFICIARY. 

 

	 	-	The BENEFICIARY’s most recent balance sheets, income statements and notes to the financial statements, since the date of registering the application for
assistance, approved by the external auditor or by a certified accounting expert if deemed useful by OSEO anvar. 

  

	 	-	And, if OSEO anvar deems this useful to request, additional items explaining the contents of this report, these expenses and these accounts. 

Should any documents and other evidence provided by the BENEFICIARY reflect expense amounts that are less than those indicated in the aid
package, the amount of the aid will be automatically reduced to 39.65% of the total effectively justified expenses. The BENEFICIARY, hereby, undertakes to repay any verified unjustified amounts without delay. 

 

	3.3	Moreover, in view of the documents provided by the BENEFICIARY: 

  

	 	-	OSEO anvar will verify the programme’s technical success, the programme’s technical failure or the programme’s partial technical success, and will pay
the balance of the aid under the conditions detailed in article 3.2. 

  

	 	-	Otherwise, OSEO anvar will certify the incompletion or discontinuation of the programme. The stipulations of article 3.7 will apply in this case.

  

	3.4	Unless the programme is subject to technical or commercial failure, repayment of the grant will take place in accordance with the stipulations of article 4.1.

  

	3.5	In the event of technical failure of the programme, as pronounced by OSEO anvar, the BENEFICIARY will be relieved of any undertakings and obligations that are incumbent
upon it under this agreement, on condition that it has met all the undertakings and obligations incumbent upon it up to the date on which such failure has been ascertained, and that it has fulfilled the obligations set out in article 4.3.

  

	3.6	 In the event of partial technical success of the programme, as pronounced by OSEO anvar, the conditions for reimbursing the aid in accordance with
article 4, may, where appropriate, 

	 	 
be adapted by common agreement between the BENEFICIARY and OSEO anvar, it being understood that the BENEFICIARY must fulfil the obligations stipulated in article 4.3.

  

	3.7	At its sole initiative, OSEO anvar may, at its option: 

  

	 	-	Pronounce the immediate recovery of all or part of the grant amount paid, applying the stipulations of article VI of the General Conditions. 

 

	 	-	Demand full reimbursement of the agreed advance, in accordance with the stipulations of article 4, in case of failure, apart any possible technical or commercial
failure, partial technical success or partial commercial success, in the event of the BENEFICIARY’s failure in the following situations: 

  

	 	•	 	 absence of the request for verification of programme completion within the deadline set in article 3.1. 

 

	 	•	 	 failure to deliver all or some of the documents described in article 3.2 to OSEO anvar. 

 

	 	•	 	 Incompletion or discontinuation of the programme ascertained by OSEO anvar. 

 ARTICLE 4 – BENEFICIARY’S FINANCIAL OBLIGATIONS 
  

	4.1	The BENEFICIARY hereby undertakes to reimburse OSEO anvar for the amount of €1,200,000.00 following the schedule detailed below, taking into account revenue
forecasts provided by the BENEFICIARY with regard to the programme for which aid has been granted. 

 In this
respect, the BENEFICIARY will pay OSEO anvar: 
 4.1.1 According to the indicated repayment schedule, the following amounts:

 €100,000.00 by 31/03/2008 at the latest 
 €350,000.00 by 31/03/2009 at the latest 
 €350,000.00 by
31/03/2010 at the latest 
 €400,000.00 by 31/03/2011 at the latest 

4.1.2 – and no later than 31/03 of each year, from 01/01/2006 a reimbursement annuity equal to : 

 

	 	a)	- 39.00% of the consideration, excluding taxes, of transfers or license concessions – patents or know-how – received during the preceding calendar year when
such transfers or concessions are in respect of all or part of the product of the assistance programme 

  

	 	b)	- 39.00% of the consideration, excluding taxes, generated by marketing and in particular the sale to a third party or use by the BENEFICIARY pour its own needs, of the
prototypes, pre-series, templates, realised in the framework of the assistance programme 

 The sums due to OSEO
anvar pursuant to subparagraphs (a) and (b) of this article 4.1.2 shall be set off in priority with the last payment due to OSEO anvar under article 4.1.1 and, where appropriate, the penultimate payment. 

 

	4.2	Furthermore, in the hypothetical case where the amount of the advance effectively paid by OSEO anvar would be lower than the figure indicated in article 1, the
repayments stipulated in articles 4.1.1 and 4.3 will be reduced in proportion to the amounts paid. 

	4.3	As a result of the nature of the work included in the aid programme, the BENEFICIARY will benefit from any partial or indirect results of the programme enabling it to
improve its products or, more generally, the technologies implemented in their manufacture and/or design. 

Consequently, notwithstanding the technical or commercial failure or the partial technical or commercial success of the programme, the
BENEFICIARY will, in any case, repay to OSEO anvar an overall sum of €300,000.00, payable according to the following schedule: 
 €100,000.00 by 31/03/2008 at the latest 
 €200,000.00 by
31/03/2009 at the latest 
  

	4.4	The BENEFICIARY may reimburse the amount of the grant paid in advance. 

  

	4.5	The BENEFICIARY will be relieved of any undertakings and obligations that are incumbent upon it under this agreement at the time of full repayment of the amount stated
in article 4.1. 

 The GENERAL CONDITIONS of the granting of assistance are annexed to this contract, in respect of which the
BENEFICIARY acknowledges and agrees to adhere to. 
  

			
	 Attached documents:
 -        Programme budget (excluding taxes)
 -        General conditions for the granting of aid
 -        Model summarised statement of expenses incurred
	 	 Drawn up at Paris on 22.02.2006

In four copies

		
	 The BENEFICIARY

SEQUANS COMMUNICATIONS
	 	OSEO anvar
		
	[illegible signature]	 	[illegible signature]
		
	 Georges KARAM

Chairman of the Board of Directors
	 	 Geneviève GELLY,
 Regional Manager

 OSEO anvar 
 Beneficiary SEQUANS COMMUNICATIONS 
 Programme duration estimated by the
Beneficiary (in months): 11 
 Aid for Corporate Innovation 
 Innovation Programme Budget – Amounts in Euros (excl. tax) 
 COLUMN 1: 

Nature of expense 
 Existing personnel costs

 Engineer 
 SUBTOTAL PERSONNEL COSTS

 General expenses (final) 
 (20% of
personnel costs) 
 Purchases 
 SUBTOTAL
GENERAL EXPENSES AND PURCHASES 
 Companies 
 SUBTOTAL SERVICES AND SUBCONTRACTING 
 Purchase of intellectual property blocks 

Amortisation of recoverable investments over the duration of the programme 
 Other specific expenses (on documentary evidence) 
 SUBTOTAL INVESTMENT + AMORTISATION +
OTHERS 
 TOTAL GENERAL 
 COLUMN 2:

 Hourly rate (1) 
 COLUMN 3:

 Stage 1 
 From 01 Sept 05 to 31
Dec 05 
 No. of hrs.             Amount 

 COLUMN 4: 
 Stage 2 
 From 01 Jan 06 to 01 Jul 06 
 No. of hrs.             Amount 

COLUMN 4: 
 Stage 3 

From to 
 No. of
hrs.             Amount 
 COLUMN 5: 

TOTAL 
 (1) Direct Hourly Rate = (gross annual
salary (after DAS) + benefits)/1607 hours 
  

			
	The BENEFICIARY	 	OSEO anvar
		
	[illegible signature]	 	 [illegible signature]

 GENERAL TERMS AND CONDITIONS FOR THE GRANTING OF AID 

ARTICLE 1- PAYMENT OF THE GRANT 
  

	I.1 -	The payment of funds will be adequately documented by the ledger entries of the Accounting and Financial Department of OSEO anvar. 

 

	I.2 -	OSEO anvar will not be required to pay all or any part of the amount of the grant if any one of the situations described in article VI below should occur or if OSEO
anvar, on the advice of the Regional Committee for Attribution of Assistance for Innovation, concludes that changes in the technical and/or financial resources of the BENEFICIARY will not allow it to complete the program properly.

 Furthermore, if external events that constitute a case of force majeure should call into question the economic
viability of the program receiving the aid, or if fundamental changes should occur in the status (see article II.9) or control of the BENEFICIARY (see article II.8), the resulting situation will be examined by OSEO anvar which, on the advice of the
Regional Committee for Attribution of Assistance for Innovation, may modify its initial decisions. 
  

	I.3 -	OSEO anvar will be required to disperse the funds of the grant only within the limits of the budgeted amounts made available to it by the State for managing the
Assistance for Innovation process. If appropriate, OSEO anvar will inform the BENEFICIARY of this situation as soon as possible. 

ARTICLE II- OBLIGATIONS ON THE PART OF THE BENEFICIARY 
 The BENEFICIARY certifies herewith that it is in compliance concerning its obligations pertaining to taxation and employee benefits under article 4 of decree no. 97-682 of May 31, 1997, and further
promises: 
  

	II.1	to use the aid granted herein exclusively for those expenses anticipated in the innovation program and incurred after the registration date of the request; in the same
manner, the BENEFICIARY promises to disburse all amounts incumbent upon it as given in the attached estimate, 

  

	II.2	neither to suspend nor abandon the completion of the program without so informing OSEO anvar in advance, 

 

	II.3	to keep OSEO anvar immediately informed of any difficulties or serious and unforeseen events with the potential to delay, even interrupt, the fulfilment of the program,

  

	II.4	to provide, at the request of OSEO anvar, any additional information concerning the use of the results of the program, 

 

	II.5	to submit to the monitoring performed in the technical area and in the financial area by OSEO anvar, or any representative appointed by OSEO anvar, as well as to
facilitate in all ways the exercise of such monitoring, in particular as pertains to the verification of documents and visits on site. In cases of associations, the BENEFICIARY pledges that its members will observe this clause,

  

	II.6	 to inform OSEO anvar of any application for patent in France and abroad in connection with to the innovation program receiving aid and not to
relinquish said patents without having made it 

	 	 
possible for OSEO anvar to assume them free of charge in its own name at least two months prior to their expiration. In the event that said patents are assumed by OSEO anvar, the BENEFICIARY will
have no further claim on them, 

  

	II.7	not to proceed with the disposal, transfer, grant, contribution, or conveyance of any kind, directly or indirectly, free of charge, in exchange for payment, or even by
reciprocal trade, of the resources necessary either for the realization of the program receiving aid, in particular any patents, manufacturing methods, or technical results, or to the commercialization of the products of said program, without first
having received approval from OSEO anvar, 

  

	II.8	to inform OSEO anvar of any modifications in the distribution of the company capital of the BENEFICIARY as soon as they occur, or as soon as they result in any change
in the control of the BENEFICIARY, 

  

	II.9	to inform OSEO anvar, as soon as they occur, of any modifications in the status of the BENEFICIARY (such as its legal form, its company objective, or the amount of its
capital), as well as to inform OSEO anvar of any action resulting in protective measures, receivership or compulsory liquidation of the BENEFICIARY, 

  

	II.10	to disclose the aid granted by OSEO anvar each time that the BENEFICIARY performs a press campaign concerning the program and its results. After a period of five years
beginning from the date of the signing of the aid contract, OSEO anvar may publish information about the aid program, unless the BENEFICIARY states its opposition in writing. 

 ARTICLE III- ACCOUNTING 
  

	III. 1	The BENEFICIARY will keep records in which all elements necessary for the precise evaluation of the expenditures and incomes involved in this agreement will be listed,
specifically : 

 - expenditures incurred in accordance with the aid base (external invoices or internal analytical
documents), 
 - income received for making the annual payments due to OSEO anvar (proceeds from transfers or grants of licenses
on patents or know-how, sale of prototypes – mock-ups – preproduction models), 
 These accounts, as well as the
related elements in the general accounts, will remain available for consultation by OSEO anvar or a representative appointed by it within 15 days of the request made by OSEO anvar. 

 

	III. 2	All sums due with regard to the aid, which will be withdrawn by OSEO anvar from the bank account n°30003 03010 0002571415972 open with SOCIETE GENERAL PARIS AGENCE
CENTRALE 

 Any amount not paid within contractual deadlines will be increased penalties for delay of 0.7%

 ARTICLE IV – COMMERCIAL FAILURE, LIMITED COMMERCIAL SUCCESS 

 

	IV.1	The acknowledgement of commercial failure or limited commercial success of the program may be requested from OSEO anvar by the BENEFICIARY, 

 The BENEFICIARY must list all the human and technical, financial and commercial resources
that it has brought to bear over a reasonable period in order to successfully market the results of the program, 
 In light of
the information supplied by the BENEFICIARY, OSEO anvar may declare either the commercial failure or the limited commercial success of the program, 
  

	IV.2	a) In the event of commercial failure pronounced by OSEO anvar, the BENEFICIARY will be released from all commitments and obligations incumbent upon it under this
contract, with the exception of articles II.6 and Il.7 of the General Terms and Conditions, provided that it has fulfilled all the commitments and obligations incumbent upon it prior to the date of the acknowledgement of commercial failure, The sums
already paid or owed by the BENEFICIARY in application of article 4 of the Special Terms and Conditions will be retained by OSEO anvar in all circumstances and permanently, 

b) In the event of limited commercial success of the program pronounced by OSEO anvar, the terms for repayment of the aid, set forth in
article 4 of the Special Terms and Conditions may, as appropriate, be revised by mutual agreement between the BENEFICIARY and OSEO anvar, 

ARTICLE V - RESUMPTION OF THE PROGRAM 
 In the event of commercial failure or of limited commercial success, abandonment or non-use of the results of the program receiving aid within a period of 4 years following the date of signing of this
contract, and to the extent that it has not reimbursed the totality of the aid, the BENEFICIARY may not oppose the takeover, by OSEO anvar, or by a third party designed by OSEO anvar, of all or part of the industrial property, the results of any
kind, mock-ups or prototypes made under the program receiving aid and, in a general way, the BENEFICIARY may not oppose the takeover of the program by other businesses. The application of this clause will be carried out in a spirit of cooperation in
order to best preserve the interests of the BENEFICIARY and the general good. 
 ARTICLE VI - RECOVERY (repayment of the aid)

 This aid automatically includes the right to recovery in the event of transfer - in whole or in part - or of liquidation
ordered by a Court as well as in the event of closure, dissolution or voluntary liquidation by the BENEFICIARY. 
 In cases of a
joint venture by several BENEFICIARIES, the decision to initiate an action for protective measures, receivership or compulsory liquidation against any one of the BENEFICIARIES will result in the repayment of the aid by the other BENEFICIARY or
BENEFICIARIES. The same will be true in the event of closure, dissolution or voluntary liquidation by any one of the BENEFICIARIES. 
 Solely on the initiative of OSEO anvar, the aid granted herein will lead to repayment in any one of the following cases: 
 a- failure by the BENEFICIARY to observe any of its obligations arising from this document, 
 b- irregularities in matters of its obligations pertaining to taxation and employee benefits, 
 c- incorrect or false declarations, 
 d- early cancellation, on any grounds
whatsoever, of any agreement granting the BENEFICIARY, the rights to the use of techniques, products or processes put in place for the fulfilment of the program receiving aid, and/or necessary for the marketing of the subsequent results. 

 The immediate recovery will be automatic, upon the request by OSEO anvar, and with no legal
or paralegal measures required, the amount due being equal to the amount of the aid received plus, as appropriate, any late fees assessed at the rate set in article III.2 above. 
 ARTICLE VII – JURISDICTION 
 Paris is the sole place of
jurisdiction in the event of any dispute relating to this agreement.Agreement - Oseo Innovation, dated as of January 6, 2010

 Exhibit 10.15 
 A0905023 Z / AE AN A0 00 
 OSEO Réseau Ile-de-France 

LE CONFLUENT – 2ÈME ETAGE 
 4 RUE
EUGENE RENAULT 
 94700 MAISONS-ALFORT 

FRANCE 
 AGREEMENT No.
A0905023Z 
 Between : 
  

	 	1)	OSEO Innovation 

 Public
Limited Company with a share capital of €70,000,016. 
 Registered with the registry of trade and companies of Creteil under
no. 692 005 432 
 with corporate headquarters at 27-31, avenue du Général Leclerc 

94710 MAISONS-ALFORT Cedex, France 
 (hereinafter, “OSEO Innovation”) 
 represented by Franck Willenbucher,

 Director of Ile de France Network Operations Management 
 AND: 
  

	 	2)	SEQUANS COMMUNICATIONS 

SIRET No. 450 249 677 00029 
 Public Limited Company with a share capital of €463,588.45. 
 19 Le
Parvis A Paris La Défense BP 104 
 CITICENTER 

92800 PUTEAUX 
 FRANCE 
 (hereinafter, “the BENEFICIARY”) 

represented by Georges Karam, 
 Chairman of the Board of Directors and CEO 
 Considering statute no. 2005-722 of 29 June 2005
relating to the creation of the public establishment OSEO and the transformation of the public establishment Agence Nationale de Valorisation de la Recherche into a public limited company (French société anonyme);

 Considering decree 2005-766 of 8 July 2005 approving the bylaws of the public limited company “OSEO Anvar”, hereinafter,
“OSEO Innovation”, and implementing various provisions relating to its operation; 
 Considering the Community framework for State aid
for research, development and innovation no. 2006/C 323/01, published in the Official Journal of the European Union (OJEU) on 30 December 2006; 
 Considering the notice of regime N408/2007 by OSEO Innovation of 17 January 2008; 

Considering decree no. 97-682 of 31 May 1997 relating to aids for innovation; 
 Considering the application for innovation assistance submitted by the BENEFICIARY on 05/05/2009 and registered under no. A0905023 Z; 

 A0905023 Z / AE AN A0 00 

 
 Considering the technical instruction and financial instruction specified in
the conditions provided for under article 7 of the above-mentioned decree no. 97-682; 
 Considering the decision by OSEO Innovation after the
opinion issued by the Regional Commission for the Awarding of Aid in its meeting of: 
 15/10/2009 

SPECIFIC CONDITIONS FOR THE GRANTING OF AID 
 ARTICLE 1 – AMOUNT, PURPOSE AND FORM OF THE AID 
  

	1.1	OSEO Innovation grants to the BENEFICIARY, under the terms and conditions for payment provided for in article 2, an innovation grant in the amount of
€1,350,000.00. 

 This grant is allocated to the programme described in the presentation submitted by
the BENEFICIARY, with the objective of: 
 Developing an integrated circuit demonstrator targeting the LTE-standard mobile
terminal market. 
  

	1.2	In return for the grant, the BENEFICIARY undertakes to complete the submitted programme within a period of 13 months beginning on 05/05/2009 and to implement all
the necessary human and technical, financial and commercial resources necessary for the success of its execution and of the commercial exploitation of its results. 

 

	1.3	The total estimated amount of the submitted programme is €4,434,429.00 excluding taxes. The expenses of the innovation programme included in the aid package
amount to €4,434,429.00 excluding taxes (see attached estimate). 

 Consequently, the amount indicated
above accounts for 30.44% of the total expenses, excluding taxes, indicated in the innovation aid package. This aid is granted to the BENEFICIARY in the form of a refundable advance. 
 ARTICLE 2 – TERMS AND CONDITIONS FOR PAYMENT OF THE GRANT 
  

	2.1	The sum of the grant will be paid out to the BENEFICIARY in 3 instalments: 

 

	 	•	 	 one instalment of €540,000.00 following the date of the signing of this agreement. 

 

	 	•	 	 one instalment of €540,000.00 as of 28/02/2010, based on a request for payment accompanied by: 

- An external audit of the deliverables aimed at reviewing the final design of the demonstrator circuits (before delivery for
manufacture on MPW). 
 - An interim report on the progress of work, deemed to be satisfactory by OSEO Innovation.

 - A statement of expenses incurred, dated and signed by the BENEFICIARY for an amount at least equal to double the amount of
the preceding accumulated payments. 
 - An updated certificate attesting to the fiscal and corporate good standing of the
BENEFICIARY. 
 - And, if OSEO Innovation deems it useful to request, at the time of the submission of the BENEFICIARY’s
balance sheets, income statements and annexes, if a closing of the accounting year is questioned after the date of the preceding payment. 

 A0905023 Z / AE AN A0 00 

 
 • the balance, on completion of the work, after OSEO
Innovation has certified that the programme has been concluded. Notification of this certification will be issued by 31/05/2011 at the latest, in accordance with the stipulations of article 3. 

 

	2.2	The amount of each of the payments will be credited to account no. FR76 30004 00295 00010037042 93, opened in the BENEFICIARY’s name with BNP PARIBAS LA
DEFENSE ENTREPRISES. 

 ARTICLE 3 – CERTIFYING THE COMPLETION OF THE PROGRAMME 

 

	3.1	The BENEFICIARY may request certification of the completion of the programme at any time by OSEO Innovation, and in any case by 31/05/2011 at the latest, when
OSEO Innovation must certify the completion of the programme. 

 This date takes into account a period of 12
months in addition to the lead time to which the BENEFICIARY has committed in accordance with the stipulations of article 1.2. 
  

	3.2	The BENEFICIARY’s request, which should be addressed to OSEO Innovation one month before the date indicated above at the latest, should be accompanied by the
following documents, which must be deemed satisfactory by OSEO Innovation, in order to allow the balance of the aid to be paid, namely: 

  

	 	-	An end-of-programme technical report describing its execution and results in comparison to the set goals. 

	 	-	A statement summarising expenses incurred to date, dated and signed by the BENEFICIARY. A model of this summarised statement is attached herewith.

	 	-	An updated certificate attesting to the fiscal and corporate good standing of the BENEFICIARY. 

	 	-	The BENEFICIARY’s most recent balance sheets, income statements and notes to the financial statements, since the date of registering the application for
assistance, approved by the external auditor or by a certified accounting expert if deemed useful by OSEO Innovation. 

	 	-	And, if OSEO Innovation deems this useful to request, additional items explaining the contents of this report, these expenses and these accounts.

 Should any documents and other evidence provided by the BENEFICIARY reflect expense amounts that are less than
those indicated in the aid package, the amount of the aid will be automatically reduced to 30.44% of the total effectively justified expenses. The BENEFICIARY, hereby, undertakes to correct any verified unjustified amounts without delay. Any
delay in this payment will incur penalties for delay at a rate of 0.7% (zero point seven percent) per calendar month of delay. 
  

	3.3	Moreover, in view of the documents provided by the BENEFICIARY: 

  

	 	-	OSEO Innovation will verify the programme’s technical success, the programme’s technical failure or the programme’s partial technical success, and will
pay the balance of the aid under the conditions detailed in article 3.2. 

  

	 	-	Otherwise, OSEO Innovation will certify the incompletion or discontinuation of the programme. The stipulations of article 3.7 will apply in this case.

  

	3.4	Unless the programme is subject to technical or commercial failure, repayment of the grant will take place in accordance with the stipulations of article 4.1.

 A0905023 Z / AE AN A0 00 

 
  

	3.5	In the event of technical failure of the programme, as pronounced by OSEO Innovation, the BENEFICIARY will be relieved of any undertakings and obligations that are
incumbent upon it under this agreement, on condition that it has met all the undertakings and obligations incumbent upon it up to the date on which such failure has been ascertained, and that it has fulfilled the obligations set out in article 4.3.

  

	3.6	In the event of partial technical success of the programme, as pronounced by OSEO Innovation, the conditions for reimbursing the aid in accordance with article 4, may,
where appropriate, be adapted by common accord between the BENEFICIARY and OSEO Innovation, it being understood that the BENEFICIARY must fulfil the obligations stipulated in article 4.3. 

 

	3.7	At its sole initiative, OSEO Innovation may, at its option: 

  

	 	-	Pronounce the immediate recovery of all or part of the grant amount paid, applying the stipulations of article VI of the General Conditions. 

 

	 	-	Demand full reimbursement of the agreed advance, in accordance with the stipulations of article 4, notwithstanding any possible technical or commercial failure, partial
technical success or partial commercial success, in the event of the BENEFICIARY’s failure in the following situations: 

  

	 	•	 	 absence of the request for verification of programme completion within the deadline set in article 3.1. 

	 	•	 	 failure to deliver all or some of the documents described in article 3.2 to OSEO Innovation. 

	 	•	 	 Incompletion or discontinuation of the programme ascertained by OSEO Innovation. 

ARTICLE 4 – BENEFICIARY’S FINANCIAL OBLIGATIONS 
  

	4.1	The BENEFICIARY hereby undertakes to reimburse OSEO Innovation for the amount of €1,350,000.00 following the schedule detailed below, taking into account
revenue forecasts provided by the BENEFICIARY with regard to the programme for which aid has been granted. 

 In
this respect, the BENEFICIARY will pay OSEO Innovation: 
 According to the indicated repayment schedule, the following amounts:

 €33,750.00 by 30/06/2012 at the latest 

€33,750.00 by 30/09/2012 at the latest 

€33,750.00 by 31/12/2012 at the latest 

€33,750.00 by 31/03/2013 at the latest 

€67,500.00 by 30/06/2013 at the latest 

€67,500.00 by 30/09/2013 at the latest 

€67,500.00 by 31/12/2013 at the latest 

€67,500.00 by 31/03/2014 at the latest 

€101,250.00 by 30/06/2014 at the latest 

€101,250.00 by 30/09/2014 at the latest 

€101,250.00 by 31/12/2014 at the latest 

€101,250.00 by 31/03/2015 at the latest 

€135,000.00 by 30/06/2015 at the latest 

 A0905023 Z / AE AN A0 00 

 
 €135,000.00 by 30/09/2015 at the
latest 
 €135,000.00 by 31/12/2015 at the latest 

€135,000.00 by 31/03/2016 at the latest 

 

	4.2	Furthermore, in the hypothetical case, where the amount of the advance effectively paid by OSEO Innovation is lower than the figure indicated in article 1, the
repayments stipulated in articles 4.1 and 4.3 will be reduced in proportion to the amounts paid. 

  

	4.3	As a result of the nature of the work included in the aid programme, the BENEFICIARY will benefit from any partial or indirect results of the programme enabling it to
improve its products or, more generally, the technologies implemented in their manufacture and/or design. 

Consequently, notwithstanding the technical or commercial failure or the partial technical or commercial success of the programme, the
BENEFICIARY will, in any case, repay to OSEO Innovation an overall sum of €600,000.00, payable according to the following schedule: 
 €33,750.00 by 30/06/2012 at the latest 

€33,750.00 by 30/09/2012 at the latest 

€33,750.00 by 31/12/2012 at the latest 

€33,750.00 by 31/03/2013 at the latest 

€67,500.00 by 30/06/2013 at the latest 

€67,500.00 by 30/09/2013 at the latest 

€67,500.00 by 31/12/2013 at the latest 

€67,500.00 by 31/03/2014 at the latest 

€101,250.00 by 30/06/2014 at the latest 

€93,750.00 by 30/09/2014 at the latest 

 

	4.4	The BENEFICIARY may reimburse the amount of the grant paid in advance. 

  

	4.5	The BENEFICIARY will be relieved of any undertakings and obligations that are incumbent upon it under this agreement at the time of full repayment of the amount stated
in article 4.1, except in the following case: 

 Should it be revealed during the performance of this agreement
that the allocated grant amount exceeds the grant amount authorised by the Community framework for State aid for research and development 2006/C 323/01 published in the OJEU on 30 December 2006, the BENEFICIARY undertakes to repay OSEO
Innovation any such overpaid amount, at its request. 
 ARTICLE 5 – DIRECT DEBIT PAYMENTS 

All sums owed by the BENEFICIARY under articles 4.1.1 and 4.3 of this agreement will be paid by direct debit to the account of OSEO Innovation from the
BENEFICIARY’s bank or postal account as identified in article 2.2, on the dates defined in articles 4.1 and 4.3. 
 For this purpose, the
BENEFICIARY undertakes to authorise OSEO Innovation, and to maintain such authorisation for the full duration of the repayment schedule of the sum as indicated in article 4.1, to directly debit the sums owed from the bank or postal account
designated in the direct debit authorisation provided in advance of the signing of this innovation aid agreement. 

 A0905023 Z / AE AN A0 00 

 
 In the event of a change in bank or postal details, the BENEFICIARY is
required to inform OSEO Innovation at least one month in advance of the next due date, and to provide a new direct debit authorisation in time. 

ARTICLE 6 – PARTS OF THE AGREEMENT 
 The parts of this agreement, of which the BENEFICIARY acknowledges its awareness, and which it will adhere to are: these specific conditions, the general conditions for the granting of aid, the programme
budget (excluding taxes), and the model summarised statement of expenses incurred and the direct debit authorisation. 
 ARTICLE 7 –
JURISDICTION 
 Paris will be the sole place of jurisdiction in the event of any dispute relating to this agreement. 

 

			
	 Attached documents:
 -
Programme budget (excluding taxes)
 - General conditions for the granting of aid
 - Model summarised statement of expenses incurred
 - Direct debit authorization
	  	 Drawn up at MAISONS-ALFORT on

6/01/2010
 In duplicate

		
	 The BENEFICIARY

SEQUANS COMMUNICATIONS
	  	OSEO Innovation
		
	[illegible signature]	  	[illegible signature]
		
	 Georges KARAM

Chairman of the Board of Directors and

CEO
	  	 Franck WILLENBUCHER,

Director of Ile de France Network

Operations Management

 OSEO Innovation 
 Beneficiary SEQUANS COMMUNICATIONS 
 Agreement no. A0905023Z 

Programme duration estimated by the Beneficiary (in months): 13 
 Aid for Corporate Innovation 
 Innovation Programme Budget – Amounts in Euros
(excl. tax) 
 COLUMN 1: 

Nature of expense 
 Existing personnel costs

 Engineer 
 SUBTOTAL PERSONNEL COSTS

 General expenses (final) 
 (20% of
personnel costs) 
 SUBTOTAL GENERAL EXPENSES AND PURCHASES 
 Industrial property: preliminary studies 
 Other services and subcontracting 

SUBTOTAL SERVICES AND SUBCONTRACTING 

Irrecoverable investments 
 (linked to programme)

 Amortisation of recoverable investments over the duration of the programme 
 SUBTOTAL INVESTMENT + AMORTISATION + OTHERS 
 TOTAL per stage: RI then DE 

Accrued amount by stage 
 COLUMN 2:

 Hourly rate (1) 
 COLUMN 3:

 Stage 1 
 From
05 May 09 to 31 Aug 09 

        RI                 
                                         
               DE 

							
	No. of hrs.	  	Amount	  	No. of hrs.	  	Amount
	  
 Stage 1:

COLUMN 4: 
 Stage 2 

From 01 Sep 09 to 31 Jan 10 

        RI                 
                                         
               DE 
  

							
	No. of hrs.	  	Amount	  	No. of hrs.	  	Amount
	  
 Stage 2:

COLUMN 4: 
 Stage 3 

From 01 Feb 10 to 31 May 10 

        RI                 
                                         
               DE 
  

							
	No. of hrs.	  	Amount	  	No. of hrs.	  	Amount
	  
 Stage 3:

COLUMN 5: 
 TOTAL 

        RI                 
                                         
               DE 
 COLUMN 6: 

TOTAL 
  

	(1)	Direct Hourly Rate = (gross annual salary (after DAS) + benefits)/1607 hours 

 

					
	 The BENEFICIARY
  

[illegible signature]
	  	 OSEO Innovation
  

[illegible signature]
	  	

  

 1/3 
 GENERAL TERMS AND CONDITIONS FOR THE GRANTING OF AID 
 ARTICLE 1- PAYMENT OF THE GRANT

  

	I. 1 -	The payment of funds will be adequately documented by the ledger entries of the Accounting and Financial Department of OSEO Innovation. 

 

	I. 2 -	OSEO Innovation will not be required to pay all or any part of the amount of the grant if any one of the situations described in article VI below should occur or if
OSEO Innovation, on the advice of the Regional Committee for Attribution of Assistance for Innovation, concludes that changes in the technical and/or financial resources of the BENEFICIARY will not allow it to complete the programme properly.

  

	    	Furthermore, if external events that constitute a case of force majeure should call into question the economic viability of the programme receiving the aid, or if
fundamental changes should occur in the status (see article II.9) or control of the BENEFICIARY (see article II.8), the resulting situation will be examined by OSEO Innovation which, on the advice of the Regional Committee for Attribution of
Assistance for Innovation, may modify its initial decisions. 

  

	I. 3 -	OSEO Innovation will be required to disperse the funds of the grant only within the limits of the budgeted amounts made available to it by the State for managing the
Assistance for Innovation process. If appropriate, OSEO Innovation will inform the BENEFICIARY of this situation as soon as possible. 

 ARTICLE II- OBLIGATIONS ON THE PART OF THE BENEFICIARY 
  

	  	The BENEFICIARY certifies herewith that it is in compliance concerning its obligations pertaining to taxation and employee benefits under article 4 of decree no. 97-682
of May 31, 1997, and further promises: 

  

	II. 1 -	to use the aid granted herein exclusively for those expenses anticipated in the innovation programme and incurred after the registration date of the request; in the
same manner, the BENEFICIARY promises to disburse all amounts incumbent upon it as given in the attached estimate, 

  

	II. 2 -	neither to suspend nor abandon the completion of the programme without so informing OSEO Innovation in advance, 

 

	II. 3 -	to keep OSEO Innovation immediately informed of any difficulties or serious and unforeseen events with the potential to delay, even interrupt, the fulfilment of the
programme, 

  

	II. 4 -	to provide, at the request of OSEO Innovation, any additional information concerning the use of the results of the program, 

 

	II. 5 -	to submit to the monitoring performed in the technical area and in the financial area by OSEO Innovation, or any representative appointed by OSEO Innovation, as well as
to facilitate in all ways the exercise of such monitoring, in particular as pertains to the verification of documents and visits on site. In cases of associations, the BENEFICIARY pledges that its members will observe this clause,

  

	II. 6 -	to inform OSEO Innovation of any application for patent in France and abroad in connection with to the innovation programme receiving aid and not to relinquish said
patents without having made it possible for OSEO Innovation to assume them free of charge in its own name at least two months prior to their expiration. In the event that said patents are assumed by OSEO Innovation, the BENEFICIARY will have no
further claim on them, 

  

	II. 7 -	not to proceed with the disposal, transfer, grant, contribution, or conveyance of any kind, directly or indirectly, free of charge, in exchange for payment, or even by
reciprocal trade, of the resources necessary either for the realization of the programme receiving aid, in particular any patents, manufacturing methods, or technical results, or to the commercialization of the products of said programme, without
first having received approval from OSEO Innovation, 

  

	II. 8 -	to inform OSEO Innovation of any modifications in the distribution of the company capital of the BENEFICIARY as soon as they occur, or as soon as they result in any
change in the control of the BENEFICIARY, as well as of any plan relating to a merger or split, 

  

	II. 9 -	to inform OSEO Innovation, as soon as they occur, of any modifications in the status of the BENEFICIARY (such as its legal form, its company objective, or the amount of
its capital), as well as to inform OSEO Innovation of any action resulting in protective measures, receivership or compulsory liquidation of the BENEFICIARY, 

 

	II.10 -	to disclose the aid granted by OSEO Innovation each time that the BENEFICIARY performs a press campaign concerning the program and its results. After a period of five
years beginning from the date of the signing of the aid contract, OSEO Innovation may publish information about the aid program, unless the BENEFICIARY states its opposition in writing. 

ARTICLE III- ACCOUNTING 
  

	III.1 -	The BENEFICIARY will keep records in which all elements necessary for the precise evaluation of the expenditures and incomes involved in this agreement will be listed,
specifically : 

 [GRAPHIC APPEARS HERE] 

 2/3 
  

	        -	expenditures incurred in accordance with the aid base (external invoices or internal analytical documents), 

 

	        -	income received for making the annual payments due to OSEO Innovation (proceeds from transfers or grants of licenses on patents or know-how, sale of prototypes –
mock-ups – preproduction models), 

  

	    	These accounts, as well as the related elements in the general accounts, will remain available for consultation by OSEO Innovation or a representative appointed by it
within 15 days of the request made by OSEO Innovation and for ten years after the final payment of the aid. 

  

	III.2 -	All sums due with regard to the aid, which is the subject of this document, will be withdrawn by OSEO Innovation from the bank account of the BENEFICIARY,

 ARTICLE IV- COMMERCIAL FAILURE, LIMITED COMMERCIAL SUCCESS 

 

	IV.1 -	The acknowledgement of commercial failure or limited commercial success of the program may be requested from OSEO Innovation by the BENEFICIARY,

  

	    	The BENEFICIARY must list all the human and technical, financial and commercial resources that it has brought to bear over a reasonable period in order to successfully
market the results of the program, 

  

	    	In light of the information supplied by the BENEFICIARY, OSEO Innovation may declare either the commercial failure or the limited commercial success of the programme,

  

	IV.2 -	a) In the event of commercial failure pronounced by OSEO Innovation, the BENEFICIARY will be released from all commitments and obligations incumbent upon it under this
contract, with the exception of articles II.6 and Il.7 of the General Terms and Conditions, provided that it has fulfilled all the commitments and obligations incumbent upon it prior to the date of the acknowledgement of commercial failure, The sums
already paid or owed by the BENEFICIARY in application of article 4 of the Special Terms and Conditions will be retained by OSEO Innovation in all circumstances and permanently, 

 

	    	b) In the event of limited commercial success of the programme pronounced by OSEO Innovation, the terms for repayment of the aid, set forth in article 4 of the Special
Terms and Conditions may, as appropriate, be revised by mutual agreement between the BENEFICIARY and OSEO Innovation, 

ARTICLE V- RESUMPTION OF THE PROGRAMME 
  

	    	In the event of commercial failure or of limited commercial success, abandonment or non-use of the results of the programme receiving aid within a period of 4 years
following the date of signing of this contract, and to the extent that it has not reimbursed the totality of the aid, the BENEFICIARY may not oppose the takeover, by OSEO Innovation, or by a third party designed by OSEO Innovation, of all or part of
the industrial property, the results of any kind, mock-ups or prototypes made under the programme receiving aid and, in a general way, the BENEFICIARY may not oppose the takeover of the programme by other businesses. The application of this clause
will be carried out in a spirit of cooperation in order to best preserve the interests of the BENEFICIARY and the general good. 

ARTICLE VI- RECOVERY (repayment of the aid) 
  

	    	This aid automatically includes the right to recovery in the event of transfer –in whole or in part-or of liquidation ordered by a Court as well as in the event of
closure, dissolution or voluntary liquidation by the BENEFICIARY. 

  

	    	In cases of a joint venture by several BENEFICIARIES, the decision to initiate an action for protective measures, receivership or compulsory liquidation against any one
of the BENEFICIARIES will result in the repayment of the aid by the other BENEFICIARY or BENEFICIARIES. The same will be true in the event of closure, dissolution or voluntary liquidation by any one of the BENEFICIARIES. 

 

	    	Solely on the initiative of OSEO Innovation, the aid granted herein will lead to repayment in any one of the following cases: 

 

	 	a,	failure by the BENEFICIARY to observe any of its obligations arising from this document, 

	 	b-	irregularities in matters of its obligations pertaining to taxation and employee benefits, 

	 	c-	incorrect or false declarations, 

	 	d-	early cancellation, on any grounds whatsoever, of any agreement granting the BENEFICIARY, the rights to the use of techniques, products or processes put in place for
the fulfilment of the programme receiving aid, and/or necessary for the marketing of the subsequent results. 

  

	    	The immediate recovery will be automatic, upon the request by OSEO Innovation, and with no legal or paralegal measures required, the amount due being equal to the
amount of the aid received plus, as appropriate, any late fees assessed at the rate set in article III.2 above. 

 ARTICLE VII-
PENALTIES FOR DELAY 
  

	    	Penalties for delay will be added to any amount not paid within the contractual deadlines at a rate of 0.7% (zero point seven percent) per calendar month of the delay.

 [GRAPHIC APPEARS HERE] 

 3/3 
 ARTICLE VIII- AUTHORISATION TO SHARE INFORMATION 
 The BENEFICIARY authorises OSEO
Innovation to share with other entities of the OSEO group, as well as with the authorities that supervise it, information concerning the BENEFICIARY, the programme receiving aid, and the amount of the aid granted. These items will also be provided
to the European Commission, as well as the Information concerning the extent of the aid and the activity sector involved, as part of the annual reports which must be submitted to it. In a general manner, OSEO Innovation is authorised by the
BENEFICIARY to forward to the European Commission, all the information necessary for it to exercise its control with regard to State grants. 

ARTICLE IX- JURISDICTION 
 Paris is the sole place of jurisdiction in the event of any dispute relating to this agreement. 
  

 
 [GRAPHIC APPEARS HERE] 

 

 A0905023 Z / AE AN A0 00 

SAMPLE TO INITIAL 

					
	 
	
OSEO/innovation
  

SUMMARY OF EXPENSES INCURRED AND
 ATTESTATION OF COMPLIANCE IN TAXATION AND EMPLOYEE BENEFITS
  

	Beneficiary company	    	 	 	 
	Agreement no.	    	 	 	 
	Date of receipt of request for aid	    	 	 	 
	Start date of expense accounting	    	 	 	 
	 Date of acknowledgement of end of

programme
	    	 	 	 
	 		 
	 	    	 	 	 
	Attached please find the
summary, by categories, of expenditures incurred, in conformity with the estimate appended to the aid contract.

  

											
	  	 	
  Stage    
 1
  
	 	
  Stage    
 2
	 	  Stage 3  	 	  
	 	 from

to
	 	 from

To
	 	 from

to
	 	            
Total            
	 Internal
expenditures
	 	 	 	 	 	 	 	 
	 Personnel
expenses
	 	 	 	 	 	 	 	 
	 Fixed overhead
expenses
	 	 	 	 	 	 	 	 
	 Pre-tax purchases and
consumables
	 	 	 	 	 	 	 	 
	 SUBTOTAL INTERNAL
EXPENDITURES
	 	 	 	 	 	 	 	 
	 	 			 
	 	 	 	 	 	 	 	 	 
	 External services and
Subcontracting, excluded tax
	 	 	 	 	 	 	 	 
	 SUBTOTAL EXTERNAL
SERVICES
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 Investments, amortization,
and other, excluded tax
	 	 	 	 	 	 	 	 
	 Non-recoverable
investments
	 	 	 	 	 	 	 	 
	 [illegible]
amortization
	 	 	 	 	 	 	 	 
	 Other
[illegible]
	 	 	 	 	 	 	 	 
	 SUBTOTAL INVESTMENTS AND
OTHER
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 GRAND
TOTAL
	 	 	 	 	 	 	 	 
	 Amount of expenditures given in
the estimate appended to aid contract:
	 	 
	
Amount of expenditures incurred by the Beneficiary (in Euros):
	 	 
	 				 
	 	 	 	 	 	 	 	 	 
	Company Stamp	  	 The undersigned certifies in
good faith that the Beneficiary of the aforementioned aid agreement is in compliance with its obligations regarding taxation and employee benefits.
 The undersigned certifies in good faith that the information given in this summary statement of expenditures is correct.
  

Drafted at:
 Dated:

Name and position of the signatory with [authority] to contract
 Signature
 [illegible]

Note: This summary of expenditures incurred as part of the innovation programme conducted by the Beneficiary and supported by the OSEO was
prepared using a computer file made up of several tabs to be completed, listing the various categories of costs, from the estimate appended to the contract: 
  

	 	•	 	 Tab for Personnel expenses (including fixed overhead expenses) 

	 	•	 	 Tab for Purchases and Consumables 

	 	•	 	 Tab for External services and Subcontracting 

	 	•	 	 Tab for Investments, amortization, and other 

 This computer tool makes it possible to monitor expenditures made under this innovation programme and to prepare the summary of expenditures that will be required at the time of payment of the instalments
of the aid and at the end of the programme. 
 The electronic version of the computer tool will be sent to you at your e-mail request made to
the contact person at the Innovation Management Service in charge of handling your aid package. 

[initials]                       
                                         
                                         
                                         
                              [initials 

  

 

 1. innovation 

 After completing the coloured areas, please return this sheet with the copies of the agreement signed by you, 

Do not forget to include your RELEVE D’IDENTITE BANCAIRE [bank statement], and to sign both parts of the document. Thank you. 

Application Number: A0905023 Z 

This request is valid until cancelled by me with timely notice to the lender 

 

			
	REQUEST FOR WITHDRAWAL	  	NAME AND ADDRESS OF THE INSTITUTION HOLDING ACCOUNT TO DEBIT
		
	 LAST NAME, FIRST NAME AND ADDRESS OF BORROWER

 
 [handwritten:] SEQUANS COMMUNICATIONS

19, le Paris de la Défense

92073 Cedex Paris La Défense
  

 
	  	 [handwritten:] BNP PARIBAS La Défense Entreprises
 5 bis, place de la Défense
 92974 Paris La Défense Cedex

France

							
	 Kindly, and unless instructed otherwise by me in a timely fashion, have the amounts owed by me withdrawn in your
favour.
  
 In the event a withdrawal is not made, you will inform me of the
same.
  
	  	 codes
  

Institution Branch
  

3 0 0 0 4             0 0 2 9
5
  
 1
	  	 ACCOUNT TO DEBIT         Personal

 
 Account
number                     code
  

0 0 0 1 0 0 3 7 0 4 2                 9 3

	 These instructions are valid until cancelled by me, with notice to you in a timely fashion.

 
 Date
 December 23, 2009
                            Signature
 [GRAPHIC APPEARS HERE]
	  	  
 NAME AND ADDRESS OF THE
LENDER
  
 OSEO Innovation

 
 27 -31, avenue du Général
Leclerc
 94710 MAISONS-ALFORT CEDEX
 FRANCE

 The information contained in this application will be used solely as
required for handling and may give rise to the exercise of the individual right of access to the lender at the above address under the conditions set forth by deliberation no. 80-10 of April 1,1980, by the Committee on Data Processing, Data
Files and Individual Liberties 
 Please do not detach the sheet below 
 ------— ._-----------------------------------------------------------------------------------------------------------------------------------------------------—_ ._-----—_ .
_---------— . _ . _--------— . 
  

							
	AUTHORIZATION FOR WITHDRAWAL I authorize the Institution holding my account to withdraw from it, if the balance permits, all withdrawals ordered by the lender
named below. In the event of dispute concerning a withdrawal, I may suspend its execution by simple request to the Institution holding my account. I will settle the dispute directly with the lender.	  	 NATIONAL ISSUER NO:
 535670

  

							
	 LAST NAME, FIRST NAME AND ADDRESS OF BORROWER

 
 [handwritten:] SEQUANS COMMUNICATIONS

19, le Paris de la Défense

92073 Paris La Défense Cedex
  
	  	 NAME AND ADDRESS OF LENDER

 
 OSEO Innovation

27-31, avenue du Général Leclerc
 94710 MAISONS-ALFORT CEDEX

	 codes
  

Institution Branch
  

3 0 0 0 4             0 0 2 9
5
  
 Date

December 23, 2009
 [GRAPHIC APPEARS
HERE]
	  	 ACCOUNT TO DEBIT         Personal

 
 Account
number                     code
  

0 0 0 1 0 0 3 7 0 4 2                 9 3

 
 Signature

 
 3    [GRAPHIC APPEARS HERE]
	  	  
 NAME AND POSTAL ADDRESS OF
INSTITUTION HOLDING ACCOUNT TO DEBIT
  
 [handwritten:] BNP PARIBAS La
Défense Entreprises
 5 bis, place de la Défense
 92974 Paris La Défense Cedex

		  	  
 Please return this form to the
lender; it must include proof of identity from your bank (bank statement,), postal (proof of address) or savings account .

 

 OSEO innovation – S.A. with
Board of Directors and capital of 
 70,000,015 euros 692 005 432 RCS Créteil- Code APE 751 

E – N TVA FR 95 692 05 432 
 Headquarters
27-31 Avenue du Général Leclerc 94710 
 Maisons-Alfort Cedex 
 Tel: 01 41 79 91 00 Fax: 01 41 79 95 95 – oseo.fr

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