Document:

EX-4.1(E)

 Exhibit 4.1(e) 

SO 2015 Subscription Plan 
 SEQUANS
COMMUNICATIONS 
 Société anonyme au capital de 1.182.894,82 Euros 

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

RCS Nanterre 450 249 677 

Regulations 
  

 
 Stock Option
Subscription Plan – 2015 

 SO 2015 Subscription Plan 
  

- CONTENTS - 
  

											
	 I
	 	-	 	DEFINITION OF STOCK OPTION SUBSCRIPTION PLAN	  	
				
	 II
	 	-	 	LEGAL FRAMEWORK FOR THE PLAN	  	
				
	 III
	 	-	 	DESCRIPTION OF THE PLAN	  	
						
		 		 		 	-	  	Issuing the Options	  	
		 		 		 	-	  	Features and period of validity of the Options	  	
		 		 		 	-	  	Cessation of the Beneficiary’s duties with Sequans Communications or one of its subsidiaries	  	
		 		 		 	-	  	Setting the subscription price for shares obtained by exercising the Options	  	
		 		 		 	-	  	Maintaining the rights of Option holders during the exercise period	  	
				
	 IV
	 	-	 	REQUIREMENTS AND PROCEDURES FOR EXERCISING OPTIONS	  	
						
		 		 		 	-	  	Suspension of the rights to exercise the Options	  	
		 		 		 	-	  	Procedures and conditions for exercising the Options	  	
				
	 V
	 	-	 	FEATURES OF SHARES SUBSCRIBED	  	
						
		 		 		 	-	  	Delivery and form of shares	  	
		 		 		 	-	  	Rights - Availability	  	
				
	 VI
	 	-	 	TAX PROVISIONS	  	

  
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 SO 2015 Subscription Plan 
  

I – DEFINITION OF STOCK OPTION SUBSCRIPTION PLAN  

In order to reward its employees and those of its subsidiaries, Sequans Communications wishes to set up a system enabling them to share in its growth. 

A stock option subscription plan is a mechanism by which a company offer its employees and/or company officers, as well as the employees of its subsidiaries
within the meaning of Article L.225-180 of the French Commercial code, the possibility of subscribing for new shares during a certain period, at a price set on the date the Options are issued, and that remains fixed during the entire period. 

In this way, the beneficiaries participate in their company’s performance through the changes in share value, even before they become shareholders by
exercising the options to subscribe for shares (hereinafter “Options”). 
 Furthermore, the financial benefit obtained by exercising the Options
and by a subsequent sale of the shares is subject to a specific tax treatment. 
 II – LEGAL FRAMEWORK FOR THE PLAN 

This mechanism is governed, in particular, by articles L.225-177 and following of the French Code de commerce. 

In a decision taken on 29 June 2015, a combined general shareholders’ meeting voted in favour of the principle of issuing Options likely to give
rise to a maximum of 1,350,000 new ordinary shares with a unitary par value of EUR 0.02. 
 This combined general shareholders’ meeting has defined the
conditions of setting of the subscription price for the security likely to be issued upon exercise of each Option and decided that this price would be set by the Board of Directors of the Company, at the fair market value as applicable at the date
of allocation of the Option, pursuant to objective methods applicable in the field of assessment of shares (including, as the case may be, the reference to the market price of Company listed shares), and if required, with the assistance of
independent experts. 
 In addition, this decision granted the Board of Directors the power to issue these Options, on one or more occasions, including the
authority to determine the beneficiaries and the number of Options to be issued, and the elimination of shareholders’ pre-emptive subscription rights. Furthermore, the Board of Directors was granted the power to increase share capital by a
maximum amount equal to the total number of Options issued, to record the successive increases in share capital as a result of the exercise of the Options, and to carry out all formalities required as a result thereof. 

Therefore and pursuant to the aforesaid grant of authority, at a meeting held on 30 June 2015, the Board of Directors decided the procedures applicable
to this stock and established the present SO 2015 Subscription Plan (hereafter the “2015 Plan” or the “Plan”), in conformity with the principles set by the combined general shareholders’ meeting and aforesaid statutory
provisions. 

  
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 SO 2015 Subscription Plan 
  

III – DESCRIPTION OF THE PLAN 
 The
list of the 2015 Plan’s beneficiaries (hereinafter “Beneficiaries”) shall be approved by the Company’s Board of Directors. 

III-1. Issuing the Options 
 The Options are issued
free of charge to each Beneficiary. 
 No person holding more than 10% of Sequans Communications’ share capital shall be issued any Options. 

The number of Options issued to each Beneficiary, as well as the subscription price for the share to be issued pursuant to exercising an Option (as defined
under section III-4 below) shall be indicated in the Individual Letter of Notification sent to him/her by the Chairman or his delegate and which is deemed to be an exhibit of this Plan. 

Exercising an Option entitles the Beneficiary to subscribe for one new ordinary share with a par value of EUR 0.02 (hereafter a “New Share”).

 This number of shares cannot be modified during the Options’ period of validity, except in the event of an adjustment in the subscription price in
accordance with the requirements provided by law (see section III-4. hereinafter). 
 The Beneficiary will receive a Letter of Notification via email from
the administrator of Sequans Communications equity plans informing him/her that Options have been issued to him/her. The Beneficiary undertakes to acknowledge the Letter of Notification as directed in the Letter. 

FAILURE TO COMPLY WITH THIS FORMALITY WITHIN
THE APPLICABLE PERIOD SHALL RENDER THE OPTIONS ISSUED IMMEDIATELY AND AUTOMATICALLY
VOID. 
 A copy of this Plan will be made available on the administrator’s on-line portal and the Company’s intranet site. 

III-2. Features and period of validity of the Options 

Options are granted for a period of 10 years as from the time they are issued by the Board of Directors. 

As a result of issuing the Options, the pre-emptive right of shareholders to subscribe for the new shares to be issued as said Options are exercised will be
eliminated in favour of the Beneficiaries. 
 Rights obtained as the result of the Options cannot be transferred until the Options have been exercised. 

Options must be exercised within the aforementioned maximum period of 10 years, any Option not exercised before the expiry of such period shall
automatically become null and void. 
 Furthermore, the Beneficiary must comply with the following vesting schedule: 

 

	(i)	first issue 

  

	 	•	 	The Beneficiary may exercise 25% of the Options issued to him/her after the expiry of a period of 12 months following the date he/she joins Sequans Communications or one of its subsidiaries; 

  
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 SO 2015 Subscription Plan 
  

 

	 	•	 	Thereafter, the Beneficiary may exercise the remainder of his/her Options at the rate of 1/36th per month for the period between the 13th and 48th month following the date he/she joins Sequans Communications or one of its subsidiaries. 

 

	(i)	further issue(s) 

  

	 	•	 	The Beneficiary may exercise 25% of the Options issued to him/her after the expiry of a period of 12 months following the date of such issue ; 

 

	 	•	 	Thereafter, the Beneficiary may exercise the remainder of his/her Options at the rate of 1/36th per month for the period between the 13th and 48th month following the date of the aforesaid issue. 

Notwithstanding the foregoing, should the duties of the Beneficiary with Sequans Communications or one of its subsidiaries, be suspended on the request
of said Beneficiary for a given period, the vesting process and its schedule described above shall be suspended likewise until the end of the aforesaid period. 

In the event that a third party acquires a 100% interest in Sequans Communications, and in no other case, a Beneficiary who is subsequently dismissed
other than for misconduct or gross negligence shall have the right to exercise all of his/her Options within a period of 90 days following the date of said dismissal, notwithstanding the schedule set out above for exercising his/her Options. 

In the event that a company ceases to be a subsidiary of Sequans Communications, all Options held by the employees of such subsidiary, and that have not been
exercised before such time, shall automatically and immediately become null and void. 
 III-3. Cessation of the Beneficiary’s duties with
Sequans Communications or one of its subsidiaries 
 In the event that the Beneficiary’s duties with Sequans Communications or one of its
subsidiaries, whether as an employee or company officer, cease: 
  

	 	•	 	said Beneficiary shall lose all rights with regard to Options that are not yet exercisable on the date that his/her duties cease in accordance with the schedule for exercising the Options set out in Article III-2.
hereinabove. 

 However, the Beneficiary retains the right to exercise Options that are exercisable and that have not yet been exercised,
provided that the Beneficiary exercises his/her Options within a period of ninety (90) days following the actual termination of his/her duties. 

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

	 	•	 	Retirement: A Beneficiary whose date of retirement is effective at least one year after the allotment of Options, shall enjoy an accelerated vesting under which all such Options will become immediately
exercisable. Such Beneficiary shall have a period of ninety (90) days to exercise the Options, from the effective date of retirement. Such Options shall remain subject to the other conditions of this Plan. 

 

	 	•	 	 Death: the successors or beneficiaries of a Beneficiary shall have a period of six (6) months

  
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 SO 2015 Subscription Plan 
  

	 	to exercise the Options, from the date of death of said Beneficiary; after the expiry of this period, the successors or beneficiaries shall definitely lose the right to exercise unexercised Options. In any case, no exercise
shall take place after the expiration of Options. 

  

	 	•	 	2nd and 3rd category disability, within the meaning of article L.341-4 of the French Social Security Code - or an equivalent foreign social security regime - Beneficiaries is entitled to the right to
exercise their Options which are exercisable, but they will remain subject to the other conditions of this Plan. 

 III-4. Setting the
subscription price for shares obtained by exercising the Options 
 The subscription price for New Shares to be issued pursuant to an exercise of the
Options is set at the closing price of the Sequans Communications share (ADS) listed on the NYSE, on the effective date of allotment of Options. 
 This
price is mentioned in the Notification Letter, price which may not be changed during the Options’ period of validity, except in the event of adjustments in accordance with statutory and regulatory requirements. 

III-5. Maintaining the rights of Option holders during the exercise period 

During the entire period of validity of the Options, the Company shall be entitled to proceed with a capital write-off or reduction, a change to the
appropriation of profits, a free allotment of shares, a capitalization of reserves, profits or share premiums, a distribution of reserves or any issue of capital securities or securities giving entitlement to an allotment of capital securities
conferring a subscription right reserved for shareholders, provided that the Company accordingly take the necessary measures in compliance with applicable legal and/or regulatory provisions. 

IV – REQUIREMENTS AND PROCEDURES FOR EXERCISING OPTIONS 

IV-1. Suspension of the rights to exercise the Options 

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

In such case, Sequans Communications shall inform the Beneficiaries of the Options, indicating the date of the suspension and the date on which the right to
exercise Options will be re-established. Such suspension may not exceed 3 months. 
 If the right to exercise an Option expires during a period in which
rights are suspended, the period for exercising the Option shall be extended by 3 months. 
 IV-2. Procedures and conditions for exercising the
Options 
 All requests for exercising Options, documented by the signature of a subscription certificate specific to the SO 2015 Plan, shall be sent
to Sequans Communications, and shall be accompanied by a cheque made out to the Company’s order in an amount corresponding to the number of New Shares subscribed, considering that such shares must be fully paid up in cash at the time of
subscription, except in case of settlement of the subscription price by way of a set-off with a debt. If the Beneficiary has been registered in the on-line equity management system established by the Company, exercise of Options shall take place in
accordance with the process manual provided to the Beneficiary and/or available from the Company’s human resources department. 

  
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 SO 2015 Subscription Plan 
  

Failure to fully pay the exercise price renders the subscription null and void. 

V – FEATURES OF SHARES SUBSCRIBED 

V-1. Delivery and form of shares 
 New Shares
acquired by exercising Options are registered in the books of Sequans Communications as registered shares, which meets the statutory requirements for benefiting from the applicable favourable tax treatment. 

V-2. Rights - Availability 
 New Shares (ordinary
shares), shall be subject to all provisions of the memorandum and articles of association and shall enjoy all rights pertaining to shares of such class as from the date the increase in share capital is completed. 

These New Shares shall be immediately transferable. 
 Since
these shares are listed for trading on the New York Stock Exchange and in order to avoid any insider trading risk, Beneficiaries shall comply with the Insider Trading Compliance Policy of the Company, available on the Company’s intranet and
website, and/or from the human resources department. 
 VI – TAX PROVISIONS 

The presentation of tax treatment is provided for informational purposes only. It corresponds to the French legislation in effect as of the date this
plan was approved by the Board of Directors. 
 The Beneficiary shall be responsible for learning about any amendments to the applicable tax treatment. 

VI-1. THE TAX PROVISIONS CURRENTLY APPLICABLE TO
BENEFICIARIES WHO ARE EMPLOYEES OF SEQUANS COMMUNICATIONS AND WHO ARE DOMICILED
IN FRANCE, ARE EXPLAINED BELOW. 
 1. A Beneficiary who has exercised
Options and subscribed for shares of Sequans Communications realizes a gain equal to the difference between the value of the shares on the date the Option is exercised and the subscription price of the shares (“Gain on Exercise”). 

Gain on Exercise is subject to 
  

	 	•	 	an individual income tax (impôt sur le revenu) : progressive rate up to 45% 

  

	 	•	 	social security contributions (prélèvements sociaux : CSG, CRDS...) : 8% (5.1% being deductible for income tax purposes) 

 

	 	•	 	an employee specific contribution (contribution salariale spécifique) : 10% 

  

	 	•	 	as the case may be, an exceptional contribution on high income (contribution exceptionnelle sur les hauts revenus) : progressive rate up to 4% 

  
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 SO 2015 Subscription Plan 
  

Gain on Exercise is exempt from standard social security contributions provided that Sequans Communications - or its affiliates as the case may be - complies
with the relevant filing obligations. 
 2. The capital gain realised at the time of sale is equal to the difference between the sale
price of the share and the value of such share on the date the Option is exercised (“Gain on sale”). Gain on Sale is taxed from the first Euro in accordance with the tax treatment of capital gains realised on the sale of securities. 

The Gain on Sale is therefore subject to 
  

	 	•	 	an individual income tax (impôt sur le revenu) : progressive rate up to 45%(*) 

  

	 	•	 	social security contributions (prélèvements sociaux : CSG, CRDS...) : 15.5 % (5.1% being deductible for income tax purposes) 

 

	 	•	 	as the case may be, an exceptional contribution on high income (contribution exceptionnelle sur les hauts revenus) : progressive rate up to 4% 

(*) : The Holder will also enjoy a complementary abatement of 
  

	 	•	 	50% if he holds the shares for an additional period of 2 years from the date of exercise 

  

	 	•	 	65% if he holds the shares for an additional period of 8 years from the date of exercise 

 Note: In
addition, in order to benefit from this specific tax treatment, the Beneficiary must attach to his/her income tax return for the year in which the Options are exercised a certificate that will be provided to him/her by the Company. 

3. The tax information contained in this section VI-1 is likely to change in accordance with the applicable statutory and regulatory provisions. Sequans
Communications and its subsidiaries shall have no obligation to provide advice and/or assistance in this regard. 
 VI-2. TAX
PROVISIONS APPLICABLE TO BENEFICIARIES DOMICILED ABROAD. 

Beneficiaries domiciled abroad are solely responsible for: 
  

	 	•	 	Determining the tax provisions applicable to gains resulting from (i) holding the Options, (ii) holding the shares issued as a result of exercising the Options, and (iii) the sale of such shares;

  

	 	•	 	Paying all taxes and contributions due as a result. 

 However, Beneficiaries domiciled abroad might be subject
to a French withholding Tax in respect of the Gain on Exercise, to the extent of days worked in France over the vesting period of their Options. 

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

  
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 - SEQUANS COMMUNICATIONS SA - 

APPENDIX RELATING TO ISRAELI BENEFICIARIES 
  

 
 STOCK OPTIONS
SUBSCRIPTION PLAN – 2015 

	1.	GENERAL 

  

	 	1.1.	This appendix (the “Appendix”) shall apply only to beneficiaries (the “Beneficiaries”) of the Plan (as such term is defined below) who are residents of the State of Israel or those who are deemed to
be residents of the State of Israel for the purpose of payment of income tax under the Ordinance (as such term is defined in Clause 2.13 below) (the “Israeli Beneficiaries”). The provisions specified hereunder shall form an integral part
of the Stock Options Subscription Plan – 2015 (the “Plan”), which applies to the grant of options (“Options”) to purchase shares of Sequans Communications SA, a Societe Anonyme, incorporated under the laws of the Republic of
France, having its statutory seat in Colombes, France (the “Company”). 

  

	 	1.2.	According to the Plan, options to purchase the Company’s shares may be granted to employees, directors and/or other company officers as well as to employees of any the Company’s Subsidiaries (as such term is
defined in Clause 2.16 below). 

  

	 	1.3.	The Appendix is to be read as an integral part of the Plan so that the Appendix and the Plan jointly will comply with the requirements of Israeli law in general, and in particular with the provisions of Section 102
of the Ordinance, as may be amended or replaced from time to time. For the avoidance of doubt, this Appendix does not apply to or modify the Plan with respect of any Beneficiaries except for the Israeli Beneficiaries. 

 

	 	1.4.	The Plan and this Appendix are complimentary to each other and shall be deemed as one with respect to Israeli Beneficiaries. In any case of a contradiction (explicit or implicit) between the provisions of this Appendix
and the Plan, the provisions of this Appendix shall prevail where tax law issues are concerned. 

  

	 	1.5.	Any capitalized term not specifically defined in this Appendix shall be construed according to the meaning given to it in the Plan. 

 

	2.	DEFINITIONS 

  

	 	2.1.	“Approved 102 Option” means an Option granted to an Israeli Beneficiary pursuant to Section 102(b) of the Ordinance (as such term is defined in Clause 2.13 below) the registration thereof being maintained
by the Escrow Agent (as such term is defined in Clause 2.17 below), which may be classified as either a “Capital Gains Option” or a “Ordinary Income Option” (as such terms are respectively defined in Clauses 2.2 and 2.9 below).

  

	 	2.2.	“Capital Gains Option” means an Approved 102 Option elected and designated by the Company to qualify under the capital gains tax treatment in accordance with the provisions of Section 102(b)(2) of the
Ordinance. 

  

	 	2.3.	“Controlling Shareholder” shall have the meaning ascribed to it in Section 32(9) of the Ordinance. 

  

	 	2.4.	“Employee” means a person who is employed by the Company or any of its Subsidiaries, including an individual who is serving as a director or an officer, but excluding any Controlling Shareholder, all as
determined in Section 102. 

  

	 	2.5.	“Exercise Price” means the exercise price to be paid by the Israeli Beneficiary to the Company upon the exercise of an Option. 

  
 1 

	 	2.6.	“Exercised Share(s)” means the Share(s) that were acquired and issued pursuant to the exercise of an Option. 

  

	 	2.7.	“ITA” means the Israeli Tax Authorities. 

  

	 	2.8.	“Non-Employee” means a Controlling Shareholder or any consultant, adviser, service provider or any other person who is engaged by or is related to the Company or any of its Subsidiaries, but is not an
Employee. 

  

	 	2.9.	“Option Agreement” means the share option agreement between the Company and an Israeli Beneficiary that sets out the terms and conditions of the Option granted to such Israeli Beneficiary. 

 

	 	2.10.	“Ordinary Income Option” means an Approved 102 Option elected and designated by the Company to qualify under the ordinary income tax treatment in accordance with the provisions of Section 102(b)(1) of the
Ordinance. 

  

	 	2.11.	“102 Option” means any Approved 102 Option or Unapproved 102 Option granted to an Employee pursuant to Section 102. 

  

	 	2.12.	“3(i) Option” means an Option granted pursuant to Section 3(i) of the Ordinance to a Non- Employee. 

  

	 	2.13.	“Ordinance” means the Israeli Income Tax Ordinance (New Version), 5721 – 1961, as in effect from time to time. 

 

	 	2.14.	“Share” means one ordinary share with a par value of EUR 0.02 subscribed upon exercise of one Option. 

  

	 	2.15.	“Section 102” means Section 102 of the Ordinance and any regulations, rules, orders or procedures promulgated thereunder, as in effect from time to time. 

 

	 	2.16.	“Subsidiary” means any “employing company” within the meaning of such term in Section 102(a) of the Ordinance. 

 

	 	2.17.	“Escrow Agent” means an escrow agent appointed by the Company, and approved by the ITA, to serve as an escrow agent in connection with the grant of Approved 102 Options, all in accordance with the provisions
of Section 102. 

  

	 	2.18.	“Unapproved 102 Option” means an Option granted pursuant to Section 102(c) of the Ordinance. 

  

	3.	GRANT OF OPTIONS 

  

	 	3.1.	The persons eligible for participation in the Plan as Israeli Beneficiaries shall include Employees and Non-Employees of the Company or any of its Subsidiaries who are residents of the State of Israel or those who are
deemed to be residents of the State of Israel for the purpose of payment of income tax under the Ordinance; provided, however, that: (i) Employees may only be granted 102 Options; and (ii) Non-Employees may only be granted 3(i)
Options. 

  
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	 	3.2.	The Company may designate, at its sole discretion, Options granted to Employees pursuant to Section 102 as Unapproved 102 Options or as Approved 102 Options. 

 

	 	3.3.	The grant of Approved 102 Options shall be made under this Appendix adopted by the Board of Directors, and shall be conditioned upon the approval of this Appendix by the ITA. 

 

	 	3.4.	No Approved 102 Options shall be granted under this Appendix to any Employee unless and until the Company’s election of the type of Approved 102 Options to be granted to Employees – Capital Gains Options or
Ordinary Income Options – is appropriately filed with the ITA (the “Election”). Such Election shall become effective beginning on the first date of grant of an Approved 102 Option under this Appendix and shall remain in effect until
the end of the year following the year during which the Company first granted Approved 102 Options (the “Term”). The Election shall obligate the Company to grant during the Term only the type of Approved 102 Option it has elected,
and shall apply to all Israeli Beneficiaries who were granted Approved 102 Options during the Term, all in accordance with the provisions of Section 102(g) of the Ordinance. For the avoidance of doubt, such Election shall not prevent the
Company from granting Unapproved 102 Options simultaneously. 

  

	 	3.5.	The Escrow Agent shall maintain a register of all Approved 102 Options, all in accordance with the terms and conditions set out in Clause 4 below. 

 

	 	3.6.	For the avoidance of doubt, the grant of Unapproved 102 Options and Approved 102 Options shall be subject to the terms and conditions set forth in Section 102. 

 

	4.	ESCROW AGENT 

  

	 	4.1.	All Exercised Shares and, if applicable, other shares received subsequently following any exercise of rights in connection with the Approved 102 Options or Exercised Shares, including without limitation bonus Shares,
shall all be granted, allocated and issued to the Escrow Agent on behalf of the Israeli Beneficiary and held for the benefit of the Israeli Beneficiaries for such period of time as required under Section 102 (the “Holding Period”). In
the event the requirements for the Approved 102 Options are not met, then the Approved 102 Options may be regarded as Unapproved 102 Options, all in accordance with the provisions of Section 102. 

 

	 	4.2.	Notwithstanding anything to the contrary, the Escrow Agent shall not release any Shares allocated or issued to it upon exercise of Approved 102 Options prior to the full payment of the Israeli Beneficiary’s tax
liabilities arising from the grant of the Approved 102 Options and/or the exercise of such Approved 102 Options and/or the sale of the Exercised Shares, if any. 

  

	 	4.3.	Subject to the provisions of Section 102, an Israeli Beneficiary shall not sell or release from the Escrow Agent any Approved 102 Options, Exercised Shares and/or any Share received subsequently following any
exercise of rights in connection with Approved 102 Options or the Exercised Shares, including without limitation, bonus Shares, until the lapse of the Holding Period required under Section 102. Notwithstanding the above, if any such sale or
release occurs during the Holding Period, the sanctions under Section 102 shall apply to, and shall be borne by, such Israeli Beneficiary. 

  

	 	4.4.	By the execution of the agreement and upon receipt of Approved 102 Option, the Israeli Beneficiaries undertakes to release the Escrow Agent from any liability in respect of any action or decision duly taken and bona
fide executed in relation to this Appendix, any Approved 102 Option or Exercised Share issued to such Israeli Beneficiary thereunder. 

  
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	 	4.5.	No Exercised Shares or any additional rights issued by the Company to the Escrow Agent for the benefit of an Israeli Beneficiary shall be held by the Escrow Agent for a period longer than ten (10) years after the
end of the Term. The Company shall instruct the Escrow Agent as to the transfer of these Shares. 

  

	5.	THE OPTIONS 

 The terms and conditions upon which the Options shall be granted and exercised
shall be as specified in the Option Agreement to be executed pursuant to this Appendix. Each Option Agreement shall state, inter alia, the number of Shares to which the Option relates, the type of Option granted thereunder (whether Capital
Gains Option, Ordinary Income Option, Unapproved 102 Option or 3(i) Option), the vesting provisions and the exercise price. 
  

	6.	FAIR MARKET VALUE 

 If at the date of grant of Capital Gains Options the Company’s shares
are listed on any stock exchange (as such term is defined in the Ordinance) or if the Company’s shares will be registered for trading within ninety (90) days following the date of such grant of Capital Gains Options, the fair market value
of such grant’s underlying Shares at the date of grant shall be determined in accordance with the provisions set in Section 102(b)(3) of the Ordinance. 
  

	7.	EXERCISE OF OPTIONS 

  

	 	7.1.	Options shall be exercised by the Israeli Beneficiary by: (i) giving a written notice to the Company and where applicable, to the Escrow Agent or to any other third party designated by the Company, in such form and
method as may be determined from time to time by the Company, in accordance with the requirements of Section 102; and (ii) the payment to the Company, of the Exercise Price with respect to all the Options exercised, in such manner as shall
be determined by the Company. 

  

	 	7.2.	Upon the delivery of a duly signed Notice of Exercise and actual receipt of the full payment to the Company of the Exercise Price with respect to all the Options specified therein, the Company shall issue the Exercised
Shares to the Escrow Agent (according to the applicable Holding Period) or to the Israeli Beneficiary, as the case may be. 

  

	8.	ASSIGNABILITY AND SALE OF OPTIONS 

  

	 	8.1.	No Option or any right with respect thereto, purchasable hereunder, whether fully paid or not, shall be assignable, transferable or given as collateral or any right with respect to it given to any third party
whatsoever, and during the lifetime of the Israeli Beneficiary each and all of such Israeli Beneficiary’s rights to purchase Shares hereunder shall be exercisable only by the Israeli Beneficiary. Any such action made directly or indirectly, for
an immediate validation or for a future one, shall be void. 

  

	 	8.2.	As long as Exercised Shares are held by the Escrow Agent on behalf of an Israeli Beneficiary, all such Israeli Beneficiary’s rights in the Exercised Shares are personal, can not be transferred, assigned, pledged or
mortgaged, except for transfers by will or by the laws of descent and distribution, provided that the transferee thereof shall be subject to the provisions of Section 102 as would have been applicable to the deceased Israeli Beneficiary.

  
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	9.	INTEGRATION OF SECTION 102 AND THE ITA 

  

	 	9.1.	With regards to Approved 102 Options, the provisions of the Plan and/or the Appendix and/or the Option Agreement shall be subject to the provisions of Section 102 and the Israeli Tax Authority’s approval, and
the said provisions and permit shall be deemed an integral part of the Plan, the Appendix and the Option Agreement. For the removal of doubt, in case of any contradiction between any provision of the Plan, the Appendix or the Option Agreement, one
the one side, and Section 102 and/or the Israeli Tax Authority’s approval, on the other side, the latter shall prevail and shall be binding upon the Company and the Israeli Beneficiaries. 

 

	 	9.2.	Any provision of Section 102 and/or the said permit which is necessary in order to receive and/or to keep any tax benefit pursuant to Section 102, which is not expressly specified in the Plan, the Appendix or
the Option Agreement, shall be binding upon the Company and the Israeli Beneficiaries. 

  

	10.	DIVIDEND 

  

	    	Subject to the Company’s incorporation documents and applicable laws, the Israeli Beneficiary shall be entitled to receive dividends with respect to all Exercised Shares held by the Israeli Beneficiary or by the
Escrow Agent, as the case may be, and subject to any applicable taxation on distribution of dividends, and when applicable subject to the provisions of Section 102. 

 

	11.	RIGHTS AS A SHAREHOLDER 

  

	    	Unless otherwise specified in the Plan, an Israeli Beneficiary shall not have any rights as a shareholder with respect to Shares issued under this Plan, until such time as the Shares shall be released from escrow. The
Israeli Beneficiary shall have the right to vote the Exercised Shares at any and all shareholder meetings without restriction. 

  

	12.	TAX CONSEQUENCES 

  

	 	12.1.	Any tax consequences arising from the grant of any Option to an Israeli Beneficiary, the exercise of any Option by an Israeli Beneficiary, the payment of the Exercise Price, or any other event or act with respect
thereof (of the Company and/or its Subsidiaries and/or the Escrow Agent and/or the Israeli Beneficiary), shall be borne solely by the applicable Israeli Beneficiary. The Company and/or its Subsidiaries and/or the Escrow Agent shall withhold all
taxes according to the requirements under any applicable laws, rules, and regulations, including without limitation withholding taxes at source. Furthermore, the Israeli Beneficiary shall indemnify the Company and/or its Subsidiaries and/or the
Escrow Agent, as applicable, and hold them harmless against and from any and all liability for any such tax or interest or penalty thereon, including without limitation, liabilities relating to the necessity to withhold, or to have withheld, any
such tax from any payment made to the Israeli Beneficiary. 

  

	 	12.2.	The Company and/or, when applicable, the Escrow Agent shall not be required to release any share certificate to an Israeli Beneficiary until to the Company’s and, when applicable, to the Escrow Agent’s
discretion, all required payments have been fully made. 

  

	 	12.3.	With respect to Unapproved 102 Options, if the Israeli Beneficiary ceases to be employed by the Company or any of its Subsidiaries, the Israeli Beneficiary shall extend to the Company and/or the applicable Subsidiary a
security or guarantee, to the full satisfaction of the Company, for the payment of taxes and the like due at the time of sale of Shares, all in accordance with the provisions of Section 102. 

  
 5 

	13.	GOVERNING LAW & JURISDICTION 

 This Appendix shall be governed by and construed and
enforced in accordance with the laws of the State of Israel, without giving effect to the principles of conflict of laws. The competent courts of Tel-Aviv, Israel shall have sole and exclusive jurisdiction in any matters pertaining to the Plan. 

  
 6 

 STOCK OPTION AGREEMENT RELATING TO 

ISRAELI BENEFICIARIES 

UNDER THE 
 STOCK OPTIONS
SUBSCRIPTION PLAN – 2015 
 This Stock Option Agreement (this “Agreement”) is made between, Sequans Communications SA, a
Societe Anonyme, incorporated under the laws of the Republic of France, having its statutory seat in Colombes, France (the “Company”) and [name of Israeli Beneficiary to be added] (the “Beneficiary”). 

WHEREAS, the Company maintains the Stock Options Subscription Plan – 2015 (the “Plan”) for the benefit of employees and
officers of the Company and its Subsidiaries; and 
 WHEREAS, the Plan permits the award of options each to acquire one ordinary share of
the Company (the “Share(s)”), subject to the terms of: (i) the Plan; (ii) the appendix relating to the Israeli Beneficiaries (the “Appendix”); (iii) the Contractual Undertaking to be entered into between the
shareholders of the Company and the Beneficiary (the “Contractual Undertaking”); and (iv) the notice of grant dated [date to be added] (the “Notice of Grant”) (together, the “Options Documents”); and 

WHEREAS, the Company wishes to grant the Beneficiary [number of options to be added] options each to acquire one ordinary share with a par
value of EUR 0.02, subject to the restrictions and on the terms and conditions contained in the Options Documents and this Agreement; and 

WHEREAS, the Beneficiary is deemed an Israeli Beneficiary (as such term is defined in the Appendix). 

NOW, THEREFORE, in consideration of these premises and the agreements set forth herein and intending to be legally bound hereby, the parties
agree as follows: 
  

	1.	DEFINITIONS 

 Except as otherwise specified herein or unless the context herein requires
otherwise, the terms defined in the Plan and the Appendix will have the same meanings herein. 
  

	2.	AWARD OF OPTION 

 The Options are granted in accordance with the terms and conditions set out in
the Option Documents and subject to the terms and conditions set out in Section 102 of the Israeli Income Tax Ordinance (New Version), 5721 – 1961 (the “Tax Ordinance”) and the regulations promulgated there under
(“Section 102”) and in accordance with capital gains tax treatment set out in Section 102(b)(2) of the Ordinance (the “Options”). 
  

	3.	DATE OF GRANT; TERM OF OPTION 

 The Option was granted on [date to be added] (the
“Effective Date”) and may be exercised not later than the 10th anniversary of the Effective date, unless terminated earlier in accordance with the terms and condition of the Plan. 

	4.	OPTION EXERCISE PRICE 

 This exercise price (the “Exercise Price”) of one Option is
mentioned in the Notice of Grant (also referred to as the “Individual Letter of Notification”). 
  

	5.	VESTING 

 The Option shall become vested and exercisable accordance with the vesting schedule
set out below. 
  

	 	5.1.	25% of the Options shall be vested and exercisable after the lapse of a 12-month period commencing on the date on which the Beneficiary’s employment with the Company or any of it Subsidiaries commenced;

  

	 	5.2.	1/36th of the remaining Options shall be vested and ready to be exercised at the end of each of month during the period between the 13th month and the 48th month of the Beneficiary’s employment with the Company. 

 

	6.	EXERCISE OF OPTION 

 Options shall be exercised by the Beneficiary by: (i) giving a written
notice to the Company and, where applicable, to the Escrow Agent or to any other third party designated by the Company, in such form and method as may be determined from time to time by the Company, in accordance with the requirements of
Section 102; and (ii) the payment to the Company, of the Exercise Price with respect to all the Options exercised, in such manner as shall be determined by the Company. 

 

	7.	ESCROW AGENT 

 The Beneficiary acknowledges, agrees and undertakes that: 

 

	 	7.1.	All Exercised Shares and (as such terms are defined in the Appendix), if applicable, other shares received subsequently following any exercise of rights in connection with the Approved 102 Options or Exercised Shares,
including without limitation bonus Shares, shall all be granted, allocated and issued to the Escrow Agent on behalf of the Beneficiary and shall be held by the Escrow Agent for the benefit of the Beneficiary for such period of time as required under
Section 102 (the “Holding Period”). In the event the requirements for the Approved 102 Options are not met, then the Approved 102 Options may be regarded as Unapproved 102 Options, all in accordance with the provisions of
Section 102. 

  

	 	7.2.	Notwithstanding anything to the contrary, the Escrow Agent shall not release any Shares allocated or issued to it upon exercise of Approved 102 Options prior to the full payment of the Beneficiary’s tax liabilities
arising from the grant of the Approved 102 Options and/or the exercise of such Approved 102 Options and/or the sale of the Exercised Shares, if any. 

  

	 	7.3.	 Subject to the provisions of Section 102, the Beneficiary shall not sell or release from the Escrow Agent
any Approved 102 Options, Exercised Shares and/or any Share received 

  
 -2- 

	 	
subsequently following any exercise of rights in connection with Approved 102 Options or the Exercised Shares, including without limitation, bonus Shares, until the lapse of the Holding Period
required under Section 102. Notwithstanding the above, if any such sale or release occurs during the Holding Period, the sanctions under Section 102 shall apply to, and shall be borne in their entirety by, such Beneficiary.

  

	 	7.4.	By the execution of the agreement and upon receipt of Approved 102 Options, the Beneficiary undertakes to release the Escrow Agent from any liability in respect of any action or decision duly taken and bona fide
executed in relation to this Appendix, any Approved 102 Option or Exercised Share issued to the Beneficiary. 

  

	 	7.5.	No Exercised Shares or any additional rights issued by the Company to the Escrow Agent for the benefit of the Beneficiary shall be held by the Escrow Agent for a period longer than ten (10) years after the end of
the Term (as such term is defined in the Appendix). 

  

	8.	NON-TRANSFERABILITY OF OPTION 

  

	 	8.1.	No Option or any right with respect thereto, purchasable hereunder, whether fully paid or not, shall be assignable, transferable or given as collateral or any right with respect to it given to any third party
whatsoever, and during the lifetime of the Beneficiary each and all of such Beneficiary’s rights to purchase Shares hereunder shall be exercisable only by the Beneficiary. Any such action made directly or indirectly, for an immediate validation
or for a future one, shall be void. 

  

	 	8.2.	As long as Exercised Shares are held by the Escrow Agent on behalf of an Beneficiary, all such Beneficiary’s rights in the Exercised Shares are personal, cannot be transferred, assigned, pledged or mortgaged,
except for transfers by will or by the laws of descent and distribution, provided that the transferee thereof shall be subject to the provisions of Section 102 as would have been applicable to the deceased Beneficiary. 

 

	9.	DIVIDEND 

 Subject to the Company’s incorporation documents and applicable laws, the
Beneficiary shall be entitled to receive dividends with respect to all Exercised Shares held by the Beneficiary or by the Escrow Agent, as the case may be, and subject to any applicable taxation on distribution of dividends, and when applicable
subject to the provisions of Section 102. 
  

	10.	RIGHTS AS A SHAREHOLDER 

 Unless otherwise specified in the Plan, the Beneficiary shall not have
any rights as a shareholder with respect to Shares issued under this Plan, until such time as the Shares shall be released from escrow. The Israeli Beneficiary shall have the right to vote the Exercised Shares at any and all shareholder meetings
without restriction. 
 The Beneficiary’s rights as a shareholder in the Company shall be subject to provisions set out in the
Contractual Undertaking. 

  
 -3- 

	11.	TAX CONSEQUENCES 

  

	 	11.1.	Any tax consequences arising from the grant of any Option to an Beneficiary, the exercise of any Option by the Beneficiary, the payment of the Exercise Price, or any other event or act with respect thereof (of the
Company and/or its Subsidiaries and/or the Escrow Agent and/or the Beneficiary), shall be borne solely by the Beneficiary. The Company and/or its Subsidiaries and/or the Escrow Agent shall withhold all taxes according to the requirements under any
applicable laws, rules, and regulations, including without limitation withholding taxes at source. Furthermore, the Beneficiary shall indemnify the Company and/or its Subsidiaries and/or the Escrow Agent, as applicable, and hold them harmless
against and from any and all liability for any such tax or interest or penalty thereon, including without limitation, liabilities relating to the necessity to withhold, or to have withheld, any such tax from any payment made to the Beneficiary.

  

	 	11.2.	The Company and/or, when applicable, the Escrow Agent shall not be required to release any share certificate to the Beneficiary until to the Company’s and, when applicable, to the Escrow Agent’s discretion,
all required payments have been fully made. 

  

	 	11.3.	With respect to Unapproved 102 Options, if the Beneficiary ceases to be employed by the Company or any of its Subsidiaries, the Beneficiary shall extend to the Company and/or the applicable Subsidiary a security or
guarantee, to the full satisfaction of the Company, for the payment of taxes and the like due at the time of sale of Shares, all in accordance with the provisions of Section 102. 

 

	12.	THE PLAN  

 By executing this Agreement the Beneficiary acknowledges that the Beneficiary
has received a copy of the Options Documents, has read the Options Documents and is familiar with their terms, and hereby accepts the Options subject to the terms and provisions of the Plan, the Appendix and the Contractual Undertaking, as amended
from time to time. 
  

	13.	ENTIRE AGREEMENT 

 This Agreement, the Plan, the Appendix, the Contractual Undertaking and the
Notice of Grant represent the entire agreement between the parties with respect to the subject matter hereof and supersedes any prior agreement, written or otherwise, relating to the subject matter hereof. 

 

	14.	SUPERIORITY 

 Any interpretation of this Agreement shall be made in accordance with the Plan and
the Appendix, but in the event there is any contradiction between the provisions of this Agreement and the provisions of the Plan and/or the Appendix, the provisions of this Agreement will prevail. 

 

	15.	GOVERNING LAW AND JURISDICTION 

 This Agreement shall be governed by and construed and enforced
in accordance with the laws of the State of Israel, without giving effect to the principles of conflict of laws. The competent courts of Tel-Aviv, Israel shall have sole and exclusive jurisdiction in any matters pertaining to this Agreement. 

  
 -4- 

	16.	EXECUTION 

 This Agreement may be executed, including execution by facsimile signature, in one
or more counterparts, each of which will be deemed an original, and all of which together shall be deemed to be one and the same instrument. 

IN WITNESS WHEREOF, this Agreement has been executed by the each party on the date indicated below, respectively. 

 

			
	 
	 Sequans Communications SA

		
	By:	 	  

	Title:	 	  

	Date:	 	  

 I the undersigned hereby acknowledge receipt of a copy of the Plan and the Appendix and accept the Options
granted herein subject to all of the terms and provisions of the Option Documents. I have reviewed the Option Documents in their entirety, have had an opportunity to obtain the advice of legal and/or any other relevant counsel prior to executing
this Agreement, and fully understand all provisions of this Agreement. I undertake to notify the Company upon any change in the residence address indicated above. 
  

			
	  

	[Name of Beneficiary to be added]
		
	Address:	 	  

	Date:	 	  

  
 -5-EX-4.15

 Exhibit 4.15 

LOAN AGREEMENT 
  

 
 INNOVATION LOAN 

Between the undersigned 
 Bpifrance Financement, a limited
company with capital of 839,907,320 Euros whose head office is located at 27-31 Avenue du Général Leclerc, MAISONS-ALFORT CEDEX (94710), registered in the CRETEIL Trade Register under number 320 252 489, 

hereinafter referred to as “Bpifrance Financement” or “the Lender”, 

as the first party, 
 and 

SEQUANS COMMUNICATIONS, a limited company whose head office is located at LES PORTES DE LA DEFENSE,
15-55 BOULEVARD CHARLES DE GAULLE, COLOMBES (92700), registered in the Nanterre Trade Register under number 450 249 677, represented by its Chairman and Managing Director Mr Georges KARAM, 

hereinafter referred to as “the Borrower”, 
 as the
second party, 
 It is hereby agreed as follows: 
 The Lender
grants the Borrower a loan under the conditions defined below in the sections entitled “SPECIFIC TERMS” and “GENERAL TERMS”. 
 This
financing benefits from the support of the European Union within the framework of the financial instruments of the Horizon 2020 programme by way of the “InnovFin SME Guarantee” and pending the setting up of the European Strategic
Investment Fund. 

  
 1/8 

 SPECIFIC TERMS 

Borrower Reference: 0301751800000 SEQUANS COMMUNICATIONS 

File reference: DOS0020293 / 00 
 Object:
Financing of intangible expenditure associated with the industrial and commercial launching of an innovation 
 Total amount of loan: EUR
1,000,000.00 (ONE MILLION EUROS) 
 Period: 7 years (SEVEN YEARS) 

Rate: 5.24% per year (FIVE POINT TWO FOUR per cent per year) up to the 18th of July 2015. 

Beyond that date, the rate applicable to each sum disbursed shall be equal to the ARR (average monthly rate of return on long-term government loans) of the
month preceding the disbursement, taken as 0% (zero per cent) per year if it is negative, plus 4.32%. 
 Repayment: 

Grace period of eight quarters followed by 20 quarterly payments in arrears comprising repayment of the capital and payment of the interest, the first being
scheduled on the 31st of December 2017 and the last on the 30th of September 2022. In addition, during the grace period, the interest shall be
paid on a quarterly basis in arrears. 
 Annual percentage rate: 6.70% per year, or a quarterly rate of 1.675%. 

Type of amortization: fixed amortization (straight-line amortization) 

GUARANTEES AND SPECIFIC CLAUSES 
 1 – The sum of
50,000.00 Euros shall be withheld on the funds lent. This sum shall be kept by the Lender as cash collateral. In accordance with the provisions of article 2341 sub-paragraph 2 of the Civil Code, the Lender is exempted from keeping the pledged sums
separate from those which belong to it. The Borrower’s claim for reimbursement of the cash collateral shall earn interest at the value of the CNO TEC 5 index on the last working day of the month preceding the date of the first disbursement
(rounded to two decimal places). As an indication, the CNO TEC 5 index for May 2015 is 0.17%. If the reference rate is negative, it shall be taken as 0% (zero per cent). This claim and the interest generated shall be reimbursed to the Borrower at
the end of the agreement, in the absence of unpaid debts. The Lender may withdraw from the cash collateral any sums which have become payable under this agreement, without having to inform the Borrower of this beforehand. 

2 – This financing benefits from a guarantee under the Fonds National de Garantie Prêt pour l’Innovation (National Innovation Loan Guarantee
Fund) amounting to 30% of the outstanding credit. 
 3 – This financing benefits from a guarantee from the under European Investment Fund (EIF)
amounting to 50% of the outstanding credit. 
 4 – Prior to the disbursement of the loan, subscription of Mr Georges KARAM to the group death and
disability insurance policy taken out by the Lender with C.N.P. subject to the insurance company’s acceptance. The insured amount shall be equal to 1,000,000.00 Euros. 

5 – The funds of the loan shall be disbursed in a single payment and in their entirety before the
13th of December 2015. Beyond that date, a new agreement will be necessary. 
 6 – A sum of
4,000.00 Euros shall be deducted to cover administrative costs. This sum shall be deducted from the amount of the first disbursement and shall be forfeited to the Lender. 

  
 2/8 

 GENERAL TERMS 

GENERAL TERMS ASSOCIATED WITH THE RATE 
 ANNUAL
PERCENTAGE RATE – The Borrower certifies that it has supplied the Lender with the necessary information to determine the annual percentage rate (APR) relating to the remuneration of intermediaries. It acknowledges that it has obtained from
the Lender all information necessary for the appraisal of the cost of the loan. 
 To answer the Borrower’s information needs, the APR is specified in
the SPECIFIC TERMS of the loan for a total disbursement made in a single payment on this date. 
 The annual percentage rate has been calculated in
accordance with the value of the rate on the date of signing of this agreement. 
 GENERAL TERMS – FIXED RATE 

INTEREST – The applicable interest rate is defined in the SPECIFIC TERMS of the loan or the loan tranche. The Lender must receive the disbursement
request three working days before the required date of availability. The interest shall run from the first payment made on the Borrower’s behalf. It shall be calculated on the amount of the sums successively debited to the Borrower’s
account by the Lender and not reimbursed, and on the costs incurred, on the basis of a year of 360 days and months of thirty days. In the case of non-annual instalments, the interest rate applied for the agreed periodicity shall be proportional to
the stipulated annual rate. 
 If the reference rate is negative, it shall be taken as 0% (zero per cent). 

ADVANCE REPAYMENTS – The repayment periods are stipulated in the interests both of the Lender and of the Borrower. Subject to one month’s
prior notice, the Borrower may repay the total amount of this loan in advance. 
 Any advance repayment, voluntary or not, particularly in the cases of
liability stipulated in this agreement, will be subject to a fixed charge of which the amount shall be equal to 5% (five per cent) of the capital repaid in advance, if the advance repayment takes place during the grace period and reduced to 3%
(three per cent) beyond this period. Acceptance of the advance repayment by the Lender is subject to the effective payment of the charge due. 
 INTEREST
FOR LATE PAYMENT – Any sum which has become due shall immediately and automatically generate interest at the rate of the loan plus three per cent, without any formal notice being required. The same shall apply to all advances made by the
Lender on the Borrower’s behalf. This clause shall not constitute any obstacle to the payability of the debt resulting from this agreement. 

GENERAL TERMS ASSOCIATED WITH INSURANCE COVERAGE 

DEATH AND DISABILITY INSURANCE – Subscription to the group insurance policy or assignment of a death and disability insurance policy to be taken
out is subject to the Insurance Company’s acceptance. The loan may not be used before this acceptance is received. 
 OTHER GENERAL TERMS 

JOINT AND SEVERAL LIABILITY AGREEMENT – If there are several Borrowers, they shall be jointly and severally liable. The heirs of any jointly liable
partly shall be jointly liable with respect to the Lender, under the same conditions as the Borrower. Consequently, the Lender may ask any one of these persons to pay all of the sums which it would have been entitled to demand from the Borrower
without any division of its legal action between said persons being able to be imposed on the Lender. 

  
 3/8 

 ISSUING OF FUNDS – The funds shall be available after endorsement firstly of the SEPA direct debit
mandate to the benefit of the Lender and of this document which constitutes notification prior to the SEPA direct debit, which the Borrower acknowledges and accepts, and secondly of all acts and formalities in accordance with the SPECIFIC and
GENERAL TERMS of the loan. The funds shall be disbursed in single payment, in their entirety. The Lender will no longer be obliged to remit the funds of the loan if all the conditions, terms and specific clauses are not met on the date indicated in
the SPECIFIC TERMS of the Loan or if, all these conditions being met, the funds have not been used in their entirety within the same period. The same will be the case if one of the grounds for recoverability applies and in the event of
non-fulfilment of the Borrower’s earlier commitments to the Lender. 
 FULFILMENT OF THE PROGRAMME – The Borrower undertakes to implement
the entire programme indicated in the OBJECT section of the SPECIFIC TERMS of the loan and to supply the Lender with proof of this upon request. 
 SEPA
DIRECT DEBITS – The borrower undertakes to the maintain for the benefit of the Lender, throughout the period of the loan, the possibility of paying all sums owed by SEPA direct debit to the bank account or postal account designated on the
mandate signed by the Borrower and supplied prior to the disbursement of the loan; the Borrower acknowledges and accepts that the first direct debit may be presented by the Lender, subject to compliance with a minimum period of 5 (five) working days
starting from the date of signing of this act. In the event of a change in the Borrower’s bank or postal account, it must inform the Lender of this at least one month before the date of the next instalment, and attach a new statement of account
information to this request. 
 PLACE OF PAYMENT – Repayment of the principal of this loan and payment of the interest and all other additional
charges will take place at the Lender’s head office. The due dates are non-contestable. 
 COMPENSATION – If any sum which has become due
is not paid on time, the Lender will be entitled, independently from any sums owed as interest for later payment, to compensation for recovery costs equal to two per cent of the unpaid amount. 

If the Lender is obliged to produce documents relating to a court order or a pro-rata apportionment between creditors, to issue a summons or to conduct or
participate in any proceedings, collective or otherwise, it will be entitled, to cover all the costs of handling of the case by its litigation department, to an indemnity calculated on the amount of the debt to be recovered and equal to two thirds
of the rights allocated, in accordance with the scale in force on the date of the calculation, to the administrators in the event of a transfer of assets, with a minimum of EUR 765 (seven hundred and sixty-five Euros). 

ACCELERATED MATURITY – The Lender may declare the total payability of the loan eight hours after notification by registered letter or
extrajudicial act in one of the following cases: 
 1 – if the funds of the loan are diverted from the stipulated object 

2 – failing total and exact payment of an instalment in due time 

3 – in the event of transfer or pledging as security, without the Lender’s prior consent, of all or some of the stocks, shares or voting rights of
the borrowing company or of one of its subsidiaries 
 4 – in the event of discontinuation of business or change of activity 

5 – in the event of total or partial loss 
 6 – if the
agreement stipulates the receipt of an additional payment, in the event of it being impossible to establish a new basis for its calculation, following a change of activity, merger, demerger, dissolution, partial transfer of assets or placing of the
business under lease management 
 7 – in the event of death of any policy holder and in all cases of termination of any death insurance policy whose
taking out or assignment was stipulated in the SPECIFIC TERMS of the Loan or in the event of non-payment of any insurance premium 
 8 – in the event
of a false declaration by the Borrower of if the Borrower’s declarations referred to in the “Declarations” article were no longer correct on any date during the life of the agreement 

  
 4/8 

 9 – in the event of non-fulfilment or violation of one of the clauses of this agreement. 

The sums lent will be payable in the event of a reduction of the capital not motivated by losses, distribution of existing reserves on the day of signing of
this agreement, withdrawal, during the period of the loan, from frozen current accounts of partners, except with the Lender’s prior consent, or in the event of non-implementation of the investment programme which justified the loan. 

Liability for the loan will be applicable to any jointly liable party. 

The sums lent will also become payable without the Lender having to carry out any out-of-court or judicial formalities, in the event of seizure of property
belonging to any jointly liable party, moving of business and in all cases provided for by the law. 
 The sums lent will also be declared to be payable in
cases of occurrence of an important event of a legal or financial nature which has major effects on the Borrower’s activity or profitability. 
 In the
cases of payability set out in this article, the Lender will be entitled to an indemnity whose amount will be determined according to the method of calculation described in the ACCELERATED MATURITY section. These indemnities will be increased by 40%
(forty per cent) in cases of diversion of the funds of the loan from the stipulated object and/or false declaration by the Borrower. 
 INSPECTION –
AUDIT – The Borrower acknowledges that the European Investment Fund (“the EIF”), the staff of the EIF, the European Investment Bank (“the EIB”), the European Court of Auditors (“the Court of Auditors”), the
European Commission, the staff of the European Commission (including the European Anti-Fraud Office) (OLAF)) and any other institutions or bodies of the European Union empowered to verify the use of the Guarantee within the framework of the InnovFin
SME Guarantee and any other body duly empowered by the law to conduct audits and inspection activities (collectively, the “Parties Concerned”) will have the right to conduct audits and inspections and to request information on this
agreement and its fulfilment. The Borrower undertakes to allow audits and inspection by the Parties Concerned relating to its commercial activities, its books and its registers. Given that these audits and inspection could be carried out on site,
the Borrower authorizes the Parties Concerned to access its buildings during normal working hours. 
 TRANSFER OF CLAIMS – The claims which
arise or which will arise under this agreement may be transferred without prior informing or consent of the Borrower: 
 - to the Banque de France, under
the TRICP procedure for mobilization of private receivables eligible for Eurosystem credit operations, in accordance with the provisions of article L 211-36-1 of the Monetary and Financial Code. 

- to a securitization authority, in accordance with the legal and regulatory provisions in force. The transfer of the securities guaranteeing each receivable,
including, if necessary, the benefit of the insurance, will be made automatically to said authority, in accordance with the provisions of article L 214-169 of the Monetary and Financial Code. In addition, responsibility for the recovery of the
receivables thus transferred may be transferred according to the provisions stipulated in article L 214-172 of the Monetary and Financial Code. 

AUTHORIZATION OF TRANSMISSION OF INFORMATION – The Borrower authorises the Lender to pass on to the other entities of the Bpifrance group and to
the State, to Local Authorities, to the EIF and the EIB, to the European Commission if necessary and in general to all financial backers intervening directly or indirectly in this financing, the identification data concerning it and all information
necessary for the follow-up, management and evaluation of the operation. As regards publications relating to loans of more than EUR 1,000,000 (one million Euros), made by the EIF, any refusal of publication shall be expressly notified in the offer
letter, by the Borrower. 
 PROTECTION OF PERSONAL DATA – The personal data collected for this act is essential for the processing and
management of the operation in question and in particular for its computer processing under the responsibility of Bpifrance Financement. 
 It may also, by
express agreement, be used or communicated for the same purposes to the other legal entities of the Group, its partners or third parties intervening for the performance of the services concerned. 

  
 5/8 

 In accordance with the provisions of law no. 78-17 of the
6th of January 1978 (the French Data Protection Act) and subsequent related laws, the persons whose personal data are collected have a right of access, correction, deletion and objection, for
legitimate reasons, to the information concerning them. They may also request, free of charge, that the data concerning them not be used for purposes of prospecting, particularly of a commercial nature. These rights may be exercised by sending a
letter to Bpifrance Financement, Direction des Systèmes d’Information, service SIAQ, at 27-31 Avenue du Général Leclerc – 94710 – Maisons-Alfort Cedex. 

COSTS – The costs of the loan and all subsequent or resulting costs, particularly payments owed for changes made to the agreement or resulting
from non-contractual services, shall be charged to the Borrower, who undertakes to pay them. 
 DECLARATION – On the date of signing of this
loan agreement, the Borrower makes the declarations stipulated in this article (Declarations) for the benefit of the Lender: 
 1 – The Borrower does
not conduct any research activities which are linked to activities which are illegal under French, European and international legislation, including the Charter of Fundamental Rights of the European Union and the European Convention on Human Rights
and its successive protocols. 
 2 – The Borrower does not conduct any research activities which are linked to one or more of the following fields of
research: 
 a. Research activity aimed at human cloning for reproductive purposes; 

b. Research activity aiming to permanently modify human genetic heritage, in order to make these changes hereditary (apart from research relating to treatment
of gonadal cancer); 
 c. Research activity aiming to create human embryos solely for purposes of stem cell procurement, including by somatic cell nuclear
transfer; 
 d. Research activity which is prohibited in all member States; and 

e. Research activity which is prohibited in a member State in which the Borrower or the Lender, depending on the case, is located or operates. 

3 – The Borrower is not insolvent or subject to insolvency proceedings and, in this context, has not signed any agreement with its creditors in the 5
(five) years preceding the date of signing of this loan agreement, has not ceased operations and is not in any similar situation resulting from a procedure of the same nature which exists in the country’s legislation and regulations. 

4 – The Borrower has not, in the 5 (five) years preceding the date of signing of this loan agreement, been convicted under a ruling by a court in a
member State of the European Union which is final and unappealable (i.e. a ruling against which no further appeal is possible) for any offence affecting its professional integrity and which would affect its ability to meet its obligations under the
loan agreement; this provision also concerns persons who have powers of representation, decision-making or control over the Borrower. 
 5 – The
Borrower has not, in the 5 (five) years preceding the date of signing of this loan agreement, been convicted under a final and unappealable ruling for fraud, corruption, participation in a criminal organisation, money laundering or any other illegal
activity detrimental to the financial interests of the European Union; this provision also concerns people who have persons who have powers of representation, decision-making or control over the Borrower. 

6 – The Borrower does not operate any site in a jurisdiction classified as “non-compliant” by the Organisation for European Cooperation and
Development (OECD) and its worldwide forum on transparency and exchange of information for tax purposes. 
 7 – The Borrower is not a publicly traded
company, it being understood that the Borrower may be listed in a “multilateral trading facility (MTF)” as defined in article 4, paragraph 1, point 15 of directive 2004/39/EC. 

8 – The Borrower is up to date in its payments to the tax and social security authorities. 

9 – No significant event of a legal, financial or commercial nature which has major effects on the activity, assets or profitability of the Borrower or
its subsidiaries which has not been brought to the Lender’s attention prior to the conclusion of this agreement is in progress or, to the Borrower’s knowledge, imminent or foreseeable. 

10 – No legal procedure, legal action, trial or administrative procedure is in progress, to the Borrower’s knowledge, which might have significant
unfavourable effects on its activity, its assets or its financial situation. 

  
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 The declarations listed above, with the exception of declarations 4-,5-, 6- and 7-, shall be deemed to be
reiterated on any date throughout the whole period of this loan agreement. 
 11 – The Borrower certifies that it is not, to its knowledge, excluded
from the European Investment Fund (the “EIF”) 
 If one of the declarations listed above is no longer correct on any date during the life of this
loan agreement, the Borrower undertakes to inform the Lender of this by post immediately. 
 RETENTION COMMITMENTS – As of the date of signing
of this loan agreement and until the 31st of December 20134, the Borrower makes the commitments listed below to the Lender: 

– The Borrower undertakes to draw up and update the following documents and make them available to the Parties Concerned at all times: 

 

	 	•	 	the necessary information to check the compliance of the use of the InnovFin guarantee with the obligations defined by this loan agreement; 

 

	 	•	 	the necessary information to check that the provisions of this loan agreement are implemented correctly; 

  

	 	•	 	the supporting document proving the financial benefit procured by the InnovFin SME Guarantee (indicated in the loan offer letter); and 

 

	 	•	 	any other information reasonably requested by a Party Concerned. 

  

	 	•	 	The Borrower undertakes to keep and to be capable of producing any document necessary for the implementation of this loan agreement, including those necessary for inspections by the Parties Concerned, for a period of 7
(seven) years and 6 (six) months after the date of termination of this loan agreement. 

 OTHER COMMITMENTS – From the date
of signing of this loan agreement and until all the sums (principal, interest, commission, costs and additional charges) owed by the Borrower to the Lender under this loan agreement have been fully paid and reimbursed, the Borrower makes the
commitments listed below to the Lender: 
 – The Borrower undertakes to comply in every respect with all the laws and regulations (whether they be
national laws and regulations or laws and regulations of the European Union) which are applicable to it whenever non-compliance with them is liable (i) to affect its capacity to fulfil its commitments under this loan agreement or (ii) to be
detrimental to the interests of the European Investment Fund, the European Commission or the European Investment Bank in respect of the InnovFin SME Guarantee. 

– The Borrower undertakes not to commit any violation of a provision of European Community law resulting from an act or omission on the part of the
Borrower which adversely affects or would adversely affect the general budget of the European Union or budgets managed by it, either through the reduction or elimination of income from its own resources received directly on behalf of the European or
through undue expenditure, or any fraud (including fraud affecting the financial interests of the European Union). 
 – The Borrower undertakes (i) to
comply at all times with the relevant standards and the legislation in force concerning prevention of money laundering, combating of terrorism and tax fraud, and (ii) not (other than as a result of events or circumstances beyond the Borrower’s
control) to conduct operations in a jurisdiction classified as “non-compliant” by the Organisation for European Cooperation and Development (OECD) and its worldwide forum on transparency and exchange of information for tax purposes. 

APPLICABLE LAW – The law applicable to this agreement is French law. 

ASSIGNMENT OF JURISDICTION – By common agreement of the Parties, the qualified Courts of the Paris Court of Appeal will hold sole jurisdiction for
any dispute relating to this agreement. 

  
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 NOTIFICATIONS – For the execution of this agreement, the notifications will be sent: 

– for the Lender Bpifrance Financement, to its head office at 27-31 Avenue du Général Leclerc, MAISONS-ALFORT CEDEX (94710) 

– for the Borrower (and the intervening parties) to their home address or head office. 

One copy drawn up for each party 
 Drawn up in Maisons-Alfort on
the 14th of September 2015 
  

			
	Bpifrance Financement	  	SA SEQUANS COMMUNICATIONS

  

	
	 /s/ Georges Karam

	Georges Karam
	Chairman and Managing Director

  

			
	[STAMP:]	  	SEQUANS Communications
		  	Les Portes de la Défense – Hall A
		  	15/55, boulevard Charles de Gaulle
		  	92700 COLOMBES – FRANCE
		  	Tel. + 33 1 70 72 16 00 – Fax 33 1 70 72 16 09
		  	Limited company with capital of €1,182,668.64
		  	Nanterre Trade Register no. 450 249 677 00037

  
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