Document:

Exhibit 4.5

       

      Form
of Rules and Regulations of the 2010 Sanofi-Aventis Stock Subscription Option
Plan

       

      

      March
2010

      

      

      [Form
of]

      

      STOCK
SUBSCRIPTION OPTION PLAN OF SANOFI-AVENTIS

      

      RULES
OF THE 9TH
PLAN

      

      

      

      

      **********

      

      

      
        	
              	
                1. 

              	
                PARTICIPANTS

              

      

      

      
        	
              	
                2. 

              	
                DURATION
      OF THE PLAN

              

      

      

      
        	
              	
                3. 

              	
                EXERCISE
      PRICE

              

      

      

      
        	
              	
                4. 

              	
                STOCK
      OPTION EXERCISE

              

      

      

      
        	
              	
                5. 

              	
                SALE
      OF SHARES

              

      

      

      
        	
              	
                6. 

              	
                SHARE
      RIGHTS

              

      

      

      
        	
              	
                7. 

              	
                OPTION
      PRICE ADJUSTMENT

              

      

      

      
        	
              	
                8. 

              	
                FOREIGN
      PARTICIPANTS

              

      

      

      
        	
              	
                9. 

              	
                CONSTRUCTION
      OF THE PLAN AND GOVERNING LAW

              

      

      

      

      

      

      

      

      
 

      
         

        

         

        
          	 	  

                  Free
      Translation of French Version

                  March
      2010

                  The
      French Version prevails

                   

                	 

        

         

        
 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      The Board
of Directors of sanofi-aventis was authorized by a General Meeting of its
Shareholders held on 17 April 2009, according to Articles L.225-177 to
L.225-185 of the French Commercial Code to establish stock option purchase or
subscription plans for sanofi-aventis and companies of the Group (the “Group Companies”). By Group we
mean all companies or groupings of economic interest defined by Article
L.225-180 of the aforementioned code and Group Company means a member of the
Group.

      

      Following
the proposal of its Compensation Committee, the Board of Directors has laid down
the following rules for the Stock Subscription Option Plan (the “Plan”) with effect from
1 March 2010.

      

      

      

      
        	
                1. 

              	
                PARTICIPANTS

              

      

      

      Upon the
proposal of the Compensation Committee, the grant of options to subscribe shares
of sanofi-aventis to a list of identified employees of the Group (the “Participants”) and the number
of options granted to each such Participant has been approved by the Board of
Directors.

      

      The
rights granted are not transferable unless the options are
exercised.

      

      

      

      
        	
                2. 

              	
                DURATION OF THE
      PLAN

              

      

      

      Sanofi-aventis’
Stock Option Plan has a duration of ten years as from the meeting of the Board
of Directors held on 1 March 2010. It will expire on 28 February
20201
(inclusive).

      

      

      

      
        	
                3. 

              	
                EXERCISE
      PRICE

              

      

      

      The stock
option exercise price was set by the Board of Directors on 1 March 2010 at
€54,12, subject to price adjustments in case of modifications of the share
capital (see below article 7).

      

      

      

      
        	
                4. 

              	
                STOCK OPTION
      EXERCISE

              

      

      

      The
exercise of the options, also called “exercise of the options to subscribe
shares” is not allowed during
the first four years following the Board of Directors’ approval on
1 March 2010, i.e. through 1 March 2014 (inclusive).

      

      The
options can be exercised, on one or more occasions as the Participants see fit,
at any time between 3 March 20142 and 28 February
2020 (inclusive). Thereafter, the options will lapse.

      

      As of the
date that the Plan is adopted, each option is entitled to the right to subscribe
one ordinary share of the Company.

      

      Unless
otherwise decided by the General Management of the Company in exceptional cases,
any Participant irrevocably loses his/her rights to exercise his/her options in
the following cases:

       

      
          
          
            

          

          
             
1 1 March 2020 being a
Sunday.

          

        

          
          
             
2
1 March 2014 being a
Saturday.

          

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

      

      
 

      
        
          	
                	
                  - 

                	
                  In
      the event of resignation. The lapse of the right being effective as of the
      date of effective termination of the Participant’s employment;
      and

                

        

      

      

      
        
          	
                	
                  - 

                	
                  In
      the event of dismissal for serious or gross misconduct. The lapse of the
      right being effective as of the day of notice of the
      dismissal.

                

        

      

      

      The
Company reserves the right to temporarily suspend the exercise of the options,
in particular in the event of financial transactions affecting the share capital
of sanofi-aventis.

      

      In the
event that, as a result of the exercise of the options and, as the case may be,
as provided by applicable law, sanofi-aventis or a Group Company would be in a
position to be required to pay taxes, social security contributions or any other
tax or governmental contribution on behalf of the Participant, sanofi-aventis
reserves the right to delay or prohibit the transfer of the shares until such
Participant has repaid to sanofi-aventis or to the relevant Group Company the
amount corresponding to such taxes, social security contributions or any other
tax or governmental contribution. Sanofi-aventis or the relevant Group Company
as the case may be, reserves the right (i) to deduct such taxes, social security
contributions or any other tax or governmental contribution from the
compensations due to the Participant concerned by sanofi-aventis or the relevant
Group Company, or (ii) to procure for the sale of a sufficient number of shares
to satisfy the Participant’s obligations, the proceeds of the sale being paid
directly to sanofi-aventis or to the relevant Group Company.

      

      Exceptions:

      

      
        	
                 
      

              	
                4.1

              	
                If
      a Participant retires or takes early
      retirement, at normal retirement age or earlier or later with the
      agreement of the Company, he/she keeps his/her option rights until their
      expiration, that is 28 February 2020
  (inclusive).

              

      

      

      
        	
                 
      

              	
                4.2

              	
                Notwithstanding
      the four-year period mentioned under Article 4, Paragraph 1, if an
      employee becomes disabled as defined under the second and third categories
      of article L.341-4 of the French Social Security Code, that is to say
      provided that he/she can no longer carry on any professional activity, the
      Participant may exercise his/her options. The Participant keeps his/her
      option rights until their expiration, that is 28 February 2020
      (inclusive).

              

      

      

      
        	
                 
      

              	
                4.3

              	
                Notwithstanding
      the four-year period mentioned under Article 4, Paragraph 1, if an
      employee dies, his/her heirs can exercise the options during the six month
      period following the date of death.

              

      

      

      

      
        	
                5. 

              	
                SALE OF
      SHARES

              

      

      

      The
sale of the shares through the exercise of the options is possible only from 3
March, 2014.

      

      However,
any Participant mentioned under article 4.2 or the heirs of a deceased
Participant mentioned under article 4.3 above are entitled to sell the
corresponding shares at any time before 3 March 2014.

      

      

      

      
        	
                6.

              	
                CHARACTERISTICS OF THE
      SHARES AND SHARE RIGHTS

              

      

      

      The
shares subscribed by the Participants shall have, as from their issuance, the
same rights as those attached to the existing sanofi-aventis shares. As a
consequence, they will be entitled to any distribution of dividends which would
be decided after their subscription by the Participants.

      

      As an
exception, the shares subscribed by the Participants between the 1st
January of a fiscal year and the annual general meeting of the shareholders
approving the annual accounts relating to the previous fiscal year will not be,
until such general meeting, entitled to dividends (except for the extraordinary
distributions of reserves) relating to previous fiscal years.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      As a
result, those shares shall have the same rights as those attached to the
existing sanofi-aventis shares only as from the payment of the dividends
relating to said previous fiscal year or, if no dividends were distributed, as
from the date of said annual general meeting.

      

      

      

      
        	
                7.

              	
                OPTION PRICE
      ADJUSTMENT

              

      

      

      In the
event of a redemption or reduction of share capital, a change in the allocation
of profits, a consideration-free issue of shares, an increase in share capital
by incorporation of reserves, profits or share premium, a distribution of
reserves, or any issue of equity instruments that includes subscription rights
reserved for the shareholders, the exercise price and the number of shares to
which an option gives right will be adjusted in order to take into account such
issuance or other capital transaction.

      

      If such a
situation is covered by existing law or regulation, such law or regulation shall
be applied.

      

      If such a
situation is not covered by existing law or regulation, the General Meeting of
Shareholders or the Board of Directors when deciding to conduct such securities
issuance or other capital transaction may adopt any adjustment measures
necessary to protect the rights of the holders of the stock-options, using by
analogy the rules and regulations which would govern similar cases.

      

      Each
Participant will be informed of the practical modalities of such an adjustment
and of its consequences on his/her award of stock-options.

      

      

      

      
        	
                8.

              	
                FOREIGN
      PARTICIPANTS

              

      

      

      Any
specific rules will be notified to foreign Participants on a case by case basis.
In some foreign countries, local regulations (particularly those relating to tax
and social security) require adjustments to the general terms described in the
Plan.

      

      The
Participant employees of American companies of the Group will have the
possibility of converting their ordinary shares into American Depositary
Receipts (“ADRs”) on exercise of their options.

      

      

      

      
        	
                9.

              	
                CONSTRUCTION OF THE
      PLAN AND GOVERNING LAW

              

      

      

      It will
be the responsibility of the Board of Directors to construe the provisions of
the Plan, if required.

       

      Any
version of the Plan which may be drafted in a language other than the French
language shall be for information purposes only to the attention of non French
speaking Participants. The French version of the Plan shall
prevail.

       

      These
rules are governed and shall be construed in accordance with French law except
for article 4 and any claim relating thereto will be subject to the jurisdiction
of the courts within the jurisdiction of the Paris Court of Appeal.

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      PROVISIONS
SPECIFIC TO CERTAIN COUNTRIES

       

      

      US

       

      For
beneficiaries that are U.S. residents or U.S. citizens, this Plan shall be
construed in a manner consistent with, and in a manner designed to avoid adverse
tax consequences under Section 409 A of the Internal Revenue Code.

       

      

      

      **********Exhibit 4.6

    
       

      Form
of Rules and Regulations of the 2010 Sanofi-Aventis Executive Committee Stock
Subscription Option Plan

       

      

      March
2010

      [Form
of]

      

      

      STOCK
SUBSCRIPTION OPTION PLAN OF SANOFI-AVENTIS

      

      RULES
OF THE 2010 EXECUTIVE COMMITTEE PLAN (“9.P”)

      

      

      **********

        

        

        
          	
                	
                  1. 

                	
                  PARTICIPANTS

                

        

        

        
          	
                	
                  2. 

                	
                  DURATION
      OF THE PLAN

                

        

        

        
          	
                	
                  3. 

                	
                  EXERCISE
      PRICE

                

        

        

        
          	
                	
                  4. 

                	
                  STOCK
      OPTION EXERCISE

                

        

        

        
          	
                	
                  5. 

                	
                  SALE
      OF SHARES

                

        

        

        
          	
                	
                  6. 

                	
                  SHARE
      RIGHTS

                

        

        

        
          	
                	
                  7. 

                	
                  OPTION
      PRICE ADJUSTMENT

                

        

        

        
          	
                	
                  8. 

                	
                  FOREIGN
      PARTICIPANTS

                

        

        

        
          	
                	
                  9. 

                	
                  CONSTRUCTION
      OF THE PLAN AND GOVERNING LAW

                

        

        

        

        

        

        

        

        
 

        
           

          

           

          
            	 	  

                    Free
      Translation of French Version

                    March
      2010

                    The
      French Version prevails

                     

                  	 

          

           

           

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

      

      

      The Board
of Directors of sanofi-aventis was authorized by a General Meeting of its
Shareholders held on 17 April 2009, according to Articles L.225-177 to
L.225-185 of the French Commercial Code to establish stock option purchase or
subscription plans for sanofi-aventis and companies of the Group (the “Group Companies”). By Group we
mean all companies or groupings of economic interest defined by Article
L.225-180 of the aforementioned code and Group Company means a member of the
Group.

      

      Following
the proposal of its Compensation Committee, the Board of Directors has laid down
the following rules for the Stock Subscription Option Plan (the “Plan”) with effect from
1 March 2010.

      

      

      
        
          	
                  1. 

                	
                  PARTICIPANTS

                

        

      

      

      Upon the
proposal of the Compensation Committee, the grant of options to subscribe shares
of sanofi-aventis to the members of the Executive Committee of sanofi-aventis
(except for the Chief Executive Officer) (the “Participants”) and the number
of options granted to each such Participant has been approved by the Board of
Directors.

      

      The
rights granted are not transferable unless the options are
exercised.

      

      

      
        	
                2. 

              	
                DURATION OF THE
      PLAN

              

      

      

      Sanofi-aventis’
Stock Option Plan has a duration of ten years as from the meeting of the Board
of Directors held on 1 March 2010. It will expire on 28 February
20203
(inclusive).

      

      

      
        	
                3. 

              	
                EXERCISE
      PRICE

              

      

      

      The stock
option exercise price was set by the Board of Directors on 1 March 2010 at
€54,12, subject to price adjustments in case of modifications of the share
capital (see below article 7).

      

      

      
        	
                4. 

              	
                STOCK OPTION
      EXERCISE

              

      

      

      The
exercise of the options, also called “exercise of the options to subscribe
shares” is not allowed during
the first four years following the Board of Directors’ approval on
1 March 2010, i.e. through 1 March 2014 (inclusive).

      

      The
options can be exercised, on one or more occasions as the Participants see fit,
at any time between 3 March 20144 and 28 February
2020 (inclusive). Thereafter, the options will lapse.

      

      As of the
date that the Plan is adopted, each option is entitled to the right to subscribe
one ordinary share of the Company.

      

      The
options to subscribe shares may be exercised provided that the conditions and
criteria of the award determined by the Board of Directors are fulfilled at the
end of the first four years following the Board of Directors held on 1 March
2010, i.e. through 3 March 2014 (inclusive).

       

      
        

      

      3 1 March 2020 being a
Sunday.

        
        
          4
1 March 2014 being a
Saturday.

        

         

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
              	
                4.1 

              	
                Presence
      condition

              

      

      

      Unless
otherwise decided by the General Management of the Company in exceptional cases,
any Participant irrevocably loses his/her rights to exercise his/her options in
the following cases:

      

      -   In the
event of resignation. The lapse of the right being effective as of the date of
effective termination of the Participant’s employment; and

      

      -   In the
event of dismissal for serious or gross misconduct. The lapse of the right being
effective as of the day of notice of the dismissal.

      

      The
Company reserves the right to temporarily suspend the exercise of the options,
in particular in the event of financial transactions affecting the share capital
of sanofi-aventis.

      

      In the
event that, as a result of the grant or exercise of the options or the delivery
or sale of the resulting shares and, as the case may be, as provided by
applicable law, sanofi-aventis or a Group Company would be in a position to be
required to pay taxes, social security contributions or any other tax or
governmental contribution on behalf of the Participant, sanofi-aventis reserves
the right to delay or prohibit the grant, exercise and/or sale or transfer of
the shares until such Participant has repaid to sanofi-aventis or to the
relevant Group Company the amount corresponding to such taxes, social security
contributions or any other tax or governmental contribution. Sanofi-aventis or
the relevant Group Company as the case may be, reserves the right (i) to deduct
such taxes, social security contributions or any other tax or governmental
contribution from the compensations due to the Participant concerned by
sanofi-aventis or the relevant Group Company, or (ii) to procure for the sale of
a sufficient number of shares to satisfy the Participant’s obligations, the
proceeds of the sale being paid directly to sanofi-aventis or to the relevant
Group Company.

      

      
        
          	
                	
                  4.2 

                	
                  Performance
      condition

                

        

      

      

      The
exercise of 50% of the options is contingent upon the fulfilment of a
performance condition consisting in the cumulative achievement for each
financial years 2010, 2011, 2012 and 2013 of the following performance
criteria:

       

      The ratio of business net income to
net sales must be at least 18%.

       

      If the
performance criteria is not achieved for at least one of the financial years,
the performance condition will be deemed to have been missed and 50% of the
options granted will immediately expire, subject to exceptions (disability and
death, described under 4.3.2 and 4.3.3 below).

       

      The Board
meeting held to adopt the annual financial statements for 2013 will record
whether or not the performance condition has finally been
fulfilled.

       

      The Board
of Directors reserves the right to adjust this performance condition in the
event of a change in the scope of consolidation of the Company, a change in
accounting method, or any other circumstance justifying such an adjustment in
the opinion of the Board of Directors, in order to neutralise to the extent
possible the consequences such changes might have on the objectives of the
grant.

       

      

      

      
        
          	
                	
                  4.3 

                	
                  Exceptions

                

        

      

      

      
        
          	
                	
                  4.3.1 

                	
                  If
      a Participant retires or takes early
      retirement, at normal retirement age or earlier or later with the
      agreement of the Company, he/she keeps his/her option rights until their
      expiration, that is 28 February 2020 (inclusive) but shall be bound
      by the other conditions and criteria of the
  Plan.

                

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        
          	
                	
                  4.3.2 

                	
                  Notwithstanding
      the four-year period mentioned under Article 4, Paragraph 1, if a
      Participant becomes disabled as defined under the second and third
      categories of article L.341-4 of the French Social Security Code, that is
      to say provided that he/she can no longer carry on any professional
      activity, the Participant may exercise his/her options. The Participant
      keeps his/her option rights until their expiration, that is
      28 February 2020 (inclusive). He/she shall not be bound by the
      fulfillment of the performance
condition.

                

        

      

      

      
        
          	
                	
                  4.3.3 

                	
                  Notwithstanding
      the four-year period mentioned under Article 4, Paragraph 1, if an
      employee dies, his/her heirs can exercise the options during the six month
      period following the date of death without being bound by the fulfillment
      of the performance condition.

                

        

      

      

      
        	
                5. 

              	
                SALE OF
      SHARES

              

      

      

      The
sale of the shares through the exercise of the options is possible only from 3
March, 2014.

      

      However,
any Participant mentioned under article 4.3.2 or the heirs of a deceased
Participant mentioned under article 4.3.3 above are entitled to sell the
corresponding shares at any time before 3 March 2014.

      

      

      
        	
                6. 

              	
                CHARACTERISTICS OF THE
      SHARES AND SHARE RIGHTS

              

      

      

      The
shares subscribed by the Participants shall have, as from their issuance, the
same rights as those attached to the existing sanofi-aventis shares. As a
consequence, they will be entitled to any distribution of dividends which would
be decided after their subscription by the Participants.

      

      As an
exception, the shares subscribed by the Participants between the 1st January of
a fiscal year and the annual general meeting of the shareholders approving the
annual accounts relating to the previous fiscal year will not be, until such
general meeting, entitled to dividends (except for the extraordinary
distributions of reserves) relating to previous fiscal years.

      

      As a
result, those shares shall have the same rights as those attached to the
existing sanofi-aventis shares only as from the payment of the dividends
relating to said previous fiscal year or, if no dividends were distributed, as
from the date of said annual general meeting.

      

      

      
        	
                7. 

              	
                OPTION PRICE
      ADJUSTMENT

              

      

      

      In the
event of a redemption or reduction of share capital, a change in the allocation
of profits, a consideration-free issue of shares, an increase in share capital
by incorporation of reserves, profits or share premium, a distribution of
reserves, or any issue of equity instruments that includes subscription rights
reserved for the shareholders, the exercise price and the number of shares to
which an option gives right will be adjusted in order to take into account such
issuance or other capital transaction.

      

      If such a
situation is covered by existing law or regulation, such law or regulation shall
be applied.

      

      If such a
situation is not covered by existing law or regulation, the General Meeting of
Shareholders or the Board of Directors when deciding to conduct such securities
issuance or other capital transaction may adopt any adjustment measures
necessary to protect the rights of the holders of the stock-options, using by
analogy the rules and regulations which would govern similar cases.

      

      Each
Participant will be informed of the practical modalities of such an adjustment
and of its consequences on his/her award of stock-options.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                8. 

              	
                FOREIGN
      PARTICIPANTS

              

      

      

      Any
specific rules will be notified to foreign Participants on a case by case basis.
In some foreign countries, local regulations (particularly those relating to tax
and social security) require adjustments to the general terms described in the
Plan.

       

      

      The
Participant employees of American companies of the Group will have the
possibility of converting their ordinary shares into American Depositary
Receipts (“ADRs”) on exercise of their options.

      

      

      
        	
                9. 

              	
                CONSTRUCTION OF THE
      PLAN AND GOVERNING LAW

              

      

      

      It will
be the responsibility of the Board of Directors to construe the provisions of
the Plan, if required.

       

      Any
version of the Plan which may be drafted in a language other than the French
language shall be for information purposes only to the attention of non French
speaking Participants. The French version of the Plan shall
prevail.

       

      These
rules are governed and shall be construed in accordance with French law except
for Article 4 and any claim relating thereto will be subject to the jurisdiction
of the courts within the jurisdiction of the Paris Court of Appeal.

       

      
         

        
          
             

          

        

      

      

       

      PROVISIONS
SPECIFIC TO CERTAIN COUNTRIES

       

      

      US

       

      

       

      For
beneficiaries that are U.S. residents or U.S. citizens, this Plan shall be
construed in a manner consistent with, and in a manner designed to avoid adverse
tax consequences under Section 409 A of the Internal Revenue Code.

       

      

      

      

      **********

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