Document:

Exhibit 10.4

 

MODALITÉS DES OBLIGATIONS

 

TERMS AND CONDITIONS OF THE NOTES

 

ISIN: FR0013285459 – Common code: 169328331

 

The terms and conditions of the Notes will be
as follows:

 

The issue of €33,000,000
4.50 per cent. Notes due 17 October 2024 (the Notes) of Valtech (the Issuer) has been decided by the Board of Directors
of the Issuer dated 27 september 2017.

 

Valtech, is a société
européenne (societas europeas), incorporated and existing under the laws of the United Kingdom, having its registered
office at 46 Colebrooke Row, London, N1, United Kingdom and registered with the Companies House in the United Kingdom under number
SE000106.

 

The Issuer entered into a fiscal
agency agreement (contrat de service financier) (the Fiscal Agency Agreement) dated 12 October 2017 with Société
Générale as fiscal agent, principal paying agent, calculation agent and put agent. The fiscal agent, paying agent,
calculation agent and put agent for the time being are referred to in these Conditions as the Fiscal Agent, the Paying
Agent, the Calculation Agent and Put Agent, each of which expression shall include the successors from time to
time of the relevant persons, in such capacities, under the Fiscal Agency Agreement, and are collectively referred to as the Agents.

 

The provisions of Article 1195 of the French Code
civil will not apply to these Terms and Conditions.

 

References to Conditions are, unless the context
otherwise requires, to the numbered paragraphs below.

 

In these Conditions, references to “day”
or “days” are to calendar days unless the context otherwise specifies.

 

	1.	Form, Denomination and Title 

 

The Notes were issued on 17
October 2017 (the Issue Date) in dematerialised bearer form in the denomination of €100,000. Title to the Notes will
be evidenced in accordance with Articles L.211-3 and R. 211-1 of the French Code monétaire et financier by book-entries
(inscription en compte). No physical document of title (including certificats représentatifs pursuant to Article
R.211-7 of the French Code monétaire et financier) will be issued in respect of the Notes.

 

The Notes will, upon issue,
be inscribed in the books of Euroclear France, which shall credit the accounts of the Account Holders. For the purpose of these
Conditions, Account Holders shall mean any intermediary institution entitled to hold accounts, directly or indirectly, with
Euroclear France, and includes Euroclear Bank S.A./N.V. (Euroclear) and the depositary bank for Clearstream Banking, S.A.
(Clearstream).

 

Title to the Notes shall be
evidenced by entries in the books of Account Holders and will pass upon, and transfer of Notes may only be effected through, registration
of the transfer in such books.

 

	2.	Status and Negative Pledge 

 

	(a)	Status of the Notes 

 

The obligations of the Issuer
under the Notes in respect of the principal, interest and other amounts constitute direct, general, unconditional, unsecured (subject
to Condition 2(b) “Negative Pledge”) and unsubordinated payment obligations of the Issuer, and rank and will rank pari
passu and without any preference among themselves and at least equally and rateably with all present or future unsecured and
unsubordinated payment obligations (subject to such exceptions as are from time to time mandatory under the laws of the jurisdiction
of incorporation of the Issuer), of the Issuer.

 

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	(b)	Negative Pledge 

 

So long as any of the Notes
remain outstanding, the Issuer undertakes that it will not, and will procure that none of its Principal Subsidiaries (as defined
below) will, create any Security Interest other than the Permitted Security Interest upon the whole or any part of the Issuer or
its Principal Subsidiaries’ business (fonds de commerce), assets, revenues or rights, present or future, to secure
any Financial Indebtedness incurred or guaranteed by the Issuer or any of its Principal Subsidiaries, unless at the same time or
prior thereto, the Issuer’s obligations under the Notes are equally and rateably secured therewith.

 

For the purposes of these Conditions:

 

Financial Indebtedness means
any indebtedness for or in respect of:

 

		(a)	moneys borrowed and debit balances at banks or other financial institutions;

 

		(b)	any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar
instrument or of bills of exchange, promissory notes, bons de caisse or any similar instrument;

 

		(c)	any amount raised by acceptance under any acceptance credit or bill discounting facility, receivables
sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis and meet any requirements for
de-recognition under the accounting principles applicable to the consolidated financial statements of the Issuer);

 

		(d)	the amount of any liability in respect of any lease (including any crédit-bail or
lease-back) or hire purchase contract which would in accordance with the accounting principles applicable to the Issuer as at the
Issue Date, be treated as a finance lease;

 

		(e)	any amount raised under any other transaction (including any forward sale or purchase agreement)
having the commercial effect of a borrowing, in accordance with the accounting principles applicable to the Issuer including earn-out
 “in the money” as reflected by the amount recorded in the Issuer’s financial statements and vendor loan (but
excluding any earn-out “in the money” and vendor loan for which payment in share at the option of the Issuer is permitted);

 

		(f)	any derivative transaction entered into in connection with protection against or benefit from fluctuation
in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value shall be taken
into account);

 

		(g)	any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary
letter of credit or any other instrument issued by a bank or financial institution; and

 

		(h)	the amount of any personal liability for any of the items referred to in paragraphs (a) to (g)
above.

 

Group means the Issuer, its Subsidiaries
and affiliates taken as a whole.

 

Permitted Security Interest
means in respect of the Issuer and any of its Principal Subsidiaries:

 

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		(i)	any Security Interest arising by operation of law and in the ordinary course of business;

 

		(j)	any retention of title rights, in the ordinary course of its business;

 

		(k)	any Security Interest in relation to a client receivables securitization or factoring program entered
into in the ordinary course of its business;

 

		(l)	any Security Interest arising under Financial Indebtedness of a subsidiary of the Issuer contracted
with the Issuer and which is treated as intra-group funding in the Group’s consolidated accounts;

 

		(m)	any Security Interest existing on the Issue Date, or resulting from an agreement which includes
the granting of any Security Interest and which has been signed on or before the Issue Date by the Issuer or any of its Principal
Subsidiaries;

 

		(n)	any payment netting or set-off arrangement entered into with banks or financial institutions in
the ordinary course of its business;

 

		(o)	any Security Interest arising under a financial lease, to the extent such financial lease is deemed
to create a Security Interest under the applicable law;

 

		(p)	any Security Interest created to secure liabilities under letters of credit entered into by any
member of the Group in the ordinary course of its business;

 

		(q)	any Security Interest over or affecting any asset acquired by the Issuer or any of its Principal
Subsidiaries after the Issue Date, if the Security Interest is (a) created in order to secure the financing of the acquisition
of such asset and (b) exclusively given on all or part of such asset, provided that where the Financial Indebtedness is for an
amount exceeding in aggregate EUR 20 million and is contracted with a third party other than the vendors, such asset may only be
acquired if said Financial Indebtedness has a maturity exceeding the maturity of the Notes;

 

		(r)	any Security Interest over or affecting any asset of any company which becomes a Principal Subsidiary
after the Issue Date where the Security Interest is created prior to the date on which that company becomes a Principal Subsidiary;
and

 

		(s)	the renewal or replacement of any Permitted Security Interest by another Permitted Security Interest
listed in paragraphs (i) to (r) above.

 

Principal Subsidiaries means at any time:

 

		(t)	VALTECH A/S (Danemark), VALTECH GmbH (Allemagne), VALTECH SOLUTIONS Inc. (USA), VALTECH LIMITED
(UK), VALTECH AB (Sweden) and VALTECH B.V. (Netherlands), as long as they remain a Subsidiary of the Issuer;

 

		(u)	any Subsidiary of the Issuer whose total assets or gross revenues (or, where such Subsidiary prepares
consolidated accounts, whose total consolidated assets or gross consolidated revenues, as the case may be) represent more than
5 per cent. of the total consolidated assets or total gross consolidated revenues of the Issuer, as calculated from the then latest
audited financial statements (or audited consolidated financial statements as the case maybe) of such Subsidiary and the then latest
audited annual consolidated financial statements; and

 

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		(v)	any Subsidiary to which is transferred all or substantially all the assets and undertakings of
a Subsidiary which immediately prior to such transfer was a Principal Subsidiary as of the day of such transfer.

 

Security Interest means
any mortgage, lien, charge, pledge, retention of title provision or other form of security interest (sûreté réelle)
and any mandate to create such security interests, including, without limitation, anything analogous to any of the foregoing under
the laws of any jurisdiction.

 

Subsidiary means any
other person or entity controlled directly or indirectly by the Issuer within the meaning of Article L.233-3 of the French Code
de commerce.

 

		3.	Covenants

 

	3.1	Financial Covenants 

 

So long as any of the Notes
is outstanding, the Issuer shall ensure that as at the last day of each Relevant Period:

 

		(a)	from and including 30 June 2017 to but excluding 31 December 2019, the Leverage Ratio shall be
lower than or equal to 2.25;

 

		(b)	from and including 31 December 2019, the Leverage Ratio shall be lower than or equal to 2.00; and

 

		(c)	from and including 30 June 2017, the Gearing Ratio shall be lower than 1.2.

 

(together, the Financial Covenants).

 

The Issuer shall deliver to
the Fiscal Agent and for the benefit of the Noteholders an initial certificate before 30 October 2017 in relation to the Financial
Covenants as at 30 June 2017.

 

The Issuer shall deliver to
the Fiscal Agent and for the benefit of the Noteholders, within 180 days from the end of the first Relevant Period ending after
the signing date and within 120 days from the end of each subsequent Relevant Period, a certificate, signed by a duly authorized
representative of the Issuer and (except in the case of pro forma adjustments as provided below), for the Relevant Period ending
on 30 June or 31 December, by the statutory auditors of the Issuer, stating that the Issuer complies (or not) with the Financial
Covenants in respect of such Relevant Period, and detailing the calculation of each of the Financial Covenants (each, a Certificate).

 

The Financial Covenants will
be calculated pursuant to the accounting standards applicable as at the Issue Date and by reference to the latest annual audited
consolidated financial statements or interim consolidated financial statements of the Issuer, as the case may be, on a twelve months
rolling period basis. However, it is specified that following an acquisition or a transfer of assets, the Financial Covenants will
be calculated on a pro forma basis. Such pro forma will be based on the ebitda of the last 12 months of the acquired company excluding
any synergies but including adjustments of the non-recurring or exceptional elements in accordance with accounting principles and
policies of the Issuer.

 

For the purposes of these Conditions:

 

Cash means, in respect
of any Relevant Period, the sum of cash (trésorerie) and cash equivalents (équivalents de trésorerie).

 

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Consolidated Ebitda means
the sum of the Issuer’s consolidated (a) recurring operating income (résultat opérationnel courant),
(b) amortization (amortissement), (c) depreciation (dépréciations) and (d) equity-based compensation
of employees (rémunérations payées en titres de capital) and (e) minus cash compensation to employees
linked to results (intéressement et participation).

 

Consolidated Gross Financial Debt means,
in respect of any Relevant Period, the sum of:

 

		(d)	the current and non-current financial liabilities (passifs financiers courants et non courants)
excluding advances from shareholders’ current accounts (avances en compte courant d’associés) with an
interest payable to the shareholders’ equal or below 4.25% per annum which will be converted into capital (i) within
four (4) months following the relevant advance from shareholders’ current accounts if the Issuer is a private company or
(ii) within six (6) months following the relevant advance from shareholders’ current accounts if the Issuer’s shares
are listed on a stock exchange and a visa from a regulatory authority is required;

 

		(e)	any recourse factoring programs; and

 

		(f)	any other indebtedness which constitutes Financial Indebtedness.

 

Consolidated Net Indebtedness means, in respect
of any Relevant Period, the Consolidated Gross Financial Debt minus Cash.

 

Equity means, in respect of any Relevant
Period, the sum of the Group share capital (capitaux propres part du Groupe) and the minority interests (intérêts
des minoritaires).

 

Gearing Ratio means the ratio of Consolidated
Net Indebtedness to Equity.

 

Leverage Ratio means the ratio of Consolidated
Net Indebtedness to Consolidated EBITDA.

 

Relevant Period means each period of twelve
months ending on 30 June or on 31 December in any year.

 

	3.2	Limitation on the short term debt of the Group 

 

So long as any of the Notes
is outstanding, the Issuer shall ensure that the Short Term Debt of the Group shall not represent more than 10% of the annual consolidated
Turnover of the Group (such Turnover will be calculated on a pro forma basis following an acquisition or a transfer of assets).

 

Short Term Debt means
any overdraft facilities or recourse factoring (to the exclusion for the avoidance of doubt of non-recourse factoring).

 

Turnover means the turnover
of the relevant company(ies) calculated on an annual basis and which shall be calculated on a pro forma basis following an acquisition
or a transfer of assets.

 

	3.3	Permitted Acquisitions Covenant 

 

The Issuer acknowledges and
agrees that any new acquisitions shall fall within the scope of Permitted Acquisitions.

 

Permitted Acquisitions means
any company and/or business purchased by the Issuer:

 

		(a)	which:

 

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		(i)	individually, for the period between the Issue Date and the date on which the Issuer publishes
its 2017 annual financial statements, has an annual consolidated or non consolidated Turnover below EUR 37 million and, thereafter,
has an annual consolidated or non consolidated Turnover below 15% of the Issuer’s consolidated Turnover; and

 

		(ii)	is active in the same activity as the Issuer as of the Issue Date or any activity related (activité
connexe) to the Issuer’s activity as of the Issue Date; and

 

		(iii)	whose activity are mainly exercised in a jurisdiction other than a Sanctioned Jurisdiction; or

 

		(b)	which is acquired through a Permitted SPV.

 

Permitted SPV means
a limited liability company (being a company the shareholders’ of which have a liability limited to the capital originally
invested i.e. the nominal value of the shares and any premium paid in return for the issue of the shares) which acquires or owns
companies, businesses and/or assets.

 

Sanctioned Jurisdiction
means a Jurisdiction or territory which or the government of which is subject to Sanctions prohibiting generally business and
contractual relationships with such government, jurisdiction or territory.

 

Sanctions means any
sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (OFAC) or the U.S. Department
of State or any similar sanctions imposed by the United Nations, the European Union and/or any member State of the European Union
(including the French Republic and HM Treasury.

 

	3.4	Limitation on Dividends Distribution and Shares Buy-Back 

 

So long as any of the Notes
is outstanding, the Issuer:

 

		(a)	shall not distribute nor pay, in any form whatsoever, any dividend, interim dividend, dividend
advance or reserves except if the Leverage Ratio remains below 2 after such distribution or payment; and

 

		(b)	shall not buy back its shares to withdraw such shares from listing on a stock exchange and
                                                                otherwise except (i) if the Leverage Ratio remains below 1 after such buyback or (ii) in accordance with any share buy back
                                                                program drawn in compliance with applicable laws and/or the regulations of the relevant regulatory authority or (iii) to
                                                                buy back its shares from its managers having exercised their warrants/stock options etc. The authorization set forth in (iii)
                                                                is limited to 2M€ (two millions euros) per year for 2017 and 2018; afterwards, the authorized amount can be increased by
                                                                the Issuer up to 20% of the net cash flow from operational activities after interest and taxes, calculated on the basis of
                                                                the last audited yearly accounts. 

 

Any such distribution, payment
or buy back is subject to the Issuer delivering to the Noteholders a Certificate (as defined in 3.1 “Financial Covenants”
above) confirming the compliance by the Issuer with the minimum Leverage Ratio specified above (in respect of the last Relevant
Period), so long as the Issuer is required to comply with the Financial Covenants.

 

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	3.5	Information Undertakings 

 

So long as any of the Notes
is outstanding, the Issuer shall deliver to the Fiscal Agent and make available to the Noteholders:

 

		(a)	within 180 days after the end of its first financial year after the Issue Date and within 120 days
after the end of each of its subsequent financial years:

 

		(i)	certified true copies of the audited annual consolidated financial statements of the Issuer for
such financial year, and

 

		(ii)	certified true copies of the Issuer’s audited non-consolidated annual financial statements
for such financial year, and

 

		(iii)	the audit reports with respect thereto, and

 

		(iv)	the list of the Principal Subsidiaries; and

 

		(b)	within 120 days after the end of each semi-annual financial years, certified true copies of the
semi-annual unaudited consolidated and non-consolidated financial statements of the Issuer for such relevant six month period.

 

As long as the Issuer’s
shares are listed on a stock exchange and a registration document (document de référence) and/or financial
annual report are published, the financial information in relation to the Issuer listed in (a)(i) to (iii) above shall be deemed
to have been delivered to the Fiscal Agent.

 

	4.	Interest 

 

The Notes bear interest at
the rate of 4.50 per cent. per annum, from and including the Issue Date payable annually in arrear on 17 October in each
year (each an Interest Payment Date), commencing on 17 October 2018.

 

The period commencing on,
and including, the Issue Date and ending on, but excluding, the first Interest Payment Date and each successive period commencing
on, and including, an Interest Payment Date and ending on, but excluding, the next succeeding Interest Payment Date is called
an Interest Period.

 

Notes will cease to bear interest
from the date provided for their redemption, unless the Issuer defaults in making due provision for their redemption on said date.
In such event, the Notes will continue to bear interest in accordance with this Condition (as well after as before judgment) on
the principal amount of such Notes until whichever is the earlier of (i) the day on which all sums due in respect of such Notes
up to that day are received by or on behalf of the relevant holder and (ii) the day after the Fiscal Agent has notified the holders
of the Notes (the Noteholders) in accordance with Condition 10 of receipt of all sums due in respect of all the Notes up
to that day.

 

Interest will be calculated
on an Actual/Actual (ICMA) basis. Where interest is to be calculated in respect of a period of less than one year, it shall be
calculated on the basis of the number of days elapsed in the relevant period, from and including the date from which interest begins
to accrue to but excluding the date on which it falls due, divided by the number of days in such period in which the relevant period
falls (including the first but excluding the last day of such period). Where interest is to be calculated in respect of a period
which is more than one year, such interest shall be the aggregate of the interest payable in respect of a full year plus the interest
payable in respect of the remaining period calculated in the manner as aforesaid.

 

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	5.	Redemption and Purchase 

 

The Notes may not be redeemed
otherwise than in accordance with this Condition 5 and Condition 8.

 

		(a)	Final Redemption 

 

Unless previously redeemed
or purchased and cancelled as provided below, the Notes will be redeemed by the Issuer in full at their principal amount on 17
October 2024 (the Maturity Date).

 

		(b)	Redemption for Taxation Reasons 

 

		(i)	If, by reason of a change in laws or regulations of the Relevant Jurisdiction, or any change in
the official application or interpretation of such law, becoming effective after the Issue Date, the Issuer would on the occasion
of the next payment due in respect of the Notes, not be able to make such payment without having to pay Additional Amounts as specified
in Condition 7 below, and provided that such obligation cannot be avoided by the Issuer taking reasonable measures available to
it, the Issuer may on any Interest Payment Date, subject to having given not more than sixty (60) nor less than thirty (30) days’
prior notice to the Noteholders (which notice shall be irrevocable), in accordance with Condition 10, redeem all, but not some
only, of the outstanding Notes at their principal amount plus any interest accrued to the date fixed for redemption provided that
the due date for redemption of which notice hereunder may be given shall be no earlier than the latest practicable Interest Payment
Date on which the Issuer could make payment of principal and interest without withholding or deduction for the Relevant Jurisdiction’s
taxes.

 

Relevant Jurisdiction means
the jurisdiction in which the Issuer is incorporated being the United Kingdom or any political subdivision or any authority thereof
or therein having power to tax.

 

		(ii)	If the Issuer would on the occasion of the next payment in respect of the Notes be prevented by
laws or regulations of the Relevant Jurisdiction from making payment to the Noteholders of the full amount then due and payable,
notwithstanding the undertaking to pay Additional Amounts contained in Condition 7 below, and provided that this cannot be avoided
by the Issuer taking reasonable measures available to it, then the Issuer shall forthwith give notice of such fact to the Fiscal
Agent and the Issuer shall upon giving not less than seven (7) days’ prior notice to the Noteholders in accordance with Condition
10 redeem all affected Notes at their principal amount plus any accrued interest on the latest practicable date on which the Issuer
could make payment of the full amount payable in respect of said Notes without withholding for the Relevant Jurisdiction’s
taxes, or, if such date is past, as soon as practicable thereafter.

 

		(c)	Redemption at the option of Noteholders following a Change of Control 

 

If at any time while any Note
remains outstanding there occurs a Change of Control, each Noteholder will have the option (the Put Option) to require the
Issuer to redeem of all or part of the Notes held by such Noteholder on the Optional Redemption Date (as defined below) at its
Change of Control Redemption Amount.

 

Promptly upon becoming aware
that a Change of Control has occurred, the Issuer shall give notice (a Change of Control Notice) to the Noteholders in accordance
with Condition 10, specifying the nature of the put event and the procedure for exercising the Put Option.

 

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To exercise the Put Option,
a Noteholder must give notice to the relevant Account Holder, with a copy to the Put Agent, duly completed and signed on its behalf
(the Put Notice), on any business day in Paris falling within the period of forty-five (45) days after a Change of Control
Notice is given (the Put Period). The Put Notice shall include instructions for the transfer of such Noteholders’
Notes to the specified account of the Put Agent for the redemption or purchase of such Notes.

 

The form of the Put Notice
shall be available from the Put Agent. A Put Notice once given shall be irrevocable without the consent of the Issuer.

 

Payment in respect of such
Notes will be made on the Optional Redemption Date by transfer to the bank account specified in the Put Notice.

 

For the avoidance of doubt,
the Issuer shall have no responsibility for any costs which the Noteholder may incur as a result of or in connection with such
Noteholder’s exercise or purported exercise of, or otherwise in connection with, any Put Option.

 

A Change of Control
shall be deemed to have occurred each time that at any time following the Issue Date:

 

		(i)	SiegCo acting alone or in concert ceases to hold Control of the Issuer; or

 

		(ii)	the Verlinvest Group acting alone or in concert (within the meaning of Article L.233-10 of the
French Code de commerce) ceases to hold Control of SiegCo; or

 

		(iii)	Sebastian Lombardo (Chief Executive Officer of the Issuer), Olivier Padiou (Chief Operations Officer
of the Issuer) and Tomas Nores (Chief Operations Officer of the Issuer), or any other manager of the Issuer reaching the same level
of responsibility, acting together, directly or indirectly cease to hold 2% of the Issuer at any time.

 

Change of Control Redemption
Amount means 101% principal amount of the Notes, together with accrued interest to but excluding the Optional Redemption Date.

 

Control has the meaning given in Article
L.233-3 of the French Code de commerce.

 

Optional Redemption Date
means the 5th business day in Paris following the expiration of the Put Period.

 

SiegCo means a société
anonyme organised under the laws of Belgium, having its registered office at 18 place Eugène Flagey, 1050 Ixelles, Belgium
and with enterprise number 0872.680.888.

 

Verlinvest Group means
a société anonyme organised under the laws of Belgium, having its registered office at 18 place Eugène
Flagey, 1050 Ixelles, Belgium and with enterprise number 0455.030.364.

 

	(d)	Redemption at the Option of Noteholders in case of Loss of FPE Status Put Event 

 

If a Loss of FPE Status Put
Event occurs and is continuing, an affected Noteholder shall have the right, upon giving not more than thirty (30) nor less than
fifteen (15) days’ notice to the Issuer, to require the redemption of the Notes held by such Noteholder at their principal
amount together with interest accrued to, but excluding, the date fixed for redemption (including, where applicable, any arrears
of interest).

 

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The Issuer shall then have
the ability to delay the redemption of the Notes to a date falling no later than four (4) months after the receipt by the Issuer
of the notice sent by the affected Noteholder.

 

A Loss of FPE Status Put
Event means that, whilst any of the Notes are outstanding, a Noteholder who, as at the Issue Date, qualified as a fonds
de prêts à l’économie (FPE) in accordance with the provisions of Article R.332-14-2 of the
French Code des Assurances is no longer permitted to treat the Notes held by it as eligible to its assets without losing
its FPE status, as a result of the United Kingdom (or England as the case may be) ceasing to be a member of the European Union.
The relevant Noteholder shall no later than the date the notice is served communicate to the Issuer a certificate from the Autorité
des Marchés Financiers or an opinion from an international law firm confirming the occurrence of the Loss of FPE Status
Put Event.

 

	(e)	Make Whole Redemption by the Issuer 

 

The Issuer will, subject to
compliance by the Issuer with all relevant laws, regulations and directives and having given not more than thirty (30) nor less
than fifteen (15) days’ notice in accordance with Condition 10 to the Noteholders and to the Fiscal Agent (which notice shall
be irrevocable and shall specify the date fixed for redemption), have the option to redeem all but not some only of the Notes,
at any time prior to their Maturity Date (the Make Whole Redemption Date) at their Make Whole Redemption Amount (as defined
below) together with any accrued and unpaid interest up to, but excluding, the Make Whole Redemption Date and any Additional Amounts.

 

The Make Whole Redemption
Amount will be calculated by the Calculation Agent and will be an amount in Euro rounded to the nearest cent (half a cent being
rounded upwards) being the greater of:

 

		(A)	100 per cent. of the principal amount of the Notes; and

 

		(B)	the sum of the then current values of the remaining scheduled payments of principal and interest
(not including any interest accrued on the Note to, but excluding, the Make Whole Redemption Date) discounted to the Make Whole
Redemption Date on an annual basis (based on the actual number of days elapsed divided by 365 or (in the case of a leap year) by
366) at the Reference Rate (as defined below) plus the Margin.

 

The determination of any rate
or amount, the obtaining of each quotation and the making of each determination or calculation by the Calculation Agent shall (in
the absence of manifest error) be final and binding upon all parties. The Calculation Agent shall act as an independent expert
and not as agent for the Issuer or the Noteholders.

 

In case of partial redemption
of the Notes, the redemption will be made by reducing the nominal amount of all the Notes in proportion to the aggregate nominal
amount redeemed.

 

Margin means 0.50 per cent. per annum.

 

Reference Rate means
the average of the four quotations given by the Reference Dealers of the mid-market annual yield to maturity of the Reference Governmental
Bond on the fourth (4th) business day in Paris preceding the Make Whole Redemption Date at 11.00 a.m. (Central European time (CET)).

 

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If the Reference Governmental
Bond is no longer outstanding, a Similar Security will be chosen by the Calculation Agent after prior consultation with the Issuer
if practicable under the circumstances, at 11.00 a.m. (CET) on the third (3rd) business day in London preceding the Make Whole
Redemption Date, quoted in writing by the Calculation Agent to the Issuer and notified to the Noteholders in accordance with Condition
10.

 

Reference Governmental Bond
means the German government bond bearing interest at a rate of 1.00 per cent. per annum and maturing on 15 August 2024
with ISIN DE0001102366.

 

Reference Dealers means
each of the four banks selected by the Calculation Agent which are primary European government security dealers, and their respective
successors, or market makers in pricing corporate bond issues.

 

Similar Security means
a reference bond or reference bonds issued by the German Government having an actual or interpolated maturity comparable with the
remaining term of the Notes that would be utilised, at the time of selection and in accordance with customary financial practice,
in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes.

 

		(f)	Purchases 

 

The Issuer may at any time
purchase Notes together with rights to interest relating thereto in the open market or otherwise at any price in accordance with
applicable laws and regulations. Notes so purchased by the Issuer may be held and resold in accordance with Article L.213-0-1 and
D.213-0-1 of the French Code monétaire et financier for the purpose of enhancing the liquidity of the Notes.

 

		(g)	Cancellation 

 

All Notes which are redeemed
pursuant to paragraphs 5(a), 5(b) or 5(c) or purchased for cancellation pursuant to paragraph 5(d) of this Condition will forthwith
be cancelled and accordingly may not be reissued or sold.

 

		6.	Payments

 

	(a)	Method of Payment 

 

Payments of principal and interest
in respect of the Notes will be made in Euro by credit or transfer to a Euro-denominated account (or any other account to which
Euro may be credited or transferred) specified by the payee in a city in which banks have access to the TARGET System.

 

TARGET System means
the Trans European Automated Real Time Gross Settlement Express Transfer (known as TARGET2) System or any successor thereto.

 

Such payments shall be made
for the benefit of the Noteholders to the Account Holders and all payments validly made to such Account Holders in favour of the
Noteholders will be an effective discharge of the Issuer and the Paying Agents, as the case may be, in respect of such payments.

 

Payments of principal and interest
on the Notes will, in all cases, be subject to any fiscal or other laws and regulations applicable thereto in the place of payment,
but without prejudice to the provisions of Condition 7.

 

    	 	11	 

     

    

 

	(b)	Payments on Business Days 

 

If any due date for payment
of principal or interest in respect of any Note is not a Business Day (as defined below), then the Noteholder thereof shall not
be entitled to payment of the amount due until the next following day which is a Business Day and the Noteholder shall not be entitled
to any interest or other sums in respect of such postponed payment.

 

In this Condition Business
Day means any day, not being a Saturday or a Sunday, on which the TARGET System is operating and on which Euroclear France
is open for general business.

 

No commission or expenses shall
be charged to the Noteholders in respect of such payments.

 

		(c)	Fiscal Agent, Paying Agent, Calculation Agent and Put Agent 

 

The name and specified office
of the initial Fiscal Agent, initial Paying Agent, initial Calculation Agent and initial Put Agent are set out below:

 

Société
Générale

32, rue du Champ de Tir

44312
Nantes cedex 3

France

 

The Issuer reserves the right
at any time to vary or terminate the appointment of the Fiscal Agent or Paying Agent or Calculation Agent or Put Agent and/or appoint
another Fiscal Agent or Paying Agent or Put Agent or Calculation Agent or additional Paying Agents or approve any change in the
office through which any such Agent acts, subject to having given not more than forty-five (45) nor less than thirty (30) days’
prior notice to the Noteholders in accordance with Condition 10, provided that there will at all times be a Fiscal Agent, a Paying
Agent, a Calculation Agent and a Put Agent having a specified office in a European city.

 

		7.	Taxation

 

	(a)	Withholding Tax 

 

All payments in respect of
the Notes shall be made free and clear of, and without withholding or deduction for or on account for, any present or future taxes,
duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf
of the Relevant Jurisdiction, unless such withholding or deduction is required by law.

 

	(b)	Additional Amounts 

 

If, pursuant to laws or regulations
of the Relevant Jurisdiction, payments of principal or interest in respect of any Note become subject to withholding or deduction
in respect of any present or future taxes, duties, assessments or other governmental charges of whatever nature imposed by or on
behalf of the Relevant Jurisdiction or any authority therein or thereof having power to tax, the Issuer shall, to the fullest extent
then permitted by law, pay such additional amounts (the Additional Amounts) as may be necessary in order that the holder
of each Note, after such withholding or deduction, will receive the full amount then due and payable thereon in the absence of
such withholding or deduction; provided, however, that the Issuer shall not be liable to pay any such Additional Amounts in respect
of any Note:

 

		(a)	where the relevant holder is liable for such taxes and duties in respect of such Notes by reason
of his having some connection to the Relevant Jurisdiction other than the mere holding of such Note;

 

    	 	12	 

     

    

 

		(b)	where the relevant holder would not be liable or subject to the withholding or deduction by making
a declaration of non-residence or other similar claim for exemption to the relevant tax authority of the Relevant Jurisdiction;
and

 

Any references in these Conditions to principal
and interest shall be deemed also to refer to any Additional Amounts which may be payable under the provisions of this Condition
7.

 

	8.	Events of Default 

 

Any Noteholder may, upon written
notice to the Issuer, with a copy to the Fiscal Agent, cause all the Notes held by such holder to become immediately due and payable
at their principal amount, together with interest accrued since the last Interest Payment Date (or, if applicable, since the Issue
Date) preceding the early redemption date and until the date of effective redemption, if any of the following events (each an Event
of Default) occurs:

 

		(a)	any amount of principal or interest in respect of any Note is not paid on the due date thereof
and such default is not remedied within a period of five (5) days from such due date; or

 

		(b)	default by the Issuer in the due performance of, or compliance with, any provision of the Conditions
other than as referred in (a) above (including, for the avoidance of doubt and without limitation, Condition 2(b) “Negative
Pledge”, Condition 3.1 “Financial Covenants” (including the failure to deliver the relevant Certificate), Condition
3.2 “Limitation on the short term debt of the Group”, Condition 3.3 “Permitted Acquisitions Covenant”
and Condition 3.4 “Limitation on Dividends Distribution and Shares Buy-Back”) if such default shall not have been
cured within twenty (20) days after receipt by the Issuer of written notice of such default given by a Noteholder or, as the case
may be, the Representative upon request of the holder of such Notes; or

 

		(c)	any Financial Indebtedness of the Issuer or any Principal Subsidiary in excess of €500,000
(or its equivalent in any other currency) whether individually or in aggregate, (x) is not paid when due or (as the case may be)
within any originally applicable grace period or (y) becomes (or becomes capable of being declared) following, where applicable,
the expiry of any originally applicable grace period, due and payable prior to its stated maturity as a result of a default thereunder;
or

 

		(d)	the statutory auditors of the Issuer refuse to approve any of the Issuer’s annual consolidated
financial statements between the Issue Date and the Maturity Date; or

 

		(e)	a final judgment is issued by a court or tribunal in relation to a criminal or tax related dispute
and such court or tribunal sentences the Issuer to pay an amount in excess of €5,000,000; or

 

		(f)	the Issuer ceases to carry on all or a material part of its business or other operations or disposes
of all or substantially all of its business, except (i) in connection with a merger, consolidation, amalgamation or other form
of reorganisation pursuant to which the surviving entity shall be the transferee of or successor to all or substantially all of
the business of the Issuer and assumes all of the obligations of the Issuer with respect to the Notes or (ii) on such other terms
approved by a resolution of the General Meeting of Noteholders; The Noteholders are however informed and approve the project
relating to the separation of the French Operations from Valtech SE; such French operations will be transferred to and held by
a 100% held subsidiary of Valtech SE (either directly or indirectly) before December 31, 2018, or

 

    	 	13	 

     

    

 

		(g)	an order is made by any competent court or resolution is passed for the winding-up or dissolution
of the Issuer or any Principal Subsidiary; or, to the extent permitted by law, the Issuer or any Principal Subsidiary is subject
to any other insolvency or bankruptcy proceedings under any applicable laws or the Issuer or any Principal Subsidiary makes any
conveyance, assignment or other arrangement for the benefit of its creditors or enters into a composition with its creditors.

 

	9.	Representation of the Noteholders 

 

Noteholders are grouped automatically
for the defence of their common interests in a masse (the Masse). The Masse is governed by the provisions of the French
Code de commerce.

 

		(a)	Legal Personality: 

 

The Masse is a separate legal
entity and acts in part through a representative (the Representative) and in part through a general meeting of the Noteholders
(the General Meeting).

 

The Masse alone, to the exclusion
of all individual Noteholders, shall exercise the common rights, actions and benefits which now or in the future may accrue respectively
with respect to the Notes.

 

		(b)	Representative: 

 

The Representative shall be:

 

Association de représentation
des masses de titulaires de valeurs mobilières

Centre Jacques Ferronnière

32 rue du Champ de Tir

CS
30812

44308 Nantes cedex 3

 

In the event of incompatibility,
death, dissolution, resignation or revocation of the Representative, such Representative will be replaced by an alternative Representative.
The alternative Representative shall have the same powers as the Representative.

 

In the event of death, dissolution,
incompatibility, resignation or revocation of the alternative Representative, a replacement will be elected by the General Meeting.

 

The Representative will receive
a remuneration of €500 per year (excluding taxes) for its services.

 

In accordance with Article
R.228-71 of the French Code de commerce, the right of each Noteholder to participate in General Meetings will be evidenced
by the entries in the books of the relevant Account Holder of the name of such Noteholder as of 0:00, Paris time, on the second
business day in Paris preceding the date set for the meeting of the relevant General Meeting.

 

The place where a General Meeting
shall be held will be set out in the notice convening such General Meeting.

 

	10.	Notices 

 

Any notice to the Noteholders
will be valid if delivered to the Noteholders either through Euroclear France, Euroclear or Clearstream for so long as the Notes
are cleared through such clearing systems or by letter to each Noteholder and in each case as may be required by the mandatory
rules of any exchange on which the Notes are from time to time listed. Any such notice shall be deemed to have been given on the
date of such delivery or, if delivered more than once or on different dates, on the first date on which such delivery is made.

 

    	 	14	 

     

    

 

	11.	Prescription 

 

Claims against the Issuer for
the payment of principal and interest in respect of the Notes shall become prescribed ten (10) years (in the case of principal)
and five (5) years (in the case of interest) from the due date for payment thereof.

 

	12.	Further Issues 

 

The Issuer may, from time to
time without the consent of the Noteholders, issue further notes to be assimilated (assimilables) with the Notes as regards
their financial service, provided that such further notes and the Notes shall carry rights identical in all respects (or in all
respects except for the issue price and the first payment of interest thereon) and that the terms of such further notes shall provide
for such assimilation.

 

In the event of such assimilation,
the Noteholders and the holders of any assimilated notes will, for the defence of their common interests, be grouped in a single
Masse having legal personality.

 

	13.	Governing Law and Jurisdiction 

 

The Notes are governed by the
laws of France.

 

Any claim against the Issuer
in connection with any Notes may be brought before any competent court of the jurisdiction of the Cour d’Appel de Paris.

 

    	 	15EX-10.1

 Exhibit 10.1 
  

 
 September 18, 2018 

Dear Donald: 
 This letter will confirm the terms
and conditions of your employment with Zosano Pharma Corporation, a Delaware corporation (the “Company”). This letter amends, restates, supersedes and replaces that certain Employment Letter Agreement dated as of May 1,
2015 by and between the Company (as successor in interest to ZP Opco, Inc. f/k/a Zosano Pharma, Inc.) and you. 
 1. Position and
Duties. Effective September 18, 2018 (the “Effective Date”), you will continue to be the Vice President, Clinical Development & Medical Affairs of the Company. You will report to the Chief Executive Officer
of the Company (the “CEO”). You agree to perform the duties of your position and such other duties as may reasonably be assigned to you from time to time by the CEO. You also agree that, while employed by the Company, you
will devote your full business time and your best efforts, business judgment, skill and knowledge to the advancement of the business and interests of the Company and its respective Affiliates (as defined in Section 6) and to the discharge of
your duties and responsibilities for them. 
 2. Compensation and Benefits. During your employment, as compensation for the services
performed by you for the Company and its Affiliates, the Company will provide you the following pay and benefits: 
 (a) Base Salary.
Effective on the Effective Date, the Company will pay you a base salary at the rate of $343,000 per year, payable in accordance with the regular payroll practices of the Company and subject to increase from time to time by the Board of Directors of
the Company (the “Board”) or the Compensation Committee of the Board (the “Compensation Committee”) in its sole discretion. 

(b) Bonus Compensation. During employment, you will be considered annually for a bonus. Your bonus target for each year is an
amount equal to 35% of your base salary as of the end of such year. The amount of any bonus awarded will be determined by the Board or the Compensation Committee in its discretion after consideration of a proposal from the CEO, and will be based on
your performance and the performance of the Company against goals established annually by the Board or the Compensation Committee. Any such bonus will be paid to you in a lump sum prior to March 15 of the year following the year in which your
right to the bonus became vested. 
 (c) Participation in Employee Benefit Plans. You shall be entitled to participate in any and all
employee benefit plans from time to time in effect for the full-time employees of the Company generally, but the Company shall not be required to establish any such program or plan. 

Such participation shall be subject to (i) the terms of the applicable plan documents and (ii) generally applicable Company policies. The Company
may alter, modify, add to or delete its employee benefit plans at any time as it, in its sole discretion, determines to be appropriate. 
  

 

 

 
  

 (d) Vacations. You will be entitled to three weeks of paid vacation per year, in
addition to holidays observed by the Company, subject to the Company’s policies, as may be amended from time to time. Vacation may be taken at such times and intervals as you shall determine, subject to the reasonable business needs of the
Company. 
 (e) Business Expenses. The Company will pay or reimburse you for all reasonable business expenses incurred or paid by you
in the performance of your duties and responsibilities for the Company, subject to any maximum annual limit and other restrictions on such expenses set by the Company and to such reasonable substantiation and documentation as it may specify from
time to time. 
 3. Confidential Information and Restricted Activities. 

(a) Confidential Information. During the course of your employment with the Company, you will learn of Confidential Information
(as defined in Section 6), and you may develop Confidential Information on behalf of the Company. You agree that you will not use or disclose to any Person (as defined in Section 6) any Confidential Information obtained by you incident to
your employment or any other association with the Company or any of its Affiliates, except as required by applicable law or for the proper performance of your regular duties and responsibilities for the Company. You understand that this restriction
shall continue to apply during all times after your employment terminates, regardless of the reason for such termination. In addition, you agree to continue to abide by the terms of the Company’s standard form of confidentiality and invention
assignment agreement, which are hereby incorporated by reference into this letter agreement, as a condition of your employment hereunder. 

(b) Protection of Documents. All documents, records and files, in any media of whatever kind and description, relating to the business,
present or otherwise, of the Company or any of its Affiliates, and any copies, in whole or in part, thereof (the “Documents”), whether or not prepared by you, shall be the sole and exclusive property of the Company. You agree
to safeguard all Documents and to surrender to the Company, at the time your employment terminates or at such earlier time or times as the CEO may specify, all Documents then in your possession or control. Following termination, you shall not retain
any written or other tangible material containing any proprietary information of the Company or its subsidiaries or affiliates. 
 (c) Non-Solicitation. You acknowledge that in your employment with the Company you will have access to Confidential Information which, if disclosed, would assist in competition against the Company and its
Affiliates, and that you will also generate good will for the Company and its Affiliates in the course of your employment. Therefore, you agree that the following restrictions on your activities during and after the termination of your employment
are necessary to protect the good will, Confidential Information and other legitimate interests of the Company and its Affiliates: While you are employed by the Company and during the 12 months immediately following termination of your employment
for whatever reason, you shall not, directly or through any other Person, (A) seek to persuade any employee of the Company or any of its Affiliates to discontinue employment or (B) solicit or encourage any customer, distributor, vendor, or
other business partner of 

  
 

 

 

 
  

 
the Company or any of its Affiliates or any independent contractor providing services to the Company or any of its Affiliates to terminate or diminish its relationship with them. For purposes of
the foregoing, the terms “employee,” “customer,” “distributor,” and “vendor” shall also include any person or party who held such status during the immediately preceding six
(6) months. 
 (d) Enforcement of Restrictions. In signing this letter agreement, you give the Company assurance that you have
carefully read and considered all the terms and conditions of this letter agreement, including the restraints imposed on you under this Section 3. You agree without reservation that these restraints are necessary for the reasonable and proper
protection of the Company and its Affiliates, and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area. You further agree that, were you to breach any of the covenants contained in
this Section 3, the damage to the Company and its Affiliates would be irreparable. You therefore agree that the Company, in addition to any other remedies available to it, shall be entitled to preliminary and permanent injunctive relief against
any breach or threatened breach by you of any of those covenants, without having to post bond. You also agree that the period of restriction in Section 3(c) shall be tolled and shall not run during any period you are in violation thereof. You
and the Company further agree that, in the event that any provision of this Section 3 is determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic area or
too great a range of activities, that provision shall be deemed to be modified to permit its enforcement to the maximum extent permitted by law. It is also agreed that each of the Company’s Affiliates shall have the right to enforce all of your
obligations to that Affiliate under this letter agreement, including without limitation pursuant to this Section 3. It is agreed and understood that the terms of this letter agreement are severable, and that no breach of any provision of this
letter agreement or any other purported violation of law by the Company shall operate to excuse you from the performance of your obligations under this Section 3. 

4. Termination of Employment. Your employment under this letter agreement shall continue for no definite term until terminated
pursuant to this Section 4. The Company and you acknowledge that your employment is and shall continue to be at-will, as defined under applicable law. This means that it is not for any specified
period of time and can be terminated by you or by the Company at any time, with or without advance notice, and for any or no particular reason or cause.  

(a) The Company may terminate your employment for Cause upon written notice to you setting forth in reasonable detail the nature of the Cause
(as defined below); provided that the failure by the Company to set forth in the notice all of the facts and circumstances which contribute to a showing of Cause shall not waive any right of the Company hereunder or preclude the Company from
asserting such fact or circumstance in enforcing their rights hereunder. The following, as determined by the Company in its reasonable judgment, shall constitute “Cause” for termination: (i) your conviction of, or plea of
nolo contendere to, a felony or other crime involving moral turpitude; (ii) your persistent and willful refusal to follow reasonable directives of the CEO; (iii) gross negligence or willful misconduct in the performance of your
duties and responsibilities to the Company or any of its Affiliates; (iv) your material breach of this letter agreement or any other agreement between you and the Company or any of its Affiliates, which breach continues for more than 15 days
after the Company gives you written notice which sets forth in reasonable detail the nature of such breach; or (v) other conduct by you that is or could reasonably anticipated to be materially harmful to the business, interests or reputation of
the Company or any of its Affiliates. The Company also may terminate your employment other than for Cause upon written notice to you. 

  
 

 

 

 
  

 (b) You may terminate your employment for Good Reason (as defined below) subject to the
conditions set forth below. The following shall constitute “Good Reason” for termination: (i) any action by the Company that results in a material diminution in your position, authority, duties or responsibilities, or
(ii) the material reduction of your annual base salary or annual bonus opportunity in accordance with the terms of Section 2, above, for more than ten (10) business days after notice from you specifying in reasonable detail the nature
of such failure, except in connection with a decrease in salary affecting each senior management employee of the Company in a proportionate manner, (iii) relocation of your principal place of employment to a location other than the greater San
Francisco Bay area, California, or (iv) the Company’s material breach of this letter agreement or the failure of the Company’s successor to assume the Company’s obligations under this agreement upon a Change in Control. You will
not be deemed to have Good Reason unless (i) you first provides the Company with written notice of the condition giving rise to Good Reason within thirty (30) days of its initial occurrence, (ii) the Company or the successor company
fails to cure such condition within thirty (30) days after receiving such written notice (the “Cure Period”), and (iii) your resignation based on such Good Reason is effective within thirty (30) days after the
expiration of the Cure Period. 
 (c) In the event you become disabled during employment and, as a result, are unable to continue to perform
substantially all of your duties and responsibilities under this letter agreement, either with or without reasonable accommodation, subject to your continued compliance with the terms of this letter agreement, the Company will continue to pay you
your base salary and to provide you benefits in accordance with Section 2(d) above, to the extent permitted by plan terms, for up to twelve (12) weeks of disability during any period of three hundred and sixty-five (365) consecutive
calendar days. If you are unable to return to work after twelve (12) weeks of such disability, the Company may terminate your employment, upon notice to you. If the Company sponsors a disability plan, the determination of whether you have a
disability shall be made by the person or persons required to make disability determinations under the Company’s long-term disability plan. At any time the Company does not sponsor a long-term disability plan, if any question shall arise as to
whether you are disabled to the extent that you are unable to perform substantially all of your duties and responsibilities for the Company and its Affiliates, you shall, at the Company’s request, submit to a medical examination by a physician
selected by the Company to whom you or your guardian, if any, has no reasonable objection to determine whether you are so disabled, and such determination shall for the purposes of this letter agreement be conclusive of the issue. If such a question
arises and you fail to submit to the requested medical examination, the Company’s determination of the issue shall be binding on you. 

5. Severance Payments and Other Matters Related to Termination.  

(a) Involuntary Termination. Subject to your continued compliance with the terms of this letter agreement, in the event of termination
of your employment by the Company other than for Cause, or in the event of your termination of employment for Good Reason in either case outside the Change in Control period stated in Section 5(b), and provided you execute and not revoke an
effective 

  
 

 

 

 
  

 
Employee Release (as defined below), the Company will (i) continue to pay you your base salary in effect at the time of such termination (disregarding any decrease that forms the basis of a
resignation for Good Reason pursuant to Section 4(b)(ii)) for a period of six (6) months from and after the date of termination with such installments to commence on the first regularly-scheduled Company payroll date your signed Employee
Release pursuant to Section 5(c) is effective and irrevocable; and (ii) if you elect to receive continued healthcare coverage pursuant to the provisions of COBRA, the Company shall directly pay, or reimburse you for, the premium for you
and your covered dependents through the earlier of (i) a period of six (6) months from and after the date of your termination and (ii) the date you and your covered dependents, if any, become eligible for healthcare coverage under
another employer’s plan(s). Notwithstanding the foregoing, (i) if any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of
Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended (the “Code”) under Treasury Regulation Section 1.409A-1(a)(5), or (ii) the
Company is otherwise unable to continue to cover you under its group health plans without penalty under applicable law (including without limitation, Section 2716 of the Public Health Service Act), then, in either case, an amount equal to each
remaining Company subsidy shall thereafter be paid to you in substantially equal monthly installments. The Company will also pay you on the date of termination any base salary, bonus and other wages earned but not paid through the date of
termination, and pay for any vacation time accrued but not used to that date. In addition, the vesting for any stock options and other equity incentive awards outstanding on the date of termination will automatically accelerate so that 25% of any
then unvested option shares and other equity incentive awards shall immediately vest and become exercisable upon such termination. Except as set forth in clause (ii) of the first sentence of this Section 5(a), benefits shall terminate in
accordance with the terms of the applicable benefit plans based on the date of termination of your employment. 
 (b) Involuntary
Termination within One Year after Change in Control. Subject to your continued compliance with the terms of this letter agreement, in the event of termination of your employment by the Company (or its successor) other than for Cause, or in the
event of your termination of employment for Good Reason, in either case during the one (1)-year period following a Change in Control (a “Constructive Termination Event”), the Company (or its successor) will, in lieu of any severance
under Section 5(a) above, pay you, subject to and on the first regularly-scheduled Company payroll date your signed Employee Release pursuant to Section 5(c) is effective and irrevocable: (i) a lump sum severance payment equal to
twelve (12) months of your base salary in effect at the time of such termination (disregarding any decrease that forms the basis of a resignation for Good Reason pursuant to Section 4(b)(ii)) and (ii) if you elect to receive continued
healthcare coverage pursuant to the provisions of COBRA, the Company shall directly pay, or reimburse you for, the premium for you and your covered dependents through the earlier of (i) a period of twelve (12) months from and after the
date of your termination and (ii) the date you and your covered dependents, if any, become eligible for healthcare coverage under another employer’s plan(s). Notwithstanding the foregoing, (i) if any plan pursuant to which such
benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A under Treasury Regulation Section 1.409A-1(a)(5), or (ii) the Company is
otherwise unable to continue to cover you under its group health plans without penalty under applicable law (including without limitation, Section 2716 of the Public Health Service Act), then, in either case, an amount equal to each remaining
Company subsidy shall thereafter be paid to you in substantially equal 

  
 

 

 

 
  

 
monthly installments. The Company (or its successor) will also pay you on the date of termination any base salary, bonus and other wages earned but not paid through the date of termination, and
pay for any vacation time accrued but not used to that date. In addition, the vesting for any stock options and other equity incentive awards outstanding on the date of termination will automatically accelerate so that 100% of any then unvested
option shares and other equity incentive awards shall immediately vest and become exercisable upon such termination. Except as set forth in clause (ii) of the first sentence of this Section 5(b), benefits shall terminate in accordance with
the terms of the applicable benefit plans based on the date of termination of your employment. 
 (c) Severance Conditional Upon
Release. Any obligation of the Company to provide you severance payments under Sections 5(a) and 5(b) above shall be conditioned upon your signing a general release of claims in the form provided by the Company and reasonably acceptable to you
(the “Employee Release”) within twenty-one (21) days after the date on which you receive such Employee Release (the “Release Expiration Date”) and upon your
not revoking the Employee Release thereafter. All severance payments will be payable in accordance with the normal payroll practices of the Company and will begin at the Company’s (or its successor’s) next regular payroll period following
the date of the Employee Release is effective and irrevocable, but shall be retroactive to the date of termination, if applicable; provided that in any case where your date of termination and the Release Expiration Date fall in two separate taxable
years, any payments required to be made to you that are conditioned on the Employee Release and are treated as nonqualified deferred compensation for purposes of Section 409A shall be made in the later taxable year. For the avoidance of doubt,
no cash compensation that may be earned by you pursuant to employment or a consulting arrangement with a Person other than the Company during the period of time that the Company (or its successor) is making payments to you pursuant to this
Section 5 shall be credited toward the Company’s severance obligations under this Section 5. 
 (d) Section 409A.
Notwithstanding anything in this Agreement to the contrary, any compensation or benefits payable under this agreement that is considered nonqualified deferred compensation under Section 409A and is designated under this agreement as payable
upon your termination of employment shall be payable only upon your “separation from service” with the Company within the meaning of Section 409A (a “Separation from Service”). Notwithstanding anything to the
contrary contained in this letter agreement, in the event that at the time of your separation from service you are a “specified employee,” as hereinafter defined, any and all amounts payable under this Section 5 in connection with
such Separation from Service that constitute deferred compensation subject to Section 409A, as determined by the Company in its sole discretion, and that would (but for this sentence) be payable within six (6) months following such
Separation from Service, shall instead be paid on the earlier of (i) the first business day that follows the date of such Separation from Service by six (6) months or (ii) the date of your death. For purposes of the preceding
sentence, the term “specified employee” shall mean an individual determined by the Company to be a specified employee as defined in subsection (a)(2)(B)(i) of Section 409A. For purposes of Section 409A (including, without
limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), your right to receive installment payments under this letter agreement shall be treated as a right to receive a series of separate payments and, accordingly, each
installment payment hereunder shall at all times be considered a separate and distinct payment. 

  
 

 

 

 
  

 (d) Termination for Cause or Voluntary Termination. In the event of termination of
your employment by the Company for Cause or your termination other than for Good Reason, the Company will pay you any base salary and other wages earned but not paid through the date of termination and pay for any vacation time accrued but not used
to that date. The Company shall have no obligation to pay you any bonus compensation or severance payments. Except for any right you may have under COBRA to continue participation in the Company’s group health and dental plans at your cost,
benefits shall terminate in accordance with the terms of the applicable benefit plans based on the date of termination of your employment. 

(e) Survival of Certain Provisions. Provisions of this letter agreement shall survive any termination if so provided in this letter
agreement or if necessary or desirable to accomplish the purposes of other surviving provisions, including without limitation your obligations under Section 3 of this letter agreement. The obligation of the Company (or its successor) to make
severance payments to you under Section 5(a) or 5(b) above, and your right to retain such payments, are expressly conditioned upon your continued full performance of your obligations under Section 3 hereof. Upon termination by either you
or the Company, all rights, duties and obligations of you and the Company to each other shall cease, except as otherwise expressly provided in this letter agreement. 

6. Definitions. For purposes of this letter agreement, the following definitions apply: 

“Affiliates” means all persons and entities directly or indirectly controlling, controlled by or under common control with the
Company, where control may be by management authority, equity interest or otherwise. 
 “Confidential Information” means any
and all information of the Company and its Affiliates that is not generally available to the public. Confidential Information also includes any information received by the Company or any of its Affiliates from any Person with any understanding,
express or implied, that it will not be disclosed. Confidential Information does not include information that enters the public domain, other than through your breach of your obligations under this letter agreement. 

“Change in Control” shall have the meaning set forth in the Company’s 2014 Equity and Incentive Plan, as amended or
restated from time to time. 
 “Person” means an individual, a corporation, a limited liability company, an association, a
partnership, an estate, a trust or any other entity or organization, other than the Company or any of its Affiliates. 

  
 

 

 

 
  

 7. Dispute Resolution. To ensure the timely and economical resolution of
disputes that arise in connection with this agreement, you and the Company agree that any and all controversies, claims and disputes arising out of or relating to this agreement, including without limitation any alleged violation of its terms, shall
be resolved be resolved solely and exclusively by final and binding arbitration held in [San Mateo County], California through JAMS in conformity with California law and the then-existing JAMS employment arbitration rules, which can be found at
https://www.jamsadr.com/rules-employment-arbitration/. The arbitrator shall: (a) provide adequate discovery for the resolution of the dispute; and (b) issue a written arbitration decision, to include the arbitrator’s essential
findings and conclusions and a statement of the award. The arbitrator shall award the prevailing party attorneys’ fees and expert fees, if any. Notwithstanding the foregoing, it is acknowledged that it will be impossible to measure in money the
damages that would be suffered if the parties fail to comply with any of the obligations imposed on them under Section 3, and that in the event of any such failure, an aggrieved person will be irreparably damaged and will not have an adequate
remedy at law. Any such person shall, therefore, be entitled to injunctive relief, including specific performance, to enforce such obligations, and if any action shall be brought in equity to enforce any of the provisions of Section 3, none of
the parties shall raise the defense that there is an adequate remedy at law. You and the Company understand that by agreement to arbitrate any claim pursuant to this Section 7, you will not have the right to have any claim decided by a jury or
a court, but shall instead have any claim decided through arbitration. You and the Company waive any constitutional or other right to bring claims covered by this agreement other than in your individual capacities. Except as may be prohibited by
applicable law, the foregoing waiver includes the ability to assert claims as a plaintiff or class member in any purported class or representative proceeding. 

8. Golden Parachute Excise Tax. 

(a) Best Pay. Any provision of this agreement to the contrary notwithstanding, if any payment or benefit you would receive from
the Company pursuant to this agreement or otherwise (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and (ii) but for this sentence, be
subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment will be equal to the Reduced Amount (as defined below). The “Reduced Amount” will be either
(A) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being subject to the Excise Tax or (B) the entire Payment, whichever amount after taking into account all applicable federal, state,
and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate, net of the maximum reduction in federal income taxes which could be obtained from a deduction of such state and local taxes), results
in your receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in a Payment is required
pursuant to the preceding sentence and the Reduced Amount is determined pursuant to clause (A) of the preceding sentence, the reduction shall occur in the manner (the “Reduction Method”) that results in the
greatest economic benefit for you. If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata (the “Pro Rata Reduction Method”). Notwithstanding the
foregoing, if the Reduction Method or the Pro Rata Reduction Method would result in any portion of the Payment being subject to taxes pursuant to Section 409A (as defined below) that would not otherwise be subject to taxes pursuant to
Section 409A, then the Reduction Method and/or the Pro Rata Reduction Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to Section 409A as follows: (1) as a first priority, the modification
shall preserve to the greatest extent possible, the greatest economic benefit for you as determined on an after-tax basis; (2) as a second priority, Payments that are contingent on future events
(e.g., being terminated without cause), shall be reduced (or eliminated) before Payments that are not contingent on future events; and (3) as a third 

  
 

 

 

 
  

 (b) priority, Payments that are “deferred compensation” within the meaning
of Section 409A shall be reduced (or eliminated) before Payments that are not deferred compensation within the meaning of Section 409A. 

(c) Accounting Firm. The accounting firm engaged by the Company for general tax purposes as of the day prior to the Change in
Control will perform the calculations set forth in Section 8(a) above. If the firm so engaged by the Company is serving as the accountant or auditor for the acquiring company, the Company will appoint a nationally recognized accounting firm to
make the determinations required hereunder. The Company will bear all expenses with respect to the determinations by such firm required to be made hereunder. The accounting firm engaged to make the determinations hereunder will provide its
calculations, together with detailed supporting documentation, to the Company within thirty (30) days before the consummation of a Change in Control (if requested at that time by the Company) or such other time as requested by the Company. If
the accounting firm determines that no Excise Tax is payable with respect to a Payment, either before or after the application of the Reduced Amount, it will furnish the Company with documentation reasonably acceptable to the Company that no Excise
Tax will be imposed with respect to such Payment. Any good faith determinations of the accounting firm made hereunder will be final, binding and conclusive upon the Company and you. 

9. Conflicting Agreements. You hereby represent and warrant that your signing of this letter agreement and the performance of your
obligations under it will not breach or be in conflict with any other agreement to which you are a party or are bound, and that you are not now subject to any covenants against competition or similar covenants or any court orders that could affect
the performance of your obligations under this letter agreement. You agree that you will not disclose to or use on behalf of the Company any proprietary information of a third party without that party’s consent. 

10 Withholding. All payments made by the Company under this letter agreement shall be reduced by any tax or other amounts required to be
withheld by the Company under applicable law. 
 11. Assignment. Neither you nor the Company may make any assignment of this letter
agreement or any interest in it, by operation of law or otherwise, without the prior written consent of the other parties; provided, however, that the Company may assign its rights and obligations under this letter agreement without your
consent to one of its Affiliates or to any Person with whom it shall hereafter effect a reorganization, consolidate with, or merge into or to whom it transfers all or substantially all of its properties or assets. This letter agreement shall inure
to the benefit of and be binding upon you, the Company, and each of our respective successors, executors, administrators, heirs and permitted assigns. 

12. Severability. If any portion or provision of this letter agreement shall to any extent be declared illegal or unenforceable by a
court of competent jurisdiction, then the remainder of this letter agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby,
and each portion and provision of this letter agreement shall be valid and enforceable to the fullest extent permitted by law. 

  
 

 

 

 
  

 13. Miscellaneous. This letter agreement sets forth the entire agreement between you
and the Company and replaces all prior and contemporaneous communications, agreements and understandings, written or oral, with respect to the terms and conditions of your employment with the Company. This letter agreement may not be modified or
amended, and no breach shall be deemed to be waived, unless agreed to in writing by you and the Company. The headings and captions in this letter agreement are for convenience only and in no way define or describe the scope or content of any
provision of this letter agreement. The words “include,” “includes” and “including” when used herein shall be deemed in each case to be followed by the words “without limitation.” This
letter agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument. This is a California contract and shall be governed and construed in accordance
with the laws of the State of California, without regard to the conflict of laws principles thereof. Nothing in this letter agreement or any other Company agreement, policy, practice, procedure, directive or instruction limits your ability to
(a) file a charge or complaint with any governmental agency, governmental commission or other governmental authority (“Governmental Authority”), (b) report possible violations of law or regulation to any
Governmental Authority, (c) make other disclosures that are protected under the whistleblower provisions of applicable law or regulation, or (d) receive a whistleblower or other award from a Governmental Authority for information provided
to a Governmental Authority. You do not need permission from anyone at the Company or the Company’s legal counsel in order to take any of the actions described in the preceding sentence, and you do not have to notify the Company that you have
taken or intend to take any of these actions. In addition, nothing in this Agreement is intended to interfere with or restrain the immunity provided under 18 U.S.C. section 1833(b) for confidential disclosures of trade secrets (x) to lawyers or
government officials solely for the purpose of reporting or investigating a suspected violation of law or (y) in a sealed filing in court or another legal proceeding. 

14. Notices. Any notices provided for in this letter agreement shall be in writing and shall be effective when delivered in person or
deposited in the United States mail, postage prepaid, and addressed to you at your last known address on the books of the Company or, in the case of the Company, to it at its principal place of business, or to such other address as either party may
specify by notice to the other actually received. 
 * * * * * 

  
 

 

 

 
  

 At the time this letter agreement is signed by you and on behalf of the Company, it will take
effect as a binding agreement between you and the Company on the basis set forth above. 
  

									
	ZOSANO PHARMA CORPORATION	 		 		 	EMPLOYEE:
					
	By:	 	 /s/ John Walker
	 		 		 	 /s/ Donald Kellerman

		 	Name: John Walker	 		 		 	Donald Kellerman
		 	Title: President and Chief Executive Officer	 		 		 	
					
		 		 		 		 	Date signed: September 18, 2018

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