Document:

Exhibit 4.41
Certain identified information has been excluded from this exhibit because it is both not material and is the type that the registrant treats as private or confidential. Information that was omitted has been noted in this document with a placeholder identified by the mark “[***]”.
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SUBSCRIPTION AGREEMENT
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By and between
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Biophytis S.A.
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as Issuer
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and
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Kreos Capital VI (UK) Ltd.
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As Subscriber
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Kreos Capital VI (Expert Fund) L.P.
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19 November 2021
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Table of contents
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	1.
	Definitions and interpretation
	4

	2.
	Bonds Issue
	8

	3.
	Completion of issuance of Tranche A
	8

	4.
	Conditions Precedent to the issuance of Tranche B, Tranche C and Tranche D
	10

	5.
	Commitments
	11

	6.
	Representations and warranties
	13

	7.
	Remedies and waivers
	15

	8.
	Severability
	16

	9.
	Notices
	16

	10.
	Fees and expenses
	17

	11.
	Law and jurisdiction
	18

	Schedule 1
	19

	Schedule 2
	20

	Schedule 3
	21

	Schedule 4
	22

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2

Subscription agreement
This subscription agreement (hereinafter referred to as the "Subscription Agreement") is entered into on 19 November 2021, by and between:
	1.
	Biophytis S.A., a limited company (société anonyme) incorporated under the laws of France, with a share capital of EUR 25,814,647 having its registered office at 14, avenue de l’Opéra – 75001 Paris, France, registered under single identification number 492 002 225 RCS Paris, listed on the Euronext Growth organized multilateral trading facility under ISIN code FR0012816825, represented by Mr. Stanislas Veillet, in his capacity of chief executive officer (Président Directeur Général),

(hereinafter referred to as the "Issuer" or the "Company")
ON THE FIRST PART
AND
	2.
	Kreos Capital VI (UK) Limited, a private limited company incorporated under the laws of England, having its registered office at 5th Floor, 25-28 Old Burlington Street, London W1S 3AN, United Kingdom, registered under identification number 11535385, represented by Mr. Maurizio Petitbon, in his capacity of Director, duly authorised for the purposes hereof;

(hereinafter referred to as the "Subscriber" or "Kreos")
ON THE SECOND PART
	3.
	Kreos Capital VI (Expert Fund) L.P. a limited partnership incorporated under the laws of Jersey, having its registered office at 47 Esplanade, St Helier, JE1 0BD, Jersey, registered with the JFSC Companies Registry under identification number 2770, represented by Mr. Michael Johnson, duly authorised for the purposes hereof.

(hereinafter referred to as "Subscriber’s Affiliate")
ON THE THIRD PART
Issuer, Subscriber and Subscriber’s Affiliate being hereinafter referred to individually as a "Party" and collectively as the "Parties".
Whereas
	(A)
	The Subscriber is a growth debt provider, the business of which consists in making investments in high technology and life science companies throughout Europe.

	(B)
	The Issuer is a French société anonyme, created in 2006, specializing in creating drugs to treat degenerative illnesses associated with aging for which no treatment is available to date. Its most advances programmes

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relate to sarcopenia (loss of muscle functionality) and age-related macular degeneration (armd).
	(C)
	In order to finance the development of the Issuer’s business, the Subscriber and the Subscriber’s Affiliate have agreed to subscribe to a Bonds Issue by the Issuer for a nominal amount of up to ten million euros (EUR 10,000,000.00) as per a term sheet dated August 9th, 2021 and signed on August 17th and 19th, 2021 (the "Term Sheet").

	(D)
	On 10 May 2021, the Issuer’s general meeting empowered, through its 12th resolution, the Issuer’s board of directors (conseil d’administration) to issue warrants giving access to the Issuer’s capital.

	(E)
	On 19 October 2021, the Issuer’s board of directors (conseil d’administration) empowered the chief executive officer (directeur general) of the Company to negotiate and enter into this Subscription Agreement and the related Issue Documents.

	(F)
	The Parties have met to determine the terms and conditions of the transaction contemplated by the Term Sheet, which is the subject hereof.

NOW, THEREFORE, IT HAS BEEN AGREED AS FOLLOWS:
	1.
	Definitions and interpretation

	1.1
	In this Subscription Agreement, unless the context otherwise specifically provides, the following expressions shall have the following meanings:

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	Atlas Financing
	shall have the meaning set forth under section 3 (v);

	Bank Account Pledge Agreement
	means the bank account pledge agreement entered into by the Issuer and Subscriber as of the date hereof;

	Bonds
	means the Straight Bonds and the Convertible Bonds to be issued by the Issuer under the Bonds Issue;

	Bonds Issue
	means the issue of up to 10,000,000 Bonds carried out pursuant to this Subscription Agreement in accordance with the Bonds Issue Agreement and the Convertible Bonds Issue Agreement;

	Bonds Issue Agreements
	means the Straight Bonds Issue Agreement and the Convertible Bonds Issue Agreement;

	Business Day
	means a day (excepting Saturdays and Sundays) on which banks operate in Paris;

	Business Pledge Agreement
	means the pledge agreement entered into by the Issuer and Subscriber as of the date hereof;

	Completion Date
	shall have the meaning set forth under section 3;

	Convertible Bonds
	means the two millions two hundred and fifty thousand (2,250,000) convertible bonds (obligations convertibles) within the meaning assigned in article L. 213-5 of the French Monetary and Financial Code) to be issued by the Issuer under the Convertible Bonds Issue Agreement;

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	Convertible Bonds Issue Agreement
	shall have the meaning set forth under section 2.3;

	COVA Trial
	means a multinational Phase 2/3 clinical trial with Sarconeos (BIO101) for the treatment of COVID-19 related respiratory failure;

	Debt to Market Capitalisation Ratio
	means, with respect to Issuer, as of any date of determination, the ratio of (a) the total amounts due in principal under this Agreement, including the relevant requested drawdown, and the Kreos V Financing, as of such date to (b) the Market Capitalization for the Issuer as of such date;

	DMC
	means the Data Monitoring Committee, group of clinicians and biostatisticians appointed by study sponsors who provide independent assessment of the safety, scientific validity and integrity of clinical trials;

	Drawdown Notice
	shall have the meaning set forth in the Bonds Issue Agreements;

	Equivalent Issuance
	means the issuance of shares and/or securities exercisable into shares (excluding debt securities) for an amount at least equal to the amount of repayments under the Atlas Financing in accordance with article 5.1.8;

	Event of Default
	shall have the meaning set forth in the Bonds Issue Agreements;

	Existing Indebtedness
	shall have the meaning set forth under section 3(v);

	Final Redemption Date
	means the date on which all amounts due under the Issue Documents have been unconditionally and irrevocably paid and discharged in full;

	Group
	means the Issuer and any Subsidiary of the Issuer from time to time;

	Indebtedness
	means (i) any outstanding amount to be repaid pursuant to one or more credit facility agreements or the issue of bonds, notes, debentures, loan stock or any similar instrument, and (ii) the amount of any outstanding liability in respect of any guarantee for any of the items referred to in paragraph (i), it being understood that any amount calculated under this definition may only be counted once, even if an item may qualify under various paragraphs; for the avoidance of doubt, any debt instruments issued as part of a variable rate equity financing, including redeemable (or convertible) bonds with share subscription warrants attached shall not be considered as Indebtedness; 

	Intellectual Property
	means all subsisting intellectual property rights owned by the Issuer (or Subsidiary) in any part of the world including patents and rights of a similar nature, applications for patents and such rights, divisions, prolongations, renewals, extensions, supplementary protection certificates and continuations of such applications for patents, registered and unregistered trademarks or trade names, registered and unregistered service marks, registered and unregistered designs, utility models (in each case for their full period and all extensions and renewals of them), applications for any of them and the right to apply for any of them in any part of the world, inventions, processes, software, formulae, technology (whether patentable or not) data, specifications, business or trade secrets, technical information, confidential information, know-how, business names, brand names, domain names, database rights, copyright and rights in the nature of database rights and copyright, design rights;

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	IP Pledge Agreement
	means the pledge agreement entered into by the Issuer and Subscriber as of the date hereof in relation to the Issuer’s Intellectual Property;

	Issue
	means the Bonds Issue and the issue of Warrants; 

	Issue Documents
	means this Subscription Agreement, the Straight Bonds Issue Agreement, the Convertible Bonds Issue Agreement, the Terms and Conditions of the Warrants, each of the Security Documents, any document executed pursuant to any such document and any other document designated as such in writing by the Issuer and the Subscriber;

	Issuer
	means Biopthytis S.A., a limited company (société anonyme) incorporated under the laws of France, with a share capital of EUR 23,439,091.00 having its registered office at 14, avenue de l’Opéra – 75001 Paris, France, registered under single identification number 492 002 225 RCS Paris, listed on the Euronext Growth organized multilateral trading facility under ISIN code FR0012816825;

	Market Capitalisation
	means, as of any date of determination, an amount equal to (i) the total number of issued shares of the Issuer multiplied by (ii) the volume weighted average price per share of all shares of the Issuer traded on the Euronext Paris, as evidenced by the Euronext Paris market price data, on the day prior to such date;

	Newly Generated IP
	means any Intellectual Property rights of the same nature as those referred to in the IP Pledge Agreement, which the Issuer or any Subsidiary may become the owner of in any way whatsoever after the date of this Agreement; 

	Person
	shall mean and include an individual, a partnership, a corporation, a business trust, a joint stock company, a limited liability company, an unincorporated association or other entity and any domestic or foreign national, state or local government, any political subdivision thereof, and any department, agency, authority or bureau of any of the foregoing;

	Pledged Intellectual Property
	means the Intellectual Property falling in the scope of the IP Pledge Agreement from time to time; 

	Security Documents
	means the Business Pledge Agreement, the IP Pledge Agreement, and any document entered into by any person (including Subsidiaries) from time to time creating any Security Interest, directly or indirectly, for the obligations of the Issuer under this Subscription Agreement and ancillary documents at Subscriber’s request;

	Security Interest
	means any mortgage, charge, assignment, pledge, lien, contractual right of set-off, hypothecation, encumbrance, priority or other security interest or any arrangement which has substantially the same commercial or substantive effect as the creation of security;

	Straight Bonds
	means the seven millions seven hundred fifty thousand (7,750,000) non-convertible bonds (obligations within the meaning assigned in article 213-5 of the French monetary and financial Code) to be issued by the Issuer under the Bonds Issue Agreement;

	Straight Bonds Issue Agreement 
	shall have the meaning set forth under section 2.2; 

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	Subscriber(s)
	means Kreos Capital VI (UK) Limited any subsequent Person(s) entered in the securities register which the Issuer under this Agreement is required to maintain, as holder(s) of the Bonds;

	Subsidiary
	means, with respect to the Issuer, (i) Instituto Biophytis Do Brasil Serviços, Comercio, Importação E Exportação De Alimentos LTDA, a company registered under the laws of Brasil with a share capital of BRL 898.632, whose registered office is located at Av. Prof. Lineu Prestes N°2.242 Cidade Universitaria, na cidade de São Paulo, Estade de São Paulo, CEP 05508-000, Setor D, Bloco 4, CIETEC and registered under number CNPJ/MF 08.308.555/0001-07, (ii) Biophytis Inc., a company registered under the laws of the State of Delaware with a share capital of USD 1,000, whose registered office is located at Corpomax Inc, 2915 Ogletown Rd, NEWARK, DE 19713 and registered under number 5873213 and (iii) any other person which would come to be directly or indirectly controlled by or under direct or indirect control of the Issuer.  For purpose of this definition, control shall have the meaning ascribed to “contrôle” under article L.233-3 of the French Commercial Code;

	Tranche C Issuance
	means the issuance by the Issuer of shares and/or securities convertible into shares (including debt securities) of a minimum amount of EUR 9,000,000, subscribed by cash payment;

	Tranche D Issuance
	means the issuance by the Issuer of shares and/or securities exercisable into shares (excluding debt securities) of a minimum amount of EUR 10,000,000, subscribed by cash payment;

	Warrants
	means the warrants (bons de souscription d’action) governed by the provisions of article 228-91 of the French commercial Code to be issued by Issuer and under the Warrants Issue Agreement.

	Warrants Issue Agreement
	means the warrants issue agreement entered into between the Issuer and Subscriber’s Affiliate on the date hereof.

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	1.2
	In this Subscription Agreement, except as otherwise provided or where clearly inconsistent in the light of the context:

		(i)
	words importing the singular include the plural and vice versa;

		(ii)
	words denoting gender include every gender;

		(iii)
	words denoting persons include bodies corporate or unincorporate;

		(iv)
	a section, clause, sub-clause or Schedule is to a section, clause, sub-clause or Schedule, as the case may be, of or to this Subscription Agreement;

		(v)
	any provision of a statute shall be construed as a reference to that provision as amended, modified, re-enacted or extended from time to time;

		(vi)
	words and expressions in the French language defined in the French Commercial Code (Code de commerce) or the French Monetary and Financial Code (Code monétaire et financier) as amended shall bear the same meanings herein, and

		(vii)
	capitalised terms not defined herein shall have the meaning given to them in the Bonds Issue Agreement.

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	1.3
	The headings in this Subscription Agreement are for ease of reference only and shall not affect the construction of this Agreement.

	1.4
	Should any conflicts occur between this Agreement and any of the Issue Documents, the Parties agree that this Subscription Agreement’s provisions shall prevail.

	2.
	Bonds Issue

	2.1
	Subject to the deliveries and the conditions precedent set forth in article 4 hereof, Issuer shall issue and Subscriber and Subscriber’s Affiliate shall concurrently and respectively subscribe to (i) seven million seven hundred and fifty thousand (7,750,000) Straight Bonds and (ii) two million two hundred and fifty thousand (2,250,000) Convertible Bonds, for a total nominal amount of up to ten million Euros (EUR 10,000,000.00), with a par value of EUR 1.00 per Bond, in one single issue, covering several tranches as follows:

		(i)
	A first tranche (the "Tranche A") for a total nominal amount of EUR 2,500,000.00 composed of (a) one million two hundred and fifty thousand (1,250,000) Straight Bonds and (b) one million two hundred and fifty thousand (1,250,000) Convertible Bonds, to be subscribed at Issuer’s discretion subject to the conditions precedent set forth in article 3 below, in one or several drawdown(s) of no less than EUR 1,000,000.00 each at any time from and subject to the cumulative fulfilment or waiver by the Subscriber of such conditions prior to 31 December 2021.

		(ii)
	A second tranche of Bonds ("Tranche B") for a total nominal amount of EUR 3,000,000.00, composed of (a) two million (2,000,000) Straight Bonds and (b) one million (1,000,000) Convertible Bonds, to be subscribed at Issuer’s discretion, subject to the conditions precedent set forth in article 4 below, in one or several drawdown(s) of no less than EUR 1,000,000.00 each at any time from and subject to the cumulative fulfilment  or waiver by the Subscriber of such conditions prior to 31 December 2021.

		(iii)
	A third tranche of Bonds ("Tranche C") for a total nominal amount of EUR 2,500,000.00, composed of two million five hundred thousand (2,500,000) Straight Bonds to be subscribed at Issuer’s discretion, subject to the conditions precedent set forth in article 4 below, in one or several drawdown(s) of no less than EUR 1,000,000.00 each, at any time from and subject to the cumulative fulfilment or waiver by the Subscriber of such conditions prior to 31 December 2021.

		(iv)
	A fourth tranche of Bonds ("Tranche D") for a total nominal amount of EUR 2,000,000.00, composed of two million five hundred thousand (2,500,000) Straight Bonds to be subscribed at Issuer’s discretion, subject to the conditions precedent set forth in article 4 below, in one or several drawdown(s) of no less than EUR 1,000,000.00 each, at any time from and subject to the cumulative fulfilment or waiver by the Subscriber of such conditions prior to 31 March 2022.

	2.2
	The issue of the Straight Bonds, their ranking, applicable interests and repayment schedules, and all relevant provisions shall be governed by a straight bonds issue agreement in the form of Schedule 1 hereto (the "Straight Bonds Issue Agreement").

	2.3
	The issue of the Convertible Bonds, their ranking, applicable interests all relevant provisions shall be governed by a convertible bonds issue agreement in the form of Schedule 2 hereto (the "Convertible Bonds Issue Agreement").

	3.
	Completion of issuance of Tranche A

The effective subscription of Tranche A Bonds in accordance with the terms of the Bonds Issue Agreement will take place on the date of execution of this Subscription Agreement upon fulfilment of the last of the
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following conditions and deliveries which are provided for to the sole benefit of the Subscriber (the "Completion Date"), who may waive them in writing, being specified that if such conditions and deliveries are not met and communicated, and not waived by the Subscriber, this Subscription Agreement will be terminated, without prejudice to any rights which have accrued to any Party prior to such termination and to the surviving provisions of this Subscription Agreement, and the Parties hereto will be released on this date from any commitment resulting herefrom except for those resulting from article 11 below:
		(i)
	Approval by the Issuer’s board of directors, in accordance with the provisions of article L.225-35 of the French commercial Code, of:

		(a)
	the terms and conditions of the Bonds Issue Agreements in agreed form,

		(b)
	the granting of the Security Interest created under the Security Documents in relation to the Bonds Issue and,

		(c)
	the terms and conditions of the Security Documents in agreed form in accordance with the draft Security Documents in Schedule 4 hereto, and

		(d)
	the terms and conditions of the Warrants Issue Agreement in agreed form, in accordance with the draft Warrant Issue Agreement in Schedule 3 hereto;

		(ii)
	Execution by the Parties of the Bonds Issue Agreements, the Warrants Issue Agreement and the Security Documents;

		(iii)
	Issuance of the Tranche A Bonds by the Issuer’s chief executive officer (directeur général) in accordance with the terms and conditions of the Bonds Issue Agreements;

		(iv)
	Issuance of Warrants by the Issuer’s chief executive officer (directeur général) in accordance with the terms and conditions of the Warrants Issue Agreement,

		(v)
	Confirmation by the Issuer that there is (and shall be on the funding date), no other external Indebtedness than the existing indebtedness (the “Existing Indebtedness”) constituted of:

		-
	Bond financing subscribed by Kreos Capital V (UK) Limited, a private limited company incorporated under the laws of England, having its registered office at 5th Floor, 25-28 Old Burlington Street, London W1S 3AN, United Kingdom, registered under identification number 09728300 ("Kreos V (UK)")under a venture loan agreement dated 10 September 2018 and the related Bonds Issue Agreement of 10 September 2018, being specified the amount outstanding in principal at the date hereof under such financing is EUR 1,360,015 (the "Kreos V Financing");

		-
	Convertible bond financing subscribed by Atlas Special Opportunities LLC, an exempted company, having its registered office at Maples Corporate Services LTD, P.O.BOX 309, Ugland House, Grand Cayman, KY1 – 1104, Cayman Islands, under (a) an ORNANEs issuance and subscription agreement dated 5 April 2020 (as amended from time to time) and (b) an ORNANEs issuance and subscription agreement dated 14 June 2021 (the "Atlas Financing");

		-
	Deeptech loan from BPIFrance Financement for an amount of EUR 980 000 for “Etude clinique de phase 2A sur des patients sains vs patients atteints de DMLA pour prouver l’efficacité de la molécule BIO201“ dated June 28th 2019 ;

		-
	Subsidy by BPIFrance Financement for an amount of EUR 228,782.82 for “Développement Clinique d’un extrait de Quinoa actif sur le Syndrome Métabolique”;

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		-
	Subsidy by BPIFrance Financement for an amount of EUR 1,100,000 for “Production des lots cliniques, phase préclinique réglementaire et Clinique de phase 1 de BIO101 pour le traitement de l’obésité sarcophénique” dated November 30th 2016;

		-
	Subsidy by BPIFrance Financement for an amount of EUR 260,000 for “Caractérisation in vitro, in vivo et pharmacocinétique d’un candidat medicament” dated December 4th 2015; and

		-
	Seed participating loan OSEO for an amount of EUR 150,000 dated November 4th 2008.

		(vi)
	Confirmation by the Issuer that no Event of Default has occurred or is continuing (or will be continuing on the funding date);

		(vii)
	The Issuer having served a first Drawdown Notice fifteen (15) days before the requested subscription and funding date;

		(viii)
	As at the date of such Drawdown notice the Debt to Market Capitalisation Ratio not being higher than twelve point five percent (12.5%), and

		(ix)
	Such Drawdown Notice requesting the subscription of 50% of the drawn amount in Straight Bonds and 50% of the drawn amount in Convertible Bonds.

	4.
	Conditions Precedent to the issuance of Tranche B, Tranche C and Tranche D

The Subscriber’s commitment to subscribe to the Bonds under Tranche B, Tranche C or Tranche D (at Issuer’s discretion) shall be subject to the following conditions, all of which are provided for to the sole benefit of the Subscriber who may waive them in writing before the end of the relevant availability period:
		(i)
	The actual full drawdown by the Issuer of Tranche A;

		(ii)
	The absence on the date of the Drawdown Notice in accordance with the Bonds Issue Agreement of a continuing Event of Default (within the meaning assigned in the Bonds Issue Agreement) under any already drawn Tranche,

		(iii)
	Unless otherwise agreed between the Parties in order to shorten such notice period, the Issuer having served a Drawdown Notice thirty (30) days before the requested subscription and funding date, which will not be later than the expiry date of the availability of such Tranche as set forth in the relevant paragraph of clause 2.1,

		(iv)
	As at the date of such Drawdown notice the Debt to Market Capitalisation Ratio not being higher than twelve point five percent (12.5%)

		(v)
	Such drawdown notice requesting the subscription, of:

		Ø
	As regards Tranche B: two thirds of the drawn amount in Straight Bonds and one third of the drawn amount in Convertible Bonds, and

		Ø
	As regards Tranche C and D: Straight Bonds only.

		(vi)
	Additional specific conditions

		Ø
	Tranche B: Issuer getting positive Part 2 interim analysis results on COVA Trial as defined by recommendation from DMC to continue the COVA Trial;

		Ø
	Tranche C: Issuer completing a Tranche C Issuance;

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		Ø
	Tranche D: Issuer completing a Tranche D Issuance,

It being specified that the Issuer can draw each Tranche (B, C or D) when the conditions necessary for drawing such Tranche are met, independently of the drawing of the other Tranches (B, C or D as the case may be).
	5.
	Commitments

	5.1
	The Issuer undertakes with the Subscriber that, from the date of this Subscription Agreement and for so long as any amount is or may be outstanding under this Subscription Agreement, and except with the prior written consent of the Subscriber, it shall:

	5.1.1
	Authorisations

obtain, maintain in force and effect and comply in all material respects with the terms of all authorisations, approvals, licences, exemptions, notarisations and consents required in or by any applicable laws and regulations in connection with its business;
	5.1.2
	Litigation

promptly upon becoming aware of them, deliver to the Subscriber details of any material litigation, arbitration or administrative proceedings which are current or pending, and which can reasonably be considered as likely to, if adversely determined, have a Material Adverse Effect (as defined in the Bonds Issue Agreement); or result in a cost or liability for the Issuer of more than EUR 200,000;
	5.1.3
	Events of Default

promptly inform the Subscriber of the occurrence of any Event of Default (within the meaning assigned in the Bonds Issue Agreement) and, upon receipt of a written request to that effect from the Subscriber, confirm to the Subscriber that, save as previously notified to the Subscriber or as notified in that confirmation, no such event has occurred;
	5.1.4
	Negative pledge

without prejudice to the Security Documents and save as otherwise authorized in such Security Documents, not:
		(i)
	create, purport to create or allow to subsist, any Security Interest over the whole or any part of the Pledged Intellectual Property Rights (or any other charged asset) other than in the ordinary course of business; or

		(ii)
	permit or agree to any variation of the rights attaching to the whole or any part of any asset affected by a Security Interest other than the Business Pledge Agreement; or

		(iii)
	convey, assign, transfer, or agree to convey, assign or transfer the whole or any part of the any asset affected by a Security Interest other than the Business Pledge Agreement; or

		(iv)
	while any amount is outstanding in relation to this Subscription Agreement, pledge or dispose in any other way, without Subscriber’s prior written consent or as authorised in the Security Documents, of all or part of the Intellectual Property rights other than the Pledged Intellectual Property rights. It being specified that a breach of such commitment shall be an Event of Default (within the meaning assigned in the Bonds Issue Agreement) and shall entitle Subscriber to recover all outstanding amounts under this Subscription Agreement and ancillary documents.

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In the event the conditions to the release of the Security Interest as set forth in clause 13.4 of the Business Pledge Agreement would not be met, the Subscriber and Issuer will negotiate in good faith alternative solutions to preserve both the Subscriber’s global level of Security Interest and the Issuer’s commercial attractivity.
	5.1.5
	Distribution of dividends

So long as any amount is or may be outstanding under this Subscription Agreement and ancillary documents, Issuer shall refrain from distributing any dividends or any other amounts eligible under French corporate law without the prior formal consent of Kreos in writing.
	5.1.6
	Insurance

So long as any amount is or may be outstanding under this Subscription Agreement, the Issuer shall obtain and maintain at its own expense insurance cover in relation to its business and assets of a type and in an amount as is usual for prudent companies its size carrying on a business such as that carried on by it.
	5.1.7
	Indebtedness

Unless otherwise expressly authorised by Subscriber and other than the Existing Indebtedness, not to incur any new Indebtedness, with the exception of the following:
		(i)
	Indebtedness up to EUR 100,000 incurred in the normal course of business (or with the prior written approval of the Borrower) provided it is unsecured and subordinated to the Bonds in all respects,

		(ii)
	Any unsecured Indebtedness granted by public agencies (BPI France and alike) incurred for the purposes of financing research and development which shall be considered as incurred in the normal course of business, provided they are unsecured and expressly subordinated to the Bonds and Warrants in all respects, and, more generally, that relevant agreements contain usual provisions in such matters and do not adversely affect the position of the Subscriber as a creditor, and

		(iii)
	Indebtedness resulting from a sale and lease back arrangement on real estate property, or on labs and offices equipment.

	5.1.8
	Subordination

Unless otherwise expressly authorised by Subscriber, not to enter into any Indebtedness senior to any rights and interests created by (i) this Agreement, and (ii) the Bonds Issue Agreements.
Notwithstanding the foregoing, the Parties expressly agree that the Issuer shall be permitted to make repayments under any agreement forming part of the Atlas Financing, subject to :
		(i)
	the Issuer notifying the Subscriber of its intent to make a repayment to Atlas prior to such repayment ;

		(ii)
	any repayment shall be capped at € 4,000,000.00;

		(iii)
	following the proposed repayment, the Issuer has a cash and cash equivalents balance equal to minimum the aggregate amounts due under the Subscription Agreement and the Bonds Issue Agreements and the Kreos V Financing, and

		(iv)
	if the Issuer does not complete an Equivalent Issuance within three (3) months following the repayment, then it shall be required to call another tranche of the equivalent amount under the Atlas Financing within fifteen (15) days.

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	5.2
	The Issuer further undertakes that, from the date of this Subscription Agreement and for so long as any amount is or may be outstanding under this Subscription Agreement, the Subscriber will have the right to:

		(i)
	receive all information sent to the board and board members of the Issuer at the same time as the board members;

		(ii)
	monthly financial information, cash flow projections and creditor and debtor balances;

		(iii)
	meet with the chief executive officer and/or the chief financial officer on a quarterly basis, at dates to be mutually and reasonably agreed, to discuss business performance, clinical progress, financing and wider strategy;

		(iv)
	receive annual audited consolidated financial statements within 180 days of year-end or, if sooner, at the same time they are provided to any investor in the Issuer;

		(v)
	receive annual operating, budgets and rolling cash projections (and revisions thereto) within 10 days of board approval;

		(vi)
	in the event of occurrence of an Event of Default, have a representative to attend as an observer at the Issuer’s board meetings.

Subscriber acknowledges that, as a consequence, from the date of this Subscription Agreement, it will be listed as a permanent insider with respect to Issuer.
	5.3
	Until the Final Redemption Date, and for the first time on 30 June 2022, the Issuer and the Subscriber shall conduct a yearly review, between 1 July and 31 July, of the Newly Generated IP based on the Issuer’s activity and financial position. To the extent that, upon completion of such yearly review, the Subscriber, acting reasonably and in good faith, determines that the value of the Pledged Intellectual Property is inferior to the Issuer’s then outstanding debt to the Subscriber under the Bonds Issue, the Issuer and the Subscriber shall jointly determine in good faith which Newly Generated IP rights to include in the scope of the IP Pledge Agreement in accordance with the provisions of section 4(c) of such agreement in order to compensate for such decrease.

In the event of a dispute between the Issuer and the Subscriber in connection with the outcome of such review and/or grant of a pledge over Newly Generated IP, it will be resolved in accordance with the expertise process set forth in the provisions of section 17 of the IP Pledge agreement.
	6.
	Representations and warranties

The Issuer makes the representations and warranties in clause 6.1 to clause 6.14 on the date of this Agreement, and, where applicable, on each Interest Payment Date (as defined in the Bonds Issue Agreement), by reference to the facts and circumstances existing on each such date. The Issuer acknowledges that the Subscriber has subscribed the Bonds and Warrants in reliance to those representations and warranties.
	6.1
	Due incorporation

		(i)
	It is a duly incorporated limited liability company validly existing under the law of its jurisdiction of incorporation; and

		(ii)
	It has the power to own its assets and carry on its business as it is being conducted.

​

13

	6.2
	Powers

It has the power and authority to execute, deliver and perform its obligations under the Issue Document and the transactions contemplated by them.
	6.3
	Non-contravention

The execution, delivery and performance of the obligations in, and transactions contemplated by, the Issue Document to which it is a party do not and will not contravene or conflict with:
		(i)
	its constitutional documents;

		(ii)
	any agreement or instrument binding on it or constitute a default or termination event (however described) under any such agreement or instrument; or

		(iii)
	to the knowledge of the Issuer, any law or regulation or judicial or official order, applicable to it.

	6.4
	Authorisations

It has taken all necessary action and obtained all required or desirable authorisations to enable it to execute, deliver and perform its obligations under the Issue Documents and the transactions contemplated by them and to make them admissible in evidence in its jurisdiction of incorporation. Any such authorisations are in full force and effect.
	6.5
	Binding obligations

		(i)
	its obligations under the Issue Document to which it is a party are legal, valid, binding and enforceable; and

		(ii)
	the Security Documents create (or, once entered into, will create) valid, legally binding and enforceable Security Interests for the obligations expressed to be secured by them.

	6.6
	Choice of law

The choice of governing law of the Issue Documents will be recognised and enforced in its relevant jurisdictions.
Any judgement obtained in relation to an Issue Document in the jurisdiction of the governing law of that Issue Document will be recognised and enforced in its relevant jurisdictions.
	6.7
	No default

No Event of Default has occurred or is continuing.
	6.8
	Information

The information, in written or electronic format, supplied to the Subscriber by the Issuer or on its behalf in connection with the Issue and the Issue Document was, at the time it was supplied or at the date it was stated to be given (as the case may be):
		(i)
	if it was factual information true and accurate in all material respects; and

		(ii)
	not misleading in any material respect, nor rendered misleading by a failure to disclose other information,

​

14

except to the extent that it was amended, superseded or updated by more recent information supplied to the Subscriber by the Issuer or on its behalf.
	6.9
	Financial statements

Each set of financial statements delivered to the Subscriber in respect of the Issuer was prepared in accordance with standards and practices generally accepted in its jurisdiction of incorporation and gives a true and fair view of (if audited) or fairly represents (if unaudited) its financial condition and operations during the relevant accounting period and was approved by its directors in compliance with applicable laws.
	6.10
	No material adverse change

There has been no material adverse change in the business, assets, financial condition or trading position of the Issuer since the date of this agreement.
	6.11
	No litigation

No litigation, arbitration or administrative proceedings are taking place, pending or, to the Issuer knowledge, threatened against the Issuer, any of its directors or any of its assets, which, is likely to be adversely determined and if adversely determined, might reasonably be expected to have a Material Adverse Effect (as defined in the Bonds Issue Agreement).
	6.12
	Pari passu

Its payment obligations under the Issue Documents rank at least pari passu with all existing and future unsecured and unsubordinated obligations (including contingent obligations), except for those mandatorily preferred by law applying to companies generally.
	6.13
	Ownership of material assets

It is the legal and beneficial owner of, and has valid a title to, all its material assets and no Security Interest exists over its assets except for the security created by the Security Documents.
	6.14
	Centre of main interests and establishments

For the purposes of Council Regulation 1346/2000 on insolvency proceedings (Insolvency Regulation), its "centre of main interests" (as that term is used in article 3(1) of the Insolvency Regulation) is its jurisdiction of incorporation.
	7.
	Remedies and waivers

	7.1
	No failure, delay or other relaxation or indulgence on the part of the Subscriber to exercise any power, right or remedy shall operate as a waiver thereof nor shall any single or partial exercise or waiver of any power, right or remedy preclude its further exercise or the exercise of any other power, right or remedy.

	7.2
	All rights of the Subscriber contained in this Subscription Agreement are in addition to all rights vested or to be vested in it pursuant to the other Issue Documents, common law or statute.

	7.3
	Each Party hereby acknowledges that the provisions of article 1195 of the French Code civil shall not apply to it with respect to its obligations under the Issue Documents and that it shall not be entitled to make any claim under article 1195 of the French Code civil.

​

15

	8.
	Severability

Each of the provisions of this Subscription Agreement is severable and distinct from the others and if at any time one or more of such provisions is or becomes invalid, illegal or unenforceable the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby.
	9.
	Notices

	9.1
	All notices, demands or other communications under or in connection with this Subscription Agreement may be given by letter, facsimile or other comparable means of communication addressed to the person at the address identified with its signature below.

	​

	​

	To Issuer:
	Biophytis S.A.

	​
	A l’attention de Monsieur Stanislas Veillet

	​
	Président Directeur Général

	​
	and Madame Evelyne Nguyen

	​
	Directeur administratif et financier

	​
	14, avenue de l’Opera

	​
	75001 Paris

	​
	​

	​
	E-mail: stanislas.veillet@biophytis.com and 
evelyne.nguyen@biophytis.com

	​
	With copy (for information purposes) to:

	​
	​

	​
	Monsieur Marc Fredj

	​
	Avocat associé

	​
	Reed Smith LLP

	​
	112, avenue Kléber

	​
	75116 Paris

	​
	​

	​
	E-mail: mfredj@reedsmith.com

	​
	Fax: 01.76.70.41.19

​
	​

	​

	To Subscriber:
	Kreos Capital V (UK) Ltd.

	​
	To the attention of Mr. Maurizio Petitbon

	​
	5th Floor, 25-28 Old Burlington Street

	​
	London W1S 3AN

	​
	United Kingdom

	​
	​

	​
	Email: maurizio@kreoscapital.com

	​
	Fax: +44 20 7409 1034

	​
	​

	​
	With copy (for information purposes) to:

	​
	​

	​
	Monsieur Laurent Cavallier

	​
	Avocat associé

	​
	Reinhart Marville Torre

	​
	58, avenue Kleber

	​
	75116 Paris

	​
	​

	​
	E-mail: cavallier@rmt.fr

	​
	​

	​
	Fax: +33 (0)1 53 96 04 20

​
​

16

	To Subscriber’s Affiliate:
	Kreos Capital VI (Expert Fund) L.P.

	​
	To the attention of Mr. Michael Johnson

	​
	47 Esplanade

	​
	St Helier, JE1 0BD

	​
	Jersey

	​
	​

	​
	Email: michael.johnson@crestbridge.com

	​
	Fax: +44 20 7409 1034

	​
	​

	​
	With copy (for information purposes) to:

	​
	​

	​
	Monsieur Laurent Cavallier

	​
	Avocat associé

	​
	Reinhart Marville Torre

	​
	58, avenue Kleber

	​
	75116 Paris

	​
	​

	​
	E-mail: cavallier@rmt.fr

	​
	Fax: +33 (0)1 53 96 04 20

​
	9.2
	Any such communication will be deemed to be given as follows:

		(i)
	if personally delivered, at the time of delivery, as documented by a receipt;

		(ii)
	if by letter, on the date entered by the addressee on the receipt in the case of delivery by hand or on the date when delivery is first attempted in the case of a recorded delivery letter with acknowledgement of receipt; and

		(iii)
	if by email transmission or comparable means of communication during the business hours of the addressee then on the day of transmission, otherwise on the next following Business Day.

	9.3
	In proving such service it shall be sufficient to prove that personal delivery was made or that such letter was properly stamped first class, addressed and delivered to the postal authorities or in the case of email transmission or other comparable means of communication that a confirming hard copy was provided promptly after transmission.

	10.
	Fees and expenses

	10.1
	On Completion Date, Issuer shall pay a transaction fee equal to [****] per cent ([****] %) of the global amount of the Bonds Issue, i.e. EUR [****] to be paid respectively to Subscriber up to an amount equal to EUR [****] and Subscriber’s Affiliate up to EUR [****] Subscriber and Subscriber’s Affiliate may set off such fee against the subscription price of Tranche A.

	10.2
	The Issuer will cover its own legal costs and all Subscriber’s reasonable legal costs relating to the negotiation, preparation and execution of the Subscription Agreement, Issue Documents and ancillary documents and the completion of the transactions in connection therewith, up to an amount of EUR [****] (excluding VAT and costs). The Issuer will be responsible for all expenses in connection with the security including taxes assessments, insurance premiums, all costs of operation, repair and maintenance of equipment and other assets used as security and any fees and taxes relating to security filings.

	10.3
	The Issuer shall pay all stamp, documentary, registration and other like duties or taxes to which this Subscription Agreement, or any judgment given in connection with this Subscription Agreement is or at any time may be subject and shall, from time to time on demand of the Subscriber, forthwith indemnify the

​

17

Subscriber against any liabilities, costs, claims and expenses reasonably incurred as a result of any failure to pay or any delay in paying any such amounts
	10.4
	At each Discharge Date (within the meaning of the Bonds Issue Agreement) and at the Repayment Date (within the meaning of the Convertible Bonds Issue Agreement), or at the effective date of termination or expiry of the Issue Documents, the Issuer shall pay an additional sum equal to [****] per cent ([****] %) of an amount equal to (i) the amounts drawn down under the relevant Tranche (or the cumulated drawn Tranches in case of a termination or expiry of the Issue Documents) less (ii) the amount of any Convertible Bonds converted by the Subscriber’s Affiliate prior to such date, to be allocated between Subscriber and Subscriber’s Affiliate in proportion to their respective share of each drawdown.

	10.5
	All fees and expenses payable pursuant to this article are excluding VAT and shall be paid together with VAT (if any) properly chargeable thereon.

	10.6
	From the Final Redemption Date, the Subscriber shall promptly release all its Security Interest.

	11.
	Law and jurisdiction

	11.1
	This Subscription Agreement is governed by and shall be construed in accordance with French law.

	11.2
	Any dispute concerning the validity, interpretation or performance of this Subscription Agreement will be submitted to the Tribunal de commerce (commercial court) of Paris.

​
​
​
​
​
​
​
	/s/ Stanislas Veillet
	    
	/s/ Maurizio Petibon

	Biophytis S.A.
	​
	Kreos Capital VI (UK) Limited

	Mr. Stanislas Veillet
	​
	Mr. Maurizio Petitbon

​
​
​
​
​
	/s/ Michael Johnson
	​

	Kreos Capital VI (Expert Fund) L.P.
	​

	Mr. Michael Johnson
	​

​
​

18

Schedule 1
Straight Bonds Issue Agreement
​

19

Schedule 2
​
Convertible Bonds Issue Agreement
​
​

20

Schedule 3
Warrants Issue Agreement
​

21

Schedule 4
Security Documents

22Exhibit 4.42
​
​
​
BONDS ISSUE AGREEMENT
​
By and between
​
​
Biophytis S.A.
​
as Issuer
​
​
and
​
​
Kreos Capital VI (UK) LTD.
​
as Subscriber
​
​
​
​
​
19 November 2021
​
​
​
​
​

Table of contents
	​

	​

	​

	1.
	Definitions and interpretation
	4

	2. 
	Issue and subscription
	7

	3. 
	Purpose of the Issue
	8

	4.
	Ranking
	8

	5. 
	Interest
	9

	6. 
	Repayment, purchase and cancellation
	9

	7. 
	Taxation
	10

	8. 
	Undertakings
	10

	9. 
	Events of default
	11

	10.
	Register and certificates
	13

	11.
	Transmission and transfer
	13

	12.
	Procedures for payment
	14

	13.
	Rights of single or multiple Bondholders and Warrant Holders
	14

	14.
	Remedies and waivers
	14

	15.
	Severability
	15

	16.
	Notices
	15

	17.
	Governing law - Jurisdiction
	16

	List of Appendixes
	17

​
​

2

Bonds Issue Agreement
This agreement (hereinafter referred to as the "Agreement") is entered into on 19 November 2021, by and between:
	1.
	Biopthytis S.A., a limited company (société anonyme) incorporated under the laws of France, with a share capital of EUR 25,814,647 having its registered office at 14, avenue de l’Opéra – 75001 Paris, France, registered under single identification number 492 002 225 RCS Paris, listed on the Euronext Growth organized multilateral trading facility under ISIN code FR0012816825, represented by Mr. Stanislas Veillet, in his capacity of chief executive officer (Président Directeur Général);

(hereinafter referred to as the "Issuer")
ON THE FIRST PART
AND
	2.
	Kreos Capital VI (UK) Limited, a private limited company incorporated under the laws of England, having its registered office at 5th Floor, 25-28 Old Burlington Street, London W1S 3AN, United Kingdom, registered under identification number 11535385, represented by Mr. Maurizio Petitbon, duly authorised for the purposes hereof;

(hereinafter referred to as the "Subscriber" or "Kreos")
ON THE SECOND PART
Issuer and Subscriber being hereinafter referred to individually as a "Party"
and collectively as the "Parties".
Whereas
	(A)
	The Subscriber is a growth debt provider, the business of which consists in making investments in high technology and life science companies throughout Europe.

	(B)
	The Issuer is a French société anonyme, created in 2006, specializing in creating drugs to treat degenerative illnesses associated with aging for which no treatment is available to date. Its most advances programmes relate to sarcopenia (loss of muscle functionality) and age-related macular degeneration (armd).

	(C)
	In order to provide the Issuer with additional financial resources to fund its activities and pursue the development of its technology, the Subscriber and Kreos Capital VI (Expert Fund) L.P., a limited partnership incorporated under the laws of Jersey, having its registered office at 47 Esplanade, St Helier, JE1 0BD, Jersey, registered with the JFSC Companies Registry under identification number 2770, have respectively agreed to subscribe to straight bonds (obligations simples) (the "Bonds") and convertible bonds (obligations convertibles) to be issued by the Issuer for a cumulated nominal amount of up to ten million euros (EUR 10,000,000.00) (the "Issue") subject to and upon the terms and conditions of the subscription agreement entered into between the Subscriber, Kreos Capital VI (Expert Fund) L.P. and the Issuer on the date hereof (hereinafter referred to as the "Subscription Agreement").

​

3

	(D)
	The Parties have agreed upon the terms and conditions of the issue of Bonds as set forth herein, being specified that on 19 October, 2021 the Issuer’s board of directors (Conseil d’administration) (hereinafter referred to as the "Board of Directors") approved the terms of this Agreement and delegated its authority to the chief executive officer (Directeur Général) to execute this Agreement.

NOW, THEREFORE, IT HAS BEEN AGREED AS FOLLOWS:
	1.
	Definitions and interpretation

	1.1
	In this Agreement, unless the context otherwise specifically provides, the following expressions shall have the following meanings:

	Affiliate
	means:
​
(i)

when used with reference to a specified entity, any other entity controlling, that is controlled by, or is under common control with, such specified entity; for the purpose of this definition, control has the meaning set forth in article L. 233-3 of the French Commercial Code (Code de commerce); or

​
(ii)

any investment entity (Fund or other) which is controlled or managed by the same management company (or a subsidiary, a parent company or a subsidiary of the parent company) as the management company that manages or advises the relevant Investor (if such Investor is also an investment entity);

​

	Agreement
	shall have the meaning set forth in the preamble;

	Board of Directors
	has the meaning assigned in section (D) of the preamble hereof;

	Bondholder
	means the Subscriber, any transferee and any subsequent Person(s) entered in the securities register which the Issuer under this Agreement is required to maintain, as holder(s) of the Bonds and as may be represented by the Bondholders' Representative;

	Bondholders' Representative
	means (i) if all outstanding Bonds are held by a single Bondholder, regardless of whether a person or a company, that relevant Bondholder which shall personally exercise all the rights of the Bondholders' Representative that may be attributed to the Bondholders' Representative (représentant de la masse) by applicable statutory provisions and this Agreement or (ii) if all outstanding Bonds are held by more than one (1) Bondholder, any entity appointed by a general meeting of the Bondholders forming a single "masse", held for that purpose or otherwise in accordance with the provisions of the French Code de commerce (it being specified that such decision shall be notified by the Bondholders' Representative to the Issuer and the Bondholders by registered mail without any requirement to publish the decision with a journal d'annonces légales or the Bulletin d'annonces légales Obligatoires).

​

4

	​

	​

	Bonds
	means the non-convertible bonds (obligations within the meaning assigned in article L. 213-5 of the French Monetary and Financial Code) issued in Euros by the chief executive officer (Directeur Général) of the Issuer in accordance with this Agreement, being specified, for the sake of clarity, that “Bonds” under this Agreement shall have the same meaning as “Straight Bonds” under the Subscription Agreement;

	Business Day
	means a day (excepting Saturdays and Sundays) on which banks operate in Paris;

	Change of Control
	means the de-listing of the Issuer;

	Discharge Date
	means with respect to any drawdown under any Tranche, the 36th Repayment Date (or such date of actual early payment in case of a Prepayment or acceleration of the Bonds or more generally such earlier date or dates as the same shall become repayable in accordance with this Agreement and/or the Subscription Agreement);

	Drawdown Date
	means with respect to any Tranche, the day on which the Bonds are subscribed and paid up by the Subscriber;

	Drawdown Notice
	means a notice issued in the form of the Appendix 1 from Issuer requesting Subscriber to subscribe to Bonds in accordance with this Agreement;

	Event of Default
	means any of those events set out in Article 9 (Events of Default);

	Final Redemption Date
	means the date on which all amounts due under the Issue Documents have been unconditionally and irrevocably paid and discharged in full;

	First Interest Payment Date
	means with respect to any Tranche, the first Business Day of a calendar month being or following Drawdown Date;

	Fund
	means any regulated fund, investment firm or company, the management of which is taken care of by professional managers (including but not limited to FCPR, FCPI, FPCI, FPS, FIP, SCR, SLP and partnerships);

	Group
	means the Issuer and any Subsidiary of the Issuer from time to time;

	Interest Payment
	means interest payments due by the Issuer to the Subscriber pursuant to this Agreement;

	Interest Payment Date
	means with respect to any drawdown under any Tranche, the First Interest Payment Date, and then the first Business Day of each subsequent calendar month;

	Issue
	has the meaning ascribed to it in section (C) of the preamble hereof;

	Issue Documents
	has the meaning ascribed to this term in the Subscription Agreement;

	Majority Bondholders
	means, at any time, one or several Bondholders (whether present or represented) that hold at least 662⁄3 per cent of the voting rights capable of being cast in Bondholders' general meetings.

​
​

5

	​

	​

	Material Adverse Effect
	means a material adverse effect on either the business / or the operations of the Issuer, and its ability to comply with any of its payment obligations under the Agreement;

	M&A Process
	means any contemplated transaction for the sale of substantially all of the assets, the sale or exchange of the majority of the share capital of the Issuer or the merger of the Issuer into another company;

	Paying Agent
	means, (i) if all outstanding Bonds are held by a single Bondholder, regardless of whether a person or a company, that relevant Bondholder or (ii) if all outstanding Bonds are held by more than one (1) Bondholder, any entity appointed by a general meeting of the Bondholders forming a single "masse", held for that purpose;

	Person
	shall mean and include an individual, a partnership, a corporation, a business trust, a joint stock company, a limited liability company, an unincorporated association or other entity and any domestic or foreign national, state or local government, any political subdivision thereof, and any department, agency, authority or bureau of any of the foregoing;

	Prepayment
	has the meaning ascribed to it in Article 6.3;

	Register
	has the meaning ascribed to it in Article 10.2;

	Repayment Date
	means with respect to any drawdown under any Tranche, for the first time, 1 April 2022 and then the 35 subsequent Interest Payment Dates (or the date of any Prepayment or acceleration of the Bonds or more generally such earlier date or dates as the same shall become repayable in accordance with this Agreement and/or the Subscription Agreement); 

	Security Documents
	means any document entered into by any Person (including subsidiaries, if any) from time to time creating any Security Interest, directly or indirectly, for the obligations of the Issuer under the Subscription Agreement;

	Security Interest
	means any mortgage, charge, assignment, pledge, lien, hypothecation, encumbrance, priority or other security interest or any arrangement which has substantially the same commercial or substantive effect as the creation of security (except financial lease, “location financière” and capital lease “crédit-bail” unless as part of a lease-back agreement);

	Subscriber(s)
	means Kreos Capital VI (UK) Limited;

	Subsidiary
	means any person which would come to be directly or indirectly controlled by or under direct or indirect control of the Issuer. For purpose of this definition, control shall have the meaning ascribed to “contrôle” under article L.233-3 of the French Commercial Code);

	Tax Deduction
	has the meaning ascribed to it in Article 7.3;

	Tranche(s)
	means (i) individually Tranche A, B, C or D and (ii) collectively Tranches A and/or B; C, or D;

​
​

6

	​

	​

	Tranche A
	has the meaning ascribed to it in Article 2.2;

	Tranche B
	has the meaning ascribed to it in Article 2.3;

	Tranche C
	has the meaning ascribed to it in Article 2.4;

	Tranche D
	has the meaning ascribed to it in Article 2.5;

​
	1.2
	In this Agreement, except as otherwise provided or where clearly inconsistent in the light of the context:

		(i)
	words importing the singular include the plural and vice versa;

		(ii)
	words denoting gender include every gender;

		(iii)
	words denoting persons include bodies corporate or unincorporate;

		(iv)
	a section, clause, sub-clause or Appendix is to a section, clause, sub-clause or Appendix, as the case may be, of or to this Bonds Issue Agreement;

		(v)
	any provision of a statute shall be construed as a reference to that provision as amended, modified, re-enacted or extended from time to time;

		(vi)
	words and expressions in the French language defined in the French Commercial Code (Code de commerce) or the French Monetary and Financial Code (Code monétaire et financier) as amended shall bear the same meanings herein, and

		(vii)
	capitalised terms not defined herein shall have the meaning given to them in the Subscription Agreement.

	1.3
	The headings in this Agreement are for ease of reference only and shall not affect the construction of this Agreement.

	1.4
	Should any conflicts occur between this Agreement and the Subscription Agreement or any of the Issue Documents entered into between the parties, the Parties agree that the Subscription Agreement’s provisions shall prevail.

	2. 
	Issue of the Bonds and subscription

	2.1
	On or prior to the date of this Agreement, in accordance with the provisions of article L. 228-40 of the French Commercial Code (Code de commerce), the Board of Directors authorized the issuance by the Issuer of up to seven million seven hundred and fifty thousand (7.750,000) Bonds of a nominal value of EUR 1.00 each in registered form, exclusively reserved to the Subscriber, to be subscribed in four Tranches. The Bonds which will be issued by the Company constitute securities that confer certain rights within the meaning of article L. 213-5 of the French Monetary and Financial Code (Code monétaire et financier) to the Subscriber (and to any subsequent Bondholder) as from their subscription.

	2.2
	Tranche A

Subscriber will subscribe to a first tranche ("Tranche A") of a maximum of one million two hundred and fifty thousand (1,250,000,000) Bonds in one or several drawdown(s) of no less than EUR 500,000.00, subject to the conditions precedent set forth in Article 3 of the Subscription Agreement, pursuant to a Drawdown Notice in accordance with the template attached as Appendix 1 hereto.
​

7

	2.3
	Tranche B

Subscriber (or any of its Affiliates) will subscribe to a second tranche ("Tranche B") of a maximum of two million (2,000,000,000) Bonds in one in one or several drawdown(s) of no less than EUR 666,667.00 subject to the conditions precedent set forth in Article 4 of the Subscription Agreement, pursuant to a Drawdown Notice in accordance with the template attached as Appendix 1 hereto.
	2.4
	Tranche C

Subscriber will subscribe to a third tranche ("Tranche C") of a maximum of two million five hundred thousand (2,500,000,000) Bonds in one or several drawdown(s) of no less than EUR 1,000,000.00, subject to the conditions precedent set forth in Article 4 of the Subscription Agreement, pursuant to a Drawdown Notice in accordance with the template attached as Appendix 1 hereto.
	2.5
	Tranche D

Subscriber will subscribe to a fourth tranche ("Tranche D") of a maximum of two million (2,000,000,000) Bonds in one or several drawdown(s) of no less than EUR 1,000,000.00, subject to the conditions precedent set forth in Article 4 of the Subscription Agreement, pursuant to a Drawdown Notice in accordance with the template attached as Appendix 1 hereto.
	2.6
	Subscription of the Bonds will be wholly paid up by the Subscriber (or any of its Affiliates), by bank transfer, to the following Issuer’s account (or any other bank account as notified to the Subscriber in a Drawdown Notice):

	Bank Name: 
	Banque Neuflize OBC - 3, avenue Hoche, 75008 Paris, France

	Account Name: 
	Biophytis SA

	IBAN:
	FR76 3078 8001 0008 7421 1000 162

	SWIFT: 
	NSMBFRPPXXX

​
Concurrently with such transfer, the Subscriber shall send to the Issuer a subscription form substantially in accordance with the template attached as Appendix 2 hereto.
	3. 
	Purpose of the Issue

	3.1
	The Issuer shall use the proceeds of Tranche A and Tranche B to provide the Issuer with additional financial resources to fund its activities and pursue the development of its technology, and agrees that it will not use the whole or any part of the proceeds of the Issue in contravention of any applicable law.

	3.2
	Without prejudice to the above, the Subscriber shall not be under any obligation to monitor the use of the proceeds of the Issue.

	4.
	Ranking

Each of the Bonds shall rank pari passu equally and rateably inter se and with the Convertible Bonds without any discrimination or preference and as direct, unconditional (subject to condition 3(i) of the Subscription Agreement), unsubordinated obligations (subject to such exceptions as are mandatory from time to time under French law), secured as set out in the Security Documents, being expressly specified that any obligations and liabilities of the Issuer under this Agreement shall fall in the scope of secured obligations (obligations garanties) as defined in the Security Documents, and that any existing loans between the Issuer and any Subsidiary (as defined in the Subscription Agreement) will be subordinated to and rank after the rights and interests created by the Issuer in favour of the Bondholder(s) under the Issue Documents.
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8

	5. 
	Interest

	5.1
	Interest on each drawdown under each Tranche shall accrue on the principal moneys outstanding on the relevant Bonds at a fixed interest rate of ten per cent (10.00 %) per annum, payable in cash, in a number of instalments equal to thirty six, increased by the number of Interest Payment Dates elapsed between the First Interest Payment Date and 31 March 2022, as set out in the payment schedule attached as Appendix 5.1, commencing with fixed interest payments until 31 March 2022, and followed by thirty six (36) decreasing interest payments based on a 3.2001 % repayment rate on the outstanding nominal and interest, as set out in column 8 (Interest) of the payment schedule attached as Appendix 5.1.

	5.2
	In the event any amount is drawn prior to the first day of any month, interest shall accrue on moneys outstanding as of their effective transfer date to Issuer until the First Interest Payment Date (on the basis of a daily 1/30th of the monthly fixed interest payment set out in Article 5.1). The Issuer expressly acknowledges that, on the relevant date of effective transfer of the funds, such amount shall constitute a due and payable receivable of the Subscriber toward the Issuer, and shall be paid by set-off with the funds to be transferred by Subscriber to Issuer.

	5.3
	To the extent interest is not paid for at least one (1) year on any Interest Payment Date, further interest shall accrue on any such interest not so paid in accordance with article 1343-2 of the French Civil Code (Code civil) at the rate specified in Article 5.6 hereunder. Interest shall be calculated on the basis of a three hundred and sixty-five (365) day year and shall be deemed to accrue on the Bonds from day to day.

	5.4
	Each interest payment shall be made to the Paying Agent (for the account of the Bondholders), on each Interest Payment Date before 11:00 AM CET, and the Bondholder(s) shall be deemed, for the purposes of this Agreement, to be the holder(s), on such date for payment of interest, of the Bonds held by it (them) on such preceding date notwithstanding any intermediate transfer or transmission of any such Bonds.

	5.5
	Interest on the principal moneys outstanding on any Bonds becoming repayable pursuant to any provision hereof shall cease to accrue as from the due date for repayment of such principal moneys unless repayment of any such principal moneys and/or payment of any such interest is not effected in which event interest shall continue to accrue at the rate specified in Article 5.6 on the amount which remains unpaid until actual payment in full of such principal moneys and interest is made.

	5.6
	Should the Issuer fail to pay any outstanding nominal amount (including the amount payable by Issuer under article 10.4 of the Subscription Agreement) on its due date for payment under this Agreement, the Issuer shall pay interest on such sum from the due date up to the date of actual payment (as well after as before judgment) at a rate which shall be the aggregate of (a) 300 basis points per annum (3.00 percent per annum), and (b) the interest rate set out under Article 5.1 above.

	6. 
	Repayment, purchase and cancellation

	6.1
	The Issuer shall repay the Bonds drawn pursuant to a Drawdown Notice at their principal amount on a monthly basis, in thirty-six (36) increasing repayments commencing on 1 April 2022, being specified that each instalment is due in advance, on each Repayment Date in accordance with the payment schedule attached as Appendix 5.1, the last actual repayment from the Issuer having to occur on the 35th Repayment Date as an effect of Article 6.5.

	6.2
	The repayments shall be made net to the Paying Agent (for the account of the Bondholders) pursuant to Article 7.

	6.3
	The Issuer shall have the right, at any time subject to a thirty (30) days prior notice to Subscriber, to prepay or purchase the Bonds, exclusively in whole and concurrently with the Convertible Bonds (a "Prepayment"). The Prepayment shall be equal to the aggregate undiscounted principal outstanding amount with respect to

​

9

the Convertible Bonds and the Bonds, plus any fees payable under the Subscription Agreement, plus the sum of future interest repayments discounted by ten percent (10.00%).
The Prepayment notice may be served any time but at the latest on 30 November 2024 and may not be served as long as any M&A Process relating to the Issuer and involving a formal letter of intent is ongoing.
	6.4
	Any Bonds repaid or purchased by the Issuer shall be cancelled and the Issuer shall not be entitled to use such issued Bonds for the purposes of re-issue or to re-issue the same.

	6.5
	Notwithstanding any contrary provision in this Agreement, the amount of the last instalment (including principal and interest) under each Tranche shall be paid in advance by the Issuer which acknowledges that such amount constitutes a due and payable receivable on the Subscriber, by set-off with the funds to be transferred by Subscriber to Issuer on each Drawdown Date. As a result of such payment, the Subscriber acknowledges that the Issuer holds a due and payable receivable on the Subscriber which shall be set-off with the payment of the last instalment.

	7. 
	Taxation

	7.1
	The Parties agree that no withholding tax shall be levied on interest and other revenues in respect of the Bonds subscribed by the Subscriber since (i) the Subscriber is located outside France and (ii) no payment will be made in a non-cooperative jurisdiction within the meaning of article 238-0 A of the French tax code, other than those mentioned in article 238-0 A, 2°. 2 bis of the same code ("NCJ").

	7.2
	The Subscriber shall provide the Issuer with the tax residence statement as the case may be required by the laws of France.

	7.3
	Except where directly caused by the Subscriber (including the change of tax residence, absence of delivery of the tax residence statement referred to in Article 7.2), in the event that it is required that payments of principal or interest in respect of the Bonds be subject to withholding or deduction in respect of any taxes or duties whatsoever (a "Tax Deduction"), the Issuer will pay such additional amounts as may be necessary so that the Subscriber, after such withholding or deduction, receive the full amount due to the Subscriber. For that purpose, the amount of interest due to the Subscriber shall be increased in order that the net amount received by the Subscriber after the required withholding or deduction shall equal the amount that would have been received, had such withholding or deduction not been made, it being specified that no additional payment shall be made should the Subscriber benefit from a reimbursement of such Tax Deduction. The provisions of this Article 7.3 shall not apply if (i) any regulation applicable in the country of residence of the Issuer prohibits the Issuer from assuming the charge of the Tax Deduction, and/or (ii) the Tax Deductions which represent a tax credit, or can be used as a deduction or offset against the Subscribers’ tax.

	7.4
	However, the Issuer will not be required to pay any such additional amounts with respect to any Bond to the Subscriber (or to a third party on behalf of the Subscriber) who is liable to such taxes or duties in respect of such Bond by reason (A) of his having some connection with France other than merely being the holder of the Bond, (B) of his being a shareholder of the Issuer or (C) in respect of any withholding or deduction that is levied solely on account of the relevant payments being made to a person domiciled, or acting through an office located, in a NCJ, or to an account held in a financial institution located in a NCJ (as such list is amended from time to time).

	8. 
	Undertakings

The Issuer undertakes, as from the date of this Agreement and until any amount is or may be outstanding under this Agreement, to comply with the commitments set forth in of the Subscription Agreement, including but not limited to those contained in Article 5 (Commitments).
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10

	9. 
	Events of default

Each of the following events, facts or circumstances constitutes an Event of Default, unless otherwise agreed and/or waived by the Majority Bondholders and the Issuer:
	9.1
	Non-payment

The Issuer fails, after being notified by the Subscriber, to pay in full on the due date any sum due from it under this Agreement in the currency and in the manner specified in this Agreement save where such payment is made within five (5) Business Days of the due date and such failure is solely due to an administrative or systems error in the transmission of funds;
	9.2
	Breach of financial information obligations

The Issuer fails to duly perform or comply with any of the financial information obligations expressed to be assumed by it in Article 5.2 of the Subscription Agreement and where such non-performance or non-compliance is capable of remedy, has not been remedied within ten (10) Business Days of the notice of that breach by the Subscriber to the Issuer;
	9.3
	Breach of other obligations

The Issuer fails to duly perform or comply with any other material obligation expressed to be assumed by it in any of the Issue Documents to which it is a party and where such non-performance or non-compliance, is capable of remedy, has not been remedied within ten (10) Business Days of the notice of that breach by the Subscriber to the Issuer;
	9.4
	Breach of ranking obligations

The Issuer is in breach of the ranking obligations under Article 5.1.8 (Commitments) of the Subscription Agreement and/or Article 4 (ranking) of this Agreement.
	9.5
	Cross-default

Any indebtedness of the Issuer exceeding two hundred and fifty thousand euros (€250,000), including, but not exclusively, as a result of any loan taken out, any bond agreement entered into, or any lease agreement entered into as the lessee, is not paid when due or within any applicable grace period, any indebtedness of the Issuer is declared to be or otherwise becomes due and payable before its specified maturity as a result of an event of default, or any creditor of the Issuer become entitled to declare indebtedness of the Issuer, due and payable before its specified maturity as a result of an event of default, except where (i) such event of default results from a breach of its obligations by a business counterparty or (ii) a business counterpart is a provider of the Issuer, and the absence of payment is made in the ordinary course of business and does not exceed ten (10) Business Days;
	9.6
	Insolvency

If and when applicable, the Issuer is unable to pay its debts as they fall due, with its available assets ("état de cessation des paiements") or otherwise admits its inability to pay its debts as they fall due, or commences negotiations with any one or more of its creditors with a view to the general readjustment or rescheduling of its Indebtedness, or makes a general assignment for the benefit of, or a composition with, its creditors, whether or not through the appointment of an administrator ("administrateur judiciaire" ou "liquidateur judiciaire"), in the framework of a conciliation or safeguard procedure.
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11

	9.7
	Cessation of business

If the Issuer ceases to carry on the business it carries on at the date hereof as mentioned in section (B) of the preamble hereof, or enters into any new business that is not directly related to such business;
	9.8
	Change of control

Unless otherwise agreed by the Subscriber, which opinion shall be delivered within ten (10) Business Days from the receipt by the Subscriber of a notification informing him of the potential Change of Control and the circumstances thereof, there is a Change of Control of the Issuer;
	9.9
	Validity of agreement

At any time any act, condition or thing required to be done, fulfilled or performed by it in order:
		(i)
	to enable the Issuer lawfully to enter into, exercise its rights under or perform the obligations expressed to be assumed by it in the Issue Documents to which it is a party;

		(ii)
	to ensure that the obligations expressed to be assumed by the Issuer in the Issue Documents to which it is a party are and remain legal, valid and binding;

		(iii)
	to make the Issue Documents to which it is a party admissible in evidence in France;

is not done, fulfilled or performed within any time available to ensure compliance with the same;
	9.10
	Unlawfulness

If, at any time it is or becomes unlawful for the Issuer to perform or comply with any or all of its material obligations under the Issue Documents or if any of the material obligations of the Issuer under the Issue Documents are not, or cease to be, legal, valid and binding;
	9.11
	Material adverse change

The occurrence of any facts, circumstances event which have or which can reasonably be considered as likely to have a Material Adverse Effect (including (i) any payment default or event or circumstance occurs which, with the giving of notice, lapse of time, determination of materiality, the fulfillment of any other applicable condition or any combination of the foregoing constitutes a default (howsoever described) under any contract (including, without limitation, any leasing contracts) to an extent or in a manner which will have or which can reasonably be considered as likely to have a Material Adverse Effect, or (ii) any litigation, arbitration or administrative proceedings are commenced which give grounds in the reasonable opinion of an independent lawyer appointed by both parties for belief that a Material Adverse Effect will result there from); it being understood that as from the day the notice of that circumstance is given by the Subscriber to the Issuer, a ten (10) Business Day period of grace during which the Subscriber does not seek the repayment of the sums owed by the Issuer under the Issue Documents nor enforce any of its Security Interest is then granted to the Issuer in order for him, or as the case may be, its shareholders, either (i) to organize the repayment of these sums or (ii) to take all necessary actions which in the sole reasonable opinion of the Subscriber are of nature to enable the Issuer to continue to perform the Agreement in all its material provisions until the Final Redemption Date;
	9.14
	Occurrence of an Event of Default

In case an Event of Default has occurred, or, in the event remedial periods are provided herein, is continuing after such remedial periods has elapsed, the Bondholders' Representative (acting on the instructions of the Majority Bondholders) may notify such Event of Default to the Issuer and at its discretion, decide that all moneys outstanding under the Bonds shall become immediately repayable and all interest accrued but
​

12

unpaid shall become immediately payable, together with any other sums then owed by the Issuer under any Issue Documents, subject to Subscriber (or in case of a “masse”, the Bondholders' Representative (acting on the instructions of the Majority Bondholders)) giving written notice to the Issuer to that effect  (an "Acceleration Notice") no sooner than five (5) Business Days from notification of the Event of Default, provided, where such Event of Default may be remedied, that has not been remedied to the reasonable satisfaction of the Subscriber.
	10.
	Register and certificates

	10.1 
	In accordance with article L. 211-3 of French Monetary and Financial Code (Code monétaire et financier), the Bonds shall be held in registered form (forme nominative) and will be compulsorily recorded in securities accounts and records held by the Issuer or the authorized intermediary, as the case may be.

	10.2 
	Consequently, the Subscriber and any subsequent Bondholder rights will be represented in book entry form (inscription en compte) opened in their name on the corporate register (the "Register") which will be held by an authorized agent.

	10.3 
	No physical document evidencing title to the Bonds (including representative certificates pursuant to article R. 211-7 of the French Monetary and Financial Code (Code monétaire et financier) will be issued to represent the Bonds.

	10.4 
	In accordance with articles L. 211-15 and L. 211-17 of the French Monetary and Financial Code (Code monétaire et financier), and subject to Article 11 of this Agreement, transfer of the Bonds will be made by transfer from one account to another, and the transfer of ownership of the Bonds will occur upon their book entry in the acquirer’s securities account, and pursuant to the terms and conditions provided herein.

	11.
	Transmission and transfer

	11.1
	The Bonds shall not be transferrable by the Subscriber, except (i) with the prior written consent of the Issuer or (ii), without the prior consent of the Issuer, (a) to an Affiliate of the Subscriber or (b) as part of a transfer of the Bondholder’s global asset portfolio of securities or of the healthcare branch of such portfolio of securities. Transfers of the Bonds shall be effected by an instrument in writing in the usual common form signed by the transferor and shall be notified to the Issuer at the latest thirty (30) Business Days prior to the transmission or transfer. Such notice shall include the specific identity of the transmittee(s) or transferee(s) and, the identity of the controlling shareholder(s), and a confirmation from the transmittee(s) or transferee(s) of its adhesion to the terms of this Agreement.

	11.2
	Every instrument of transfer must be left at the Issuer's registered office accompanied by the transfer form of the Bonds to be transferred to prove the title of the transferor or his right to transfer the Bonds and, if the instrument shall be executed by some other person on behalf of the transferor, the authority of that person so to do.

	11.3
	To be effective vis-à-vis the Issuer and third parties, any transfer of Bonds shall be registered in the Register kept by the Issuer and the transferor of any Bonds shall be deemed to be the holder of such Bonds until the name of the transferee is entered into the securities accounts in respect thereof. The Issuer shall, within ten (10) Business Days of receipt of documents reasonably necessary to effect a transfer of the Bonds, enter the name of the transferee in the Register.

	11.4
	No fee may be charged to the Subscriber upon subscription of the Bonds and in connection with the initial registration of the Bonds or other document relating to or affecting the original title to any Bonds.

	11.5
	Any transferee that becomes a Bondholder, by whatever means and for whatever reason, shall have the benefit of, and be subject to, all of the rights and obligations arising under this Agreement as regards Bonds.

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	11.6
	The Bonds shall not be offered to the public for subscription or purchase and shall not be capable of being dealt in on any stock exchange and no application shall be made to any stock exchange for permission to deal in or for an official or other quotation for the Bonds.

	12.
	Procedures for payment

Any principal, interest or other moneys repayable or payable hereunder on or in respect of any Bonds may be paid by transfer to the bank account designated in writing by the Subscriber.
At the time of Issue, this account shall be:
	Bank Name: 
	SVB

	Account Name: 
	Kreos Capital VI (UK) Ltd

	IBAN:
	GB62SVBK62100020187092

	SWIFT: 
	SVBKGB2L

​
	13.
	Rights of single or multiple Bondholders

	13.1
	In accordance with the provisions of article L. 228-46 of the French Commercial Code (Code de commerce), when the Bonds are held by several holders, the holders of Bonds shall automatically form, for the defence of their common interests, a collective body of holders with a legal personality. For the avoidance of doubt, it is specified that regardless of their date of issuance (i.e. as part of Tranche A, B, C or D), any Bonds issued pursuant to this Agreement shall be part of the same collective body (Masse) for the purpose of article L. 228-46 of the French Commercial Code (Code de commerce).

	13.2
	Where applicable, the rights of several Bondholders will be governed, in addition to this Agreement, by the provisions of the French Commercial Code (Code de commerce), applicable to the Masse, in particular as to representation and voting procedures.

	13.3
	All decisions made by the Bondholder(s) in accordance with this Article 13 of this Agreement shall be recorded in a register of the holders’ decisions held by the Bondholders' Representative.

	14.
	Remedies and waivers

	14.1
	No failure, delay or other relaxation or indulgence on the part of any of the Parties to exercise any power, right or remedy shall operate as a waiver thereof nor shall any single or partial exercise or waiver of any power, right or remedy preclude its further exercise or the exercise of any other power, right or remedy.

	14.2
	All rights of the Subscriber contained in this Agreement are in addition to all rights vested or to be vested in it pursuant to the other Issue Documents, common law or statute.

	14.3
	Each Party hereby acknowledges that the provisions of article 1195 of the French Civil Code (Code civil) shall not apply to it with respect to its obligations under the Issue Documents and that it shall not be entitled to make any claim under article 1195 of the French Civil Code (Code civil).

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14

	15.
	Severability

	15.1
	Each of the provisions of this Agreement and any Issue Document is severable and distinct from the others and if at any time one or more of such provisions is or becomes invalid, illegal or unenforceable the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby.

	15.2
	In such case, the Issuer shall do its best effort take appropriate actions to replace such provision with an economically equivalent provision which is valid, legal and enforceable, such commitment being, for the avoidance of doubt, a material commitment.

	16.
	Notices

	16.1
	All notices, demands or other communications under or in connection with this Agreement may be given by letter, facsimile, or e-mail addressed to the person at the address identified with its signature below.

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	To Issuer:
	Biophytis S.A.

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	To the attention of Mr. Stanislas Veillet

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	Président Directeur Général

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	and Madame Evelyne Nguyen

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	Directeur administratif et financier

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	14, avenue de l’Opera

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	75001 Paris

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	E-mail: stanislas.veillet@biophytis.com and
evelyne.nguyen@biophytis.com

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	With copy (for information purposes) to:

	​
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	Monsieur Marc Fredj

	​
	Avocat associé

	​
	Reed Smith LLP

	​
	112, avenue Kléber

	​
	75116 Paris

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	E-mail: mfredj@reedsmith.com

	​
	Fax: 01.76.70.41.19

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	To Subscriber:
	Kreos Capital VI (UK) Ltd.

	​
	To the attention of Mr. Maurizio Petitbon

	​
	5th Floor, 25-28 Old Burlington Street

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	London W1S 3AN

	​
	United Kingdom

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	Email: maurizio@kreoscapital.com

	​
	Fax: +44 20 7409 1034

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	With copy (for information purposes) to:

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	​
	Monsieur Laurent Cavallier

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	Avocat associé

	​
	Reinhart Marville Torre

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15

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	58, avenue Kleber

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	75116 Paris

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	E-mail: cavallier@rmt.fr

	​
	Fax: +33 (0)1 53 96 04 20

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	16.2
	Any such communication will be deemed to be given as follows:

		(i)
	if personally delivered, at the time of delivery, as documented by a receipt;

		(ii)
	if by letter, on the date entered by the addressee on the receipt in the case of delivery by hand or on the date when delivery is first attempted in the case of a recorded delivery letter with acknowledgement of receipt; and

		(iii)
	if by facsimile transmission or e-mail during the business hours of the addressee then on the day of transmission, otherwise on the next following Business Day.

	16.3
	In proving such service it shall be sufficient to prove that personal delivery was made or that such letter was properly stamped first class, addressed and delivered to the postal authorities or in the case of facsimile transmission or other comparable means of communication that a confirming hard copy was provided promptly after transmission.

	17.
	Governing law - Jurisdiction

	17.1
	This Agreement is governed by and shall be construed in accordance with French law.

	17.2
	Any dispute concerning the validity, interpretation or performance of this Agreement will be submitted to the Tribunal de commerce (commercial court) of Paris.

​
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	/s/ Stanislas Veillet
	    
	/s/ Maurizio Petibon

	Biophytis S.A.
	​
	Kreos Capital VI (UK) Limited

	Mr. Stanislas Veillet
	​
	Mr. Maurizio Petitbon

​

16

List of Appendixes
	Appendix 1
	Agreed form Drawdown Notice

	Appendix 2
	Agreed form subscription form

	Appendix 5.1
	Amortization and repayment schedule – Tranche A

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17

Appendix 1
Agreed form Drawdown Notice
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18

DRAWDOWN NOTICE
Drawdown No. 1
Dated [●]
between
	​

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	Kreos Capital VI (UK) Limited
	Biophytis S.A.

	the (“Subscriber”)
	the (“Issuer”)

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This Drawdown Notice forms a Schedule to the Bonds Issue Agreement entered into between the Subscriber and the Issuer dated 19 November (the “Bonds Issue Agreement”)
The Subscriber has granted the Issuer a facility of a maximum amount of EUR 7,750,000 (the “Facility”) pursuant to the terms and conditions set out in the Bonds Issue Agreement and attached Schedules.
Words and expressions in this Drawdown Notice shall have the same meanings as in the Bonds Issue Agreement.
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19

PART 1
Details
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	Total Facility
	EUR
	7,750,000.00

	Amount of Facility utilised under previous Drawdown Notice(s)
	EUR
	0.00

	Amount of Facility to be drawn down pursuant to this Drawdown Notice
	EUR
	[●]

	Balance available for drawdown under future Drawdown Notices
	EUR
	0.00

	Tranche
	​

	Term
	[●] months

	Bank Account Details for remittance of funds

	​
	​
Bank Name: [●]
Bank Address: [●]
Beneficiary Name: Biophytis S.A.
IBAN: [●]
SWIFT/BIC: [●]
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	​

	Anticipated Drawdown Date
(a Business Day no later than the Date of Expiry of the Facility)
	​
[●] 2021

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The principal of the Bonds will be repaid and interest shall be paid monthly in accordance with the Repayment Schedule included in the Bonds Issue Agreement.
We confirm that:
	(a)
	the representations and warranties made by us in the Subscription Agreement entered into between the Issuer and Subscriber dated 19 November 2021 are true and accurate on the date of this Drawdown Notice as if made on such date; and

	(b)
	no Event of Default has occurred and is continuing or would result from the delivery of this Drawdown Notice.

for and on behalf of
Biophytis S.A.
Authorised Signatory..................
Name ........................................
Dated [●]
​

20

PART 2
Repayment Schedule (all amounts are in EUR)
	

	

	

	

	

	

	Payment Due
	Fees
	Advance Payment
	Capital
	Interest
	Total

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Instalments Payable to:
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	Bank Name: 
	[●]

	Bank Address:
	[●]

	Account Name: 
	[●]

	IBAN: 
	[●]

	SWIFT: 
	[●]

​

21

Appendix 2
Agreed form subscription form
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22

Appendix 5.1
Amortization and repayment schedule example

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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}]]