Document:

exv10w24

 

Exhibit 10.24

COMPANY SAVINGS PLAN DOCUMENT

English translation of foreign language document

Business Objects S.A. (“the Company”), a joint-stock company governed by a board of directors,
headquartered at 157- 159 Rue Anatole France, 92300 Levallois-Perret, registered with the Company
and Trade Registry of Nanterre under number B 379 821 994 and represented by Mr. Stéphane Massas,
acting in his capacity as Vice President of European Human Resources,

Has established, under the provisions of Title IV of Volume IV of the Labor Code,

A company savings plan (“the Plan”), intended to permit both current employees and those who have
retired or taken early retirement from the Company to build a securities portfolio with Company
assistance, subject to the provisions of this Plan Document.

RECITALS

The Plan is intended to give Company employees a stake in its development and growth by purchasing
Company shares under preferential conditions and holding them through the Business Objects
Actionnariat company investment fund.

Other investment vehicles, including Capi-Equilibre, a diversified company investment fund and
Capi-Sécurité, a secure company investment fund, are also available to participants wishing to
diversify their investments.

This Plan Document sets forth in particular the terms applicable to the capital increase reserved
to Plan participants decided by the Chairman of the Board on June 15, 2005, hereafter “the Capital
Increase” in compliance with the delegation of the Board meeting of May 13, 2005. The Company
shares purchased in the scope of this offer will be subscribed to via the Business Objects
September 2005 company investment fund, then promptly transferred to the Business Objects
Actionnariat company investment fund.

This Plan Document supersedes and replaces the Plan Document dated December 16, 2004. This
replacement in no way affects the unavailability periods of blocked funds or the tax treatment of
sums previously invested by Company employees under the applicable Plan Document.

TITLE
I — ENROLLMENT IN THE PLAN

Article 1
—who is eligible

	1.1	 	All Company employees are eligible to join the Plan after having been “legally employed” by
the Company for at least three months. “Legally employed” means being an employee of the
company, without subtracting for periods of suspension of the employment contract for whatever
reason.

	1.2	 	Retired Company employees, including those having taken early retirement, who joined the Plan
before their departure and remained in the Plan from that date by maintaining their
investment, whether partially or totally, in the Plan, may continue to make contributions to
the Capi-Sécurité and Capi-Equilibre multi-company funds.

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	1.3	 	No voluntary contribution, except for that of an elective profit-sharing distribution
payment, may be made as of the date of departure from the Company for any reason other than
retirement or early retirement.

Article 2 — Enrollment formalities

Monetary contributions as well as the transfer of Company shares to the Plan entitle an employee to
all rights attached to full Plan participation.

2.1 — Optional enrollment

Every Plan beneficiary making a voluntary contribution to the Plan fills in a participation form
provided by the Company. Participation is effective from date of deposit of the form with the
Human Resources Department of the Company.

2.2 — Automatic enrollment

As the amounts distributed within the scope of the statutory profit-sharing scheme are required to
be paid into the Plan under the Company statutory profit-sharing agreement, no formalities for
individual participation are therein required.

TITLE II — PLAN CONTRIBUTIONS

Article 3 — Origin of Plan contributions

Contributions can be made to the Plan by:

- The employee’s share of the special reserve of the statutory profit-sharing scheme under the
terms of the profit-sharing agreement;

- The voluntary contribution of the elective profit-sharing distribution payment under the terms of
the elective profit-sharing agreement;

- Other individual voluntary contributions;

- Company matching contributions, if so granted;

- Company shares resulting from an exercise of options granted under the provisions of Article L.
225-177 or Article L. 225-179 of the Commercial Code;

- The income and investment earnings on Plan assets, as well as the dividend and other tax credits
applicable thereto, except certain income and products of the shares resulting from the
exercise of the foregoing mentioned options, i.e the dividends, the avoir fiscal and the related
tax credit and the cash resulting from the sale of the fractional rights under share capital
increases by incorporation of profits, reserves and premiums.

Article 4 — Contribution Methods 

4.1 — Statutory profit-sharing

Under the provisions of Article R. 442-10 of the Labor Code, the distribution of the statutory
profit sharing special reserve must be made to its beneficiaries before the first day of the fourth
month following the closing of the fiscal year to which the distribution applies. After that date,
the Company must calculate and add interest at a rate fixed by law to the profit-sharing payment.
The interest must be paid at the same time as the principal and under the same conditions.

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.

4.2 — Voluntary contributions

All Plan beneficiaries as defined under the clause 1.1 herein may make voluntary contributions to
the Plan.

The total annual amount of the sums contributed by the Plan participant may not exceed the legal
ceiling which, as of the date of this Plan Document, is one-quarter of the participant’s annual
gross salary if an employee and one-quarter of the pension amount received per year if the
participant is retired or has taken early retirement. Only voluntary contributions, defined as
elective profit-sharing distribution amounts, regular and special contributions are taken into
consideration for purposes of calculating the maximum annual contribution, not the other means of
contribution.

4.2.1 — Elective profit-sharing distribution payment

Under the applicable Company elective profit-sharing agreement, the beneficiary of an elective
profit-sharing plan may elect to contribute all or a part of his/her elective profit-sharing
distribution payment.

4.2.2 — Regular contributions in the scope of annual savings plan

The employee participant may make voluntary contributions in the scope of an annual savings plan,
wherein the participant fixes an annual contribution amount at the time of joining the Plan. The
annual contribution amount may be increased or decreased at the beginning of each calendar year,
and shall be equal to a minimum of 160.00 euros per year.

Contributions, divided into four parts, are automatically deducted from the employee’s salary the
last month of each quarter. Contributions can nonetheless be suspended, increased or decreased in
the course of the year, as long as the Human Resources department is notified before the
5th of the month of the relevant suspension, increase or decrease.

4.2.3 — Special contributions

4.2.3.1
— Independent of any regular contributions, a participant may make special contributions to
the Plan.

Special contributions are possible at any time, either by check or by payroll deduction.

4.2.3.2 —If the participant makes a special contribution to the Plan within the scope of the
Capital Increase, the amount of this contribution may not exceed:

(i) Either 10% of the gross salary paid to the participant between March 1, 2005 and August 31,
2005, with the additional limitation that the authorized subscription amount is capped under
section 423(b)(8) of the United States Internal Revenue Code of 1986, as amended;

(ii) Or the exchange value of 500 “parts” of the Business Objects September 2005 fund.

The maximum number of “parts” of the Business Objects September 2005 fund to be purchased by the
participant, within the limits set forth in (i) and (ii), is then multiplied by the total number of
available shares in the scope of the offer and divided by the maximum number of Business Objects
September 2005 fund “parts” to be purchased by all employees, within the limits set forth in (i)
and (ii), and finally rounded down to a whole number.

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4.2.4 — Contribution of Company shares resulting from the exercise of options

When the stock option beneficiary consents, subject to the conditions described under Article L.
225-177 or Article L. 225-179 of the Commercial Code, to use the holdings that s/he has under the
Plan to exercise options, the resulting shares assigned to the participant are placed in the Plan.

Article 5 — income, dividend and other tax credits

The income and return on amounts placed in the Plan are automatically reinvested therein. The same
applies to relevant dividend and other tax credits, for which a refund will be requested from the
administration.

Notwithstanding the foregoing provisions, certain incomes or products of shares resulting from the
exercise of options in accordance with the Article L 225-177 or Article L225-179 of the Commercial
Code will not be reinvested in the Plan and will be paid to their owners. These incomes and
products are dividends, the avoir fiscal and any other tax credit, as well as the cash resulting
from the sale of the fractional rights under share capital increases by incorporation of profits,
reserves and premiums.

TITLE III — ADMINISTRATION OF SUMS AND SHARES TO BE PAID INTO THE PLAN AND PARTICIPANT ASSETS

Article 6 — Investment Vehicles

6.1 — Investment of sums paid into the Plan

Sums paid into the Plan are used to purchase “parts”:

	•	 	Of the Business Objects Actionnariat company investment fund,
registered with the French securities and exchange commission (“AMF”)
under number 07127, governed by Article L. 214-40 of the Monetary and
Financial Code;
	 
	•	 	Of the Capi-Equilibre multi-company fund, registered with the French
securities and exchange commission (“AMF”) under number 01538,
governed by Article L. 214-39 of the Monetary and Financial Code;
	 
	•	 	Of the Capi-Sécurité multi-company fund, registered with the French
securities and exchange commission (“AMF”) under number 03935,
governed by Article L. 214-39 of the Monetary and Financial Code;
	 
	•	 	Of the Business Objects September 2005 multi-company fund
currently in approval stages with the French securities and exchange
commission (“AMF”) governed by Article L. 214-40 of the Monetary and
Financial Code.

These funds together are referred to as the “Funds” herein.

The official Fund Document is available to all participants. All participants receive the relevant
summary information.

The administration of the funds is provided by:

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- Fongépar Gestion Financière, a joint-stock company, headquartered in Paris at 10 Place
de Catalogne registered with the Paris Trade Registry under number B451 419 774, as the portfolio
management company;

- CDC Finance-CDC Ixis a limited company governed by a board of directors and a monitoring
committee, headquartered in Paris26/28 rue Neuve Tolbiac, registered with the Paris Trade
Registry under number B 335 128 898, as trustee.

- Fongépar a limited company headquartered in Paris, 10 Place de Catalogne registered
with the Paris Trade Registry under number B 692 042 310 as the Plan administrator.

6.2 — Investment of Company shares placed into the Plan

The Company shares deposited into the Plan, as per the paragraph “ Contribution of Company
shares resulting from the exercise of options” from the “Methods of payment” article herein,
are held in the individual securities accounts opened in the name of the participants, hereinafter
“individual securities accounts”.

The share custodian is the Bank BNP PARIBAS Securities Services, , a joint-stock company with a
capital of 165,279,835 euros, headquartered in Paris at 3 rue d’Antin, 75002 Paris, registered with
the Paris Trade Registry under number 552 108 011.

Article 7 — Use of sums paid in and management of participant holdings 

7.1 — Statutory profit-sharing plan special reserve

The participant chooses the fund(s) into which his or her statutory profit-sharing distribution is
paid from among the Business Objects September 2005 fund, Capi-Equilibre and Capi-Sécurité. S/he
in particular decides, where applicable, the allocation of the amounts between the various funds.
If the administrator is not notified of the participant’s choice, the statutory profit-sharing
distribution amount is automatically deposited into Capi-Sécurité.

7.2 — Elective profit-sharing distribution

When a beneficiary decides to invest all or a part of his elective profit-sharing distribution
payment into the Plan, s/he chooses the fund(s) among Business Objects September 2005,
Capi-Equilibre and Capi-Sécurité into which the amounts will be deposited. S/he specifically
decides, where applicable, the allocation of the amounts between the various funds. If the
administrator is not notified of the participant’s choice, the statutory profit-sharing
distribution amount is automatically deposited into Capi-Sécurité.

7.3 — Regular contributions

When a beneficiary decides to regularly contribute to the Plan, s/he may choose the fund(s) from
the Capi-Equilibre and Capi-Sécurité funds. S/he specifically decides, where applicable, the
allocation of the amounts between the various funds. If the administrator is not notified of the
participant’s choice, the statutory profit-sharing distribution amount is automatically deposited
into Capi-Sécurité. This assignment remains valid for the duration of the fiscal year.

7.4 — Special contributions

When a beneficiary decides to make a special contribution to the Plan, s/he chooses the fund(s)
from among the Capi-Equilibre and Capi-Sécurité funds into which the amounts will be deposited.
S/he specifically decides, where applicable, the allocation of the amounts between the various
funds. If the administrator is

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not notified of his/her choice, the statutory profit-sharing distribution amount is automatically
deposited into Capi-Sécurité.

Nonetheless, if the participant makes a special contribution to the Plan in the scope of the
Capital Increase, s/he may choose the fund(s) from among Business Objects September 2005,
Capi-Equilibre and Capi-Sécurité into which the amounts will be deposited. S/he specifically
decides, where applicable, the allocation of the amounts between the various funds.

7.5 — Arbitrage from one fund to another

Any bearer of “parts” of any one of the following three funds: Business Objects Actionnariat,
Capi-Equilibre and Capi-Sécurité, may request the transfer of all or a part of his/her holdings in
a fund to one of the other two funds, or to both, within the following guidelines:

- Arbitrage may be requested at any time. To be processed on the basis of a valuation price, the
arbitrage request must be made via the Sesalis website by 4:00 pm at the latest the day before the
valuation price is set;

- An arbitration may apply to holdings which are either available or blocked;

- No arbitrage of Business Objects Actionnariat “parts” can be processed if they have not been
fully paid;

- No arbitrage of Business Objects Actionnariat “parts” can be processed if the sums paid to
purchase these same “parts” were subject to an employer contribution as set forth in Article L.
443-7 of the Labor Code.

7.6 — Income, dividend and other tax credits

For each fund, the income and investment earnings on amounts placed in the funds, in addition to
the dividend and other tax credits applicable thereto, are reinvested in the fund

The Company shares held in individual securities accounts, the income, dividends and applicable
dividend tax credits are paid to the owners of the shares. Payments in kind (bonus shares or other
amounts) are reinvested in the individual stock accounts.

Article 8 —participant assets

A portfolio manager keeps the accounts of Plan participants’ individual invested amounts. Each Plan
participant is the holder of an account opened in the books of said portfolio manager. This
account is updated upon each contribution or withdrawal.

Plan participants’ assets are expressed:

- In “parts” and, where applicable, in fractions thereof, in the company investment fund or a
multi-company fund, with each fund “part” equaling the same value of holdings included in said
fund. Each participant is the owner of a number of “parts” and fractions thereof purchased via the
sums paid in his or her name;

- in Company shares.

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Fongépar a limited company, whose head office is located in Paris at 10 Place de Catalogne,
registered with the Paris Trade Registry under number B 692 042 310 serves as the portfolio manager
for the Plan regarding the shares of the Company investment funds.

BNP PARIBAS Securities Services, a joint-stock company with a capital of 165,279,835 euros,
headquartered in Paris at 3 rue d’Antin, 75002 Paris, registered with the Paris Trade Registry
under number 552 108 011 serves as the portfolio manager for the Plan regarding the shares
resulting from the exercise of the options.

TITLE IV — UNAVAILABILITY AND PAYMENT

Article 9 — Unavailability of assets and requests for withdrawal 

9.1 — Amounts paid into the Plan

Amounts paid into the Plan are unavailable before the expiration of a five-year period, counting
from the first day of the fourth month of the fiscal year in which the amounts were paid into the
Plan.

The transfer of blocked holdings from one investment vehicle to another within the Plan under the
conditions described in the paragraph entitled “Arbitrage from one fund to another” from the
article entitled “Use of sums paid in and management of participant holdings “of this Plan Document
does not affect the remaining duration of legal unavailability.

The participant may request that the amounts be released before the expiration of the
unavailability period under the exceptional circumstances set forth in Article le R. 442-17 of the
Labor Code.

As of the date of signature of this Plan Document, such circumstances are defined as the following:

a) Participant’s marriage or signing of a domestic partnership agreement;

b) Birth of a child or arrival of a child in participant’s household for purposes of adoption when
the household already includes two dependent children;

c) Divorce, separation or a dissolution of a domestic partnership agreement when formalized by a
court decision assigning sole or shared custody of at least one child to the Plan participant;

d) Disability of participant, one of his/her children, a spouse or the person with whom s/he has
entered into a domestic partnership agreement. This disability must fall within the definition
provided in sections 2 and 3 of Article L. 341-4 of the Social Security Code and must be
recognized by a decision of the Functional Commission on Counseling and Rehabilitation as per
Article L. 323-11 or of the Regional Commission on Special Education if the disability rate reaches
at least 80% and the person does not exercise any professional activity;

e) Death of the participant, a spouse or of the person with whom s/he has entered into the domestic
partnership agreement;

f) Termination of the employment contract if the participant is an employee or termination of the
term of office if the participant is a person mentioned in the third paragraph of Article L. 443-1
of the Labor Code;

g) Allocation of saved sums to: the creation or purchase of an industrial, commercial, craft or
agricultural firm, by the participant, one of his/her children, a spouse or the person with whom
s/he has entered into a domestic partnership agreement, either individually, or in the form of a
company, as long as control is in fact exercised as per Article R. 351-43; the setting up of
another non-wage-earning professional activity; or the purchase of partnership shares in a
cooperative production society;

h) Allocation of saved sums to the purchase of or addition to a primary residence which creates a
new livable area as defined in Article R. 111-2 of the Construction and Housing Code, as long as a
construction permit or preliminary building declaration exists, or to the repair of the primary
residence following damaged sustained in a natural disaster as so classified by ministerial order;

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i) Participant’s excessive debt as defined in Article L. 331-2 of the Consumer Code, upon request
addressed to the employer’s company savings plan administrator, either by the president of the
Commission of Individual Excessive Debt, or by a court, when the release of the amounts held is
deemed necessary to the participant’s discharge of debts.

The participant’s request must be made within six months of the event prompting the request, except
in the case of employment termination; death of a spouse or the person with whom s/he has entered
into a domestic partnership agreement; disability; or excessive debt, which may occur at any time.

9.2 — Company shares contributed to the Plan

Company shares contributed to the Plan, as per paragraph 4.2.4 “Contribution of Company shares
resulting from the exercise of options” from Article 4 herein entitled “Payment methods”, are
unavailable before the expiration of a five-year period, counting from the date of the stock
options exercise.

9.3 — Death of Plan participant

In case of the Plan participant’s death, his/her legal successors may request the liquidation of
holdings.

Article 10 — Withdrawal of assets 

Following expiration of the holding unavailability period, the participant may choose to request a
withdrawal of all or a part of the holdings, or to stay in the Plan and continue to benefit from
the advantages offered.

10.1 — Assets invested in the funds

For assets invested in the funds, requests for withdrawal are processed according to the procedures
set forth in the fund regulations. In order to be processed on the basis of a valuation price,
written requests accompanied by any necessary supporting documents, must be received no later than
the day before the setting of the valuation price by the portfolio management company.

Early release of funds shall be made in a single payment of either part or all of the invested
amounts, as directed by the employee.

10.2 — Company shares kept in individual stock accounts

For Company shares kept in individual stock accounts, withdrawal requests are sent to the
depositary bank and are met by cash payment of the amount of the sale of the shares after deduction
of applicable taxes and fees.

Article 11 — Employee departure 

When a Plan account holder leaves the Company without asserting his/her rights to released accounts
or before the Company is able to liquidate all of participant’s holdings as of the departure date:

- The participant is furnished with a summary of his/her holdings to be filed in the company
savings bankbook, separately listing the available holdings and including all necessary information
to liquidate or transfer holdings;

The participant is asked to furnish the address where s/he shall receive the notices relevant
to his accounts;

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	•	 	The participant is informed of the necessary steps to inform the Plan of any change of address.

When the account holder cannot be reached at his/her last known address, the holdings to which s/he
has claim are retained by the company savings plan administrator, which shall proceed to liquidate
after expiration of the 30 years’ prescription and pay the amount thus obtained to the Treasury
Department.

TITLE V — INFORMATION, TAX AND SOCIAL REGIME, FEES

Article 12 — Participant Information 

12.1 — How the Plan works

The staff members are informed of the existence and content of this Plan Document which is posted
on the “Human Resources” Web site of the Company.

All new hires also receive a copy of this Plan Document.

This Plan Document is furnished to employees upon request.

Any modification to the Plan Document is communicated to all Plan participants and Company
employees by being posted on the “Human Resources” Web site of the Company, and, at the case may
be, also by sending of a release and/or a note.

A notice distributed to the beneficiaries wherein the nature and details of the offer are explained
precedes every Company capital increase reserved to Plan participants.

12.2 — Position of assets, investment methods and miscellaneous information

12.2.1 —Individual account statements

Each participant receives an account statement indicating the breakdown of their assets and their
availability date:

	-	 	at the end of the quarter, when account movement has transpired over the course of that same period;
	 
	-	 	at least once a year, on December 31.

12.2.2 — Minitel

Plan participants may use Minitel to consult their individual account(s) and to obtain general
information concerning the proposed investment vehicles, regulations and release of funds.

12.2.3 — Voice response system

Plan participants may use voice response system to consult their individual account(s) and to
obtain general information concerning the proposed investment vehicles, regulations and release of
funds.

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12.2.4 — Internet

Plan participants may use the Internet to consult their individual account(s) and to obtain general
information concerning the proposed investment vehicles, regulations and release of funds. They may
also use the Internet to arbitrate shares or “parts” within the Plan.

12.2.5 — Fund management report

Each “part” holder receives at least once a year a fund management report on the activities of the
previous year for each of the funds in which s/he has holdings. This report is first submitted to
the approval of the Fund supervisory board

Article 13 — Tax and social regime 

Amounts paid into the Plan stemming from the special reserves for the statutory and elective
profit-sharing schemes are not subject to personal income tax. Nor are these sums subject to the
levies described in employment and social security legislation. They are, however, subject to the
“CSG” (generalized social levy) and “CRDS” (social security debt reduction contribution) charges.

Moreover, under the reinvestment terms set forth in the articles entitled “Origin of Plan
contributions” and “Income, dividend and other tax credits” of this Plan Document, the income and
returns on amounts invested in the Plan, as well as the dividend and other tax credits applicable
thereto are not subject to income tax.

Finally, capital gains on the holdings are not subject to income tax, but are subject to “CSG”
(generalized social levy), “CRDS” (social security debt reduction contribution), and other social
charges.

As the available assets, the funds released through June 16 to December 31, 2004, relating to the
liquidation of the FCPE shares acquired on or before July 16, 2004 under this Plan and in
compliance with the law no. 2004-804 of August 9, 2004 for the support of consumption and
investment, are not subject to personal income tax). They are, however, subject to the social taxes
(CSG, CRDS and social contributions).

Article 14 — Plan administration fees

14.1 — Portfolio management fees

The portfolio management fees for Plan participants’ accounts are paid by the Company.

In case of corporate bankruptcy reorganization or liquidation, the fees will be payable by the
participants.

14.2 — Other fees

In order to facilitate the savings of its participants, the Company pays:

	-	 	the fund entry fees, except when due to arbitrage between funds;
	 
	-	 	Service charges, auditor’s fees, and brokerage fees for the Business Objects Actionnariat fund;
	 
	-	 	Custodial fees for Company shares.

Participants pay:

	-	 	the fund entry fees when they are due to arbitrage orders between funds;
	 
	-	 	Service charges, auditor’s fees, and brokerage fees for Capi-Sécurité and Capi-Equilibre.

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TITRE V — MISCELLANEOUS PROVISIONS

Article 15 — Conflict resolution

Any participant claim regarding the administration of the Plan should be forwarded to the Company,
in writing, setting out the nature of the request. If the claim cannot be settled, the case will
be heard before a court of competent jurisdiction.

Article 16 — Entry into effect, duration, modifications and termination of plan

16.1 — Entry into effect and duration of Plan

This Plan Document shall take effect as of the date of signature. They are to apply for the
duration of the fiscal year, and can be renewed by tacit agreement by fiscal year periods.

The fiscal year of the Plan begins January 1 and ends December 31. The fiscal year will end
December 31 2005 and is therefore, exceptionally, of a shorter duration.

16.2 — Modifications and termination of the Plan

The signatory of this Plan Document may modify or terminate the Plan. Any such decision is
recorded through written amendment to the Plan Document. Modifications or termination shall take
effect as per the conditions set forth in the amendment.

ARTICLE 17 — Consultation between labor and management 

In conformity with Article L.443-1 of the Labor Code, the Plan Document was submitted to Company
labor and management for their input. The Workers’ Council was consulted. The meeting minutes of
the Workers’ Council meeting wherein its input was requested is annexed to this Plan Document.

ARTICLE 18 — Final clauses 

This Plan Document was concluded on the date cited below, having observed the 15-day minimum
waiting period following the Company labor-management consultation required under L.443-1 of the
Labor Code. Five original copies of the Plan Document and its annexes shall be, at the Company’s
request, immediately deposited with the relevant Regional Labor, Employment and Continuing
Education Department to which the Company is assigned.

	 	 	 
	 

	 	Executed in Levallois-Perret, June 21, 2005
	 

	 	in ten original copies

11exv10w52

 

Exhibit 10.52

BUSINESS
OBJECTS S.A.

2004
INTERNATIONAL EMPLOYEE STOCK PURCHASE PLAN,

adopted
on June 10, 2004

as amended on June 14, 2005

     The following terms and conditions constitute the provisions of the 2004 International
Employee Stock Purchase Plan of Business Objects S.A, as approved by the extraordinary general
meetings of shareholders of June 10, 2004 and amended by the Board at its meeting on October 21,
2004 and the Shareholders at its meeting on June 14, 2005.

1. Purpose.

     The purpose of the Plan is to provide employees of the Company and its Designated Subsidiaries
with an opportunity to subscribe Shares through accumulated payroll deductions. It is the intention
of the Company to have the Plan qualify as an “Employee Stock Purchase Plan” under Section 423 of
the Internal Revenue Code of 1986, as amended. The provisions of the Plan, accordingly, shall be
construed so as to extend and limit participation in a manner consistent with the requirements of
that section of the Code.

2. Definitions.

(A) “Administrator” means the Board or any committee designated by the Board to administer the Plan
pursuant to Section 14.

(B) “ADR” shall mean an American Depositary Receipt evidencing American Depositary Shares
corresponding to Shares.

(C) “ADS” shall mean an American Depositary Share corresponding to Shares

(D) “Board” shall mean the Board of Directors of Business Objects S.A.

(E) “Code” shall mean the Internal Revenue Code of 1986, as amended.

(F) “Company” shall mean Business Objects S.A., a corporation organized under the laws of the
Republic of France.

(G) “Compensation” shall mean all base straight time gross earnings and sales commissions,
exclusive of payments for overtime, shift premium, incentive compensation, incentive payments,
bonuses and other compensation.

(H) “Custodian” shall mean Banque BNP Paribas, or any successor or successors thereto.

(I) “Depositary” shall mean the Bank of New York, or any successor or successors thereto.

(J) “Designated Subsidiaries” shall mean the Subsidiaries which have been designated by the
Administrator from time to time in its sole discretion as eligible to participate in the Plan.

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(K) “Employee” shall mean any individual who is an Employee of the Company or a Designated
Subsidiary for tax purposes. For purposes of the Plan, the employment relationship shall be treated
as continuing intact while the individual is on sick leave or other leave of absence approved by
the Company or a Designated Subsidiary. Where the period of leave exceeds 90 days and the
individual’s right to reemployment is not guaranteed either by statute or by contract, the
employment relationship will be deemed to have terminated on the 91st day of such leave.
The Administrator, in its discretion, from time to time may, prior to an Enrollment Date for all
options to be granted on such Enrollment Date, determine (on a uniform and nondiscriminatory basis)
that the definition of Employee will or will not include an individual if he or she: (1) has not
completed at least two years of service since his or her last hire date (or such lesser period of
time as may be determined by the Administrator in its discretion), (2) customarily works not more
than 20 hours per week (or such lesser period of time as may be determined by the Administrator in
its discretion), (3) customarily works not more than five (5) months per calendar year (or such
lesser period of time as may be determined by the Administrator in its discretion), (4) is an
officer or other manager, or (5) is a highly compensated employee under Section 414(q) of the Code.

(L) “Enrollment Date” shall mean the first day of each Offering Period.

(M) “Exercise Date” shall mean the last day of each Offering Period.

(N) “Fair Market Value” means, as of any date, the closing sale price in euros for one Share (or
the closing bid, if no sales were registered) as quoted on Eurolist by Euronext TM as
reported in La Tribune, or such other source as the Administrator deems reliable, on the day of
determination.

(O) “Offering Period” shall mean a period of approximately six (6) months, commencing on the first
Trading Day on or after May 1 and terminating on the first Trading Day on or after the following
November 1, or commencing on the first Trading Day on or after November 1 and terminating on the
first Trading Day on or after the following May 1, at the beginning of which an option may be
granted and at the end of which an option may be exercised pursuant to the Plan. The duration of
Offering Periods may be changed pursuant to Section 4 of this Plan.

(P) “Plan” shall mean this 2004 International Employee Stock Purchase Plan.

(Q) “Shares” shall mean ordinary shares of the Company with a nominal value of €0.10.

(R) “Subscription Price” shall mean an amount no less than 85% of the Fair Market Value of a Share
on the Enrollment Date or 85% of the Fair Market Value of a Share on the Exercise Date, whichever
is lower, provided the Subscription Price may be adjusted pursuant to Section 19. For countries
with currencies denominated in other than the Euro (or tied to the Euro), the local currency
equivalent of the Subscription Price will be determined using the actual conversion rate from local
currency into Euro on the date the funds are transferred to the 2004 Business Objects S.A. Employee
Benefits Trust. This date may or may not be the Exercise Date.

(S) “Reserves” shall mean the maximum number of Shares, which have been authorized for issuance
under the Plan pursuant to Section 12 hereof.

(T) “Subsidiary” shall mean a corporation, domestic or foreign, of which not less than 50% of the
voting rights are held by the Company or a Subsidiary, whether or not such corporation now exists
or is hereafter organized or acquired by the Company or a Subsidiary.

(U) “Trading Day” means a day on which the Eurolist by Euronext TM is open for trading.

2

 

(V) “Trust” shall mean the trust created by the Company under the Trust Agreement;

(W) “Trust Agreement” shall mean the trust agreement between the Company and the Trustee in favor
of each of the Employees, attached hereto as Exhibit C.

(X) “Trustee” shall mean the trustee or trustees of the Trust.

3.  Eligibility.

     (A) Any Employee who shall be employed by the Company or a Designated Subsidiary on a given
Enrollment Date shall be eligible to participate in the Plan, subject to the requirements of
Section 5.

     (B) Any provisions of the Plan to the contrary notwithstanding, no Employee shall be granted
an option under the Plan (i) to the extent, immediately after the grant, such Employee (or any
other person whose stock would be attributed to such Employee pursuant to Section 424(d) of the
Code) would own capital stock of the Company and/or hold outstanding options to subscribe or
purchase such stock possessing five percent (5%) or more of the total combined voting power or
value of all classes of the capital stock of the Company or of any Subsidiary, or (ii) to the
extent his or her rights to subscribe or purchase stock under all employee stock purchase plans (as
defined in Section 423 of the Code) of the Company and its Subsidiaries would accrue at a rate
which exceeds Twenty-Five Thousand Dollars ($25,000) worth of stock (determined with reference to
the fair market value of the Shares at the time such option is granted) for each calendar year in
which such option is outstanding at any time.

4.  Offering Periods.

     The Plan shall be implemented by consecutive Offering Periods with a new Offering Period
commencing on the first Trading Day on or after May 1 and November 1 each year, or on such other
date as the Administrator shall determine, and continuing thereafter until terminated in accordance
with Section 19 hereof. The Administrator shall have the power to change the duration of Offering
Periods (including the commencement dates thereof) with respect to future offerings without
shareholder approval if such change is announced prior to the scheduled beginning of the first
Offering Period to be affected thereafter.

5.  Participation.

     (A) An eligible Employee may become a participant in the Plan by (i) completing a subscription
agreement authorizing payroll deductions in the form determined by the Administrator and submitting
it to the Company’s or a Designated Subsidiary’s payroll office (or their designee) prior to the
applicable Enrollment Date, or (ii) following an electronic or other enrollment procedure
prescribed by the Administrator.

     (B) Payroll deductions for a participant shall commence on the first payroll following the
Enrollment Date and shall end on the last payroll in the Offering Period to which such
authorization is applicable, unless sooner terminated by the participant as provided in Section 10
hereof.

6.  Payroll Deductions.

     (A) At the time a participant enrolls in the Plan pursuant to Section 5, he or she shall elect
to have payroll deductions made on each pay day during the Offering Period in an amount, together
with amounts contributed under the Company’s Plan d’Epargne d’Entreprise (the “Employee Savings
Plan”), of no less than 1% and not to exceed ten percent (10%) of the Compensation which he or she
receives on each pay day during the Offering Period.

3

 

     (B) All payroll deductions made for a participant shall be credited to his or her account
under the Plan and will be withheld in whole percentages only. After the last payday in an
Offering Period such payroll deductions shall be transferred to the Trust as soon as practicable.
Funds may be advanced by a Designated Subsidiary to the Trust, or by the Trust to the Company, as
necessary or convenient under any applicable law or regulation. A participant may not make any
additional payments into his or her account, either with the Company, a Designated Subsidiary, or
the Trust.

     (C) A participant may discontinue his or her participation in the Plan as provided in Section
10 hereof, or may increase or decrease the rate of his or her payroll deductions during the
Offering Period by (i) properly completing and submitting to the Company’s or Designated
Subsidiary’s payroll office (or their designee), on or before a date prescribed by the
Administrator prior to an applicable Exercise Date, a new subscription agreement authorizing the
change in payroll deduction rate in the form provided by the Administrator for such purpose, or
(ii) following an electronic or other procedure prescribed by the Administrator. The Administrator
may, in its discretion, limit the number of participation rate changes during any Offering Period.
The change in rate shall be effective with the first full payroll period following five (5)
business days after the Company’s or Designated Subsidiary’s receipt of the new subscription
agreement unless the Company or Designated Subsidiary elects to process a given change in
participation more quickly. A participant’s subscription agreement shall remain in effect for
successive Offering Periods unless terminated as provided in Section 10 hereof.

     (D) Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of
the Code and Section 3(B) hereof, a participant’s payroll deductions may be decreased to 0%.
Subject to Section 423(b)(8) of the Code and Section 3(B) hereof, payroll deductions shall
recommence at the rate at the rate most recently elected by the participant at the beginning of the
first Offering Period which is scheduled to end in the following calendar year, unless terminated
by the participant as provided in Section 10 hereof.

     (E) At the time the option is exercised, in whole or in part, or at the time some or all of
the Company’s Shares issued under the Plan is disposed of, the participant must make adequate
provision for the Company’s or Designated Subsidiary’s federal, state, or other tax withholding
obligations, if any, which arise upon the exercise of the option or the disposition of the Shares.
At any time, the Company or Designated Subsidiary may, if required by the laws of the country of
residence of the participant, withhold from the participant’s compensation the amount necessary for
the Company or Designated Subsidiary to meet applicable withholding obligations, including any
withholding required to make available to the Company or Designated Subsidiary any tax deductions
or benefits attributable to sale or early disposition of Shares by the Employee. The Administrator
may, for future Offering Periods, increase or decrease, in its absolute discretion, the maximum
number of Shares that a participant may subscribe during each Offering Period. Exercise of the
option will occur as provided in Section 8, unless the participant has withdrawn pursuant to
Section 10.

7. Grant of Option.

     On the Enrollment Date of each Offering Period, each eligible Employee participating in such
Offering Period shall be granted an option to subscribe on the Exercise Date of such Offering
Period (at the applicable Subscription Price) up to a number of Shares (in the form of ADSs)
determined by dividing such Employee’s payroll deductions accumulated and transferred to the Trust
on or prior to such Exercise Date by the applicable Subscription Price; provided that in no event
shall an Employee be permitted to subscribe during each Offering Period more than 500 Shares,
subject to adjustment as provided in Section 18 hereof; and provided further, that such
subscription shall be subject to the limitations set forth in Sections 3(B) and 12 hereof. Exercise
of the option shall occur as provided in Section 8 hereof, unless the participant has withdrawn
pursuant to Section 10 hereof, and shall expire on the last day of the Offering Period.

4

 

8.  Exercise of Option

     (A) With respect to each Exercise Date, the Company shall issue Shares to the Trust in
accordance with Section 1.3 of the Trust, sufficient to meet its obligations to participating
Employees under the Plan. Unless a participant withdraws from the Plan as provided in Section 10
hereof, notice of exercise of his or her option shall be deemed to have been given by the
participant and his or her option for the subscription of Shares (in the form of ADSs) shall be
exercised automatically by the Trustee on the Exercise Date, and the maximum number of full shares
subject to such option shall be subscribed for such participant by the Trustee at the applicable
Subscription Price with the accumulated payroll deductions in his or her account with the Trust.
Per Company’s instruction, the Custodian issues the subscribed Shares and delivers them to the
Depositary which converts the Shares into ADSs; provided, however, no Shares shall be subscribed
which would result in the Employee receiving a fractional ADS; any payroll deductions accumulated
in a participant’s account which are not sufficient to subscribe a full ADS shall be retained in
the participant’s account for use in the subsequent Offering Period, subject to earlier withdrawal
by the participant as provided in Section 10 hereof. Any other funds left over in a participant’s
account (whether due to withdrawal by the participant from the Plan pursuant to Section 10,
termination of the Plan in accordance with Section 19, or otherwise) after the Exercise Date shall
be returned to the participant. During a participant’s lifetime, a participant’s option to
subscribe ADSs hereunder is exercisable only by him or her.

     (B) Notwithstanding any contrary Plan provision, if the Administrator determines that, on a
given Exercise Date, the number of Shares with respect to which options are to be exercised may
exceed (i) the number of Shares that were available for sale under the Plan on the Enrollment Date
of the applicable Offering Period, or (ii) the number of Shares available for sale under the Plan
on such Exercise Date, the Administrator may in its sole discretion (x) provide that the Company
will make a pro rata allocation of the Shares available for subscription on such Enrollment Date or
Exercise Date, as applicable, in as uniform a manner as will be practicable and as it will
determine in its sole discretion to be equitable among all participants exercising options to
subscribe Shares on such Exercise Date, and continue all Offering Periods then in effect, or (y)
provide that the Company will make a pro rata allocation of the Shares available for subscription
on such Enrollment Date or Exercise Date, as applicable, in as uniform a manner as will be
practicable and as it will determine in its sole discretion to be equitable among all participants
exercising options to subscribe Shares on such Exercise Date, and terminate any or all Offering
Periods then in effect pursuant to Section 19. The Company may make pro rata allocation of the
Shares available on the Enrollment Date of any applicable Offering Period pursuant to the preceding
sentence, notwithstanding any authorization of additional Shares for issuance under the Plan by the
Company’s stockholders subsequent to such Enrollment Date.

9.  Delivery

     As promptly as practicable after each Exercise Date on which a subscription of Shares occurs,
the Company shall arrange the delivery of ADSs representing the Shares subscribed upon exercise of
options by the Trustee for the participating Employees to the Trust.

10.  Withdrawal; Termination of Employment

     (A) Under procedures established by the Administrator, a participant may withdraw all but not
less than all the payroll deductions credited to his or her account and not yet used to exercise
his or her option under the Plan at any time by (i) submitting to the Company’s payroll office (or
its designee) a written notice of withdrawal in the form prescribed by the Administrator for such
purpose, or (ii) following an electronic or other withdrawal procedure prescribed by the
Administrator. All of the participant’s payroll deductions credited to his or her account will be
paid to such participant promptly after receipt of notice of withdrawal and such participant’s
option for the Offering Period will be automatically terminated, and no further payroll deductions
for the subscription of ADSs will be made during the Offering Period. If a participant withdraws

5

 

from an Offering Period, payroll deductions will not resume at the beginning of the succeeding
Offering Period unless the participant re-enrolls in the Plan in accordance with the provisions of
Section 5.

     (B) Upon a participant’s ceasing to be an Employee for any reason, he or she will be deemed to
have elected to withdraw from the Plan and the payroll deductions credited to such participant’s
account during the Offering Period but not yet used to exercise the option will be returned to such
participant or, in the case of his or her death, to the person or persons entitled thereto under
Section 14 hereof, and such participant’s option will be automatically terminated; provided,
however, that any payroll deductions held by the Trust in an individual account for an Employee
shall be subject to the terms of such Trust. The preceding sentence notwithstanding, a participant
who receives payment in lieu of notice of termination of employment shall be treated as continuing
to be an Employee for the participant’s customary number of hours per week of employment during the
period in which the participant is subject to such payment in lieu of notice.

     (C) A participant’s withdrawal from an Offering Period will not have any effect upon his or
her eligibility to participate in any similar plan which may hereafter be adopted by the Company or
a Designated Subsidiary or in succeeding Offering Periods which commence after the termination of
the Offering Period from which the participant withdraws.

11.  Interest

     No interest shall accrue on the payroll deductions of a participant in the Plan.

12.  SHARES

     (A) Subject to adjustment upon changes in capitalization of the Company as provided in Section
18, the maximum number of Shares which will be made available for sale under the Plan will be
1,175,000 Shares, including 475,000 Shares approved at extraordinary shareholders’ meetings on June
10, 2004 and 700,000 Shares approved at extraordinary shareholders’ meetings on June 14, 2005.
Capital increases to meet the Company’s obligations under the Plan shall be determined and approved
at extraordinary shareholders’ meetings to be held at the same time as the annual shareholders’
meetings of the Company, as necessary.

     (B) The Board shall, subject to shareholders authorization, from time to time reserve and
issue to the Trust a number of Shares sufficient to meet its obligations under the current Offering
Period of the Plan. If on a given Exercise Date the number of shares with respect to which options
are to be exercised exceeds the number of Shares then available under the Plan, the Company shall
distribute all of the Shares remaining available for subscription under the Plan to the Trust,
which shall make an allocation as provided in Section 8(B).

     (C) The participant will have no interest or voting rights in shares covered by his or her
option until such option has been exercised.

     (D) ADSs to be delivered to a participant under the Plan will be registered in the name of the
participant or in the name of the participant and his or her spouse, or in street name to be
deposited with a broker.

13.  Administration

     The Plan shall be administered by the Board (or a committee thereof) or the board of directors
of a participating Subsidiary (or a committee thereof), as the case may be. Such board or committee
shall have full and exclusive discretionary authority to construe, interpret and apply the terms of
the Plan, to determine

6

 

eligibility and to adjudicate all disputed claims filed under the Plan with respect to any
Employee of such Company or Subsidiary; provided, however, that any such construction,
interpretation, application, determination and/or adjudication shall be subject to any terms,
constructions, conditions, provisions, interpretations, determinations, adjudications, or decisions
as may be adopted or made by the Administrator from time to time. Every finding, decision and
determination made by the Administrator shall, to the full extent permitted by law, be final and
binding upon all parties.

14.  Designation of Beneficiary

     (A) A participant, except for a participant who is an Employee of Business Objects (U.K) Ltd.,
Business Objects Software Ltd. and any other Designated Subsidiary incorporated in United Kingdom
or in Ireland, may file a written designation of a beneficiary who is to receive any ADSs and cash,
if any, from the participant’s account under the Plan in the event of such participant’s death
subsequent to an Exercise Date on which the option is exercised but prior to delivery to such
participant of such ADSs and cash. In addition, a participant may file a written designation of a
beneficiary who is to receive any cash from the participant’s account under the Plan in the event
of such participant’s death prior to exercise of the option. If a participant is married and the
designated beneficiary is not the spouse, spousal consent shall be required for such designation to
be effective.

     (B) Such designation of beneficiary may be changed by the participant at any time by written
notice. In the event of the death of a participant and in the absence of a beneficiary validly
designated under the Plan who is living at the time of such participant’s death, the Company shall
cause such ADSs and/or cash to be delivered to the executor or administrator of the estate of the
participant, or if no such executor or administrator has been appointed (to the knowledge of the
Company), the Company, in its discretion, may cause such ADSs and/or cash to be delivered to the
spouse or to any one or more dependents or relatives of the participant, or if no spouse, dependent
or relative is known to the Company, then to such other person as the Company may designate.

     (C) All beneficiary designations under this Section 14 will be made in such form and manner as
the Administrator may prescribe from time to time.

15.  Transferability

     Neither payroll deductions credited to a participant’s account nor any rights with regard to
the exercise of an option or to receive ADSs under the Plan may be assigned, transferred, pledged
or otherwise disposed of in any way (other than by will, the laws of descent and distribution or as
provided in Section 14 hereof) by the participant. Any such attempt at assignment, transfer, pledge
or other disposition shall be without effect, except that the Company may treat such act as an
election to withdraw funds from an Offering Period in accordance with Section 10 hereof.

16.  Use of Funds

     All payroll deductions received or held by the Company or Subsidiary under the Plan for its
Employees may be used by the Company or such Subsidiary, as the case may be, for any corporate
purpose, and the Company or Subsidiary shall not be obligated to segregate such payroll deductions.
Notwithstanding the preceding sentence, all payroll deductions transferred to and held by the
Trust shall be used solely by the Trust as specified in the Trust Agreement attached hereto as
Exhibit C. Until ADSs are issued under the Plan (as evidenced by the appropriate entry on the
books of the Company or of a duly authorized transfer agent of the Company), a participant will
only have the rights of an unsecured creditor with respect to such ADSs.

7

 

17.  Reports

     Individual accounts will be maintained for each participating Employee by the Company or the
Designated Subsidiary as well as the Trust. Statements of account will be given to participating
Employees at least annually, which statements will set forth the amounts of payroll deductions, the
Subscription Price, the number of ADSs subscribed and the remaining cash balance, if any, for the
period covered by such statement.

18.  Adjustments Upon Changes in Capitalization

     (A) Adjustments. In the event that any dividend or other distribution (whether in the form of
cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock
split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or
exchange of Shares or other securities of the Company, or other change in the corporate structure
of the Company affecting the Shares such that an adjustment is determined by the Administrator (in
its sole discretion) to be appropriate in order to prevent dilution or enlargement of the benefits
or potential benefits intended to be made available under the Plan, then the Administrator will, in
such manner as it may deem equitable, adjust the number and class of Shares which may be delivered
under the Plan, the Subscription Price per Share and the number of Shares covered by each option
under the Plan which has not yet been exercised, and the numerical limits of Sections 7.

     (B) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the
Company, the Offering Period and the Plan will terminate immediately prior to the consummation of
such proposed action and any and all accumulated payroll deductions will be returned to the
participating Employees in accordance with Section 19(A), unless otherwise provided by the
Administrator.

     (C) Merger or Asset Sale. In the event of a proposed sale of all or substantially all of the
assets of the Company, or the merger of the Company with or into another corporation, each option
under the Plan shall be assumed or an equivalent option shall be substituted by such successor
corporation or a parent or subsidiary of such successor corporation, unless the Administrator
determines, in the exercise of its sole discretion and in lieu of such assumption or substitution,
to shorten the Offering Period then in progress by setting a new Exercise Date (the “New Exercise
Date”) or to cancel each outstanding right to subscribe and refund all sums collected from
participants during the Offering Period then in progress. If the Administrator shortens the
Offering Period then in progress in lieu of assumption or substitution in the event of a merger or
sale of assets, the Administrator shall notify each participant in writing, at least ten (10)
business days prior to the New Exercise Date, that the Exercise Date for his option has been
changed to the New Exercise Date and that his option will be exercised automatically on the New
Exercise Date, unless prior to such date he has withdrawn from the Offering Period as provided in
Section 10 hereof. For purposes of this paragraph, an option granted under the Plan shall be deemed
to be assumed if, following the sale of assets or merger, the option confers the right to
subscribe, for each share of option stock subject to the option immediately prior to the sale of
assets or merger, the consideration (whether stock, cash or other securities or property) received
in the sale of assets or merger by holders of ordinary shares for each Share held on the effective
date of the transaction (and if such holders were offered a choice of consideration, the type of
consideration chosen by the holders of a majority of the outstanding Shares); provided, however,
that if such consideration received in the sale of assets or merger was not solely common stock of
the successor corporation or its parent (as defined in Section 424(e) of the Code), the
Administrator may, with the consent of the successor corporation, provide for the consideration to
be received upon exercise of the option to be solely common stock of the successor corporation or
its parent equal in fair market value to the per share consideration received by holders of Shares
and the sale of assets or merger.

8

 

19.  Amendment or Termination

     (A) The Administrator may at any time and for any reason terminate or amend the Plan. Except
as provided in Section 19, no such termination can affect options previously granted under the
Plan, provided that an Offering Period may be terminated by the Administrator on any Exercise Date
if the Administrator determines that the termination or suspension of the Plan is in the best
interests of the Company and its stockholders. Except as provided in Section 18 and this Section
19, no amendment may make any change in any option theretofore granted which adversely affects the
rights of any participant. To the extent necessary to comply with Section 423 of the Code (or any
successor rule or provision or any other applicable law, regulation or stock exchange rule), the
Company will obtain stockholder approval in such a manner and to such a degree as required.

     (B) Without stockholder consent and without regard to whether any participant rights may be
considered to have been “adversely affected,” the Administrator will be entitled to change the
Offering Periods, limit the frequency and/or number of changes in the amount withheld during an
Offering Period, establish the exchange ratio applicable to amounts withheld in a currency other
than U.S. dollars, permit payroll withholding in excess of the amount designated by a participant
in order to adjust for delays or mistakes in the Company’s processing of properly completed
withholding elections, establish reasonable waiting and adjustment periods and/or accounting and
crediting procedures to ensure that amounts applied toward the subscription of Shares for each
participant properly correspond with amounts withheld from the participant’s Compensation, and
establish such other limitations or procedures as the Administrator determines in its sole
discretion advisable which are consistent with the Plan.

     (C) In the event the Administrator determines that the ongoing operation of the Plan may
result in unfavorable financial accounting consequences, the Administrator may, in its discretion
and, to the extent necessary or desirable, modify, amend or terminate the Plan to reduce or
eliminate such accounting consequence including, but not limited to:

          (i) altering the Subscription Price for any Offering Period including an Offering Period
underway at the time of the change in Subscription Price;

          (ii) shortening any Offering Period so that Offering Period ends on a new Exercise Date,
including an Offering Period underway at the time of the Administrator action; and

          (iii) allocating Shares.

Such modifications or amendments will not require stockholder approval or the consent of any Plan
participants.

20.  Notices. 

     All notices or other communications by a participant to the Company or Designated Subsidiary
under or in connection with the Plan shall be deemed to have been duly given when received in the
form specified by the Company or Designated Subsidiary at the location, or by the person,
designated by the Company or Designated Subsidiary for the receipt thereof.

21.  Conditions Upon Issuance. 

     Neither Shares nor ADSs or ADRs shall be issued with respect to an option unless the exercise
of such option and the issuance and delivery of such ADSs or ADRs pursuant thereto, as well as the
issuance of shares from the Company to the Trust and the transfer of shares from the Trust to the
Employees, shall comply with all applicable provisions of law, domestic or foreign, including,
without limitation, the

9

 

Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder, French Commercial Code, and the requirements of any
stock exchange upon which the Shares or ADSs may then be listed, and shall be further subject to
the approval of counsel for the Company with respect to such compliance.

     As a condition to the exercise of an option, the Company or Trustee may require the person
exercising such option to represent and warrant at the time of any such exercise that the ADSs are
being subscribed only for investment and without any present intention to sell or distribute such
ADSs if, in the opinion of counsel for the Company, such a representation is required by any of the
aforementioned applicable provisions of law.

22. Term of Plan

     The Plan shall become effective upon the earlier to occur of its adoption by the Board or its
approval by the shareholders of the Company. It shall continue in effect until terminated under
Section 19 hereof.

23. Governing Law and Jurisdiction

     This Plan shall be governed by and construed in accordance with the laws of the State of
Delaware, except for that body of law pertaining to conflicts of laws.

*

* * *

10

 

Exhibit A

BUSINESS OBJECTS S.A.

2004 INTERNATIONAL EMPLOYEE STOCK PURCHASE PLAN

PARTICIPATION AGREEMENT

	 	 	 
	___Original Application

	 	          Original Enrollment Date: ____________
	___Change in Payroll Deduction Rate

	 	Change Notice Date: ________________

1. _____________________________________ hereby elects to participate in the Business Objects S.A.
2004 International Employee Stock Purchase Plan (the “International Employee Stock Purchase Plan”).

2. I hereby authorize the Company or any Designated Subsidiary of which I am an Employee to make
payroll deductions from each paycheck in the amount of________ % of my Compensation on each payday
(together with amounts contributed under the Company’s Employee Savings Plan, no less than 1% and
not to exceed 10% during the Offering Period in accordance with the International Employee Stock
Purchase Plan. Please note that only whole percentages are permitted.)

3. I understand that said payroll deductions shall be accumulated in order to exercise the
option(s) granted to me pursuant to the International Employee Stock Purchase Plan and to purchase
ADSs representing Shares at the applicable Purchase Price determined in accordance with the
International Employee Stock Purchase Plan. I understand that if I do not elect to withdraw from an
Offering Period, any accumulated payroll deductions will be used by the Trustee to automatically
exercise my option.

4. I have received a copy of the complete International Employee Stock Purchase Plan. I understand
that my participation in the International Employee Stock Purchase Plan is in all respects subject
to the terms of the Plan (including, without limitation, the Trust Agreement, which is attached as
Exhibit C thereto). I understand that the grant of the option by the Company under this
Participation Agreement may be subject to obtaining shareholder approval of the International
Employee Stock Purchase Plan, any Exhibit thereto and/or any amendment thereto.

5. ADSs purchased for me under the Employee Stock Purchase Plan should be issued in the name of
(Employee Only):__________________________________________

6. I understand that, notwithstanding any other provision of this Participation Agreement or the
International Employee Stock Purchase Plan:

     (A) neither the International Employee Stock Purchase Plan nor this Participation Agreement
shall form any part of any contract of employment between the Company or any Designated Subsidiary
and any Employees of any such company, and it shall not confer on any participant any legal or
equitable rights (other than those constituting the Options themselves) against the Company or any
Designated Subsidiary, directly or indirectly, or give rise to any cause of action in law or in
equity against the Company or any subsidiary;

     (B) the benefits to participants under the Plan shall not form any part of their wages, pay or
remuneration or count as wages, pay or remuneration for pension fund or other purposes except if
applicable for tax purposes

11

 

     (C) in no circumstances shall any Employee on ceasing to hold his or her office or employment
by virtue of which he or she is or may be eligible to participate in the International Employee
Stock Purchase Plan be entitled to any compensation for any loss of any right or benefit or
prospective right or benefit under the Plan, which he might otherwise have enjoyed, whether such
compensation is claimed by way of damages for wrongful dismissal or other breach of contract or by
way of compensation for loss of office or otherwise.

     (D) the Company expressly retains the right to terminate the International Employee Stock
Purchase Plan at any time and that I will have no right to continue to receive option grants under
the International Employee Stock Purchase Plan in such event.

7. I understand that I may be subject to taxation as a result of my participation under the
International Employee Stock Purchase Plan. I understand that although the basis for taxation may
be calculated based upon the fair market value of the Shares at the exercise date, the Shares
may/will not be deposited into my broker account on that day for at least 5 business days
subsequent to the exercise date. I therefore understand that there may be a loss of value between
the exercise date and the date Shares are deposited into my broker account, I have consulted any
tax advisors in connection with my participation under the International Employee Stock Purchase
Plan that I deem advisable, and have not relied on the Company for tax advice.

8. I understand that investment purchasing in Shares purchased under the International Stock
Purchase Plan is not a risk free investment and is subject to a risk of loss in whole or part.

9. I hereby agree to be bound by the terms of the International Employee Stock Purchase Plan. The
effectiveness of this Participation Agreement is dependent upon my eligibility to participate in
the International Employee Stock Purchase Plan.

10. I hereby agree to permit (i) the Company or a Company agent to transfer my tax identification,
address and other necessary personal information to a broker selected by the Company for the
purpose of opening an International Employee Stock Purchase Plan related brokerage account in my
name and ii) a broker selected by company to open said account. I consent to the transfer of the
aforementioned personal information to any country as required by Company to administer the
International Employee Stock Purchase Plan including, without limitation, the United States.

I UNDERSTAND THAT THIS PARTICIPATION AGREEMENT SHALL REMAIN IN EFFECT THROUGHOUT SUCCESSIVE
OFFERING PERIODS UNLESS I TERMINATE MY PARTICIPATION AS EVIDENCED BY ME SUBMITTING A NEW
PARTICIPATION AGREEMENT WITH THIS SO INDICATED.

	 	 	 
	Employee’s Taxpayer
	 	 
	Identification Number (SS#):

	 	 

	 
	 	 
	Employer:

	 	 

	 
	 	 
	Employee’s Address:

	 	 

	 
	 	 
	 

	 	 

	 
	 	 
	 

	 	 
	Signature of Employee
	 	 
	 
	 	 
	Date: ________________ 

	 	 

12

 

Exhibit B

BUSINESS OBJECTS S.A.

2004 INTERNATIONAL EMPLOYEE STOCK PURCHASE PLAN

NOTICE OF WITHDRAWAL

The undersigned participant in the Offering Period of the Business Objects S.A. 2004 International
Employee Stock Purchase Plan which began on
         (the “Enrollment Date”) hereby notifies
the Company or Designated Subsidiary that he or she hereby withdraws from the Offering Period. He
or she hereby directs the Company or Designated Subsidiary to pay to the undersigned as promptly as
practicable all the payroll deductions credited to his or her account with the Company or
Designated Subsidiary with respect to such Offering Period. The undersigned understands and agrees
that his or her Option for such Offering Period will be automatically terminated. The undersigned
understands further that no further payroll deductions will be made for the purchase of ADSs in the
current Offering Period and the undersigned shall be eligible to participate in succeeding Offering
Periods only by delivering to the Company or Designated Subsidiary a new Participation Agreement.

	 	 	 	 	 	 	 
	 	 	Name and Address of Participant:	 	 
	 
	 	 	 	 	 	 
	 	 	 
	 	 
	 
	 	 	 	 	 	 
	 	 	 
	 	 
	 
	 	 	 	 	 	 
	 	 	 
	 	 
	 
	 	 	 	 	 	 
	 	 	 
	 	 
	 
	 	 	 	 	 	 
	 

	 	Signature:	 	 	 
	 
	 	 	 	 	 	 
	 	 	 
	 	 
	 
	 	 	 	 	 	 
	 

	 	Date: 	 
	 	 

13

 

Exhibit C

BUSINESS OBJECTS S.A.

2004 INTERNATIONAL EMPLOYEE STOCK PURCHASE PLAN

2004 BUSINESS OBJECTS S.A. EMPLOYEE BENEFITS TRUST AGREEMENT

     This declaration of trust and trust agreement (the “Trust Agreement”) is made and entered
into this 10th day of June 2004 by and between Business Objects S.A., a corporation
organized under the laws of the Republic of France (the “Company”) and Allecon Stock Associates,
a corporation organized under the laws of the State of Michigan, United States (the “Trustee”),
in favor of each of the Employees. All terms not defined herein will have the meanings ascribed
to them in the Company’s 2004 International Employee Stock Purchase Plan (the “Plan”).

RECITALS:

A. The shareholders of the Company formally authorized the Plan on June 10, 2004, pursuant to
which the Employees will receive options to purchase ADS of the Company, corresponding to Shares
of the Company.

B. On June 10, 2004, the shareholders of the Company also approved the establishment of the 2004
Business Objects S.A. Employee Benefits Trust (the “Trust”) as a fiscal intermediary and paying
agent to facilitate implementation of the Plan.

     NOW, THEREFORE, the Company and the Trustee agree as follows:

ARTICLE 0

DEFINITIONS

(A) “ADR” shall mean an American Depositary Receipt evidencing American Depositary Shares
corresponding to Shares.

(B) “ADS” shall mean an American Depositary Share corresponding to Shares

(C) “Board” shall mean the Board of Directors of Business Objects S.A.

(D) “Code” shall mean the Internal Revenue Code of 1986, as amended.

(E) “Company” shall mean Business Objects S.A., a corporation organized under the laws of the
Republic of France.

(F) “Custodian” shall mean Banque BNP Paribas, or any successor or successors thereto.

(G) “Depositary” shall mean the Bank of New York, or any successor or successors thereto.

(H) “Designated Subsidiaries” shall mean the Subsidiaries which have been designated by the Board
from time to time in its sole discretion as eligible to participate in the Plan.

14

 

(I) “Employee” shall mean any individual who is an Employee of the Company or a Designated
Subsidiary for tax purposes. For purposes of the Plan, the employment relationship shall be treated
as continuing intact while the individual is on sick leave or other leave of absence approved by
the Company or a Designated Subsidiary. Where the period of leave exceeds 90 days and the
individual’s right to reemployment is not guaranteed either by statute or by contract, the
employment relationship will be deemed to have terminated on the 91st day of such leave.

(J) “Exercise Date” shall mean the last day of each Offering Period.

(K) “Plan” shall mean this 2004 International Employee Stock Purchase Plan.

(L) “Shares” shall mean ordinary shares with a nominal value of €0.10, of the Company.

(M) “Reserves” shall mean the maximum number of Shares, which have been authorized for issuance
under the Plan pursuant to Section 12 hereof.

(N) “Subsidiary” shall mean a corporation, domestic or foreign, of which not less than 50% of the
voting rights are held by the Company or a Subsidiary, whether or not such corporation now exists
or is hereafter organized or acquired by the Company or a Subsidiary.

(O) “Trust” shall mean the trust created by the Company under the Trust Agreement;

ARTICLE I

CREATION AND FUNDING OF TRUST

     I.1 Creation of Trust. The 2004 Business Objects S.A. Employee Benefits Trust (the “Trust”)
is hereby created. Company hereby appoints the Trustee, and irrevocably grants, assigns,
transfers, conveys and delivers to the Trustee, and the Trustee hereby accepts, any and all
property as specified in Section 1.2, in trust for the use and purposes hereinafter stated, and
the Trustee agrees to and does hereby accept the foregoing property subject to such Trust.

     I.2 Initial Funding. Concurrently with the execution of this Trust Agreement, the Company
is conveying to the Trust twenty-five (25) dollars.

     I.3 Contributions of the Company. From time to time, the Company shall issue Shares (to be
transferred by the Custodian to the Depositary which will convert the Shares into ADSs and shall
deliver to participating Employees in the form of ADRs or to a broker in the form of ADSs) and/or
cash to the Trust in such amounts and at such times as required for the Company to fulfill its
obligations under the Plan and this Trust Agreement. Such Share or cash, when contributed to the
Trust, shall be used and applied by the Trustee in accordance with the terms of this Trust
Agreement.

     I.4 Contributions of Payroll Deductions. From time to time, as required by and in
accordance with the terms of the Plan, the Company and/or any of its Subsidiaries shall
contribute to the Trust the accumulated payroll deductions of the Employees to be applied towards
the exercise of options held by such Employees.

ARTICLE II

EMPLOYEE ACCOUNTS

     II.1 Individual Accounts. The Trustee shall establish and maintain on its books a separate
account for each participating Employee. All contributions of payroll deductions pursuant to
Section 1.4

15

 

by the Company shall be allocated to individual accounts within the Trust on the basis of
each Employee’s accumulated payroll deduction for the relevant offering period under the Plan.

     II.2 Application of Funds in Individual Accounts. The cash contributed to the individual
accounts shall be applied to exercise the options of the Employees in accordance with the terms
of the Plan.

ARTICLE III

DISTRIBUTIONS

     III.1 Distributions of ADS to Employees. The Trustee shall as soon as practicable after the
Exercise Date, exercise the options of each Employee in accordance with the terms of the Plan.
Accordingly the Custodian shall issue the Shares and deliver them with the Depositary which shall
convert the Shares into ADSs and shall deliver ADRs to each Employee, or ADSs to such Employee’s
broker.

     III.2 Distributions of Payroll Deductions to the Company. The Trustee shall distribute the
payroll deductions contributed pursuant to Section 1.4 to the Company in accordance with the
terms of the Plan.

ARTICLE IV

NAME, DURATION AND TERMINATION OF TRUST

     IV.1 Name. This Trust shall be known as the “2004 Business Objects S.A. Employee Benefits
Trust.”

     IV.2 Nature. This trust shall be a grantor trust within the meaning of the Code and shall
be subject to the claims of the Company’s general creditors, to the extent that the assets of the
Trust would be otherwise so subject.

     IV.3 Duration. This Trust shall be revocable and may be revoked by the Company at any time.
Unless sooner revoked, it shall terminate at the earlier of: (a) twenty (20) years from the
effective date of the Plan, or (b) upon the termination of the Plan and the satisfaction of all
obligations thereunder.

     IV.4 Distributions by Trustee on Termination. Upon termination of the Trust, the Trustee
shall distribute or apply any cash contributed pursuant to Section 1.3 to the Company, and any
cash contributed pursuant to Section 1.4 in the individual accounts to the appropriate Employees;
provided, however, that the Trustee may, but only on the advice of counsel, retain a reasonable
sum for payment of or to provide for all known claims against and expenses of the Trust and the
Trustee, but only from contributions made pursuant to Section 1.3.

ARTICLE V

PURPOSE OF TRUST AND LIMITATIONS OF TRUSTEE

     The sole purpose of this Trust is for use in the administration of the Plan. The Trust
shall not be nor have the power to be an organization having as a purpose the carrying on of any
trade or business. This Trust Agreement is not intended to create and shall not be interpreted
as creating an association, partnership, joint venture or any other entity formed to conduct
trade or business.

ARTICLE VI

POWERS OF THE TRUSTEE

     VI.1 General Powers. In addition to such powers as may from time to time be granted to the
Trustee, the Trustee may take all such actions and is hereby granted such powers as may appear
necessary or proper to comply with the laws of the appropriate jurisdictions and to effectuate
and carry out the terms

16

 

and purposes of the Trust Agreement. The Trustee shall hold legal and equitable title to
all assets at any time constituting a part of the Trust and shall hold such assets in Trust to be
administered and disposed of by the Trustee pursuant to the terms of this Trust Agreement for the
benefit of the Employees or the Company as the case may be.

     VI.2 Specific Powers Exercisable by Trustee. The Trustee shall have the following specific
powers, and the enumeration of such powers shall not be considered in any way to limit or control
the power of the Trustee to act as specifically authorized in any other section or provision of
this Trust Agreement:

          (A) To sell or otherwise dispose of any of the Trust Assets in exchange for the fair market
value thereof.

          (B) To prosecute or defend litigation (in the name of the Trust, the beneficiaries, or
otherwise) and to pay, discharge or otherwise satisfy claims, liabilities, and expenses and to
pay all expenses incurred in connection therewith, to carry such insurance, as the Trustee shall
determine, to protect the Trust and the Trustee from liability.

          (C) To invest any cash not yet available for distribution in accordance with the terms of
this Trust Agreement in demand and time deposits in banks or savings institutions, short-term
certificates of deposit, treasury bills, or money market account instruments. Any interest
earned from such investments shall be applied towards payment of the Trustee’s compensation
(determined pursuant to Section 9.1) or other expenses of the Trust. Notwithstanding the
preceding sentence, if such interest is in excess of the amount required to compensate the
Trustee or to pay any other expenses of the Trust, such excess shall be distributed to the
Company.

          (D) While serving as Trustee to engage legal counsel for the benefit of the Trustee. The
Company, however, shall be obligated to pay the fees and expenses of such counsel. In addition,
the Trustee may engage such other consultants as the Trustee shall see fit to assist in the
administration of the Trust, and such consultant’s fees shall also be the obligation of the
Company.

ARTICLE VII

AMENDMENT OF TRUST AGREEMENT

     This Trust Agreement may be amended at any time and to any extent by a written instrument
executed by the Trustee and the Company.

ARTICLE VIII

ACCEPTANCE BY TRUSTEE

     VIII.1 Acceptance of Appointment. The Trustee hereby accepts its appointment made in this
Trust Agreement subject to the conditions enumerated below and agrees to act as Trustee pursuant
to the terms hereof.

          (A) The Trustee shall in no case or event be liable for any damage caused by the exercise of
its discretion as authorized in this Trust Agreement in any particular manner, or for any other
reason, except gross negligence or willful misconduct, nor shall the Trustee be liable or
responsible for forgeries or false impersonation. .

          (B) If any controversy arises between the parties hereto or with any third person with
respect to the subject matter of the Trust or its terms or conditions, the Trustee shall not be
required to determine the same or take any action in the premises, but may await the settlement
of any such controversy by final appropriate legal proceedings or otherwise as the Trustee may
reasonably require.

17

 

          (C) The Trustee may utilize or be reimbursed only from the Trust assets contributed pursuant
to Section 1.3 (to the extent that it is not directly paid by the Company) with respect to all
liabilities and expenses (including amounts paid in satisfaction of judgments, in compromise, or
as attorneys’ fees and expenses) reasonably incurred by the Trustee in connection with the
defense or disposition of any action, suit or other proceeding in which the Trustee may be
involved or with which the Trustee may be threatened by reason of its being or having been a
Trustee pursuant to this Trust Agreement, except with respect to any matter as to which the
Trustee shall have been adjudicated to have acted in bad faith or with willful misfeasance,
reckless disregard of its duties or gross negligence.

          (D) Notwithstanding any other provision of this Trust Agreement, the Trustee’s
responsibility for payment of or provision for any claims against or liabilities or expenses of
the Trust or the Trustee shall be limited to the property and assets in the Trust and shall be
dischargeable only therefrom.

ARTICLE IX

TRUSTEE’S EXPENSES

     9.1 Trustee Compensation. The Trustee shall be entitled to such reasonable compensation for
its services as shall be agreed upon in writing by the Company and the Trustee. To the extent the
compensation and expenses of the Trustee are not paid directly by the Company, they shall be paid
by the Trust pursuant to Section 6.2(c) or out of assets contributed pursuant to Section 1.3, or
a combination thereof. Notwithstanding the preceding two sentences or any other provision of
this Trust Agreement, if the Trustee is an Employee he or she shall receive no additional
compensation for service as Trustee.

ARTICLE X

RESIGNATION AND REMOVAL OF TRUSTEE

     X.1 Trustee Resignation. The Trustee shall have the right to resign at any time upon
fifteen (15) days written notice to the Company. Upon such resignation, the Company shall
appoint a successor Trustee.

     X.2 Removal of Trustee. A Trustee may be removed and its duties terminated at any time, and
its successor appointed, by the Company.

ARTICLE XI

GOVERNING LAW

     The Trust has been accepted by the Trustee and will be administered in the State of
California, and its validity, construction and all rights hereunder, and the validity and
construction of this Trust shall be governed by the laws of that State.

     All matters affecting the title, ownership and transferability of any security, whether
created or held hereunder, shall be governed by all applicable federal, state, foreign securities
laws.

ARTICLE XII

SEVERABILITY

     In the event any provision of this Trust Agreement or the application thereof to any person
or circumstance shall be finally determined to be invalid or unenforceable to any extent, the
remainder of this Trust Agreement , or the application of such provision to persons or
circumstances other than those as to which it is determined to be invalid or unenforceable, shall
not be affected thereby, and each provision of this Trust shall be valid and enforced to the
fullest extent permitted by law.

18

 

ARTICLE XIII

COUNTERPARTS

     This Trust Agreement may be executed in any number of counterparts, each of which shall be
an original, but such counterparts shall together constitute but one and the same instrument.

     IN WITNESS WHEREOF, the Company and the Trustee have executed this Trust Agreement on the
day and year hereinabove first written.

	 	 	 
	“Company”

	 	Business Objects S.A., a corporation organized under the laws of
the Republic of France
	 
	 	 
	 

	 	By: /s/ Bernard Liautaud
	 

	 	President and Chief Executive Officer
	 
	 	 
	“Trustee”

	 	Allecon Stock Associates, a corporation organized under the laws
of the State of Michigan, United States
	 
	 	 
	 

	 	By: /s/ James Mc Bride
	 

	 	President

19

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