Document:

EX-10.16

 Exhibit 10.16 

2014 WARRANTS PLAN 
 ISSUANCE AND
EXERCISE CONDITIONS 
 Maximum offer of 100,000 subscription rights (“Warrants”) 

reserved for the Beneficiaries of the Company Warrants Plan 

Acceptances of this Warrants Offer must be returned to the Company in adherence to Section 4.1 

  
 1 

 Definitions 
  

			
	Beneficiaries		certain employees, directors and members of the management of the Company as identified by the Board of Directors of the Company;
	Remuneration Committee		the nominating and remuneration committee of the Company established within the Board of Directors;
	Board of Directors		the board of directors of the Company;
		
	Offer Date		the date of the written communication of the Offer to the Beneficiaries;
		
	Warrant Holder		the person registered in the warrants ledger of the Company as holding one or more Warrants;
		
	Offer		the offer of the Warrants;
		
	Exercise period		the exercise period during which the Warrant Holder can exercise the received Warrants (as described in Article 4.5) in order to acquire shares of the Company;
		
	Warrants Plan		this plan relative to the Warrants established by the Company;
		
	Company		Cardio3 BioSciences SA;
		
	Warrants		the maximum of 100,000 subscription rights offered freely to the Beneficiaries of the Offer under the law dated March 26, 1999;

  

	1.	Decision by the Board of Directors and special report by the Board of Directors 

 On May 16,
2014, the Board of Directors indicated its agreement to create and issue 100.000 Warrants, which are to be distributed to the future beneficiaries, in the context of the authorized capital and in accordance with Article 7 of the bylaws. 

This document, entitled “ISSUANCE AND EXERCISE CONDITIONS,” is attached as Appendix 1 to the special report prepared by the Board of
Directors pursuant to Article 583 of the Companies Code. 

  
 2 

 On May 16, 2014, the Board of Directors approved the issuance of 100,000 Warrants with cancellation of the
preferential subscription rights of the existing shareholders and warrant holders, primarily in favor of the members of the Company’s staff and, secondarily, the people specified in the special report prepared on May 16, 2014 by the Board
of Directors, and granted a mandate to the Remuneration Committee to identify the Beneficiaries of the Warrants, as well as the number of Warrants assigned to each of them. 

On May 5, 2014, the General Shareholders’ Meeting approved the principle of the proposal by the Board of Directors to issue a maximum of 100,000
Warrants under the Warrant Plan (as part of the authorized capital), in accordance with the provisions of Article 7.13 of the Belgian Corporate Governance Code. This approval is an approval in principle of the issuance of these Warrants, and
not a decision on the issuance itself (decision which will be made by the Board of Directors). 
 The Board of Directors also tasked the Remuneration
Committee with taking all necessary or useful measures to implement this Warrant Plan. 
  

	2.	Information on the Offer of the Warrants 

 4.1 Identification of the Beneficiaries of the Offer

 The Offer is reserved for the Beneficiaries within the limits of and based on the distribution determined by the Board of Directors of the Company.

 The following may be considered to be a “Beneficiary”: 
  

	 	•	 	any person who, on the Offer Date, is under an open-ended employment contract with the Company; 

  

	 	•	 	any Director of the Company; 

  

	 	•	 	any person providing products or services to the Company independently but regularly, if applicable, upon the intervention of a management or service company; 

Each Beneficiary may be offered a certain number of Warrants based on a distribution decided upon by the Remuneration Committee established within the Board
of Directors, which shall decide on a special agent appointed by the Board of Directors, with the understanding that the Board of Directors has all powers to define that distribution. The granting of Warrants to the non-executive directors is
subject to approval by the General Shareholders’ Meeting. 
 The participation in the Warrant Plan does not grant any additional rights to workers in
terms of labor laws and, in particular, does not create any limitation or additional condition for the employer to end the employment relationship with one of its collaborators, in accordance with the laws in force. 

  
 3 

 The Beneficiaries are asked to return the completed acceptance form to the Company, to the attention of
Mr. Patrick Jeanmart, such that it is received by the Company no later than the date indicated to them as part of the Offer. This Offer Date will appear on the acceptance form that will be given to each Beneficiary. 

The acceptance form will indicate whether the Beneficiary accepts or declines the allocation of the Warrants. If the completed acceptance form is
not received within the time frame indicated above, the Beneficiary will be considered to have REFUSED the allocation of the Warrants. 
 4.2. Total
number of Warrants 
 The total Offer pertains to a maximum number of 100,000 Warrants. Each Warrant entitles its holder to subscribe for one ordinary
share of the Company. 
 4.3. Exercise periods for the Warrants 

Warrants definitively acquired may be exercised, in whole or in part, the first month of each quarter beginning on January 1, 2018, until the tenth
anniversary of the issuance of the Warrants, i.e., May 15, 2024, for employees, and until the fifth anniversary of the issuance of the Warrants, i.e., May 15, 2019, for non-employees. Each fiscal year period ends on the last business day
of the month in question. The month of May 2024 represents the last exercise period of this Warrant Plan, which will begin on April 1, 2024 and will end on May 15, 2024. 

Warrants not exercised at the end of the last exercise period will become null and void. 

By way of derogation from the previous paragraphs, in case of public acquisition offer over the Company shares, the Warrants may also be exercised for fifteen
days from the announcement of the public offer by the FSMA. 
 4.4. Issue price of the Warrants 

The Warrants will be issued free of charge and offered to the Beneficiaries. The Warrants will be subject to the law dated March 26, 1999 (inasmuch as the
Beneficiary is subject to that law). 
 4.5. Exercise price of the Warrants 

The exercise price of the Warrants will be the lower of the (i) mean closing price of the share for the 30 days preceding the Offer Date, and the
(ii) last closing price before the Offer Date, with the understanding that the exercise price of the Warrants allocated to the Beneficiaries who are not members of the staff cannot be lower than the mean share price for the 30 days preceding
the start date of the issuance. 

  
 4 

 4.6. Exercise terms of the Warrants 

A Warrant that may be exercised will only be considered to have been exercised upon receipt by the Company of: 

 

	(i)	a written notice in the form determined by the Company, stating that a Warrant or a certain number of Warrants is being exercised; 

  

	(ii)	the full payment of the exercise price of those exercised Warrants in euros, by bank wire transfer, and the number of which will be communicated to each Beneficiary by the Company; 

 

	(iii)	in the event the Warrants are exercised by a person or persons other than the Warrant Holder, appropriate proof that that person or those persons are entitled to exercise that Warrant; 

and 
  

	(iv)	declarations and documents that the Board of Directors or the delegated Company director deem necessary or desirable in order to comply with the applicable legal and regulatory stipulations, and which the Board of
Directors or the delegated director have requested to see. 

 All of the above must be in the Company’s possession no later than the last
day of the exercise period in question. 
 4.7. Characteristics of the shares that will be issued following the exercise of the Warrants 

4.7.1 General characteristics 
 The new shares that will
be issued within a reasonable time frame after the expiration of an exercise period of the Warrants will be of the same type and will benefit from the same rights as the shares existing on the Offer Date (without prejudice of that set forth in
Section 4.9 below). Taking into account what is specified in Section 4.9, if several share categories exist, the shares issued following the exercise of the Warrants will belong to the ordinary share category. 

  
 5 

	4.7.2.	Enjoyment 

 When the Warrants are exercised, the shares issued during that exercise shall bear the same
enjoyment as the other Company shares (without prejudice to that set forth in Section 4.9 below). 
  

	4.7.3.	Availability 

 Within a reasonable time frame after closing of the exercise period in the registered or
dematerialized form by registration in the account, as chosen by the Beneficiary. 
  

	4.7.4.	Transferability 

 The shares that come from the Warrants are transferable subject to the same legal
and/or statutory conditions as the other Company shares, without prejudice to that stated in Section 4.9.2 below. 
  

	4.7.5.	Costs related to the delivery of the shares 

 If the subscribed shares are delivered to a securities
account, they will be delivered free of charge inasmuch as the account is held with a financial institution in Belgium. 
 4.8 Form and delivery of the
Warrants - Non-transferability 
 At the registered office of the Company, a register of Warrant Holders will be kept that will contain the precise name
of each Warrant Holder and the indication of the number of Warrants held. 
 The Warrants are non-transferable between living persons. 

4.9 Modification of the structure of the Company’s capital  
  

	4.9.1	By derogation to what is set out in Article 501 C. Soc., and without prejudice to the exceptions set out by the law, the Company reserves the right to adopt any decision it deems necessary relative to its capital,
Bylaws or administration. Such decisions may include, inter alia: a capital decrease, with or without reimbursement to shareholders; a capital increase by incorporating reserves, whether or not it is combined with the creation of new shares;
a capital increase in kind; a capital increase in cash with or without limitation or cancellation of the preferential subscription rights of the shareholders; an issue of beneficiary shares, convertible bonds, preferential shares, bond with warrant,
or ordinary or warrant bonds; a change in the provisions of the Bylaws regarding distributions of the profits or (net) proceeds from liquidation or other rights attached to the ordinary shares; splitting of the shares; dividend distribution in
shares; dissolution of the Company; a legal merger; a legal split or a contribution or transfer of assets or an activity branch, irrespective of whether it is combined with the exchange of shares. The Company may adopt such decisions even if they
meant or could mean that the profits are given to the Warrant holder through the issue and exercise conditions of the Warrants or the law, unless such a reduction is obviously the sole purpose of such a decision. 

  
 6 

 However, in case or a merger or split, the Board of Directors has an obligation of means to
ensure that the Warrants not exercised on the date of such operations will be modified in accordance with the conversion parity applied to the existing Company shares. 

Furthermore, in case of a capital reduction operation or similar operation causing a decrease in the Company’s equity following a decision
by the shareholders made in a general shareholders’ meeting, the exercise price of the Warrants may be modified by decision by the Board of Directors notified to the Beneficiaries so as to compensate the loss of value resulting from the
reduction in equity. Any change will be applicable as of notification to the Beneficiaries and without the latter needing to accept it formally. 

Lastly, the number of shares corresponding to the Warrants will be adjusted so as to reflect and account for any increase or decrease in the
number of Company shares following a division or grouping, depending on the case. 
  

	4.9.2	In the event the Company performs a capital increase by cash contributions before the final date set out to exercise the Warrants, the Warrant Holders will have the option of exercising them immediately and
participating in the new issue, inasmuch as the former shareholders have that right. 

 In that case, this exercise and the
payment of the exercise price must take place, in accordance with the terms defined in Section 4.6. above, no later than three business days before the opening of the subscription period relative to that capital increase. 

In case of early exercise of the Warrants in that scenario, the subscribed shares will remain registered and non-transferable; at the end of
the expiration dates set under Section 4.3. above, they will become transferable for the quantities equivalent to the number of Warrants that can be exercised on those deadlines and may (if the Company already has dematerialized shares at the
time of the exercise) be converted into dematerialized shares. 
 if an event occurs, during that non-transferability period, that would
normally have caused the Beneficiary to lose the right to exercise all or part of its Warrants (see Section 4.10 below), the Company will benefit from the option of buying back the shares obtained by the early exercise of those Warrants, for a
price corresponding to the exercise price of those Warrants (as long as the legal conditions to buy back its own shares are met). 

  
 7 

	4.10	Situation in case of departure 

  

	4.10.1.	If the Warrant Holder loses the capacity of Beneficiary within the meaning of Article 4.1 above following (i) dismissal or revocation (except for gross negligence attributable to the Beneficiary),
(ii) voluntary resignation, or (iii) cessation of belonging to the Company: 

  

	 	•	 	none of the Warrants that have been assigned to it may be exercised if it loses the capacity of Beneficiary before the first anniversary of the Offer Date; 

 

	 	•	 	the Warrants not yet exercised remain acquired by the Beneficiary, and may be exercised in accordance with Section 4.3., in the amount of: 

 

	 	•	 	33% of the Warrants that have been assigned to it if it loses the capacity of Beneficiary before the second anniversary of the Offer Date; 

 

	 	•	 	66% of the Warrants that have been assigned to it if it loses the capacity of Beneficiary before the third anniversary of the Offer Date; 

with the understanding that the other Warrants may not be exercised; 
  

	 	•	 	100% of the Warrants that have been assigned to it if it loses the capacity of Beneficiary after the third anniversary of the Offer Date. 

The Warrants that can no longer be exercised by the Beneficiaries will automatically become irrelevant and void for them, and will be subject
to automatic cancellation. 
 The Warrants that can be exercised under this Section 4.10.1 will have to be exercised during the next
exercise period set out in Article 4.3. If this is not done, the Warrants that have not been exercised by the Beneficiaries at the end of that next exercise period will automatically become irrelevant and void for them, and will be subject to
automatic cancellation. 
  

	4.10.2.	If the Warrant Holder loses the capacity of Beneficiary within the meaning of Section 4.1 following dismissal or revocation for gross negligence (attributable to the Warrant Holder), all of the Warrants not
exercised on the date on which he/she loses the capacity of Beneficiary will automatically become irrelevant and void and will be subject to automatic cancellation. 

 

	4.10.3.	In case of death of the Beneficiary, the assignees may exercise the Warrants at the time and according to the terms set forth in Section 4.10.1 (mutatis mutandis). 

  
 8 

	4.10.4	If the Beneficiary loses the capacity of Beneficiary following legal retirement or at the end of his/her career, the Warrants may be exercised at the time and under the terms set by these issue conditions (see
Section 4.3). 

  

	4.10.4	With respect to people having the capacity of Beneficiary due to the fact they are a director or provide products or services to the Company independently but regularly (if applicable with the intervention of a
management or service company), the terms “dismissal or revocation” and “voluntary resignation” designate the various scenarios in which the contractual relationship under which those products or services are provided is
definitively ended, either by the Company or by the Beneficiary or the management or service company. The term “gross negligence” refers to the scenario where that break is based on a serious breach by the Beneficiary or the management or
service company of its contractual obligations. An interruption of more than six months in the supply of the products or services is considered to be a definitive break. 

 

	4.11	In case of suspension of the employment contract  

 In case of suspension of the employment contract for
a total duration of more than six months, the consequence of that suspension on the rights related to the Warrants allocated by the Company will be determined for each case in particular by the Company. 

 

	4.12	Applicable Law 

 This Warrant Offer is subject to Belgian law. The courts and tribunals of the registered
office of the Company have sole jurisdiction for any dispute relative to the Offer, issuance or exercise of the Warrants 

  
 9 

 APPENDIX I - ISSUANCE AND EXERCISE CONDITIONS 

Maximum offer of 140,000 subscription rights (“Warrants”) 

reserved for the Beneficiaries of the Company Warrants Plan 

Acceptances under this Warrants Offer may be filed, as indicated in Section 4.1 below, with the Company 

The Beneficiaries of the Offer are advised to read the tax code as it is described in Section 4.14 of this document carefully. 

  
 1 

 CARDIO3 BIOSCIENCES SA 

EXHIBIT 3 TO THE MINUTES OF THE
MEETING OF THE BOARD OF DIRECTORS OF 16 JANUARY 2013 

Definitions 
  

			
	Beneficiaries		Certain employees, directors and members of the management of the Company as identified by the Board of Directors of the Company.
		
	Offer Date		the date of the written communication of the Offer to the Beneficiaries.
		
	Warrant holder		the person registered in the warrants ledger of the Company as holding one or more warrants
		
	Liquidity Event		(i) a transfer of all or nearly all of: (a) the Company’s property; or (b) the Company’s shares; (ii) a merger, split or other Restructuring of the company (excluding a capital increase by cash contribution but including a
capital increase by contribution in kind), following which the holders of the majority of the votes in the Company (immediately before that restructuring) no longer hold, as a group, the majority of the votes of the surviving/receiving entities;
(iii) any other sale of that Company; or (iv) a liquidation of the Company;
		
	Offer		the offer of the Warrants;
		
	Exercise period		the exercise period during which the warrant holder can exercise the received Warrants (as described in Article 4.5) in order to acquire shares of the Company;
		
	Warrants Plan		this plan relative to the Warrants established by the Company
		
	Company		Cardio3 BioSciences SA
		
	Warrants		the maximum of 140,000 subscription rights offered freely to the Beneficiaries of the Offer under the law dated March 26, 1999

  

	1.	Decision by the Board of Directors 

 On January 16, 2013, the board of directors indicated
its agreement to propose the creation of 140,000 warrants to the Extraordinary General Shareholders’ Meeting of the Company, to be distributed to the future beneficiaries. 

  
 2 

	2.	Special report by the Board of Directors 

 This document, entitled “ISSUANCE AND EXERCISE
CONDITIONS,” is attached as Appendix 1 to the special report prepared on January 16, 2013 by the Board of Directors pursuant to Article 583 of the Companies Code. 

 

	3.	Decision by the General Shareholders’ Meeting 

 The General Shareholders’ Meeting was
held on January 31, 2013. It approved the principle decision, with unanimous waiver of the preferential subscription right, regarding the issue of 140,000 Warrants and granted a mandate to the Board of Directors in order to identify the
beneficiaries of the Warrants, as well as the number of Warrants allocated to each of them. The Warrants offered to the Company CEO and CFO (or their permanent representatives, if applicable) will be referred to as “Management Warrants.”

 The issuance of the Warrants accepted by the Beneficiaries will be done by a notarial deed (in accordance with Article 589 of the Companies Code) after
the expiration of the acceptance period. 
 It also tasked the Board of Directors with taking all necessary or useful measures to implement this Warrant
Plan. 
  

	4.	Information on the Offer of the Warrants 

 4.1 Identification of the Beneficiaries of the Offer

 The Offer is reserved for the Beneficiaries within the limits of and based on the distribution determined by the Board of Directors of the Company
(the “Board”). 
 The following may be considered to be a “Beneficiary”: 

 

	 	•	 	any person who is a member of the management of the Company and who, on the Offer Date, is under an open-ended employment contract; 

  

	 	•	 	any Director of the Company; 

  

	 	•	 	any person providing products or services to the Company independently but regularly, if applicable, upon the intervention of a management or service company; 

Each Beneficiary may be offered a certain number of Warrants based on a distribution decided upon by the Remuneration Committee established within the Board,
which shall decide as a special agent appointed by the General Shareholders’ Meeting, with the understanding that the Board has all powers to define that distribution. 

  
 3 

 The participation in the Warrant Plan does not grant any additional rights to workers in terms of labor laws and,
in particular, does not create any limitation or additional condition for the employer to end the employment relationship with one of its collaborators, in accordance with the laws in force. 

The Beneficiaries are asked to return the completed acceptance form to the Company, to the attention of Mr. Patrick Jeanmart, such that it is received by
the Company no later than the date indicated as part of the Offer (or 60 days after the Offer Date). This Offer Date will appear on the acceptance form that will be given to each Beneficiary. 

The acceptance form will indicate whether the Beneficiary accepts or declines the allocation of the Warrants. If the completed acceptance form is
not received within the time frame indicated above, the Beneficiary will be considered to have REFUSED the allocation of the Warrants. 
 4.2. Total
number of Warrants 
 The total Offer pertains to a maximum number of 140,000 Warrants. Each Warrant entitles its holder to subscribe for one ordinary
share (i.e., on that date, a class A share) of the Company. 
 4.3. Definitive acquisition of the “Management Warrants” 

In accordance with the other exercise conditions, the Management Warrants will only be definitively acquired (and consequently able to be exercised during the
exercise periods) if the conditions set out below are met: 
 All of the Management Warrants will be definitively acquired on December 31, 2013,
inasmuch as the Company Has secured funding (in dilutive or non-dilutive form) for a minimum amount of EUR 25 million no later than December 31, 2013. If all of part of that funding is done in a dilutive form for the other shareholders,
the definitive acquisition of the Management Warrants is also subject to the pre-money valuation of the company used to issue new shares (other than those resulting from the conversion of the E, F, G and H convertible loans contracted by the
Company). This pre-money valuation cannot be less than EUR 45 million for all of the funding, representing a maximum dilution of 35% for the shareholders of the Company after conversion of the E, F, G and H convertible loans. If the minimum
funding of EUR 25 million is done on a partially dilutive basis, the management warrants will be definitively acquired only inasmuch as the total dilution of the shareholders resulting from all of the minimum funding of EUR 25 million does
not exceed 35%. 

  
 4 

 The minimum funding of EUR 25 million accounts for the amounts gathered as part of the convertible H loan
(“Loan H Agreement”). 
 4.4. Extinction of the warrants 

If the conditions defined in Article 4.3 are not met on December 31, 2013, the Management Warrants will have no value and will be void. 

4.5. Exercise periods for the Warrants 
 As stipulated in
Articles 4.3, 4.4 and 4.10, the warrants definitively acquired may be exercised, in whole or in part, the first month of each quarter beginning on January 1, 2014, and until the tenth anniversary of the issuance of the plan, i.e.,
January 31, 2023. The month of January 2023 represents the last exercise period of this warrants plan. Each fiscal year period ends on the last business day of the month in question. 

Warrants not exercised at the end of the last exercise period will become null and void. 

By way of derogation from the previous paragraphs, in case of a Liquidity Event, the Warrants may also be exercised during the fifteen days before the
anticipated closing date of the Liquidity Event. Warrants not exercised at the end of that exceptional exercise period will automatically be canceled and without value, unless otherwise decided by the board of directors. 

4.6. Issue price of the Warrants 
 The Warrants will be
issued free of charge and offered to the Beneficiaries. The Warrants will be subject to the law dated March 26, 1999 (inasmuch as the Beneficiary is subject to that law). 

4.7. Exercise price of the Warrants 
 The exercise price
of the Warrants allocated under the 2012 Warrant Offer is EUR 4.52. The Board has determined, based on a certified opinion from the auditor of the Company, in accordance with Article 43 of the law dated March 26, 1999, that this price is equal
to the value of the share to which the Warrants pertain. 
 4.8. Exercise terms of the Warrants 

A Warrant that may be exercised will only be considered to have been exercised upon receipt by the Company of: 

 

	(i)	a written notice in the form determined by the Company, stating that a Warrant or a certain number of Warrants is being exercised; 

  
 5 

	(ii)	full payment of the exercise price of the Warrants exercised in euros, by bank wire transfer to an account specially opened as part of the Plan at the time of acceptance of the Warrants and the number of which will be
provided to each Beneficiary by the Company; 

  

	(iii)	in the event the Warrants are exercised by a person or persons other than the Warrant holder, appropriate proof that that person or those persons are entitled to exercise that Warrant; 

and 
  

	(iv)	declarations and documents that the Board or the delegated Company director deem necessary or desirable in order to comply with the applicable legal and regulatory stipulations, and which the Board or the delegated
director have requested to see. 

 All of the above must be in the Company’s possession no later than the last day of the exercise period
in question. 
 4.9. Characteristics of the shares that will be issued following the exercise of the Warrants 

4.7.1 General characteristics 
 The new shares that will
be issued within a reasonable time frame after the expiration of an exercise period of the Warrants will be of the same type and will benefit from the same rights as the shares existing on the Offer Date (without prejudice of that set forth in
Section 4.9 below). Taking into account what is specified in Section 4.9, if several share categories exist, the shares issued following the exercise of the Warrants will belong to the ordinary share category (i.e., at this time, the
“Class A Shares”). 
  

	4.7.2.	Enjoyment 

 When the Warrants are exercised, the shares issued during that exercise shall bear the same
enjoyment as the other Company shares (without prejudice to that set forth in Section 4.9 below). 
  

	4.7.3.	Availability 

 Within a reasonable time frame after closing of the exercise period in the registered or
(if the Company already has dematerialized shares at the time of the exercise) dematerialized form by registration in the account, as chosen by the Beneficiary. 

  
 6 

	4.7.4.	Transferability 

 The assignment of the shares that come from the Warrants are transferable subject to
the same legal and/or statutory conditions as the other Company shares, without prejudice to that set forth in Section 4.9.2 below. 
  

	4.7.5.	Costs related to the delivery of the shares 

 If the subscribed shares are delivered to a securities
account, they will be delivered free of charge inasmuch as the account is held with a financial institution in Belgium. 
 4.8 Form and delivery of the
Warrants - Non-transferability 
 The Warrants are and will remain blocked until they have expired or been exercised in a register of Warrant Holders
that will be kept at the registered office of the Company, and that will contain the precise name of each Warrant holder and the indication of the number of Warrants held. 

The Warrants are non-transferable between living persons. 
 4.9
Modification of the structure of the Company’s capital  
  

	4.9.1.	By derogation to what is set out in Article 501 C. Soc., and without prejudice to the exceptions set out by the law, the Company reserves the right to adopt any decision it deems necessary relative to its
capital, Bylaws or administration. Such decisions may include, inter alia: a capital decrease, with or without reimbursement to shareholders; a capital increase by incorporating reserves, whether or not it is combined with the creation of new
shares; a capital increase in kind; a capital increase in cash with or without limitation or cancellation of the preferential subscription rights of the shareholders; an issue of beneficiary shares, convertible bonds, preferential shares, bond with
warrant, or ordinary or warrant bonds; a change in the provisions of the Bylaws regarding distributions of the profits or (net) proceeds from liquidation or other rights attached to the ordinary shares (i.e., the “Class A shares”);
splitting of the shares; dividend distribution in shares; dissolution of the Company; a legal merger; a legal split or a contribution or transfer of assets or a line of business, irrespective of whether it is combined with the exchange of shares.
The Company may adopt such decisions even if they meant or could mean that the profits are given to the warrant holder through the issue and exercise conditions of the Warrants or the law, unless such a reduction is obviously the sole purpose of
such a decision. 

  
 7 

 However, in case or merger or split, the Board has an obligation of means to ensure that the
Warrants not exercised on the date of such operations will be modified in accordance with the conversion parity applied to the existing Company shares. 

Furthermore, in case of a capital reduction operation, a capital reimbursement operation, an operation to buy back its own shares and
cancellation or those shares or similar operation causing a decrease in the Company’s equity following a decision by the shareholders made in a general shareholders’ meeting, the exercise price of the Warrants may be modified by decision
by the Board of Directors notified to the Beneficiaries so as to compensate the loss of value resulting from the reduction in equity. Any change will be applicable as of notification to the Beneficiaries and without the latter needing to accept it
formally. 
 Lastly, the number of shares corresponding to the Warrants will be adjusted so as to reflect and account for any increase or
decrease in the number of Company shares following a division or grouping, depending on the case. 
  

	4.10	Situation in case of departure 

  

	4.10.1.	If the Warrant holder loses the capacity of Beneficiary within the meaning of Article 4.1 above following (i) dismissal or revocation (except for gross negligence attributable to the Beneficiary),
(ii) voluntary resignation, or (iii) cessation of belonging to the Company: 

  

	 	•	 	none of the Warrants that have been assigned to it may be exercised if it loses the capacity of Beneficiary before the first anniversary of the Offer Date; 

 

	 	•	 	the Warrants (other than the Management Warrants) not yet exercised remain acquired by the Beneficiary, and may be exercised in accordance with section 4.3., in the amount of: 

 

	 	•	 	25% of the Warrants that have been assigned to it if it loses the capacity of Beneficiary before the second anniversary of the Offer Date; 

	 	•	 	50% of the Warrants that have been assigned to it if it loses the capacity of Beneficiary before the third anniversary of the Offer Date; 

	 	•	 	75% of the Warrants that have been assigned to it if it loses the capacity of Beneficiary before the fourth anniversary of the Offer Date. 

with the understanding that the other Warrants may not be exercised; 
  

	 	•	 	100% of the Warrants that have been assigned to it if it loses the capacity of Beneficiary after the fourth anniversary of the Offer Date. 

 

	 	•	 	Any Management Warrants (definitively acquired within the meaning of Article 4.3) not exercised on the date when the beneficiary loses the status of beneficiary as described in article 4.1 will remain able to be
exercised. 

  
 8 

 The Warrants that can no longer be exercised by the Beneficiaries will automatically become
irrelevant and void for them, and will be subject to automatic cancellation. 
 The Warrants that can be exercised will have to be exercised
during the next exercise period set out in Article 4.4. If this is not done, the Warrants that have not been exercised by the Beneficiaries at the end of that exercise period will automatically become irrelevant and void for them and will be subject
to cancellation. 
  

	4.10.2.	If the Warrant holder loses the capacity of Beneficiary within the meaning of Section 4.1 following dismissal or revocation for gross negligence (attributable to the Warrant holder), all of the Warrants not
exercised on the date on which he/she loses the capacity of Beneficiary will automatically become irrelevant and void and will be subject to cancellation. 

  

	4.10.3.	In case of death of the Beneficiary, the assignees may exercise the Warrants at the time and according to the terms set forth in Section 4.10.1 (mutatis mutandis). 

 

	4.10.4.	If the Beneficiary loses the capacity of Beneficiary following legal retirement or at the end of the his/her career, the Warrants may be exercised at the time and under the terms set by these issue conditions (see
Section 4.3). 

  

	4.10.5	With respect to people having the capacity of Beneficiary due to the fact they are a director or provide products or services to the Company independently but regularly (if applicable with the intervention of a
management or service company), the terms “dismissal or revocation” and “voluntary resignation” designate the various scenarios in which the contractual relationship under which those products or services are provided is
definitively ended, either by the Company or by the Beneficiary or the management or service company. The term “gross negligence” refers to the scenario where that break is based on a serious breach by the Beneficiary or the management or
service company of its contractual obligations. An interruption of more than six months in the supply of the products or services is considered to be a definitive break. 

  
 9 

	4.11	In case of suspension of the employment contract  

 In case of suspension of the employment contract for
a total duration of more than six months, the consequence of that suspension on the rights related to the Warrants allocated by the Company will be determined for each case in particular by the Company. 

 

	4.12	Applicable Law 

 This Warrant Offer is subject to Belgian law. The courts and tribunals of the registered
office of the Company have sole jurisdiction for any dispute relative to the Offer, issuance or exercise of the Warrants 

  
 10 

 ISSUANCE AND EXERCISE CONDITIONS 

Maximum offer of 266,241 subscription rights (“Warrants”) 

reserved for the Beneficiaries of the Company Warrants Plan 

Acceptances of this Warrants Offer must be returned to the Company in adherence to Section 4.1 

  
 1 

 Definitions 
  

			
	Beneficiaries		certain employees, directors and members of the management of the Company as identified by the Board of Directors of the Company.
		
	Remuneration Committee		the remuneration committee of the Company established within the Board of Directors;
		
	Board of Directors		the board of directors of the Company
		
	Offer Date		the date of the written communication of the Offer to the Beneficiaries.
		
	Warrant Holder		the person registered in the warrants ledger of the Company as holding one or more Warrants
		
	Liquidity Event		(i) a transfer of all or nearly all of: (a) the Company’s property; or (b) the Company’s shares; (ii) a merger, split or other Restructuring of the company (excluding a capital increase by cash contribution but including a
capital increase by contribution in kind), following which the holders of the majority of the votes in the Company (immediately before that restructuring) no longer hold, as a group, the majority of the votes of the surviving/receiving entities;
(iii) any other sale of that Company; or (iv) a liquidation of the Company;
		
	Offer		the offer of the Warrants;
		
	Exercise period		the exercise period during which the Warrant Holder can exercise the received Warrants (as described in Article 4.5) in order to acquire shares of the Company;
		
	Warrants Plan		this plan relative to the Warrants established by the Company
		
	Company		Cardio3 BioSciences SA
		
	Warrants		the maximum of 266,241 subscription rights offered freely to the Beneficiaries of the Offer under the law dated March 26, 1999

  
 2 

	1.	Decision by the Board of Directors 

 On April 19, 2013, the Board of Directors indicated its
agreement to propose the creation of 266,241 Warrants to the Extraordinary General Shareholders’ Meeting of the Company, to be distributed to the future beneficiaries. 
  

	2.	Special report by the Board of Directors 

 This document, entitled “ISSUANCE AND EXERCISE
CONDITIONS,” is attached as Appendix 1 to the special report prepared on April 19, 2013 by the Board of Directors pursuant to Article 583 of the Companies Code. 

 

	3.	Decision by the General Shareholders’ Meeting 

 The General Shareholders’ Meeting was
held on May 6, 2013. It approved, with cancellation of the preferential subscription rights of the existing shareholders and warrant holders in favor of the members of the Company’s staff and the people specified in the special report
prepared on April 19, 2013 by the Board of Directors, the principle decision regarding the issuance of a maximum of 266,241 Warrants and granted a mandate to the Remuneration Committee in order to identify the Beneficiaries of the Warrants as
well as the number of Warrants allocated to each of them. 
 The issuance of the Warrants accepted by the Beneficiaries will be done by a notarial deed (in
accordance with Article 589 of the Companies Code) after the expiration of the acceptance period. 
 It also appointed the Remuneration Committee to take
all necessary or useful measures for the implementation of this Warrant Plan. 
  

	4.	Information on the Offer of the Warrants 

 4.1 Identification of the Beneficiaries of the Offer

 The Offer is reserved for the Beneficiaries within the limits of and based on the distribution determined by the Board of Directors of the Company.

 The following may be considered to be a “Beneficiary”: 
  

	 	•	 	any person who, on the Offer Date, is under an open-ended employment contract with the Company; 

  

	 	•	 	any Director of the Company; 

  

	 	•	 	any person providing products or services to the Company independently but regularly, if applicable, upon the intervention of a management or service company; 

  
 3 

 Each Beneficiary may be offered a certain number of Warrants based on a distribution decided upon by the
Remuneration Committee established within the Board of Directors, which shall decide as a special agent appointed by the General Shareholders’ Meeting, with the understanding that the Board of Directors has all powers to define that
distribution. 
 The participation in the Warrant Plan does not grant any additional rights to workers in terms of labor laws and, in particular, does not
create any limitation or additional condition for the employer to end the employment relationship with one of its collaborators, in accordance with the laws in force. 

The Beneficiaries are asked to return the completed acceptance form to the Company, to the attention of Mr. Patrick Jeanmart, such that it is received by
the Company no later than the date indicated to them as part of the Offer. This Offer Date will appear on the acceptance form that will be given to each Beneficiary. 

The acceptance form will indicate whether the Beneficiary accepts or declines the allocation of the Warrants. If the completed acceptance form is not
received within the time frame indicated above, the Beneficiary will be considered to have REFUSED the allocation of the Warrants. 
 4.2. Total
number of Warrants 
 The total Offer pertains to a maximum number of 266,241 Warrants. Each Warrant entitles its holder to subscribe for one ordinary
share (i.e., on that date, a class A share) of the Company. 
 4.3. Exercise periods for the Warrants 

Warrants definitively acquired may be exercised, in whole or in part, the first month of each quarter beginning on January 1, 2017, until the tenth
anniversary of the issuance of the Warrants, i.e., May 6, 2023. Each fiscal year period ends on the last business day of the month in question. The month of May 2023 represents the last exercise period of this Warrant Plan, which will begin on
April 1, 2023 and will end on May 6, 2023. 
 Warrants not exercised at the end of the last exercise period will become null and void. 

By way of derogation from the previous paragraphs, in case of a Liquidity Event, the Warrants may also be exercised during the fifteen days before the
anticipated closing date of the Liquidity Event. Warrants not exercised at the end of that exceptional exercise period will automatically be canceled and without value, unless otherwise decided by the Board of Directors. 

  
 4 

 4.4. Issue price of the Warrants 

The Warrants will be issued free of charge and offered to the Beneficiaries. The Warrants will be subject to the law dated March 26, 1999 (inasmuch as the
Beneficiary is subject to that law). 
 4.5. Exercise price of the Warrants 

The exercise price of the Warrants allocated under the 2013 Warrant Offer is EUR 2.64. The Board of Directors has determined, based on a certified opinion from
the auditor of the Company, in accordance with Article 43 of the law dated March 26, 1999, that this price is equal to the value of the share to which the Warrants pertain. 

4.6. Exercise terms of the Warrants 
 A Warrant that may
be exercised will only be considered to have been exercised upon receipt by the Company of: 
  

	(i)	a written notice in the form determined by the Company, stating that a Warrant or a certain number of Warrants is being exercised; 

  

	(ii)	full payment of the exercise price of the Warrants exercised in euros, by bank wire transfer to an account specially opened as part of the Warrant Plan at the time of acceptance of the Warrants, and the number of which
will be provided to each Beneficiary by the Company; 

  

	(iii)	in the event the Warrants are exercised by a person or persons other than the Warrant Holder, appropriate proof that that person or those persons are entitled to exercise that Warrant; 

and 
  

	(iv)	declarations and documents that the Board of Directors or the delegated Company director deem necessary or desirable in order to comply with the applicable legal and regulatory stipulations, and which the Board of
Directors or the delegated director have requested to see. 

 All of the above must be in the Company’s possession no later than the last
day of the exercise period in question. 

  
 5 

 4.7. Characteristics of the shares that will be issued following the exercise of the Warrants 

4.7.1 General characteristics 
 The new shares that will
be issued within a reasonable time frame after the expiration of an exercise period of the Warrants will be of the same type and will benefit from the same rights as the shares existing on the Offer Date (without prejudice of that set forth in
Section 4.9 below). Taking into account what is specified in Section 4.9, if several share categories exist, the shares issued following the exercise of the Warrants will belong to the ordinary share category (i.e., at this time, class A
shares). 
  

	4.7.2.	Enjoyment 

 When the Warrants are exercised, the shares issued during that exercise shall bear the same
enjoyment as the other Company shares (without prejudice to that set forth in Section 4.9 below). 
  

	4.7.3.	Availability 

 Within a reasonable time frame after closing of the exercise period in the registered or
(if the Company already has dematerialized shares at the time of the exercise) dematerialized form by registration in the account, as chosen by the Beneficiary. 
  

	4.7.4.	Transferability 

 The shares that come from the Warrants are transferable subject to the same legal
and/or statutory conditions as the other Company shares, without prejudice to that stated in Section 4.9.2 below. 
  

	4.7.5.	Costs related to the delivery of the shares 

 If the subscribed shares are delivered to a securities
account, they will be delivered free of charge inasmuch as the account is held with a financial institution in Belgium. 
 4.8 Form and delivery of the
Warrants - Non-transferability 
 At the registered office of the Company, a register of Warrant Holders will be kept that will contain the precise name
of each Warrant Holder and an indication of the number of Warrants held. 
 The Warrants are non-transferable between living persons. 

  
 6 

 4.9 Modification of the structure of the Company’s capital  

 

	4.9.1	By derogation to what is set out in Article 501 C. Soc., and without prejudice to the exceptions set out by the law, the Company reserves the right to adopt any decision it deems necessary relative to its capital,
Bylaws or administration. Such decisions may include, inter alia: a capital decrease, with or without reimbursement to shareholders; a capital increase by incorporating reserves, whether or not it is combined with the creation of new shares;
a capital increase in kind; a capital increase in cash with or without limitation or cancellation of the preferential subscription rights of the shareholders; an issue of beneficiary shares, convertible bonds, preferential shares, bond with warrant,
or ordinary or warrant bonds; a change in the provisions of the Bylaws regarding distributions of the profits or (net) proceeds from liquidation or other rights attached to the ordinary shares (i.e., the Class A shares); splitting of the
shares; dividend distribution in shares; dissolution of the Company; a legal merger; a legal split or a contribution or transfer of assets or a line of business irrespective of whether it is combined with the exchange of shares. The Company may
adopt such decisions even if they meant or could mean that the profits are given to the Warrant holder through the issue and exercise conditions of the Warrants or the law, unless such a reduction is obviously the sole purpose of such a decision.

 However, in case or a merger or split, the Board of Directors has an obligation of means to ensure that the Warrants not
exercised on the date of such operations will be modified in accordance with the conversion parity applied to the existing Company shares. 

Furthermore, in case of a capital reduction operation, a capital reimbursement operation, an operation to buy back its own shares and
cancellation or those shares or similar operation causing a decrease in the Company’s equity following a decision by the shareholders made in a general shareholders’ meeting, the exercise price of the Warrants may be modified by decision
by the Board of Directors notified to the Beneficiaries so as to compensate the loss of value resulting from the reduction in equity. Any change will be applicable as of notification to the Beneficiaries and without the latter needing to accept it
formally. 
 Lastly, the number of shares corresponding to the Warrants will be adjusted so as to reflect and account for any increase or
decrease in the number of Company shares following a division or grouping, depending on the case. 
  

	4.9.2	In the event the Company performs a capital increase by cash contributions before the final date set out to exercise the Warrants, the Warrant Holders will have the option of exercising them immediately and
participating in the new issue, inasmuch as the former shareholders have that right. 

  
 7 

 In that case, this exercise and the payment of the exercise price must take place, in accordance
with the terms defined in Section 4.6. above, no later than three business days before the opening of the subscription period relative to that capital increase. 

In case of early exercise of the Warrants in that scenario, the subscribed shares will remain registered and non-transferable; at the end of
the expiration dates set under Section 4.3. above, they will become transferable for the quantities equivalent to the number of Warrants that can be exercised on those deadlines and may (if the Company already has dematerialized shares at the
time of the exercise) be converted into dematerialized shares. 
 if an event occurs, during that non-transferability period, that would
normally have caused the Beneficiary to lose the right to exercise all or part of its Warrants (see Section 4.10 below), the Company will benefit from the option of buying back the shares obtained by the early exercise of those Warrants, for a
price corresponding to the exercise price of those Warrants (as long as the legal conditions to buy back its own shares are met). 
  

	4.10	Situation in case of departure 

  

	4.10.1.	If the Warrant Holder loses the capacity of Beneficiary within the meaning of Article 4.1 above following (i) dismissal or revocation (except for gross negligence attributable to the Beneficiary),
(ii) voluntary resignation, or (iii) cessation of belonging to the Company: 

  

	 	•	 	none of the Warrants that have been assigned to it may be exercised if it loses the capacity of Beneficiary before the first anniversary of the Offer Date; 

 

	 	•	 	the Warrants not yet exercised remain acquired by the Beneficiary, and may be exercised in accordance with Section 4.3., in the amount of: 

 

	 	•	 	33% of the Warrants that have been assigned to it if it loses the capacity of Beneficiary before the second anniversary of the Offer Date; 

 

	 	•	 	66% of the Warrants that have been assigned to it if it loses the capacity of Beneficiary before the third anniversary of the Offer Date; 

with the understanding that the other Warrants may not be exercised; 
  

	 	•	 	100% of the Warrants that have been assigned to it if it loses the capacity of Beneficiary after the third anniversary of the Offer Date. 

The Warrants that can no longer be exercised by the Beneficiaries will automatically become irrelevant and void for them, and will be subject
to automatic cancellation. 

  
 8 

 The Warrants that can be exercised under this Section 4.10.1 will have to be exercised
during the next exercise period set out in Article 4.3. If this is not done, the Warrants that have not been exercised by the Beneficiaries at the end of that next exercise period will automatically become irrelevant and void for them, and will be
subject to automatic cancellation. 
  

	4.10.2.	If the Warrant Holder loses the capacity of Beneficiary within the meaning of Section 4.1 following dismissal or revocation for gross negligence (attributable to the Warrant Holder), all of the Warrants not
exercised on the date on which he/she loses the capacity of Beneficiary will automatically become irrelevant and void and will be subject to automatic cancellation. 

 

	4.10.3.	In case of death of the Beneficiary, the assignees may exercise the Warrants at the time and according to the terms set forth in Section 4.10.1 (mutatis mutandis). 

 

	4.10.4	If the Beneficiary loses the capacity of Beneficiary following legal retirement or at the end of his/her career, the Warrants may be exercised at the time and under the terms set by these issue conditions (see
Section 4.3). 

  

	4.10.4	With respect to people having the capacity of Beneficiary due to the fact they are a director or provide products or services to the Company independently but regularly (if applicable with the intervention of a
management or service company), the terms “dismissal or revocation” and “voluntary resignation” designate the various scenarios in which the contractual relationship under which those products or services are provided is
definitively ended, either by the Company or by the Beneficiary or the management or service company. The term “gross negligence” refers to the scenario where that break is based on a serious breach by the Beneficiary or the management or
service company of its contractual obligations. An interruption of more than six months in the supply of the products or services is considered to be a definitive break. 

 

	4.11	In case of suspension of the employment contract  

 In case of suspension of the employment contract for
a total duration of more than six months, the consequence of that suspension on the rights related to the Warrants allocated by the Company will be determined for each case in particular by the Company. 

 

	4.12	Applicable Law 

 This Warrant Offer is subject to Belgian law. The courts and tribunals of the registered
office of the Company have sole jurisdiction for any dispute relative to the Offer, issuance or exercise of the Warrants 

  
 9 

 CARDIO3 BIOSCIENCES S.A. 

Business Corporation [société anonyme] 

having its registered office at 

B-1435 Mont Saint Guibert, Rue Edouard Belin 12 

R.P.M. Nivelles 891 118 115 

Maximum offer of 79,500 subscription rights (“Warrants”) 

reserved for the Beneficiaries of the Company Warrants Plan 

Acceptances under this Warrants Offer may be filed, as indicated in Section 4.1 below, with the Company 

The Beneficiaries of the Offer are advised to read the tax code as it is described in Section 4.14 of this document carefully. 

 Definitions 
  

			
	Beneficiaries		Certain employees and members of the management of the Company as identified by the Remuneration Committee established within the Board of Directors of the Company.
		
	Offer Date		the date of the written communication of the Offer to the Beneficiaries.
		
	Liquidity Event		(i) a transfer of all or nearly all of: (a) the Company’s property; or (b) the Company’s shares; (ii) a merger, split or other Restructuring of the company (excluding a capital increase by cash contribution but including a
capital increase by contribution in kind), following which the holders of the majority of the votes in the Company (immediately before that restructuring) no longer hold, as a group, the majority of the votes of the surviving/receiving entities;
(iii) any other sale of that Company; or (iv) a liquidation of the Company;
		
	Offer		the offer of the Warrants
		
	Warrants Plan		this plan relative to the Warrants established by the Company
		
	Company		Cardio3 BioSciences SA
		
	Warrants		the maximum of 79,500 subscription rights offered freely to the Beneficiaries of the Offer under the law dated March 26, 1999

  

	1.	Decision by the Board of Directors 

 On October 15, 2010, the board of directors indicated its
agreement to propose the creation of 79,500 Warrants to the General Shareholders’ Meeting of the Company, to be distributed to the future beneficiaries. 
  

	2.	Special report by the Board of Directors 

 The copy of the special report prepared on October 15,
2010 by the Board of Directors pursuant to Articles 583 of the Companies Code is in Appendix 1. 
  

	3.	Decision by the General Shareholders’ Meeting 

 The General Shareholders’ Meeting was held on
October 28, 2010. It approved the principle decision, with unanimous waiver of the preferential subscription right, regarding the issue of 79,500 Warrants and granted a mandate to the Board of Directors in order to identify the beneficiaries of
the Warrants, as well as the number of Warrants allocated to each of them. 

  
 - 2 - 

 The issuance of the Warrants accepted by the Beneficiaries will be done by a notarial deed (in accordance with
Article 589 of the Companies Code) after the expiration of the acceptance period. 
 It also tasked the Board of Directors with taking all necessary or
useful measures to implement this share Warrant Plan. 
  

	4.	Information on the Offer of the Warrants 

 4.1 Identification of the Beneficiaries of the Offer

 The Offer is reserved for the Beneficiaries within the limits of and based on the distribution determined by the Board of Directors of the Company
(the “Committee). 
 The following may be considered to be a “Beneficiary”: 

 

	 	•	 	any person who is a member of the senior management of the Company and who, on the Offer Date, is under an open-ended employment contract; 

 

	 	•	 	any person providing products or services to the Company independently but regularly, if applicable the intervention of a management or service company; 

Each Beneficiary may be offered a certain number of Warrants based on a distribution decided on by the Committee, with the understanding that the Committee
has all powers to define that distribution. 
 The participation in the Warrant Plan does not grant any additional rights to workers in terms of labor laws
and, in particular, does not create any limitation or additional condition for the employer to end the employment relationship with one of its collaborators, in accordance with the laws in force. 

The Beneficiaries are asked to return the completed acceptance form to the Company, to the attention of Mr. Patrick Jeanmart, such that it is received by
the Company no later than the date indicated as part of the Offer (or 60 days after the Offer Date, or no later than December 28, 2010). This Offer Date will appear on the acceptance form that will be given to each Beneficiary. 

The acceptance form will indicate whether the Beneficiary accepts or declines the allocation of the Warrants. If the completed acceptance form is
not received within the time frame indicated above, the Beneficiary will be considered to have REFUSED the allocation of the Warrants. 
 4.2. Total
number of Warrants 
 The total Offer pertains to a maximum number of 79,500 Warrants. Each Warrant entitles its holder to subscribe for one share of the
Company. 

  
 - 3 - 

 4.3. Exercise periods for the Warrants 

The Beneficiaries of Warrants may not exercise their Warrants before December 31, 2013. After that date, the Warrants may be exercised until
December 31, 2020. 
 The Warrants may be exercised in whole or in part by each Beneficiary during the first month of each quarter beginning
January 1, 2014 and until December 31, 2020. 
 By way of derogation from the previous paragraphs, in case of a Liquidity Event, the Warrants may
also be exercised during the fifteen days before the anticipated closing date of the Liquidity Event. Warrants not exercised at the end of that exceptional exercise period will automatically be canceled and without value, unless otherwise decided by
the board of directors. 
 4.4. Issue price of the Warrants 

The Warrants will be issued free of charge and offered to the Beneficiaries. The Warrants will be subject to the law dated March 26, 1999 (inasmuch as the
Beneficiary is subject to that law). 
 4.5. Exercise price of the Warrants 

The exercise price of the Warrants allocated under the 2010 Warrant Offer is EUR 35.36. The Board has determined, based on a certified opinion from the auditor
of the Company, in accordance with Article 43 of the law dated March 26, 1999, that this price is equal to the value of the share to which the Warrants pertain. 

4.6. Exercise terms of the Warrants 
 A Warrant that may
be exercised will only be considered to have been exercised upon receipt by the Company of: 
  

	(i)	a written notice in the form determined by the Company, stating that a Warrant or a certain number of Warrants is being exercised; 

  

	(ii)	full payment of the exercise price of the Warrants exercised in euros, by bank wire transfer to an account specially opened as part of the Plan at the time of acceptance of the Warrants and the number of which will be
provided to each Beneficiary by the Company; 

  

	(iii)	in the event the Warrants are exercised by a person or persons other than the Warrant holder, appropriate proof that that person or those persons are entitled to exercise that Warrant; 

and 
  

	(iv)	declarations and documents that the Board or the delegated Company director deem necessary or desirable in order to comply with the applicable legal and regulatory stipulations, and which the Board or the delegated
director have requested to see. 

 All of the above must be in the Company’s possession no later than the last day of the exercise period
in question. 

  
 - 4 - 

 4.7. Characteristics of the shares that will be issued following the exercise of the Warrants 

4.7.1 General characteristics 
 The new shares that will
be issued within a reasonable time frame after the expiration of an exercise period of the Warrants will be of the same type and will benefit from the same rights as the shares existing on the Offer Date (without prejudice to that set forth in
Section 4.9 below). Taking into account what is specified in Section 4.9, if several share categories exist, the shares issued following the exercise of the Warrants will belong to the ordinary share category (i.e., non-preferential). 

 

	4.7.2.	Enjoyment 

 When the Warrants are exercised, the shares issued during that exercise shall bear the same
enjoyment as the other Company shares (without prejudice to that set forth in Section 4.9 below). 
  

	4.7.3.	Availability 

 Within a reasonable time frame after closing of the exercise period in the registered or
(if the Company already has dematerialized shares at the time of the exercise) dematerialized form by registration in the account, as chosen by the Beneficiary. 
  

	4.7.4.	Transferability 

 The assignment of the shares that come from the Warrants are transferable subject to
the same legal and/or statutory conditions as the other Company shares, without prejudice to that set forth in Section 4.9.2 below. 
  

	4.7.5.	Costs related to the delivery of the shares 

 If the subscribed shares are delivered to a securities
account, they will be delivered free of charge inasmuch as the account is held with a financial institution in Belgium. 
 4.8 Form and delivery of the
Warrants - Non-transferability 
 The Warrants are and will remain blocked until they have expired or been exercised in a register of Warrant Holders
that will be kept at the registered office of the Company, and that will contain the precise name of each Warrant holder and the indication of the number of Warrants held. 

The Warrants are non-transferable between living persons. 

4.9 Modification of the structure of the Company’s capital 
  

	4.9.1.	 As a derogation from the stipulations of Article 501 of the Companies Code, the Company expressly reserves the right to perform all operations
(capital increase with or without creation of new shares, capital reduction, issuance of convertible bonds or 

  
 - 5 - 

	 	
subscription rights, amortization of the capital, buying back its own shares, mergers, splits, etc.) it deems necessary in the context of its capital, bylaws or management, even if those
decisions cause a decrease in the benefits granted to the Warrant holders. 

 The Company in particular notifies the
Beneficiaries, who, by accepting this Offer, also accept that the Company is, on the Offer Date, in negotiations regarding a new capital increase of the Company. The Company expressly reserves the right to increase the capital of the Company and
modify the bylaws as part of the capital increase. The Beneficiaries are thus notified that preferential rights (including a preferential right to receive any surplus assets on liquidation) will be introduced into the bylaws at the time of the
capital increase in favor of some or all of the shares, excluding the shares to which the Warrants relate. 
 However, in case or merger or
split, the Board has an obligation of means to ensure that the Warrants not exercised on the date of such operations will be modified in accordance with the conversion parity applied to the existing Company shares. 

Furthermore, in case of a capital reduction operation, a capital reimbursement operation, an operation to buy back its own shares and
cancellation or those shares or similar operation causing a decrease in the Company’s equity following a decision by the shareholders made in a general shareholders’ meeting, the exercise price of the Warrants may be modified by decision
by the Board of Directors notified to the Beneficiaries so as to compensate the loss of value resulting from the reduction in equity. Any change will be applicable as of notification to the Beneficiaries and without the latter needing to accept it
formally. 
 Lastly, the number of shares corresponding to the Warrants will be adjusted so as to reflect and account for any increase or
decrease in the number of Company shares following a division or grouping, depending on the case. 
  

	4.9.2.	In the event the Company performs a capital increase by cash contributions before the final date set out to exercise the Warrants, the Warrant holders will have the option of exercising them immediately and
participating in the new issue, inasmuch as the former shareholders have that right. 

 In that case, this exercise and the
payment of the exercise price must take place, in accordance with the terms defined in Section 4.6. above, no later than three business days before the opening of the subscription period relative to that capital increase. 

In case of early exercise of the Warrants in that scenario, the subscribed shares will remain registered and non-transferable; at the end of
the expiration dates set under Section 4.3. above, they will become transferable for the quantities equivalent to the number of Warrants that can be exercised on those deadlines and may (if the Company already has dematerialized shares at the
time of the exercise) be converted into dematerialized shares. 
 If an event occurs, during that non-transferability period, that would
normally have caused the Beneficiary to lose the right to exercise all or part of its Warrants (see Section 4.10 below), the Company will benefit from the option of buying back the 

  
 - 6 - 

 
shares obtained by the early exercise of those Warrants, for a price corresponding to the exercise price of those Warrants (as long as the legal conditions to buy back its own shares are met).

  

	4.10	Situation in case of departure 

  

	4.10.1.	If the Warrant holder loses the capacity of Beneficiary within the meaning of Article 4.1 above following (i) dismissal or revocation (except for gross negligence attributable to the Beneficiary),
(ii) voluntary resignation, or (iii) cessation of belonging to the Company: 

  

	 	•	 	none of the Warrants that have been assigned to it may be exercised if it loses the capacity of Beneficiary before the first anniversary of the Offer Date; 

 

	 	•	 	the Warrants not yet exercised remain acquired by the Beneficiary, and may be exercised in accordance with Section 4.3., in the amount of: 

 

	 	•	 	33% of the Warrants that have been assigned to it if it loses the capacity of Beneficiary before the second anniversary of the Offer Date; 

 

	 	•	 	66% of the Warrants that have been assigned to it if it loses the capacity of Beneficiary before the third anniversary of the Offer Date; 

with the understanding that the other Warrants may not be exercised; 
  

	 	•	 	100% of the Warrants that have been assigned to it if it loses the capacity of Beneficiary after the third anniversary of the Offer Date; 

The Warrants that can no longer be exercised by the Beneficiaries will automatically become irrelevant and void for them, and will be subject
to automatic cancellation. 
 The Warrants that can be exercised will have to be exercised during the next exercise period set out in Article
4.3. If this is not done, the Warrants that have not been exercised by the Beneficiaries at the end of that exercise period will automatically become irrelevant and void for them and will be subject to cancellation. 

 

	4.10.2.	If the Warrant holder loses the capacity of Beneficiary within the meaning of Section 4.1 following dismissal or revocation for gross negligence (attributable to the Warrant holder), all of the Warrants not
exercised on the date on which he/she loses the capacity of Beneficiary will automatically become irrelevant and void and will be subject to cancellation. 

  

	4.10.3.	In case of death of the Beneficiary, the assignees may exercise the Warrants at the time and according to the terms set forth in Section 4.10.1 (mutatis mutandis). 

 

	4.10.4.	If the Beneficiary loses the capacity of Beneficiary following legal retirement or at the end of the his/her career, the Warrants may be exercised at the time and under the terms set by these issue conditions (see
Section 4.3). 

  
 - 7 - 

	4.10.5	With respect to people having the capacity of Beneficiary due to the fact they are a director or provide products or services to the Company independently but regularly (if applicable with the intervention of a
management or service company), the terms “dismissal or revocation” and “voluntary resignation” designate the various scenarios in which the contractual relationship under which those products or services are provided is
definitively ended, either by the Company or by the Beneficiary or the management or service company. The term “gross negligence” refers to the scenario where that break is based on a serious breach by the Beneficiary or the management or
service company of its contractual obligations. An interruption of more than six months in the supply of the products or services is considered to be a definitive break. 

 

	4.11	In case of suspension of the employment contract 

 In case of suspension of the employment contract for a
total duration of more than six months, the consequence of that suspension on the rights related to the Warrants allocated by the Company will be determined for each case in particular by the Company. 

4.12 Applicable Law 
 This Warrant Offer is subject to
Belgian law. The courts and tribunals of the registered office of the Company have sole jurisdiction for any dispute relative to the Offer, issuance or exercise of the Warrants 

4.13 Tax Regime (Belgian nationals residing in Belgium) 

Under Article 42 et seq. of the law dated March 26, 1999 relative to the 1998 Belgian action plan for employment and pertaining to various provisions,
benefits of all kinds obtained due to or on the occasion of the exercise of the professional activity, in the form of a free allocation of share options, are taxable as Remuneration. 

Inasmuch as it is possible to demonstrate that, as in the case at hand, the offer of any benefit arises from the performance of a professional activity by the
beneficiary, the benefit of any nature will be taxed as remuneration in Belgium. 
 In light of the preceding, the offer of the Warrants must be qualified
as a benefit of any nature for the Beneficiaries of the Warrants who are Belgian nationals residing in Belgium. 
 Depending on the characteristics of the
Warrants and the legal formula, the benefit will be valued at 10% of the exercise price of the Warrants. 
 Regarding the Beneficiaries under employment
contracts, the Company will withdraw at the payroll tax due for the benefit of any kind, thus calculated from the salary of the Beneficiaries in the second month following the Offer Date. The Company will mention the amount of the benefit on tax
forms No. 281.10 (for employees), No. 281.20 (for directors) and No. 281.50 (for independent contractors), prepared in the name of the Beneficiaries of the Warrants for the tax year during which the Warrants were definitively granted.

  
 - 8 - 

 Under current Belgian tax laws, the appreciation following the subsequent assignment of shares acquired by
exercising the Warrants is exempt from taxation for natural persons in Belgium. Depreciation is not deductible. 
 Dividends on shares 

The dividends paid to the Beneficiaries following the acquisition of shares of the Company are in principle subject to the Belgian withholding taxation of 25%.
This tax is reduced to 15% when the dividend coupon is present at the same time as the corresponding VVPR STRIP coupon. The withholding tax is withheld at the source by the Company, except in case of exemption set out by Belgian tax law. The
withholding tax being, in the current state of Belgian tax law, a “release” in Belgium, Beneficiaries domiciled in Belgium are therefore not required to declare it in their annual tax return for natural persons. 

  
 - 9 - 

 CARDIO3 BIOSCIENCES S.A. 

Business Corporation [société anonyme] 

having its registered office at 

B-1435 Mont Saint Guibert, Rue Edouard Belin 12 

R.P.M. Nivelles 891 118 115 

Maximum offer of 50,000 subscription rights (“warrants”) 

reserved for the Beneficiaries of the Company Warrants Plan 

Acceptances under this Warrants Offer may be filed, as indicated in Section 4.1 below, with the Company 

The Beneficiaries of the Offer are advised to read the tax code as it is described in Section 4.14 of this document carefully. 

 Definitions 
  

			
	Beneficiaries		Certain employees and members of the management of the Company as identified by the Remuneration Committee established within the Board of Directors of the Company.
		
	Offer Date		the date of the written communication of the Offer to the Beneficiaries.
		
	Liquidity Event		(i) a transfer of all or nearly all of: (a) the Company’s property; or (b) the Company’s shares; (ii) a merger, split or other Restructuring of the company (excluding a capital increase by cash contribution but including a
capital increase by contribution in kind), following which the holders of the majority of the votes in the Company (immediately before that restructuring) no longer hold, as a group, the majority of the votes of the surviving/receiving entities;
(iii) any other sale of that Company; or (iv) a liquidation of the Company;
		
	Offer		the offer of the Warrants
		
	Warrants Plan		this plan relative to the Warrants established by the Company
		
	Company		Cardio3 BioSciences SA
		
	Warrants		the maximum of 50,000 subscription rights offered freely to the Beneficiaries of the Offer under the law dated March 26, 1999

  

	1.	Decision by the Board of Directors 

 On March 23, 2010, the board of directors indicated its
agreement to propose the creation of 50,000 Warrants to the ordinary shareholders’ meeting of the Company, to be distributed to the future beneficiaries. These 50,000 warrants are divided into three groups: 

 

	 	A.	A. 15,000 A warrants that will be distributed to the subscribers of the convertible loan contracted by the Company on December 21, 2009. 

 

	 	B.	B. 5,000 B warrants that will be distributed to the shareholders of the company Biological Manufacturing Services. 

  

	 	C.	C. 30,000 C warrants that will be distributed to the members of the staff and management of the Company (the “Warrants”). 

 

	2.	Special report by the Board of Directors 

 The copy of the special report prepared on March 23, 2010
by the Board of Directors pursuant to Articles 583 of the Companies Code is in Appendix 1. 

  
 - 2 - 

	3.	Decision by the General Shareholders’ Meeting 

 The General Shareholders’ Meeting was held on
May 5, 2010. It approved the principle decision, with unanimous waiver of the preferential subscription right, regarding the issue of 50,000 Warrants and granted a mandate to the Board of Directors in order to identify the beneficiaries of the
Warrants as well as the number of Warrants allocated to each of them. 
 The issuance of the Warrants accepted by the Beneficiaries will be done by a
notarial deed (in accordance with Article 589 of the Companies Code) after the expiration of the acceptance period. 
 It also tasked the Board of Directors
with taking all necessary or useful measures to implement this share Warrant Plan. 
  

	4.	Information on the Offer of the Warrants 

 4.1 Identification of the Beneficiaries of the Offer

 The Offer is reserved for the Beneficiaries within the limits of and based on the distribution determined by the Board of Directors of the Company
(the “Committee). 
 The following may be considered to be a “Beneficiary”: 

 

	 	•	 	any person who is a member of the senior management of the Company and who, on the Offer Date, is under an open-ended employment contract; 

 

	 	•	 	any person providing products or services to the Company independently but regularly, if applicable the intervention of a management or service company; 

Each Beneficiary may be offered a certain number of Warrants based on a distribution decided on by the Committee, with the understanding that the Committee
has all powers to define that distribution. 
 The participation in the Warrant Plan does not grant any additional rights to workers in terms of labor laws
and, in particular, does not create any limitation or additional condition for the employer to end the employment relationship with one of its collaborators, in accordance with the laws in force. 

The Beneficiaries are asked to return the completed acceptance form to the Company, to the attention of Mr. Patrick Jeanmart, such that it is received by
the Company no later than the date indicated as part of the Offer (or 60 days after the Offer Date, or no later than August 15, 2010). This Offer Date will appear on the acceptance form that will be given to each Beneficiary. 

The acceptance form will indicate whether the Beneficiary accepts or declines the allocation of the Warrants. If the completed acceptance form is not
received within the time frame indicated above, the Beneficiary will be considered to have REFUSED the allocation of the Warrants. 

  
 - 3 - 

 4.2. Total number of Warrants 

The total Offer pertains to a maximum number of 50,000 Warrants. Each Warrant entitles its holder to subscribe for one share of the Company. 

4.3. Exercise periods for the Warrants 
 The Beneficiaries
of Warrants may not exercise their Warrants before December 31, 2011. After that date, the Warrants may be exercised until December 31, 2016. 

The Warrants may be exercised in whole or in part by each Beneficiary during the first month of each quarter, beginning with the dates provided above and
until December 31, 2016. 
 By way of derogation from the previous paragraphs, in case of a Liquidity Event, the Warrants may also be exercised during
the fifteen days before the anticipated closing date of the Liquidity Event. Warrants not exercised at the end of that exceptional exercise period will automatically be canceled and without value, unless otherwise decided by the board of directors.

 4.4. Issue price of the Warrants 
 The Warrants will
be issued free of charge and offered to the Beneficiaries. The Warrants will be subject to the law dated March 26, 1999 (inasmuch as the Beneficiary is subject to that law). 

4.5. Exercise price of the Warrants 
 The exercise price
of the Warrants allocated under the 2010 Warrant Offer is EUR 22.44. The Board has determined, based on a certified opinion from the auditor of the Company, in accordance with Article 43 of the law dated March 26, 1999, that this price is equal
to the value of the share to which the Warrants pertain. 
 4.6. Exercise terms of the Warrants 

A Warrant that may be exercised will only be considered to have been exercised upon receipt by the Company of: 

 

	(i)	a written notice in the form determined by the Company, stating that a Warrant or a certain number of Warrants is being exercised; 

  

	(ii)	full payment of the exercise price of the Warrants exercised in euros, by bank wire transfer to an account specially opened as part of the Plan at the time of acceptance of the Warrants and the number of which will be
provided to each Beneficiary by the Company; 

  

	(iii)	in the event the Warrants are exercised by a person or persons other than the Warrant holder, appropriate proof that that person or those persons are entitled to exercise that Warrant; 

  
 - 4 - 

 and 
  

	(iv)	declarations and documents that the Board or the delegated Company director deem necessary or desirable in order to comply with the applicable legal and regulatory stipulations, and which the Board or the delegated
director have requested to see. 

 All of the above must be in the Company’s possession no later than the last day of the exercise period
in question. 
 4.7. Characteristics of the shares that will be issued following the exercise of the Warrants 

4.7.1 General characteristics 
 The new shares that will
be issued within a reasonable time frame after the expiration of an exercise period of the Warrants will be of the same type and will benefit from the same rights as the shares existing on the Offer Date (without prejudice to that set forth in
Section 4.9 below). Taking into account what is specified in Section 4.9, if several share categories exist, the shares issued following the exercise of the Warrants will belong to the ordinary share category (i.e., non-preferential). 

 

	4.7.2.	Enjoyment 

 When the Warrants are exercised, the shares issued during that exercise shall bear the same
enjoyment as the other Company shares (without prejudice to that set forth in Section 4.9 below). 
  

	4.7.3.	Availability 

 Within a reasonable time frame after closing of the exercise period in the registered or
(if the Company already has dematerialized shares at the time of the exercise) dematerialized form by registration in the account, as chosen by the Beneficiary. 
  

	4.7.4.	Transferability 

 The assignment of the shares that come from the Warrants are transferable subject to
the same legal and/or statutory conditions as the other Company shares, without prejudice to that set forth in Section 4.9.2 below. 
  

	4.7.5.	Costs related to the delivery of the shares 

 If the subscribed shares are delivered to a securities
account, they will be delivered free of charge inasmuch as the account is held with a financial institution in Belgium. 
 4.8 Form and delivery of the
Warrants - Non-transferability 
 The Warrants are and will remain blocked until they have expired or been exercised in a register of Warrant Holders
that will be kept at the registered office of the Company, and that will contain the precise name of each Warrant holder and the indication of the number of Warrants held. 

  
 - 5 - 

 The Warrants are non-transferable between living persons. 

4.9 Modification of the structure of the Company’s capital 
  

	4.9.1.	As a derogation from the stipulations of Article 501 of the Companies Code, the Company expressly reserves the right to perform all operations (capital increase with or without creation of new shares, capital
reduction, issuance of convertible bonds or subscription rights, amortization of the capital, buying back its own shares, mergers, splits, etc.) it deems necessary in the context of its capital, bylaws or management, even if those decisions cause a
decrease in the benefits granted to the Warrant holders. 

 The Company in particular notifies the Beneficiaries, who, by
accepting this Offer, also accept that the Company is, on the Offer Date, in negotiations regarding a new capital increase of the Company. The Company expressly reserves the right to increase the capital of the Company and modify the bylaws as part
of the capital increase. The Beneficiaries are thus notified that preferential rights (including a preferential right to receive any surplus assets on liquidation) will be introduced into the bylaws at the time of the capital increase in favor of
some or all of the shares, excluding the shares to which the Warrants relate. 
 However, in case or merger or split, the Board has an
obligation of means to ensure that the Warrants not exercised on the date of such operations will be modified in accordance with the conversion parity applied to the existing Company shares. 

Furthermore, in case of a capital reduction operation, a capital reimbursement operation, an operation to buy back its own shares and
cancellation or those shares or similar operation causing a decrease in the Company’s equity following a decision by the shareholders made in a general shareholders’ meeting, the exercise price of the Warrants may be modified by decision
by the Board of Directors notified to the Beneficiaries so as to compensate the loss of value resulting from the reduction in equity. Any change will be applicable as of notification to the Beneficiaries and without the latter needing to accept it
formally. 
 Lastly, the number of shares corresponding to the Warrants will be adjusted so as to reflect and account for any increase or
decrease in the number of Company shares following a division or grouping, depending on the case. 
  

	4.9.2.	In the event the Company performs a capital increase by cash contributions before the final date set out to exercise the Warrants, the Warrant holders will have the option of exercising them immediately and
participating in the new issue, inasmuch as the former shareholders have that right. 

 In that case, this exercise and the
payment of the exercise price must take place, in accordance with the terms defined in Section 4.6. above, no later than three business days before the opening of the subscription period relative to that capital increase. 

  
 - 6 - 

 In case of early exercise of the Warrants in that scenario, the subscribed shares will remain
registered and non-transferable; at the end of the expiration dates set under Section 4.3. above, they will become transferable for the quantities equivalent to the number of Warrants that can be exercised on those deadlines and may (if the
Company already has dematerialized shares at the time of the exercise) be converted into dematerialized shares. 
 if an event occurs, during
that non-transferability period, that would normally have caused the Beneficiary to lose the right to exercise all or part of its Warrants (see Section 4.10 below), the Company will benefit from the option of buying back the shares obtained by
the early exercise of those Warrants, for a price corresponding to the exercise price of those Warrants (as long as the legal conditions to buy back its own shares are met). 
  

	4.10	Situation in case of departure 

  

	4.10.1.	If the Warrant holder loses the capacity of Beneficiary within the meaning of Article 4.1 above following (i) dismissal or revocation (except for gross negligence attributable to the Beneficiary),
(ii) voluntary resignation, or (iii) cessation of belonging to the Company: 

  

	 	•	 	none of the Warrants that have been assigned to it may be exercised if it loses the capacity of Beneficiary before the first anniversary of the Offer Date; 

 

	 	•	 	the Warrants not yet exercised remain acquired by the Beneficiary, and may be exercised in accordance with Section 4.3., in the amount of: 

 

	 	•	 	33% of the Warrants that have been assigned to it if it loses the capacity of Beneficiary before the second anniversary of the Offer Date; 

 

	 	•	 	66% of the Warrants that have been assigned to it if it loses the capacity of Beneficiary before the third anniversary of the Offer Date; 

with the understanding that the other Warrants may not be exercised; 
  

	 	•	 	100% of the Warrants that have been assigned to it if it loses the capacity of Beneficiary after the third anniversary of the Offer Date; 

The Warrants that can no longer be exercised by the Beneficiaries will automatically become irrelevant and void for them, and will be subject
to automatic cancellation. 
 The Warrants that can be exercised will have to be exercised during the next exercise period set out in Article
4.3. If this is not done, the Warrants that have not been exercised by the Beneficiaries at the end of that exercise period will automatically become irrelevant and void for them and will be subject to cancellation. 

  
 - 7 - 

	4.10.2.	If the Warrant holder loses the capacity of Beneficiary within the meaning of Section 4.1 following dismissal or revocation for gross negligence (attributable to the Warrant holder), all of the Warrants not
exercised on the date on which he/she loses the capacity of Beneficiary will automatically become irrelevant and void and will be subject to cancellation. 

  

	4.10.3.	In case of death of the Beneficiary, the assignees may exercise the Warrants at the time and according to the terms set forth in Section 4.10.1 (mutatis mutandis). 

 

	4.10.4.	If the Beneficiary loses the capacity of Beneficiary following legal retirement or at the end of his/her career, the Warrants may be exercised at the time and under the terms set by these issue conditions (see
Section 4.3). 

  

	4.10.5	With respect to people having the capacity of Beneficiary due to the fact they are a director or provide products or services to the Company independently but regularly (if applicable with the intervention of a
management or service company), the terms “dismissal or revocation” and “voluntary resignation” designate the various scenarios in which the contractual relationship under which those products or services are provided is
definitively ended, either by the Company or by the Beneficiary or the management or service company. The term “gross negligence” refers to the scenario where that break is based on a serious breach by the Beneficiary or the management or
service company of its contractual obligations. An interruption of more than six months in the supply of the products or services is considered to be a definitive break. 

 

	4.11	In case of suspension of the employment contract 

 In case of suspension of the employment contract for a
total duration of more than six months, the consequence of that suspension on the rights related to the Warrants allocated by the Company will be determined for each case in particular by the Company. 

 

	4.12	Applicable Law 

 This Warrant Offer is subject to Belgian law. The courts and tribunals of the registered
office of the Company have sole jurisdiction for any dispute relative to the Offer, issuance or exercise of the Warrants 
  

	4.13	Tax Regime (Belgian nationals residing in Belgium) 

 Under Article 42 et seq. of the law dated
March 26, 1999 relative to the 1998 Belgian action plan for employment and pertaining to various provisions, benefits of all kinds obtained due to or on the occasion of the exercise of the professional activity, in the form of a free allocation
of share options, are taxable as Remuneration. 
 Inasmuch as it is possible to demonstrate that, as in the case at hand, the offer of any benefit arises
from the performance of a professional activity by the beneficiary, the benefit of any nature will be taxed as remuneration in Belgium. 
 In light of the
preceding, the offer of the Warrants must be qualified as a benefit of any nature for the Beneficiaries of the Warrants who are Belgian nationals residing in Belgium. 

  
 - 8 - 

 Depending on the characteristics of the Warrants and the legal formula, the benefit will be valued at 8.5% of the
exercise price of the Warrants. 
 Regarding the Beneficiaries under employment contracts, the Company will withdraw at the payroll tax due for the benefit
of any kind, thus calculated from the salary of the Beneficiaries in the second month following the Offer Date. The Company will mention the amount of the benefit on tax forms No. 281.10 (for employees), No. 281.20 (for directors) and
No. 281.50 (for independent contractors), prepared in the name of the Beneficiaries of the Warrants for the tax year during which the Warrants were definitively granted. 

Under current Belgian tax laws, the appreciation following the subsequent assignment of shares acquired by exercising the Warrants is exempt from taxation for
natural persons in Belgium. Depreciation is not deductible. 
 Dividends on shares 

The dividends paid to the Beneficiaries following the acquisition of shares of the Company are in principle subject to the Belgian withholding taxation of 25%.
This tax is reduced to 15% when the dividend coupon is present at the same time as the corresponding VVPR STRIP coupon. The withholding tax is withheld at the source by the Company, except in case of exemption set out by Belgian tax law. The
withholding tax being, in the current state of Belgian tax law, a “release” in Belgium, Beneficiaries domiciled in Belgium are therefore not required to declare it in their annual tax return for natural persons. 

  
 - 9 - 

 CARDIO3 BIOSCIENCES S.A. 

Business Corporation [société anonyme] 

having its registered office at 

B-1435 Mont Saint Guibert, Rue Edouard Belin 12 

R.P.M. Nivelles 891 118 115 

Maximum offer of 90,000 subscription rights (“Warrants”) 

reserved for the Beneficiaries of the Company Warrants Plan 

Acceptances under this Warrants Offer may be filed, as indicated in Section 4.1 below, with the Company 

The Beneficiaries of the Offer are advised to read the tax code as it is described in Section 4.14 of this document carefully. 

 Definitions 
  

			
	Beneficiaries		Certain employees, members of the management and the board of directors of the Company as identified by the Remuneration Committee established within the Board of Directors of the Company.
		
	Offer Date		the date of the written communication of the Offer to the Beneficiaries.
		
	Liquidity Event		(i) a transfer of all or nearly all of: (a) the Company’s property; or (b) the Company’s shares; (ii) a merger, split or other Restructuring of the company (excluding a capital increase by cash contribution but including a
capital increase by contribution in kind), following which the holders of the majority of the votes in the Company (immediately before that restructuring) no longer hold, as a group, the majority of the votes of the surviving/receiving entities;
(iii) any other sale of that Company; or (iv) a liquidation of the Company;
		
	Offer		the offer of the Warrants
		
	Warrants Plan		this plan relative to the Warrants established by the Company
		
	Company		Cardio3 BioSciences SA
		
	Warrants		the maximum of 90,000 subscription rights offered freely to the Beneficiaries of the Offer under the law dated March 26, 1999

  

	1.	Decision by the Board of Directors 

 On February 21, 2008, the board of directors indicated its
agreement to propose the creation of 90,000 Warrants to the ordinary shareholders’ meeting of the Company, to be distributed to the future beneficiaries in 2 tranches. The first section pertains to 50,000 warrants to be distributed in
October or November 2008, and the second tranche relates to 40,000 warrants to be distributed in mid-2009. 
 A proposal to allocate the first tranche of
50,000 warrants was proposed and accepted by the Board during its meeting on September 23, 2008. The allocation of the warrants was, however, subject to recruitment of the first patient for the C-Cure clinical study. 

 

	2.	Special report by the Board of Directors 

 The copy of the special report prepared on September 23,
2008 by the Board of Directors pursuant to Articles 583, 596 and 598 of the Companies Code is in Appendix 1. 

  
 - 2 - 

	3.	Decision by the General Shareholders’ Meeting 

 The General Shareholders’ Meeting met on
September 26, 2008. It approved the principle decision, with unanimous waiver of the preferential subscription right, regarding the issue of 90,000 Warrants and granted a mandate to the Remuneration Committee established within the Board in
order to identify the beneficiaries of the Warrants as well as the number of Warrants allocated to each of them, in the following proportions: 
  

	 	•	 	Maximum offer: 50,000 Warrants between October 15 and November 15, 2008. 

  

	 	•	 	Maximum offer: 40,000 Warrants in June, July or August 2009. 

 The issuance of the Warrants accepted by the
Beneficiaries will be done by a notarial deed (in accordance with Article 589 of the Companies Code) after the expiration of the acceptance period. 
 It
also tasked the Board of Directors with taking all necessary or useful measures to implement this share Warrant Plan. 
  

	4.	Information on the Offer of the Warrants 

 4.1 Identification of the Beneficiaries of the Offer

 The Offer is reserved for the Beneficiaries within the limits of and based on the distribution determined by the Remuneration Committee established
within the Board of Directors of the Company (the “Committee”). 
 The following may be considered to be a “Beneficiary”: 

 

	 	•	 	any person who is a member of the senior management of the Company and who, on the Offer Date, is under an open-ended employment contract; 

 

	 	•	 	any Director of the Company; 

  

	 	•	 	any person providing products or services to the Company independently but regularly, if applicable on the intervention of a management or service company. 

Each Beneficiary may be offered a certain number of Warrants based on a distribution decided on by the Committee, with the understanding that the Committee
has all powers to define that distribution. 
 The participation in the Warrant Plan does not grant any additional rights to workers in terms of labor laws
and, in particular, does not create any limitation or additional condition for the employer to end the employment relationship with one of its collaborators, in accordance with the laws in force. 

The Beneficiaries are asked to return the completed acceptance form to the Company, to the attention of Mr. Patrick Jeanmart, such that it is received by
the Company no later than the date indicated as part of the Offer (or 60 days after the Offer Date, or no later than January 15, 2009). This Offer Date will appear on the acceptance form that will be given to each Beneficiary. 

The acceptance form will indicate whether the Beneficiary accepts or declines the allocation of the Warrants. If the completed acceptance form is
not received within the time frame indicated above, the Beneficiary will be considered to have REFUSED the allocation of the Warrants. 

  
 - 3 - 

 4.2. Total number of Warrants 

The total Offer pertains to a maximum number of 50,000 Warrants. Each Warrant entitles its holder to subscribe for one share of the Company. 

4.3. Exercise periods for the Warrants 
 The Beneficiaries
may not exercise their Warrants before a period of three full calendar years has expired, i.e., December 31, 2011. 
 After that date, the Warrants may
be exercised until the end of the sixth calendar year following the Offer Date, i.e., until November 15, 2014. 
 The Warrants may be exercised in
whole or in part by each Beneficiary during the first month of each quarter beginning January 1, 2012 and until November 15, 2014. 
 By way of
derogation from the previous paragraphs, in case of a Liquidity Event, the Warrants may also be exercised during the fifteen days before the anticipated closing date of the Liquidity Event. Warrants not exercised at the end of that exceptional
exercise period will automatically be canceled and without value, unless otherwise decided by the board of directors. 
 4.4. Issue price of the Warrants

 The Warrants will be issued free of charge and offered to the Beneficiaries. The Warrants will be subject to the law dated March 26, 1999
(inasmuch as the Beneficiary is subject to that law). 
 4.5. Exercise price of the Warrants 

The exercise price of the Warrants allocated under the 2008 Warrant Offer is EUR 22.44. The Board has determined, based on a certified opinion from the auditor
of the Company, in accordance with Article 43 of the law dated March 26, 1999, that this price is equal to the value of the share to which the Warrants pertain. 

4.6. Exercise terms of the Warrants 
 A Warrant that may
be exercised will only be considered to have been exercised upon receipt by the Company of: 
  

	(i)	a written notice in the form determined by the Company, stating that a Warrant or a certain number of Warrants is being exercised; 

  

	(ii)	full payment of the exercise price of the Warrants exercised in euros, by bank wire transfer to an account specially opened as part of the Plan at the time of acceptance of the Warrants and the number of which will be
provided to each Beneficiary by the Company; 

  
 - 4 - 

	(iii)	in the event the Warrants are exercised by a person or persons other than the Warrant holder, appropriate proof that that person or those persons are entitled to exercise that Warrant; 

and 
  

	(iv)	declarations and documents that the Board or the delegated Company director deem necessary or desirable in order to comply with the applicable legal and regulatory stipulations, and which the Board or the delegated
director have requested to see. 

 All of the above must be in the Company’s possession no later than the last day of the exercise period
in question. 
 4.7. Characteristics of the shares that will be issued following the exercise of the Warrants 

4.7.1 General characteristics 
 The new shares that will
be issued within a reasonable time frame after the expiration of an exercise period of the Warrants will be of the same type and will benefit from the same rights as the shares existing on the Offer Date (without prejudice to that set forth in
Section 4.9 below). In consideration of that specified in Section 4.9, if several share categories exist, the shares issued following the exercise of the Warrants will belong to the ordinary share category (i.e., non-preferential). 

 

	4.7.2.	Enjoyment 

 When the Warrants are exercised, the shares issued during that exercise shall bear the same
enjoyment as the other Company shares (without prejudice to that set forth in Section 4.9 below). 
  

	4.7.3.	Availability 

 Within a reasonable time frame after closing of the exercise period in the registered or
(if the Company already has dematerialized shares at the time of the exercise) dematerialized form by registration in the account, as chosen by the Beneficiary. 
  

	4.7.4.	Transferability 

 The assignment of the shares that come from the Warrants are transferable subject to
the same legal and/or statutory conditions as the other Company shares, without prejudice to that set forth in Section 4.9.2 below. 
  

	4.7.5.	Costs related to the delivery of the shares 

 If the subscribed shares are delivered to a securities
account, they will be delivered free of charge inasmuch as the account is held with a financial institution in Belgium. 

  
 - 5 - 

 4.8 Form and delivery of the Warrants - Non-transferability 

The Warrants are and will remain blocked until they have expired or been exercised in a register of Warrant Holders that will be kept at the registered office
of the Company, and that will contain the precise name of each Warrant holder and the indication of the number of Warrants held. 
 The Warrants are
non-transferable between living persons. 
 4.9 Modification of the structure of the Company’s capital 

 

	4.9.1.	As a derogation from the stipulations of Article 501 of the Companies Code, the Company expressly reserves the right to perform all operations (capital increase with or without creation of new shares, capital
reduction, issuance of convertible bonds or subscription rights, amortization of the capital, buying back its own shares, mergers, splits, etc.) it deems necessary in the context of its capital, bylaws or management, even if those decisions cause a
decrease in the benefits granted to the Warrant holders. 

 The Company in particular notifies the Beneficiaries, who, by
accepting this Offer, also accept the following that the Company is, on the Offer Date, in negotiations regarding a new capital increase of the Company. The Company expressly reserves the right to increase the capital of the Company and modify the
bylaws as part of the capital increase. The Beneficiaries are thus notified that preferential rights (including a preferential right to receive any surplus assets on liquidation) will be introduced into the bylaws at the time of the capital increase
in favor of some or all of the shares, excluding the shares to which the Warrants relate. 
 However, in case or merger or split, the Board
has an obligation of means to ensure that the Warrants not exercised on the date of such operations will be modified in accordance with the conversion parity applied to the existing Company shares. 

Furthermore, in case of a capital reduction operation, a capital reimbursement operation, an operation to buy back its own shares and
cancellation or those shares or similar operation causing a decrease in the Company’s equity following a decision by the shareholders made in a general shareholders’ meeting, the exercise price of the Warrants may be modified by decision
by the Board of Directors notified to the Beneficiaries so as to compensate the loss of value resulting from the reduction in equity. Any change will be applicable as of notification to the Beneficiaries and without the latter needing to accept it
formally. 
 Lastly, the number of shares corresponding to the Warrants will be adjusted so as to reflect and account for any increase or
decrease in the number of Company shares following a division or grouping, depending on the case. 
  

	4.9.2.	In the event the Company performs a capital increase by cash contributions before the final date set out to exercise the Warrants, the Warrant holders will have the option of exercising them immediately and
participating in the new issue, inasmuch as the former shareholders have that right. 

  
 - 6 - 

 In that case, this exercise and the payment of the exercise price must take place, in accordance
with the terms defined in Section 4.6. above, no later than three business days before the opening of the subscription period relative to that capital increase. 

In case of early exercise of the Warrants in that scenario, the subscribed shares will remain registered and non-transferable; at the end of
the expiration dates set under Section 4.3. above, they will become transferable for the quantities equivalent to the number of Warrants that can be exercised on those deadlines and may (if the Company already has dematerialized shares at the
time of the exercise) be converted into dematerialized shares. 
 if an event occurs, during that non-transferability period, that would
normally have caused the Beneficiary to lose the right to exercise all or part of its Warrants (see Section 4.10 below), the Company will benefit from the option of buying back the shares obtained by the early exercise of those Warrants, for a
price corresponding to the exercise price of those Warrants (as long as the legal conditions to buy back its own shares are met). 
  

	4.10	Situation in case of departure 

  

	4.10.1.	If the Warrant holder loses the capacity of Beneficiary within the meaning of Article 4.1 above following (i) dismissal or revocation (except for gross negligence attributable to the Beneficiary),
(ii) voluntary resignation, or (iii) cessation of belonging to the Company: 

  

	 	•	 	none of the Warrants that have been assigned to it may be exercised if it loses the capacity of Beneficiary before the first anniversary of the Offer Date; 

 

	 	•	 	the Warrants not yet exercised remain acquired by the Beneficiary, and may be exercised in accordance with Section 4.3., in the amount of: 

 

	 	•	 	33% of the Warrants that have been assigned to it if it loses the capacity of Beneficiary before the second anniversary of the Offer Date; 

 

	 	•	 	66% of the Warrants that have been assigned to it if it loses the capacity of Beneficiary before the third anniversary of the Offer Date; 

with the understanding that the other Warrants may not be exercised; 
  

	 	•	 	100% of the Warrants that have been assigned to it if it loses the capacity of Beneficiary after the third anniversary of the Offer Date; 

The Warrants that can no longer be exercised by the Beneficiaries will automatically become irrelevant and void for them, and will be subject
to automatic cancellation. 
 The Warrants that can be exercised will have to be exercised during the next exercise period set out in Article
4.3. If this is not done, the Warrants that have not been exercised by the Beneficiaries at the end of that exercise period will automatically become irrelevant and void for them and will be subject to cancellation. 

  
 - 7 - 

	4.10.2.	If the Warrant holder loses the capacity of Beneficiary within the meaning of Section 4.1 following dismissal or revocation for gross negligence (attributable to the Warrant holder), all of the Warrants not
exercised on the date on which he/she loses the capacity of Beneficiary will automatically become irrelevant and void and will be subject to cancellation. 

  

	4.10.3.	In case of death of the Beneficiary, the assignees may exercise the Warrants at the time and according to the terms set forth in Section 4.10.1 (mutatis mutandis). 

 

	4.10.4.	If the Beneficiary loses the capacity of Beneficiary following legal retirement or at the end of the his/her career, the Warrants may be exercised at the time and under the terms set by these issue conditions (see
Section 4.3). 

  

	4.10.5	With respect to people who have the capacity of Beneficiary because they are a director or provide products or services, independently but regularly, to the Company (if applicable through a management or service
company), the terms “dismissal or revocation” and “voluntary resignation” designate various scenarios in which the contractual relationship under which those products or services are provided is definitively ended either by the
Company or by the Beneficiary or the management or service company. The term “gross negligence” refers to the scenario where that break is based on a serious breach by the Beneficiary or the management or service company of its contractual
obligations. An interruption of more than six months in the supply of the products or services is considered to be a definitive break. 

  

	4.11	In case of suspension of the employment contract 

 In case of suspension of the employment contract for a
total duration of more than six months, the consequence of that suspension on the rights related to the Warrants allocated by the Company will be determined for each case in particular by the Company. 

 

	4.12	Termination Clause 

 The Warrants will be automatically canceled and without value if the Company has not
enrolled the first patient by December 31, 2008. 
  

	4.13	Applicable Law 

 This Warrant Offer is subject to Belgian law. The courts and tribunals of the registered
office of the Company have sole jurisdiction for any dispute relative to the Offer, issuance or exercise of the Warrants 
  

	4.14	Tax Regime (Belgian nationals residing in Belgium) 

 Under Article 42 et seq. of the law dated
March 26, 1999 relative to the 1998 Belgian action plan for employment and pertaining to various provisions, benefits of all kinds obtained due to or on the occasion of the exercise of the professional activity, in the form of a free allocation
of share options, are taxable as Remuneration. 
 Inasmuch as it is possible to demonstrate that, as in the case at hand, the offer of any benefit arises
from the performance of a professional activity by the beneficiary, the benefit of any nature will be taxed as remuneration in Belgium. 

  
 - 8 - 

 In light of the preceding, the offer of the Warrants must be qualified as a benefit of any nature for the
Beneficiaries of the Warrants who are Belgian nationals residing in Belgium. 
 Depending on the characteristics of the Warrants and the legal formula, the
benefit will be valued at 8% of the exercise price of the Warrants. 
 Regarding the Beneficiaries under employment contracts, the Company will withdraw at
the payroll tax due for the benefit of any kind, thus calculated from the salary of the Beneficiaries in the second month following the Offer Date. The Company will mention the amount of the benefit on tax forms No. 281.10 (for employees),
No. 281.20 (for directors) and No. 281.50 (for independent contractors), prepared in the name of the Beneficiaries of the Warrants for the tax year during which the Warrants were definitively granted. 

Under current Belgian tax laws, the appreciation following the subsequent assignment of shares acquired by exercising the Warrants is exempt from taxation for
natural persons in Belgium. Depreciation is not deductible. 
 Dividends on shares 

The dividends paid to the Beneficiaries following the acquisition of shares of the Company are in principle subject to the Belgian withholding taxation of 25%.
This tax is reduced to 15% when the dividend coupon is present at the same time as the corresponding VVPR STRIP coupon. The withholding tax is withheld at the source by the Company, except in case of exemption set out by Belgian tax law. The
withholding tax being, in the current state of Belgian tax law, a “release” in Belgium, Beneficiaries domiciled in Belgium are therefore not required to declare it in their annual tax return for natural persons. 

  
 - 9 -EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

LIMITED GUARANTEE 

This Limited Guarantee, dated as of May 17, 2015 (this “Limited Guarantee”), is made by Brookfield Capital
Partners IV L.P. (the “Guarantor), in favor of GrafTech International Ltd., a Delaware corporation (the “Guaranteed Party”). Capitalized terms used but not otherwise defined herein shall have the respective
meanings given to them in the Merger Agreement (as defined below). 
 1. Limited Guarantee. To induce the Guaranteed Party to enter
into that certain Agreement and Plan of Merger, dated as of the date hereof (as amended, restated, amended and restated, supplemented, waived or otherwise modified from time to time in accordance with the terms thereof, the “Merger
Agreement”), by and among BCP IV GrafTech Holdings LP (“Parent”), Athena Acquisition Subsidiary Inc., and the Guaranteed Party, the Guarantor hereby absolutely and irrevocably guarantees to the Guaranteed Party,
the due and punctual payment, performance and discharge of all obligations (whether monetary or otherwise) and liabilities of Parent, when and as due or to be performed or discharged, under the Merger Agreement, but subject in all respects to the
terms of the Merger Agreement. The Guarantor’s obligations pursuant to the above are hereinafter referred to as the “Obligations”. If Parent fails to perform or pay any of the Obligations, the Guaranteed Party may, in
its sole discretion, bring and prosecute a separate action against the Guarantor for the full amount of the Obligations or specific performance thereof, as applicable, regardless of whether action is brought against Parent or whether Parent is
joined in any such action or actions. All payments hereunder shall be made in lawful money of the United States, in immediately available funds. 

2. Nature of Guarantee. The Guaranteed Party shall not be obligated to file any claim relating to the Obligations in the event that
Parent becomes subject to a bankruptcy, reorganization or similar proceeding, and the failure of the Guaranteed Party to so file shall not affect the Guarantor’s Obligations hereunder. In the event that any payment to the Guaranteed Party in
respect of the Obligations is rescinded or must otherwise be returned due to the bankruptcy, reorganization or similar proceeding of Parent, the Guarantor shall remain liable hereunder with respect to the Obligations. This Limited Guarantee is an
unconditional guarantee of performance and not of collection. Notwithstanding any other provision of this Limited Guarantee or the Merger Agreement to the contrary, the Guaranteed Party hereby covenants and agrees that the Guarantor may assert, as a
defense to such performance by the Guarantor under this Limited Guarantee, or as an affirmative claim against the Guaranteed Party or its Affiliates, or any Person claiming by, through or on behalf of any of them, (a) any rights, remedies,
set-offs and defenses that Parent could assert pursuant to the terms of the Merger Agreement or pursuant to any Applicable Law (subject to the limitations provided by the Merger Agreement) in connection therewith (other than such rights, remedies,
set-offs and defenses arising out of, due to, or as a result of, the insolvency or bankruptcy of Parent) and (b) any material breach by the Guaranteed Party of this Limited Guarantee. 

3. Changes in Obligations; Certain Waivers. 

(a) The Guarantor agrees that the Guaranteed Party may at any time and from time to time, without notice to or further consent
of the Guarantor, extend the time of payment or performance of any of the Obligations, and may also enter into any 

 
agreement with Parent or any other Person controlled by Parent and interested in the transactions contemplated by the Merger Agreement (an “Interested Person”) for the
extension, renewal, payment, compromise, discharge or release thereof, in whole or in part, or for any modification of the Merger Agreement or of any agreement between the Guaranteed Party and Parent or any such Interested Person without in any way
impairing or affecting the Guarantor’s Obligations under this Limited Guarantee. The Guarantor agrees that the Obligations of the Guarantor hereunder shall not be released or discharged, in whole or in part, or otherwise affected by
(i) the failure of the Guaranteed Party to assert any claim or demand or to enforce any right or remedy against Parent or any Interested Person; (ii) any change in the time, place or manner of payment or performance of any of the
Obligations or any rescission, waiver, compromise, consolidation or other amendment or modification of any of the terms or provisions of the Merger Agreement, except to the extent Parent has a defense to the payment or performance of the Obligations
under such rescission, waiver, compromise, consolidation or other amendment or modification; (iii) the addition, substitution or release of any Interested Person; (iv) any insolvency, bankruptcy, reorganization or other similar proceeding
affecting Parent or any other Interested Person (other than the Company) interested in the transactions contemplated by the Merger Agreement; (v) the existence of any claim, set-off or other right which the Guarantor may have at any time
against Parent or the Guaranteed Party or any of their respective Affiliates, whether relating to, arising out of or in connection with the Obligations or otherwise (other than those described in the last sentence of Section 2); or
(vi) the adequacy of any other means the Guaranteed Party may have of obtaining payment or performance of any of the Obligations. To the fullest extent permitted by Applicable Law, the Guarantor hereby expressly waives any and all rights or
defenses arising by reason of any Applicable Law which would otherwise require any election of remedies by the Guaranteed Party. The Guarantor waives promptness, diligence, notice of the acceptance of this Limited Guarantee and of the Obligations,
presentment, demand for payment, notice of non-performance, default, dishonor and protest, notice of any Obligations incurred and all other notices of any kind (except for notices to be provided pursuant to this Limited Guarantee or to Parent and
its counsel in accordance with the Merger Agreement), all defenses which may be available by virtue of any valuation, stay, moratorium law or other similar Applicable Law now or hereafter in effect, any right to require the marshalling of assets of
Parent or any other Person interested in the transactions contemplated by the Merger Agreement, and all suretyship defenses generally (other than fraud or willful misconduct by the Guaranteed Party or any of its Affiliates). Notwithstanding anything
to the contrary contained in this Limited Guarantee, the Guaranteed Party hereby agrees that to the extent that Parent is relieved of any of its Obligations under the Merger Agreement (other than due to, in connection with, or as a result of, the
insolvency or bankruptcy of Parent), the Guarantor shall be similarly relieved of the Obligations under this Limited Guarantee. Notwithstanding anything to the contrary in this Limited Guarantee, any payment made by or on behalf of Parent to the
Guaranteed Party with respect to an Obligation shall reduce the total Obligations of the Guarantor under this Limited Guarantee by the amount of such payment. 

(b) The Guaranteed Party hereby covenants and agrees that it shall not institute or assert, and shall cause its Affiliates and
any controlled Person claiming by, 

  
 2 

 
through or on behalf of any of them, not to institute or assert any action or proceeding or bring any other Claim (as defined in Section 9), or any claim, cause of action or
proceeding arising out of, connected to or in any manner relating to the Merger Agreement or the transactions contemplated thereby, of any kind whatsoever against the Guarantor or any Non-Parties (as defined in Section 9) except for
claims (i) against the Guarantor under and pursuant to this Limited Guarantee and/or (ii) against Parent under and pursuant to the Merger Agreement. 

(c) Except as explicitly set forth herein or in the Merger Agreement, the Guarantor hereby unconditionally and irrevocably
agrees not to exercise any rights that it may now have or hereafter acquire against Parent or any other Person interested in the transactions contemplated by the Merger Agreement that arise from the existence, payment, performance, or enforcement of
the Guarantor’s Obligations under or in respect of this Limited Guarantee, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any Claim or remedy
of the Guaranteed Party against Parent or such other Person, whether or not such Claim, remedy or right arises in equity or under Contract, statute or common law, including, without limitation, the right to take or receive from Parent or such other
Person, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such Claim, remedy or right, unless and until any payment Obligations and all other amounts payable under this Limited
Guarantee shall have been irrevocably and unconditionally paid in full in cash, provided, that the Guarantor shall have the right to cause any other Person to satisfy its payment Obligations to the Guaranteed Party hereunder; provided,
further, that the Guarantor shall remain obligated with respect to such payment Obligations until so satisfied. If any amount shall be paid to the Guarantor in violation of the immediately preceding sentence at any time prior to the payment
in full in cash of any payment Obligations, an amount equal to the lesser of (i) the amount paid to the Guarantor in violation of the immediately preceding sentence, and (ii) all amounts payable under this Limited Guarantee, shall be
received and held in trust for the benefit of the Guaranteed Party, shall be segregated from other property and funds of the Guarantor and shall forthwith be paid or delivered by the Guarantor to the Guaranteed Party in the same form as so received
(with any necessary endorsement or assignment) to be credited and applied to any payment Obligations, whether matured or unmatured, or to be held as collateral for any payment Obligations thereafter existing. 

4. Effect on Certain Rights. No failure on the part of the Guaranteed Party to exercise, and no delay in exercising, any right, remedy
or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by the Guaranteed Party of any right, remedy or power hereunder preclude any other or future exercise of any right, remedy or power hereunder except as
explicitly set forth herein or in the Merger Agreement (including Section 9 hereof and Section 9.6 thereof). Subject to the terms, conditions and limitations hereof and of the Merger Agreement, each and every right, remedy
and power hereby granted to the Guaranteed Party or allowed to it by Applicable Law shall be cumulative and not exclusive of any other, and may be exercised by the Guaranteed Party at any time or from time to time. 

  
 3 

 5. Representations and Warranties. The Guarantor hereby represents and warrants to the
Guaranteed Party that: 
 (a) the execution, delivery and performance of this Limited Guarantee have been duly authorized by
all necessary action and do not contravene any provision of the Guarantor’s charter, partnership agreement, operating agreement or similar organizational documents or any Applicable Law or material contract binding on such Guarantor or its
assets; 
 (b) all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental
Authority necessary for the due execution, delivery and performance of this Limited Guarantee by the Guarantor have been obtained or made and all conditions thereof have been duly complied with, and no other action by, and no notice to or filing
with, any Governmental Authority is required in connection with the execution, delivery or performance of this Limited Guarantee; 

(c) assuming the due execution and delivery of the Merger Agreement by all parties thereto (except that the Guarantor agrees
that, if signed by the Parent, the Guarantor shall not assert failure of due execution and due delivery by the Parent as a defense of any kind) and the due execution and delivery of this Limited Guarantee by the Guaranteed Party, this Limited
Guarantee constitutes a legal, valid and binding obligation of such Guarantor enforceable against the Guarantor in accordance with its terms, subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other similar Applicable Laws affecting creditors’ rights generally, and (ii) general equitable principles (whether considered in a proceeding in equity or at law); 

(d) the Guarantor has the financial capacity to pay and perform its obligations under this Limited Guarantee, and all funds
necessary for the Guarantor to fulfill its Obligations under this Limited Guarantee for so long as this Limited Guarantee shall remain in effect in accordance with Section 9; and 

(e) The aggregate capital commitment of Brookfield Asset Management Inc. (together with its Affiliates) to the Guarantor or
otherwise alongside the Fund in portfolio Companies is at least $1,000,000,000. 
 6. Assignment. Neither the Guarantor nor the
Guaranteed Party may assign its respective rights, interests or obligations hereunder to any other Person (except by operation of law) without the prior written consent of the Guaranteed Party or the Guarantor, as the case may be; provided,
that the Guarantor shall remain jointly and severally obligated for any Obligations so assigned. Any purported assignment in violation of this Section 6 shall be null and void. 

  
 4 

 7. Notices. All notices and other communications hereunder shall be in writing and shall
be deemed given (a) when delivered personally by hand (with written confirmation of receipt), (b) when sent by facsimile (with written confirmation of transmission) or (c) one (1) Business Day following the day sent by reputable,
national overnight courier (with written confirmation of receipt), in each case at the following addresses or facsimile numbers (or to such other address or facsimile number as a party hereto may have specified by notice given to the all other
parties hereto pursuant to this provision): 
  

			
	If to the Guarantor, to it at:
	
	 Brookfield Capital Partners IV L.P.

c/o Brookfield Capital Partners Ltd.

	Brookfield Place
	181 Bay Street, Suite 300
	Toronto, Ontario M5J 2T3
	Attn:		David Nowak
			Peter Gordon
	E-mail:		David.Nowak@brookfield.com
			Peter.Gordon@brookfield.com
	Fax:		416-365-9642
	
	with a copy (which shall not constitute notice) to:
	
	Weil, Gotshal & Manges LLP
	767 Fifth Avenue
	New York, New York 10153
	Attn:		Michael J. Aiello
			Jackie Cohen
	E-mail:		michael.aiello@weil.com
			jackie.cohen@weil.com
	Fax:		212-310-8007
	
	If to the Guaranteed Party (prior to the Effective Time), to it at:
	
	GrafTech International Ltd.
	Suite 300 Park Center I
	6100 Oak Tree Boulevard
	Independence, Ohio 44131
	Attn:		General Counsel
	E-mail:		john.moran@graftech.com
	Fax:		216-676-2526
	
	with copies to (which copy alone shall not constitute notice):
	
	Willkie Farr & Gallagher LLP
	787 Seventh Avenue
	New York, New York 10019
	Attn:		Steven A. Seidman
			Michael A. Schwartz
	E-mail:		sseidman@willkie.com
			mschwartz@willkie.com
	Fax:		212-728-8111

  
 5 

			
	and
	
	Withers Bergman LLP
	660 Steamboat Road
	Greenwich, Connecticut 06830
	Attn:		M. Ridgway Barker
	E-mail:		mr.barker@withersworldwide.com
	Fax:		203-302-6613

 8. Continuing Guarantee. Unless terminated pursuant to this Section 8, this Limited
Guarantee shall remain in full force and effect and shall be binding on the Guarantor, its successors and permitted assigns until the Obligations have been indefeasibly paid, observed, performed or satisfied in full. Notwithstanding the foregoing or
anything to the contrary expressed in or implied by this Limited Guarantee, this Limited Guarantee shall terminate automatically and immediately and the Guarantor shall have no further obligations under this Limited Guarantee as of the earlier of
(a) the Closing, (b) thirty (30) days following the date identified in Section 9.2(b)(i) of the Merger Agreement (the “Final Date”), except as to a claim for payment hereunder asserted in writing by the
Guaranteed Party against the Guarantor prior to the Final Date, (c) the performance of the Obligations pursuant to the terms hereof, and (d) a termination of the Merger Agreement (without any Liability on the part of the Parent thereunder)
in accordance with its terms. 
 9. No Recourse. 

(a) Without in any limiting the Guarantor’s guaranty of the due and punctual payment, performance and discharge of all
obligations of Parent, when and as due or to be performed or discharged, under the Merger Agreement, but subject in all respects to the terms of the Merger Agreement, as provided in Section 1, the Guaranteed Party acknowledges, on behalf
of itself and each of its Affiliates, and any Person claiming by, through or on behalf of any of them, that Parent shall have no assets and that no additional funds are expected to be contributed to Parent unless and until the Acceptance Time (as
defined in the Merger Agreement) occurs. 
 (b) Notwithstanding anything that may be expressed or implied in this Limited
Guarantee to the contrary (and subject only to the specific contractual provisions of the Merger Agreement), by its acceptance hereof, the Guaranteed Party acknowledges, covenants and agrees, on behalf of itself, its Affiliates, and any Person
claiming by, through or on behalf of any of them, that all claims, obligations, liabilities, causes of action, or proceedings (in each case, whether at law or in equity, and whether sounding in contract, tort, statute or otherwise) that may be based
upon, in respect of, arise under, out or by reason of, be connected with, or relate in any manner to this Limited Guarantee, or the negotiation, execution, performance, or breach (whether willful, intentional, unintentional or otherwise) of this
Limited Guarantee, including, without limitation, any representation or warranty made or alleged to be made, in connection with, or as an inducement to, this Limited Guarantee (each of such above-described legal, equitable or other theories or
sources of liability, a “Claim”) may be made or asserted only against 

  
 6 

 
(and are expressly limited to) the Guarantor as expressly identified in the preamble to and signature page(s) of this Limited Guarantee. No Person who is not the Guarantor (including, without
limitation, (i) any past, present or future director, officer, employee, incorporator, member, partner, manager, direct or indirect equityholder, management company, Affiliate, agent, attorney, or representative of, and any financial advisor or
lender to (all above-described Persons in this subclause (i), collectively, “Affiliated Persons”) the Guarantor or any Affiliate of the Guarantor, and (ii) any Affiliated Persons of such Affiliated Persons (the
Persons in subclauses (i) and (ii), together with their respective successors, assigns, heirs, executors or administrators, collectively, but specifically excluding the Guarantor and Parent, “Non-Parties” and each,
individually, a “Non-Party”)) shall have any liability or obligation whatsoever in respect of, based upon or arising out of any Claims. Notwithstanding the foregoing, the successors and assigns of the Guarantor shall not be
Non-Parties. 
 (c) Without limiting the generality of the foregoing, to the maximum extent explicitly permitted under
Applicable Law (but subject to the specific contractual provisions of the Merger Agreement), (i) the Guaranteed Party, on behalf of itself, its Affiliates, and any Persons claiming by, through or on behalf of any of them, hereby waives,
releases and disclaims any and all Claims against all Non-Parties, including, without limitation, any Claims to avoid or disregard the entity form of the Guarantor or otherwise seek to impose any liability arising out of, relating to or in
connection with a Claim on any Non-Parties, whether a Claim granted by statute or based on theories of equity, agency, control, instrumentality, alter ego, domination, sham, single business enterprise, piercing the veil, unfairness,
undercapitalization, or otherwise, and (ii) the Guaranteed Party disclaims any reliance upon any Non-Parties with respect to the performance of this Limited Guarantee or any representation or warranty made in, in connection with, or as an
inducement to this Limited Guarantee. This Section 9 shall survive the termination of this Limited Guarantee. 
 10.
Governing Law; Jurisdiction and Forum. This Limited Guarantee (including, without limitation, the validity, construction, effect or performance hereof and any remedies hereunder or related hereto) and all Claims shall be governed by the
internal laws of the State of Delaware, without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than
the State of Delaware. Each of the parties hereto (for itself and on behalf of its successors and permitted assigns and any Person claiming by, through or on behalf of any of them) irrevocably agrees that any permitted Claim shall be brought
exclusively in the Chancery Court of the State of Delaware, or, if such court will not accept such action, the federal courts, or in the absence of federal jurisdiction, the other state courts, in either case within the State of Delaware. Each of
the parties hereto (for itself and on behalf of its successors and permitted assigns and any Person claiming by, through or on behalf of any of them) irrevocably and unconditionally submits to the exclusive jurisdiction of such courts in any such
action, agrees to take any and all future action necessary to submit to the jurisdiction of such courts, waives and agrees not to assert (by way of motion, as a defense, counterclaim or otherwise) any objection it may now or hereafter have to venue
or to convenience of forum (including: (a) any claim that it is not personally subject to the jurisdiction of the above named courts for any reason other than the failure to serve; (b) any claim that it or its property is exempt or immune
from 

  
 7 

 
jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment,
execution of judgment or otherwise); and (c) to the fullest extent permitted by Applicable Law any claim that: (i) the suit, action or proceeding in such court is brought in an inconvenient forum; (ii) the venue of such suit, action
or proceeding is improper; or (iii) this Limited Guarantee, or the subject matter hereof, may not be enforced in or by such courts), agrees that all Claims shall be heard and determined only in any such court and covenants and agrees not to
bring any Claim in any other court. The parties hereto agree that any of them may file a copy of this Section 10 (provided that a copy of Section 9 shall accompany any such filing) with any court as written evidence of the
knowing, voluntary and bargained agreement between the parties hereto irrevocably to waive any objections to venue or to convenience of forum. Each of the parties hereto irrevocably consents to the service of process out of the above-described
courts in any permitted Claim in accordance with Section 7. Nothing herein shall affect the right of any party to serve process in any other manner permitted by Applicable Law. 

11. Waiver of Jury Trial. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM CONTEMPLATED BY SECTION 10 HEREOF. 
 12. Entire Agreement. This Limited Guarantee constitutes the entire
agreement with respect to the subject matter hereof and supersedes any and all prior discussions, negotiations, proposals, undertakings, understandings and agreements, whether written or oral, among the parties hereto. All parties hereto acknowledge
that each party and its counsel have participated in the drafting and negotiation of this Limited Guarantee and that any rules of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in
the interpretation of this Limited Guarantee. 
 13. Amendments and Waivers. No amendment, waiver, supplement or modification of any
provision of this Limited Guarantee will be valid and binding unless it is in writing and signed, in the case of an amendment, supplement or modification, by the Guarantor and the Guaranteed Party or, in the case of waiver, by the party or parties
against whom the waiver is to be effective. No waiver by any party hereto of any breach or violation of, or default under, this Limited Guarantee, whether intentional or not, will be deemed to extend to any prior or subsequent breach, violation or
default hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence. No delay or omission on the part of any party hereto in exercising any right, power or remedy under this Limited Guarantee will operate
as a waiver thereof. 
 14. Severability. Any term or provision of this Limited Guarantee that is invalid or unenforceable in any
situation in any jurisdiction will not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction. 

15. Counterparts. This Limited Guarantee may be executed and delivered (including by facsimile transmission or via portable document
format (.pdf)) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and the
same instrument. 

  
 8 

 16. No Third Party Beneficiaries. The parties hereto hereby agree that their respective
representations, warranties, agreements and covenants set forth herein are solely for the benefit of the other parties hereto and their successors and permitted assigns, in accordance with and subject to the terms of this Limited Guarantee, and this
Limited Guarantee is not intended to, and does not, confer upon any person other than the parties hereto and their respective successors and permitted assigns any rights or remedies hereunder; provided, however, that the Non-Parties
are intended third-party beneficiaries of Section 9, and any and all Non-Parties may enforce such rights directly. 
 17.
Confidentiality. This Limited Guarantee shall be subject to the confidentiality provisions of the Merger Agreement. 
 18. Certain
Terms. As used herein: 
 (a) “Applicable Law” means, with respect to any Person, any
transnational, U.S. or non-U.S. federal, state, provincial, territorial or local law (statutory, common or otherwise), constitution, treaty, convention, statute, ordinance, code, rule, regulation, Order, ruling or other similar requirement enacted,
adopted, promulgated or applied by a Governmental Authority that is binding upon or applicable to such Person or such Person’s properties or assets, as amended unless expressly specified otherwise. 

(b) “Governmental Authority” means any transnational, or U.S. or non-U.S. federal, state, provincial,
territorial or local, governmental authority, department, court, agency or official, including any political subdivision thereof. 

(c) “Person” shall be construed broadly and shall include any corporation, partnership, limited
liability company, association, trust or other entity (including any foreign equivalent of any of the foregoing), individual or organization, including any Governmental Authority. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK –
SIGNATURE PAGES FOLLOW] 

  
 9 

 IN WITNESS WHEREOF, the parties have duly executed and delivered this Limited Guarantee as of the
date first above written. 
  

					
	GUARANTOR:
	
	BROOKFIELD CAPITAL PARTNERS IV L.P.
		
	By:		 Brookfield Capital Partners IV GP, Ltd.,

its general partner

		
	By:		 /s/ David Nowak

			Name:		David Nowak
			Title:		Managing Partner
		
	By:		 /s/ J. Peter Gordon

			Name:		J. Peter Gordon
			Title:		Managing Partner

 [SIGNATURE PAGE TO LIMITED
GUARANTEE] 

 
			
	GUARANTEED PARTY:
	
	GRAFTECH INTERNATIONAL LTD
		
	By:		 /s/ Joel L. Hawthorne

	Name:		Joel L. Hawthorne
	Its:		President and Chief Executive Officer

 [SIGNATURE PAGE TO LIMITED
GUARANTEE]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00245-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00245-of-00352.parquet"}]]